The governor and the costs to be cut from the ECB’s move on risky credits – BBC

For a governor of the Bank of Italy, the syntax is not a question of form. You message. So when Ignazio Visco among the marbles of the Palazzo Koch hall of honor chooses a verb in the passive, is the spy who speaks what is important enough to dissuade of making explicit the subject: the European Central Bank. “The most appropriate supervisory measures will be assessed the actual situation of individual banks and will be defined taking into account the context in which they operate,” said the governor Visco.

words flat and vague in appearance. in the audience of bankers and financial establishment dignitaries gathered in the palace the memory of the January stock market collapses of institutions still hurts. At the time it was enough to trigger it the news of a “letter”, actually a questionnaire, that the ECB had sent to the Italian banks and the rest of the euro on risky loans. Pier Carlo Padoan, the economy minister, even went on a rampage that left Frankfurt spend three days – not three hours – before specifying that the “letter” was not close. It was not the required banks to bring down even more in its financial statements for loans never to be repaid in full.

what was that “letter” you understand it better today , after that sentence Visco liabilities. It was the first step in a process that is now coming to the point. This summer, the ECB will present a report on loans in default or at risk of European banks: in this regard, converging information coming from the various capitals. It is not yet decided whether the central bank will appoint one by one the institutions in a kind of public report card, or if those judgments will remain confidential. If he is still discussing in Frankfurt. Certainly in the last few days had mentioned an initiative on this issue Danièle Nouy, ​​the President (French) of the single supervisory board in Frankfurt. And it will not be a request to break down in the financial statements, but the passage that comes close is intended to put pressure on Italian banks burdened by almost 200 billion of loans in default (just under 90 net of resources set aside to cover losses).

At the ECB will ask institutions to give themselves guidelines , organization and especially a roadmap to better manage or sell that legacy of the Great recession. Not right away, but not indefinitely. “The heads of European supervision are aware that the reduction in impaired loans will only be gradual,” Visco pointed out yesterday, this time clearly indicating the subject. They should not, therefore, come from Frankfurt constraints to give the bad parts of bank balance sheets in the short term would be the best way to force the banks to sell off, accumulating even greater losses, thus creating even more need for fresh capital.

However, the ECB wants the banks begin, and at certain times. The request is that you give plans, managers and their specific means to handle these problems. But not only in Italy. Ignazio Visco yesterday shine let the ESA will exercise even more attention on the big German banks: “We strive for the action becomes more effective with respect to other risks on bank balance sheets,” said the governor, “primarily those related to activities in structured products. ” Just covered the reference of the governor, first, to Deutsche Bank. And certainly the ECB now seems more ready than before to check on their own the real value of derivatives they invest in some large institutions in Northern Europe.

not that the Visco position is comfortable. in Frankfurt, which now has the last word on supervision, the country’s institutions are being open distrust and the Bank of Italy is suspected of want them to defend after having been surprised by some of their problems. To the south of the Alps rather too many bank managers of the province have been reported not to have realized that times had changed. Maybe that’s why yesterday Visco did not discount either European Banking Union, nor to the particularism Italian bank: the governor is unfair that you try to take the Bank of Italy between a rock and a hard place. On Europe, Visco underlines the contradiction of having removed the countries their old national instruments to manage financial crises, not that I had prepared European instruments: for now the guarantee fund for deposits remains blocked by the veto of Berlin and the bottom of resolution is in fact not operational. “It’s a situation of vulnerability,” noted the governor. As for Italian banks, the message is no less firm: for Popular must end the era of ‘self-vertex, lack of transparency, resistance to change. ” And for all it is time to think about reducing costs, including closing of the current 30,000 branches, and to focus on technology and mergers. In a pact, however, which is a program: yes mergers between banks, but only “strictly according to industrial logic.” No chairs or clienteles.

May 31, 2016 (modified May 31, 2016 | 22:50)

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The Guarantor wand Tim and Wind on the foreign tariffs costs – The Republic

Rome – Tim and Wind have imposed their customers – direct overseas for pleasure or business – roaming charges are not consistent with European regulations 2120/2015 and 531/2012 that protect us now from traps and bloodletting. And both companies – informing people of the new tariff – have sinned in transparency and clarity. Now the Guarantor by Communications (AGCOM) – speaker Antonio Nicita – Wind warning by keeping alive his “Offer permitted by the new regulation” Tim and his “Europe Daily Basic”. The news comes from one of the foreign affairs committee senator who follows the case. The Ombudsman has acted on impulse of ADUC and CTCU associations.

Tim has a fixed rate of 3 euro a day, offering in exchange cost 100 minutes of outgoing calls, 100 minutes of incoming calls and 100 text messages. For data traffic, at a cost of € 3 other day to surf up to 300 megs of data.

Tim explained that the contested fee is applicable only to those who are not on a specific offers of the company for foreign roaming. Who for example has already activated “in Tim Travel Full” can not end in “Europe Daily Basic.”

But the Guarantor does not accept the defense of Tim, who also promises a “consumption-based pricing” – and restorative – already by July. Compounding the position of the telephone company with the “information gaps” towards the final customers abroad. Sms, for example, do not say enough about the “prices applied exhaustion of those volumes expected services”; the end of the credit that carries “non user operation”; on “opportunity to take advantage of different tariffs from that on.”

The rate of Wind costs 2 euro per day and ensures, once abroad, 15 minutes of outgoing calls, 15 minutes of calls entry, 15 text messages and 50 megs of Internet traffic. You do not accept these prices can opt for a “Eurotariff” which costs 23.1 cents per minute for outgoing calls; 6.1 cents per minute for incoming calls; 7.3 cents per sms. So a lot.

Wind defended invoking exemptions from EU rules that would be possible in the “transitional phase.” In this phase, the telephone company would have the right to “automatically apply to its customers: a) an additional premium than domestic offerings; b) a package of services with volumes in operator choice.”

the Guarantor acknowledges that the European Regulation creates a window, a “transitional phase” which runs from 30 April 2016 to 14 June 2017. But at this stage a possible premium can not exceed – as the total sum – “0.19 EUR per minute dialed, 0.06 euro and 0.20 euro per text message sent to mega data. “

the Ombudsman therefore maintains that the offer of Wind is offline – how about – with the Regulations EU 2012 and 2015. Again, the information customers are “opaque” and “poorly understood”. The Wind’s customers have understood little or nothing – for example – the “legal characteristics of tariffs” and the “ability to switch to other offers, to deactivate the activated options, to choose finally the rate on consumption.”

Bank of Italy, the Governor asks the EU authorities to step back on the bail-in – The Republic

Rome – From the need to boost the recovery of the banking problems. Ignazio Visco, the Bank of Italy governor, addresses all the Italian economy nodes in the report last year. If the recovery started and to be consolidated, there is also a sound banking system, but tried by the crisis which certainly does not help the introduction of bail-in: during the final remarks, the governor in fact, back to ask a step back to European authorities: “international experience shows that, in the face of a market failure, timely government intervention can avoid a destruction of wealth, without necessarily generating losses to the state, and often producing gains.”

more investments and down the tax wedge

the governor does not criticize the principle of sharing of risks of bank failures by shareholders and subordinated creditors, the internal rescue itself, however, insists that “in its application must be sought a balance between this aim and that of stability. ” Request that the Bank of Italy had at the time, remembers Visco: “Unlike what has been proposed by the Italian delegation in official premises, is not a sufficient transitional period was provided that would allow all involved to acquire full knowledge of the new regime “. Anyway Visco does not invoke the possibility of public saving as a primary measure, but only as an intervention “of an exceptional nature.”

Final thoughts, the full text

After all the bail-in is a child, observes Visco, a European construction “irregular, incomplete”, which “requires, by its very sustainability, to be integrated with the missing items.” Otherwise the risk is the “rise in feelings of many European citizens, sometimes in governments who play them, the fears and prejudices that were believed buried”, and this hinders progress. In particular “the real success of monetary union, banking union, the union of capital markets, the same perspective of a common budget require you to make a quantum leap.”

All the talk of the governor ROBERTO Petrini

the long crisis, reminiscent of the governor, which unfortunately sometimes they are added “imprudent and sometimes fraudulent behavior by of directors and executives, “he brought” to the story of the four banks implemented resolution “, which shows that” the loss of confidence by the public can spread quickly and to risk causing systemic effects of persistent nature. ” It has also led to abnormal aggregation of suffering: Now this trend, with the moderate recovery underway, it is falling, so “overall concerns about asset quality of Italian banks must be taken seriously, though the no sovristimare ‘extent of the problem. “

but Visco sottolina how we are overcoming the main problem related to the suffering, and that is” the slowness of insolvency and recovery procedures “, thanks to new rules that allow” l’ Property-court assignment pledged enterprise “and to market development of impaired assets, which is making an important contribution to the Fund Atlas:” Even with relatively limited resources at the time, Atlas can show that it is possible to achieve attractive returns by purchasing suffering at higher prices than those now offered by specialized investors. “

Bank of Italy, Visco: of suffering neighbor breakthrough – Milano Finanza

“Concerns about the quality of the assets of Italian banks must be taken seriously, but did not overestimate the scale of the problem.” In the final considerations, the governor of the Bank of Italy, Ignazio Visco, points out that the high level of impaired loans was an important place, but points out that “in large part it is covered by collateral whose value has been thoroughly examined in the course the exercise of in-depth assessment of the financial statements of the largest banks in the euro area conducted in 2014; to these are added the personal guarantees. “

According to the Bank of Italy, net of write-downs already made by banks , “the value of impaired loans was slightly below 200 billion. More than half refers to situations in which the difficulty of debtors is temporary. If you focus on the suffering sun, the net value amounts to less than 90 billion” . And there’s more: “The moderate economic recovery underway since last year is being reflected in a significant drop in the flow of new impaired loans; in 2015 they amounted to 3.7% of total loans, compared with 4 , 9% in 2014; for the household sector the flow fell back to pre-crisis levels. the trend toward normalization is continuing. “

in short, the governor holds in high regard the problem of npl, but sees a breakthrough because “even with relatively limited resources at the time, Atlas can show that it is possible to achieve attractive returns by purchasing non-performing loans at higher prices than those now offered by specialized investors.” And, he added, “we believe that the fund has the determination, independence and professionalism to face this challenge successfully; the more we succeed, the more you can collect new investments, fueling a virtuous circle.”

Then a jab to the bail-in and rules on bank bailouts. According Visco the state must be able to intervene to prevent banking crises. “If the banking system has practically eliminated the possibility of using public resources, national or municipalities, as a prevention tool and crisis management. The international experience shows that, in the face of a market failure, timely government intervention can avoid a destruction of wealth, without necessarily generating losses to the state, and often producing gains “, as often happened in the past with the creation of bad banks. According to the governor, “should be recovered wider margins for interventions of this type, as outstanding.”

But in nature Visco considerations do not save a boost to the banking sector. “For many Italian banks it remains a strong need to also cut costs, including those for personnel, acting on the quality and quantity of staff in a manner consistent with market developments and technology. The business model, based on a widespread local presence, is still adequate, continuing the reduction of branches, the number of which fell last year to about 30,000, 11% less than in 2008 “. In 2015, he continued Visco, “the operating costs of banks net -this extraordinary contributions paid into the National Fund risoluzione- remained stable. Their weight on revenues of 64%, just higher than that observed for an average of European groups and lower than that of the main German and French banks. “

in addition” for banks smaller problems stemming from the amount of impaired loans, the lack of diversification of revenue sources and the need to adapt to developments in technology may be acute. In most cases will be dealt with by setting time for business combinations that take advantage of economies of scale and scope, the extent of which may be relevant. ” Why “we must push ahead in this direction, overcoming old logic of mere local coverage that often have contributed to exacerbate, rather than alleviate, the problems of the real economy and the banks themselves.”

As concerns the good bank saved, the divestment procedure “is well advanced and follows strict standards of transparency, fairness and competition is expected to be closed during the summer. the assignee of non-performing loans is preparing the necessary information to their sale on a competitive basis; the operation will contribute to the development of a market for non-performing loans in our country. “

Visco, slow recovery, do more at risk as targets on debt – BBC

The recovery in Italy is slow and serve more investment to make it faster and lasting; the economic environment remains difficult and too high unemployment, so that the target of reducing the public debt government in 2016 could be at risk, warns the governor Ignazio Visco in Final thoughts, which this year for the first time have been read at a different time by the general meeting of the Bank of Italy, held last April 28. But the country is at a turning point on impaired loans, an important issue which should not be overestimated.

” slow recovery, serving more investments “

Italy’s exit from recession is “slow and hesitant”: on it weigh the uncertainties of the world economy. The reforms made move in the right direction but not enough: we need to do more to boost investment and productivity of businesses, building a “solid, stable growth path,” says Visco, who took the opportunity of his final considerations issue a warning on economic growth: “we must, and can, do more.” The number one on Via Nazionale recognizes the goodness of what was done by the government especially on the employment front, it increased more than expected thanks to the tax relief and the Jobs Act. It also recognizes the progress made by the production system, and also underlines the important role played by the expansive policy of the ECB’s Draghi, without which the GDP would grow at least half a percentage point less in three years. But “for a more rapid and lasting recovery is necessary relaunch of targeted public investment, including in infrastructure assets, long-deferred” and it is also important to “further reduction of the tax wedge on labor,” said the governor. Who then calls to strengthen the incentives for innovation and support for the poorest income. If the budgetary margins are limited today, however, it is “possible to program the implementation of these interventions on a broader time horizon.”

“unemployment remains too high”

the demand for labor has started to grow at a faster pace than expected a year ago, and the rate unemployment of young people has dropped for the first time since 2007 more than two percentage points, but “the people are still losing too high”, says the Bank of Italy governor, noting that his “progressive resorption, which is essential to provide adequate living conditions to citizens, it is also necessary to bring inflation values ​​in line with price stability. ”

“Turn on non-performing loans’

the mass of impaired loans of Italian banks must “be taken seriously but did not overestimate the scale of the problem.” He asks what the governor of the Bank of Italy, Ignazio Visco, in the Final thoughts, repeating as loans, “the legacy of the long and deep recession”, we are “a turning point” and the “trend toward normalization is continuing.” The governor also noted that European supervision is “aware that the reduction in impaired loans will only be gradual.”

“The banks reduce employees and contact ‘

the governor of the Bank of Italy then focuses on the need to rethink the organization of lenders. Italian banks must act on “costs, including those for personnel acting on quality and quantity of organic”, Visco asks in its report. It must be continued “in the reduction of branches” adapting “the model based on a widespread local presence.” According to the governor, “even more determined and timely action” on “will be essential costs’ for distressed institutions attenuating ‘impact on employees’ under the new rules of the Solidarity Fund.

“target on risky debt”

the governor then warns that the target for 2016 the national debt is at risk. “The evolution of the macroeconomic environment is likely to hinder the achievement of this target (the decline in government debt) in 2016; tight control of public accounts and the implementation of the privatization program may allow you to bring as much as possible the ratio of debt to GDP than planned and ensure a significant reduction in 2017, “says Visco. The government sees a decline in 2016 by 0.3 percentage points to 132.4%, and a descent to 130.9% the following year thanks to privatization of 0.5% of GDP per year.

the Brexit risk and the call to Altiero Spinelli

“A negative outcome of the referendum on the permanence of the United Kingdom in the European Union could create profound instability, “says the governor in contrast reminds Europe to its core values ​​to give new impetus to the integration of the European project. “The real success of the monetary union, banking union, the union of capital markets, the same perspective of a common fiscal policy require you to make a quantum leap. Finding unit on core subjects for the definition of a shared citizenship, such as internal security and migration management, will be less difficult to advance in the construction of “a genuine economic and monetary union.” Says Visco. That at the end of the considerations cited Altiero Spinelli. “In the words of the Manifesto of Ventotene, Spinelli drafted the document that more than seventy years ago with his fellow exile, still serves union” that will break decisively economic autarky “; a union that colder by the fundamental values ​​of the European project: peace, freedom, equality, promotion of welfare. “

May 31, 2016 ( edited May 31, 2016 | 12:36)

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Almaviva, found the accardo dawn: the company withdraws 3 thousand layoffs – The Messenger

 Almaviva, found the accardo dawn: the company withdraws 3 thousand layoffs

No more layoffs to Almaviva. It was reached only at dawn, after a night of meetings between the company, unions and institutions, the agreement on the company of call centers. The agreement was signed just now the Ministry for Economic Development. In addition to taking nearly 3,000 layoffs, the agreement provides for the utiltizzo 18 months of unemployment benefits, with six months of solidarity contracts and then Cig extraordinary for one year. In addition, the company is committed to not cancel the second seat of Via Marcellini in Palermo. For the city of Palermo it was present the Councillor for Productive Activities Giovanna Marano.

The agreement signed at Mise also provides a monitoring of Mise and Ministry of Labour and the parties “to check – as we learn – the seal and use ‘of the agreement. Not only. The same agreement also provides that the perimeter of the redundancies increased from about three thousand to 2,400 initial, that is the agreement of April. And yet, the usage share of unemployment benefits will go to decrease, from 45 per cent in Palermo and Rome, and from 35 percent of Naples up to the use of 20 percent.

 05/31/2016 09:21:36

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BECOME A FAN OF THE MESSENGER

India: “Finmeccanica in our black list” – BBC

The news comes shortly after the return of Italian marines Salvatore Girone Leonardo Finmeccanica (the new group’s name led by Mauro Moretti) is entering India’s blacklist, those of companies with which the country will not do business in the coming years. The procedure was initiated. The government in New Delhi has decided to cancel all contracts in progress by the great Italian group (47,000 employees) for equipment for its armed forces, an initiative that promises to be the inclusion of Finmeccanica in a blacklist. It is a reflection of the investigation for corruption linked to that more than 500 million for the supply of helicopters Agusta Westland Indian air force, which has swept the then top the group and the subsidiary, Giuseppe Orsi and Bruno Spagnolini.
He did know, in an interview with “Press Trust of India,” the minister Manohar Parrikar Defence, who stressed that the process of inclusion of Finmeccanica and its subsidiaries in the Indian black list “is already underway “and that this was communicated to the Ministry of Justice.

withdrawal

“Wherever there is an intention to purchase by Finmeccanica and its subsidiaries – explained the Indian minister – the corresponding” Requests to submit a proposal “(RFP) by India will be lifted. On this I am very clear. ” However, he concluded, “the regular maintenance and import of spare parts for the Defense of material already acquired will be maintained, and only the new acquisitions will be blocked.” The morning group meeting immediately convened a meeting to assess the situation. The share price fell: at 9 lost 0.9%, 0.7 to 13% with an overall index of the Stock Exchange (FTSE MIB), which gained 0.66%. In the last six months the decline of Finmeccanica stock in Piazza Affari was 21 percent.

the focus of Confindustria

in recent days had already emerged that New Delhi would have canceled the contract of 300 million for the torpedoes supplied to its Marina from Leonardo-controlled Finmeccanica. “If you and ‘blacklist for a specified number of years – said Parrikar – there will be’ no operation from the Ministry of Defense with the company ” for military supplies” for that number of years. ”
On cancellation of orders Finmeccanica has spoken in the early afternoon of Monday, also the president of Confindustria, Vincenzo Boccia: “We follow (the issue India, ed. ) along with Leonardo Finmeccanica carefully – has said -. Are matters of national interest. ”

May 30, 2016 (modified May 30, 2016 | 18:50)

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The TTIP documents become public. The agreement, however, remains difficult – The Republic

MILAN – The Treaty more of the world becomes public secret. From today, in fact, parliamentarians and Italian government officials may inspect the confidential documents relating to the TTIP (the free trade agreement between the European Union and the United States) at the reading room set up at the Ministry of Economic Development. Exactly as happened in the Parliament and the European Commission: “Given the huge demand for permits to access the reading room” the Mise is said also available to extend the timetable for consultation with respect to the current and to increase the available positions. However, restrictions remain in Brussels: “Those who access – explains the Mise – they are required to comply with safety rules and not to introduce into the cell reading room, smartphone or other devices that can play back or record images or words.” Basically you can take notes, but you can not reproduce in any way the content viewed. A clause that feeds conspiracy theories for what – with all its limitations – has become a clear Treaty and subjected to four sets of proceedings.

It ‘good to point out, in fact, that the TTIP not yet exist. Although negotiations have started in 2013 there is no consolidated text to be evaluated: the available documents concerning the proposals in these three years the team of negotiators exchanged. The consultation of the texts, therefore, emerges as an agreement is still far overall. “We need a political impetus to arrive at a final text,” say the experts aware that the “window of opportunity is closing.”

The full text, in fact, should have the green light from the European Commission and the American government. Ok got the ball passes the US Congress – which is still holding the TPP, the Treaty between the United States and Pacific countries – while in Europe serves the favorable vote of the European Parliament, the Council of Ministers and all 28 national parliaments. Just the opposite also vote a small country like Austria or Greece to bury it all.

And that’s why it is called “window of opportunity”: the mandate of Barack Obama to the White House ends in January and none of the candidates running for the succession seems to have plans to spend themselves for the TTIP. In 2017 in Europe will start a new round of elections and hardly French President Francois Hollande – whose popularity is already at a minimum to the Labour Law – will challenge the streets again. In 2018 he returned to vote in Germany and Italy and a year later they will be renewed EU Parliament and Commission. So if you leave later this year will have to wait “at least until 2020″ noted repeatedly Paolo De Castro, MEP and former Minister of Agriculture.

The opening of the reading rooms is therefore a last-gasp attempt to reconnect Europeans to Europe dispelling concerns over hormone-treated meat or for the privatization of health care. By documents show how Americans have actually tried to put the proposals on the plate, but Brussels has returned to: the use of hormones to develop the growth of the animals within the EU will remain banned. If something will change is because European standards not for the TTIP will be changed. The same is true for public services: never realemente entered the negotiations.

For this the available cards show negotiations stalled. On the two sides of the Atlantic there is a growing conviction that the TTIP is not that interesting as hoped in 2013 and that it is not worth the candle: the concessions requested by both parties seem more onerous than the potential benefits and doubts are growing. Americans – for example – are increasingly skeptical just because the market of public services they wanted to open their businesses remained closed, as well as everything related to the audiovisual industry: essentially Americans call for full liberalization irreconcilable with European culture and nature and therefore the negotiations are continuing at a slow pace.

the Europeans are realizing that the bids exchanged with the American counterpart state they are anything but cheap: on the food front, the protection of PDO, PGI and Doc – only way to be truly competitive against American products that link all about low prices – is still too weak. Italy and France, in particular, hoped to renegotiate the agreement on wine names: the United States Chianti and champagne, just to cite two striking examples, they are common names. Economically the most important match regards public procurement in the United States: the White House is willing to open its market to European, but it can not intervene in the decisions of individual states in which it is in force on the Buy American (the rule imposing the ‘use of American materials for the construction of public works). Essentially the Europeans could win a contract in America, but then they should buy the materials in the United States.

U na unacceptable conditions for Brussels because discriminates against European products , does not create jobs in the Old continent, and not supplying the GDP. Profit, therefore, only for multinationals, but in contrast to the goals declared by the TTIP pointing to a growth of the economy – up to speed – in the order of € 120 billion with the increase in employment. From the political point of view this is the biggest challenge: how many are willing to make concessions on the agriculture front, the EU and the protection of names in exchange for access to markets? If the US has an offensive attitude on the food front, on public procurement with the play “catenaccio.”

A divide Europe and the US is therefore access to markets , one of the three pillars on which is based the TTIP with the regulatory cooperation and global rules. The last one is – paradoxically – the least complex: the US and Europe have a common view of the global governance and have, above all, the interest in writing a rules system before doing it is a power emerging as China. From this point of view to the technicians of the treaties only it lacks the political input on how to write rules: the clearest example is that concerning the protection of workers. Washington agrees with Brussels on the principles, but does not want the agreement to step up the ratification of ILO conventions. “It ‘a matter of form rather than of substance,” says a source. As if to say that for the United States the agreements signed before the International Labour Organisation can be shared in substance, but not in their form. This needs a concerted effort to reach agreement on terms.

The second front is that the rules and the definition of the Standard of the products. The political agreement on this front is practically total. The intention is to ensure the highest level on both sides of the Atlantic: in this sense, therefore, the difficulty is purely technical. In short, a matter of patience: the Sherpas have to get around a table to write all the details, from the size of the mirrors for cars with seatbelts. A mammoth task, but that should not present unknowns.

‘on economic issues that you play the most complicated game and still faces an uphill struggle.

Like the one regards special courts for the protection of foreign investment: the Americans would like a court of arbitration appointed from time to time depending on the disputes, the European Union proposes – along the lines of what was done with Canada – a court with two levels of jurisdiction . And none of the two actors is ready to come to another meeting.

Policy now, the average is 1,700 euro. But first check of 5 is below one thousand Euros – Il Sole 24 Ore

More than 2.8 million of grants for a total annual amount of EUR 66,309,000 and an average monthly amount of 1,795 euro. Are the pensions of civil servants according to the INPS, which today released updates of the Observatories on the benefits provided by the Public Management Employees and former Managing Enpals, with data on pensions paid as at 1 January 2016 and paid in 2015.

Cheques and increasing amounts
Compared to the previous year, says the INPS, recording a 0.8% increase in the number of pensions (there were 2,818 .300), and the annual amounts in payment earlier this year, grew by 2.1% compared to 64,955,000 in 2015. the analysis of the distribution by single case shows that 59.4% of pension obligations (1,687,453) is disbursed by the Fund Retirement Treatments State employees (CTPS), followed by the Cassa employees Local authorities Pensions (CPDEL) with 37.5% (1,065,456), while the other cases are divided total of about 3% of the total. During 2015 were paid a total of 121,165 pensions, an increase of 20% over the previous year, for a total amount of 3.108 billion Euros and average monthly amounts totaled EUR 1,973 (up 5.3% compared to 2014, when the average monthly amount was EUR 1 872).

 

A check of 5 below one thousand euro
If you look at the distribution of pensions of former civil servants by category and monthly amount classes, from INPS data show that around 18, 2% of public pensions has a monthly amount less than 1,000 Euros, 51.3% between 1000 and 1999.99 euro and 22.8% for amounts between 2,000 and 2,999.99 and 7.8%, finally an amount from 3,000 euro gross per month and up. The INPS adds that “the modal class of the total of the treatments’ is between 1,250 and 1,499.99 Euros, with 13.9% of them. Looking at the geographical area, about 38.8% of total pensions expenditure of Public Employees Management is delivered in northern Italy, compared to 36.3% of the South and Central Italy and 24.8%, while only 0.1% of pensions paid abroad. 58.6% of all pension benefits, the INPS concludes, is delivered to the females, compared with 41.4% paid to males.

PENSIONS OF PUBLIC EMPLOYEES
name of Speaker: CPDEL (Employees Local Authorities Pensions Fund); C.P.I. (Cassa Guest Teachers); C.P.S. (Case Pensions sanitary); C.P.U.G. (Case Pensions bailiffs); C.T.P.S. (Case Retirement Treatments State employees)
Cash	2015			2016
	Number pensions	total annual amount (millions of euro)	Amount monthly average	Number pension	total Amount annual (millions of euro)	Amount average monthly
CPDEL	1,054,013	20,121.00	1468.45	1065456	20603.50	1487.52
CPI	15,095	264.4	1347.18	15,372	273	1366.10
CPS	68540	3666.70	4115.15	70598	3841.60	4185.77
CPUG	2906	55	1455.04	2936	56.3	1475.93
CTPS	1,677,746	40,848.40	1872.86	1687453	41534.70	1893.37
Total	2,818,300	64955.30	1772.90	2,841,815	66309.20	1794.88

 

Ex Enpals
INPS also provides data on pensions paid by the former Managing Enpals into force as of January 2016 are 57,637, of which 55,495 (96.3% of total) borne by the workers of the show and management 2,142 (3.7%) payable by the fund for professional sportsmen, for an annual total of EUR 928.3 million euro, of which 94.4% (876 , 6 million) paid by the workers of the show management and 5.6% (51.7 million) from professional sports background. Over the previous year, the Pension Fund noted a decline in the number of pensions and the amounts, but with “a clear differentiation for management.” In fact, while for workers in the entertainment the number of benefits and if the total decreased by 0.7% and 0.5%, for professional sportsmen the trend is the opposite, an increase of 4.9 % of the number of pensions and 6.1% per annum of the total amount paid.

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Juncker wants EU leaders confirm support for the TTIP – EuNews

Brussels – Before the final rush for groped to bring home the free trade agreement with the United States within the year, the European Commission wants to regroup the troops and make sure that everyone in Europe are fighting the same battle. Why during the summit of 28 and 29 June, Jean-Claude Juncker President will ask the Heads of State and Government, to renew to the European Commission a mandate to conduct negotiations on the TTIP. “Juncker feels that the time has come to ask the heads of state and government of the EU to have a discussion about where we are and where we want to go with these negotiations,” announced the EU executive’s spokeswoman for trade, Daniel Rosario, recalling that “the negotiations on the TTIP are advancing and are entering a crucial stage” and groped to meet the commitment to conclude the agreement by year’s end “we all have to row in the same direction.” Therefore “to the European Council of June Juncker will ask the leaders to reaffirm the mandate of the Commission to conduct these negotiations.”

“It is not the first time that the president does a check of political will among the Heads of State , it happened at the December summit last year, “recalled the spokesman of the EU Commission, Margaritis Schinas. But now Juncker “has expressed a willingness to repeat this exercise with the Heads of State and Government to allow the negotiators to advance into the final phase in the awareness of a political support of our leaders.” It is “an important political signal to get” that “the Commission will do this in the hope of a strong reaffirmation”. And if it does not arrive? If any of the leaders had decided to head back on the TTIP? For now, the EU executive wants to remain optimistic: “We do not want to speculate on an alternative scenario.”

Exchanges expect good news from Mario Draghi. It dates from the EU confidence – The Republic

MILAN – 15:30. Markets expect, for the first time after a long time, some good news from the ECB Mario Draghi. On Thursday, the directory Eurotower will meet in Vienna to keep rates unchanged, following the decision in March to expand the program to purchase bonds to 80 billion a month. But the focus will be on quarterly forecasts of economic staff, who had to lower expectations of inflation over the last three updates. This time, according to the expectations monitored by Bloomberg , only 9% of economists predicts a cut price trends expected for 2016 and 2018, it remains low (11%) for estimates of 2017. the price recovery is undoubtedly linked to the fact that oil has abandoned the lows seen in recent months, and according to many analysts, the ECB goal of bringing inflation close to 2% remains distant. Meanwhile, however, a small sign of optimism would not hurt a phase where multiple factors operating in the markets seem to be oriented to growth.

This graph shows how they divide the expectations towards the revision of the ECB estimates. In blue those expecting a rise, in red and black stationary pessimists who bet on declines. The first line is about growth in 2016, the second inflation, 2017. The two other growth in 2017 and inflation in 2017

Who does not shooting problems are the United States, on the contrary – for own admission the Fed chairman, Janet Yellen – approach the second monetary tightening after last December’s rate hike. The words of a Washington number generated in the markets a strengthening dollar, while the raw materials move downward. The European markets moved little treat: Milan marks an increase of 0.4%, in line with Frankfurt and Paris recovers 0.2 % and London is closed for holidays such as New York.

In the morning, the shares of the Tokyo stock Exchange have led Asian markets: the Nikkei index closed up 1.39%, driven by the conviction that Prime Minister Shinzo Abe has decided to postpone for the second time and as long as the increase in tax on consumption from 8% to 10% already set for spring 2017. on the other hand, retail sales were down 0.8% in April on 2015, a figure that reinforces the belief that it is important not to weigh further on consumption.

the macroeconomic agenda has many interesting data, in the march to the US report on the work on Friday (all events). Today we look in particular with inflation in Spain fell by 0.6% in May (-1% trend). positive surprise from Germany, with an increase of 0.3% per month in May and a + 0.1% per year, while French GDP has recorded a 0.6% growth in the first quarter of 2016, slightly above the expectation of analysts . Improves in May, the atmosphere of European economic confidence : the Commission’s index in the Eurozone increased by 0.7 points to 104.7 in the EU and 0.5 to 105.7 . A recall is mainly confidence among consumers and the retail manager in the trade sector and in construction, while it is stable in the industry sector and declining in the services. In Italy, the index rose by 0.3 points. Istat refers instead, in April, the index of producer prices of industrial products decreased by 0.7% from the previous month and by 4.1% against April 2015.

It stabilizes, after the initial descent, the change euro-dollar , with the currency of the old continent which exchanges around 1,114 greenbacks. Even the spread BTP-Bund stabilizes: the yield spread between Italian and German government bonds stood at 120 basis points, with the Italian title which makes 1.36% on secondary market. Meanwhile, the Treasury has awarded all the 5.5 billion euro of BTPs to 5:10 years with falling rates: the five-year average yield fell to 0 , 40% from 0.49% while the year bond fell to 1.42% dall’1,51%. Also assigned CCTeu maturing in 2023 for 2 billion at 0.53% rate.

As mentioned, commodities are weak: the oil is falling, with Brent – 0.49% to $ 49.08 a barrel, and WTI at -0.24% to $ 49.21 a barrel. L ‘ Gold has scored, in Asia, the ninth consecutive session downward, the longest streak of the year: the ingot is now on the threshold of $ 1,200 an ounce. Wall Street closed the session on Friday on maximum, filing a week rising markedly: the indexes had lurched when Yellen called “appropriate a rate hike in the coming months,” then you are relieved when traders have returned to look at the fundamentals of the economy growing. Today the US markets will be closed for the holiday of Memorial Day, so on the boards remain impressed the results on Friday: the Dow Jones rose 0.25%, to 17873.22 share leading to a 2.1% weekly performance , the best eighth ended March 18. The S & amp; P 500 added 0.43%, to 2099.06 share, and in the week, the increase was 2.3%, as supported by the closed March 4. The Nasdaq gained 0.65%, to 4933.50 share, for a weekly rise of 3.4%, the largest by February 19.

Exchanges expect good news from Mario Draghi. weaker gold, dollar rising – The Republic

MILAN – 12:00 hours. Markets expect, for the first time after a long time, some good news from the ECB Mario Draghi. On Thursday, the directory Eurotower will meet in Vienna to keep rates unchanged, following the decision in March to expand the program to purchase bonds to 80 billion a month. But the focus will be on quarterly forecasts of economic staff, who had to lower expectations of inflation over the last three updates. This time, according to the expectations monitored by Bloomberg , only 9% of economists predicts a cut price trends expected for 2016 and 2018, it remains low (11%) for estimates of 2017. the price recovery is undoubtedly linked to the fact that oil has abandoned the lows seen in recent months, and according to many analysts, the ECB goal of bringing inflation close to 2% remains distant. Meanwhile, however, a small sign of optimism would not hurt a phase where multiple factors operating in the markets seem to be oriented to growth.

The graph shows how to divide the expectations towards the revision of the ECB estimates. In blue those expecting a rise, in red and black stationary pessimists who bet on declines. The first line is about growth in 2016, the second inflation, 2017. The two other growth in 2017 and inflation in 2017

Who does not shooting problems are the United States, on the contrary – for own admission the Fed chairman, Janet Yellen – approach the second monetary tightening after last December’s rate hike. The words of a Washington number generated in the markets a strengthening dollar, while the raw materials move downward. The European markets moved little treat: Milan marks a rise of 0.7%, Frankfurt 0.3% and Paris is unchanged and London is closed for holidays.

in the morning, the shares of the Tokyo stock Exchange have led the Asian markets, the Nikkei index closed up 1, 39%, driven by the conviction that Prime Minister Shinzo Abe has decided to postpone for the second time and as long as the increase in tax on consumption from 8% to 10% already set for spring 2017. on the other hand, retail sales fell by 0.8% in April on 2015, a figure that reinforces the belief that it is important not to weigh further on consumption.

the macroeconomic agenda has a number of interesting data, in the march to the American report on the work on Friday (all events). Today we look in particular with inflation in Spain fell by 0.6% in May (-1% trend). It then waits for a given price of Germany, while French GDP has recorded a 0.6% growth in the first quarter of 2016, slightly above the expectation of analysts. Improves in May, the atmosphere of European economic confidence : the Commission’s index in the Eurozone increased by 0.7 points to 104.7 in the EU and 0.5 to 105.7 . A recall is mainly confidence among consumers and the retail manager in the trade sector and in construction, while it is stable in the industry sector and declining in the services. In Italy, the index rose by 0.3 points. Istat refers instead, in April, the index of producer prices of industrial products decreased by 0.7% from the previous month and by 4.1% against April 2015. Continue down the change European dollar , with the currency of the old continent which exchanges around 1,112 greenbacks. The spread BTP-Bund stabilizes: the yield spread between Italian and German government bonds stood at 120 basis points, with the Italian title which makes 1.36% on the market secondary. Meanwhile, the Treasury has allocated all the 5.5 billion euro of BTPs at 5 and 10 years with falling rates: the five-year average yield fell to 0.40% from 0.49% while the year bond fell dall’1,51% to 1.42%. CCTeu also awarded with 2023 deadline for 2 billion at 0.53% rate.

As mentioned, commodities are weak: the oil is declining, with the Brent price -0.49% at 49, $ 08 a barrel, and WTI at -0.24% to $ 49.21 a barrel. Gold has chalked up, in Asia, the ninth consecutive session downward, the longest streak of the year: the ingot is now on the threshold of $ 1,200 an ounce. Wall Street closed the session on Friday on maximum, filing a week rising markedly: the indexes had lurched when Yellen called “appropriate a rate hike in the coming months,” then you are relieved when traders have returned to look at the fundamentals of the economy growing. Today the US markets will be closed for the holiday of Memorial Day, so on the boards remain impressed the results on Friday: the Dow Jones rose deklo 0.25%, to 17873.22 share leading to a 2.1% weekly performance , the best eighth ended March 18. The S & amp; P 500 added 0.43%, to 2099.06 share, and in the week, the increase was 2.3%, as supported by the closed March 4. The Nasdaq gained 0.65%, to 4933.50 share, for a weekly rise of 3.4%, the largest by February 19.

Tokyo, pushing Stock Exchange (+ 1.4%) from weak yen and postponement of the VAT hike – Il Sole 24 Ore

TOKYO – The Nikkei index of the Tokyo Stock Exchange closed up 1.39% to 17,068.02 points.
The Japanese stock market has reached its highest level today more than a month in the wake of a fall in the yen following indications of increased likelihood of a future rise in US interest rates, as well as the almost certain prospect of a referral of the VAT hike in Japan (according to the latest rumors, the two and a half years than expected).

the yen reached a more than 111 dollar exchange rate, after the Federal Reserve chairman, Janet Yellen, the end of last week, has defined an appropriate upward Use rate and the economy and the labor market were to confirm their improvement.

After the G7, Tokyo see the rise of VAT

The latest rumors indicate that Prime Minister Shinzo Abe has decided to postpone for the second time and as long as the increase of ‘ consumption tax from 8% to 10% already set for spring 2017: the “excuse” would be the G7 conclusions in favor of more calibrated stimulation of growth through a mix of monetary, fiscal and structural reforms (even if the G7, to be honest, did not directly sponsored major public expenditure).

the Finance Minister Taro Aso – maybe for a game of party – seemed to mumble to this violation of commitments already made for containment the growth of public debt and has indicated today that should be dissolved the lower house (matching the elections with those already provided for the Upper House in July) to consult the people about it directly. But Abe decided not to do so and also intends to launch a new maneuver of fiscal stimulus in the summer amount up to 10 thousand billion yen. Today’s data on retail sales, a decrease of 0.8% in April from a year earlier, reinforcing pressures not to burden the economy of additional tax charges. Compared to a month ago, the popularity of Abe recovered by 7 percentage points to 55.3%, according to the latest survey by Kyodo.

“Various analysts point out that it is difficult for investors to take positions decided in view of the short-unknowns”

, from any Fed moves the possibility not entirely be ruled out of a Brexit.
Highlights today in Tokyo the titles of many exporting companies, starting from the car business. Surge of Ain Holdings shares (operator of drugstore chains) after the announcement of an increase of almost a third of operating profits in the year just ended. Toshiba also rising markedly after the upgrade by JPMorgan.

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“My exit from Unicredit? The bank serves certainty “- BBC

Federico Ghizzoni Saturday was in the Unicredit headquarters, the Pavillion, to present the final of the Champions League, of which the establishment is main sponsor. He talked football with mastery, as a fan (Inter) and manager. One day a banker like many others, were it not that five days ago, the 60 year old manager has decided “by mutual agreement” with the board to leave his post as chief executive, it will be identified as soon as a successor. He will not become president: “The problem does not arise.”

It seems serene. Is it?
“Yes, I’m calm, I realize that you may find it hard to believe that one is. Clear does not mean that there is not a bit ‘of regret because it is still a company where I worked from the beginning, for 36 years. But the decision, we must look ahead. So serenity, tranquility: today this is my prevailing mood. “

it was a bit ‘of time that had been simmering discontent among the members, but still to February He had been confirmed confidence. Now why did it come to this decision?
“As I wrote to colleagues in the bank, are moments of company life that you do not even know well how to start. When it fails the minimum of chemical to move forward, without saying who is wrong and who is right, my philosophy has always been: better to stop, best done by mutual consent and in any case without trauma, and look forward. This approach I’ve always seen in the interest of the company, Unicredit: we must prevent it remains too exposed to uncertainties, Articles in the press. It cuts and move to the future. It’s my approach to life that I’ve always had. “

He would have preferred to go even forward, or a cycle was finished anyway?
“Well, I’d say go ahead if you find the interest of all parties involved. Go it alone at all costs, never. ”

He led Unicredit complicated for six years, and the board has him made about. What is the difference between the bank and then to now?
“There are several differences. The bank then had finished a cycle combinations, then came the first signs of recession in 2008-2009, and then one has faced the problem of rationalizing, strengthening capital, liquidity, etc. in a very difficult context of four years of recession. We started with a 7% of the capital and arrived today at around 11%, we have reduced the funding gap of 150 billion negative to positive, it streamlined the budget, sold some investments where there were not sufficient returns, made safe the cost of risk to 63 basis points. So many things have been done, it closes a phase of restructuring and reorganization, and if economies grow you can think of a period of growth, which, however, is already reflected in the first visa numbers this year, with a quarter in terms of operating income beyond expectations and recognized by all investors. Now the bank has the ability to push on that front and return to look to a future of growth and not just restructuring. “

One of the things noticed by analysts is the decline of the stock, above the average of the banks. It is justified or not? How do you explain that?
“It is justified by all analysts as a level of capital considered at this time lower than it should be. But keep in mind that until November the title was 6 euro and the capital was then considered appropriate, albeit to strengthen organically over time. Several things have happened since then, there was the crisis of the four banks, the problem of out npl in Italy, so the tension on capital has increased. In all this, we have never denied that the principal is to be strengthened, and that’s what we tried to communicate to the market since the last industrial plan, and that is what must be done in the coming months and years. There is nothing new: this bank today an operating trend in growth, cost of risk and a level of impaired loans compared to credit both much lower than the average for Italian banks, because we must consider the group, not just the ‘ Italy. It remains to work to consolidate the capital but it is not a new thing. “

the market seems to require a capital increase.
“On the capital from the point of the track of the increase or not, I never spoke nor do I want to do it out of respect to the board and to the market itself. We must strengthen it, we are working on growth of the organic type capital then you will see in the future if there are alternatives. “

The most exciting and the most difficult time?
” exciting moments, so many. Among the best, the fact that the Italian bank after years of suffering is back to the grind useful and to be the engine of the group: colleagues deserved it. And then the fact that the Central-Eastern Europe, which was in difficulty and in recent years been criticized, this year will double the profits from a year ago but then even more. The difficult times have been more than one, because 4-5 years of recession have not been easy to manage, and the banking system has had to deal with new rules and very challenging and the need for a profound transformation of the business model, however, still in progress. But those moments we passed them, we now look to the future with positivity. “

He think of a profile of his successor?
“For the successor there is a committee that has been appointed by the board, it is for them to locate the profile, arrange this with the board and then start the search. I have it in mind but of course I keep it for me. There are the four colleagues in charge, then they will be asked to give my opinion. “

Contacts for new jobs?
“While I am CEO of Unicredit, as I was asked by the board, I am focused on Unicredit. On after I have no idea. I was pleased to professionally these days someone has remembered me, even from abroad, then we’ll see what the future will offer. But in the short is all Unicredit. “

From the Government he has called anyone?
“There have been contacts but not specific on the issue.”

Some friends in the council’s left?
“But with the advice I have an adversarial relationship. Certainly I not leave you because I’m friends with someone and enemy of someone else. We arrived in this situation for many reasons, but I have nothing on which to complain. I do not think to leave no enemy within the board. ”

May 28, 2016 (modified May 29, 2016 | 14:11)

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Confindustria: “Goal within reach constitutional reform” – The Messenger

With an invitation to move forward “firmly on the path of reform”, because the only way we can “go back to being an influential country,” his debut as president of Confindustria Vincenzo Boccia raises the pressure of industrialists and it opens a new season of confrontation with the government. Dissociates from the political debate on the constitutional referendum: the reforms “have not a name but an object, no matter who makes them, but how they are made,” he says, and “they are not assets of the parties but of all citizens.” But the merits Confindustria (which will take an official position on the referendum only after an internal comparison, on June 23. It deliberately only after politically sensitive steps such as administrative) “is fighting since 2010 to overcome the perfect bicameralism and reform of Title V constitution “, can not do so” with satisfaction “that today” this goal is within reach. “

it promises to be a yes. Although any assessment will still be discussed and shared in accordance with the idea of ​​”common house” that has Boccia Confindustria: a house “inclusive and open.” The annual general applause from the industrial point out that today the government is also a party like Carlo Calenda (Minister of Development for less than two weeks, but for him it is a debut) who knows way of Astronomy, where he worked with President Montezemolo, and commitment to the ministry for the internationalization of enterprises has been an ally appreciated. From Calenda stage guarantees: we will work together, “we do not exist in a modern country the opportunity to make industrial policy except with businesses and for businesses”, for the revival of productivity need “a taking shared responsibility between industry and government.”

 

A tear to strict protocol, the intervention of the Minister Dario Franceschini instead emphasizes the attention of the new leaders of the industry to ensure a binomial ‘culture and industry “as a driver for development. In the room also the Head of State, Sergio Mattarella. Agenda left by Giorgio Squinzi between open issues is the challenge on the contract reform. Boccia warns unions: When you reopen the comparison the “compass” of Confindustria will “exchange between wages and productivity” and the enterprise bargaining “where the seat make it happen.” Meanwhile Federmeccanica will be the forerunner to the table for metalworkers: “Now you can not interfere on the open renewals.” The context is still that of an economy that “is undoubtedly divided. But it is not recovering, “a” modest rise, disappointing. ” “Much has been made, starting from the labor market, the tax department, the school, the P.a”, recognizes Boccia, but you have to go ahead and “time is crucial.”

The ballast of the tax authorities is a workhorse of industry, such as pressure on the government (which is in the contents without slapped and not raise the tone): “In the public budget management are not asking for trade nor favors, we demand policies to improve competitiveness factors “,” a program to be implemented in four years ‘,’ certainty and stability “,” quality operations “asks Boccia. In terms of industrial demand taxes it is to “shift the tax burden”, lighten it of work and businesses and increase it ‘on things, “and” bring down the rates “with the resources of the revision of tax rebates and tax compliance. The first words of Boccia as president is to emphasize the emotion “immense” and responsibility “high”; greetings to President of the Republic, Giorgio Squinzi recognition for “the example” that “will leave” footprint “. And the affectionate thanks’ to his father Orazio, the printer protagonist of the dream you had the Salerno Graphic Arts Boccia an industrial leader: The biggest thrill is to see you sitting in the audience, in front of me, and think of where you started.
 
             

Confindustria, Boccia: “Less taxes on labor and mandatory reforms” – Blasting News

Yesterday Confindustria elected its new president. The entrepreneur from Salerno Vincenzo Boccia was elected by a margin of only nine votes (100-91) compared to competitor Alberto Vacchi. The two had proposed very similar, but in the end won Boccia, which among its supporters has important figures such as the President of ENI Emma Marcegaglia , in addition to his countryman Vincenzo De Luca , the current governor of the Campania region. Marcegaglia, hot, commented resulting joy: “I’m happy for the victory of Boccia, is an experienced person who has a strong program. Despite the minimum of votes discarded, I am not convinced that Confindustria will split inside: at the time of voting the weather was calm and history has taught us that after the elections it always comes back to unity “. De Luca also said his election of the new President: “I am pleased with the appointment of Vincenzo Boccia. Now is the time to launch, at national level, the issue of the South and make sure that there are more investment and more development for the South of the country . “

the words hot Boccia

a few minutes after his election as president, Boccia told the press: “Confindustria wants to be responsible and participatory development of the country. We will bring forward the continuity and, at the same time, the change. Today the economic situation of the country, the complexity we face, does not allow us the luxury of being able to fight within us. “

The first official speech of Boccia

at the first official meeting, this morning, Boccia also talked about other issues, primarily the Italian economy’s health. “The economic recovery is slow, modest and disappointing. Do not take us, at short notice, to pre-recession levels. We must build a modern capitalism, with investment in industries of the future. Italy has to play an important role in the European economy, then the reforms road is required. there can be no modern capitalism if there is not a modern democracy or modern institutions. For us it does not matter who has made reforms, but what lead these reforms. ” In this regard, Boccia noted that: “ Confindustria has been fighting since 2010 to eliminate the perfect bicameralism. And today, with satisfaction, we see that the goal is within reach “, making it clear in a rather obvious that Confindustria will promote the ‘yes’ to the constitutional referendum of October.

A closure on the strategies to be adopted, according Boccia, to decisively down the Italian economy: “It remains essential to lighten the tax burden at work and on business and weigh it down on things, bring down the rates and fight, in an even more decisive, tax evasion that slows down every year significantly the economy of our country. “

Yellen: narrow in the coming months – Il Sole 24 Ore

NEW YORK

Janet Yellen has made it clear that “probably a rise in interest rates in the coming months would be appropriate.” Because “if the economy and the labor market will continue to improve” is correct for the Fed to intervene in a “cautious and gradual” with an increase in the cost of money.

Yellen, speaking at Harvard University, has avoided excessive offer certainty to the markets or tie the hands of the Central Bank: a tight monetary policy too hasty and aggressive, he warned, instead of advancing the US towards normalization would risk “causing economic reverses”, before which the Fed today would have “little instruments” to respond.

The Federal Reserve chairman has indicated, however, that consensus within the Fed, as revealed by reports of recent summits and by the recent statements of several hawks and doves of the Central Bank, leans decidedly to a move now to doors. Yellen added that now, more than monetary policy, “a greater role in supporting the economy would be in the fiscal policy.”

At his words the chance to close in June by a quarter point, futures markets, have for the moment remained below 50%, but those of a maneuver in July rose to 62 percent. Dollar and bond yields, especially in the short term and more sensitive to the narrow, have reacted quickly gaining ground.

With greater precision the chairperson Fed then gave body to your message by analyzing in detail the framework of the recovery. She pointed out that the labor market is “really improved” in every respect. That “the rate of jobless” is “close to what most economists consider full employment.” It noted that the improvements in the level of labor force participation, in the past among the most striking weaknesses, “are encouraging.”

The Federal Reserve chairman warned, though – hint of circumspection with which he intends to get closer still to its decisions – such as wages have not shown “significant improvement”, such as growth remains “significantly low” and driving productivity to appear “very slow.”

Yellen, in the halls of the Radcliffe Institute for Advanced Study of the prestigious University of Massachusetts, has also elevated the tone of his speech to the challenges of longer period. “There is no better economic system of capitalism, but it can happen that periodically break,” he said. One of these “broken” was the great crisis of the past years.

The Federal Reserve Chairman expressed gratitude to his predecessor as head of the Central Bank, which took head-on the challenge of the financial debacle and the recession of 2008. “America – said – a must huge debt of gratitude to Ben Bernanke. ” Yellen acknowledged that “we had not seen the arrival of the crisis.” But his administration, he added, at last, “was nothing less than magnificent,” thanks to Bernanke.

Today, he continued taking lessons for the present, there have been important steps forward to prevent similar dangers from happening again. “A growing body of research helps our understanding of systemic risks and macroeconomics,” he assured. In particular just the Fed eral Reserve ‘is dedicating more resources to discover the risks to financial stability and better understand how to do it. ”

Compared to that time – said Yellen – there is a “new attitude in the supervision of large financial companies.” And the work of the American authorities is not isolated, it is conducted “in close contact and cooperation with regulators in other countries to deal with cross-border problems.”

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Bono Boccia: easy to talk cuts the costs of Confindustria – The Gazzettino

Saturday, May 28, 2016, 00:00

“in words they are all good ». Dry like a shot the “compliment” to Vincenzo Boccia, newly elected president of Confindustria National. And a shot of high caliber, because it comes from a character whose words and whose facts, weigh: Giuseppe Bono, CEO of Fincantieri and the President of Confindustria Friuli Venezia Giulia. In his inaugural address on Thursday, the new president Boccia had asked the government to move forward with more courage on the spending review, the public debt cut, on …

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Confindustria, the storm is already on the new president Boccia for yes “renziano” in the referendum – Intelligonews

Confindustria, the storm is already on the new president Boccia for yes “renziano” in the referendum

No time to be happy for being elected president of Confindustria (with 87 % of votes) Vincenzo Boccia is located in the first row to hoe: the constitutional referendum of October. The Confindustria yes it immediately became the subject of confrontation between political forces. Very satisfied renziani, “the vast majority of the country is with us”, while the opposition attacking the business association as the 5 Star Movement, while the League’s Calderoli wonders if “Boccia has become spokespersons Renzi?”. Also criticism from the Left while Berlusconi insists that Renzi is likely to become “the master” of Italy. “I’ve seen too much good will of the government”, said Toti. Ready replication of the new president Boccia: “The debate in the country about who is with whom or against whom it does not belong. Not reason for colors. will deepen and if we are convinced we will support the reforms or not, depending on the ideas that we will do it. “
The new president of Confindustria, newly elected, he had emphasized the role that the association must have their respect to the parties: “ A firm belief will guide me: Confindustria must remain non-partisan, and not bipartisan ; must be equidistant from the parties but not from politics to participate responsibly in defining the policies of this country. ”
Boccia chose Ancona, and the Marketplace Day Initiative, for its first public addressing many themes: “Small is a condition to be overcome,” he began, pointing to own a medium-small and start up the audience: “you are born small and becomes large, it is a natural fact.” Small businesses’ need to become medium, medium large, and large corporations. ” A path in which “you have to have an open financial culture, open their capital even to the investment funds, have a culture of growth, and not just be geared to the domestic market, but also to the international” .