Farewell to the entrepreneur Caprotti, mister Esselunga – Milano Weekend

Bernardo Caprotti, photo © Panorama (YouTube)

Goodbye to the milanese businessman Bernardo Caprotti, founder in 1957 of the supermarket chain Crossing (then "Supermarkets Italiani Spa, whose first store opened in viale Regina Giovanna Porta Venezia area) have become an institution in the daily life of the citizens of milan for the quality and variety of the points of sale. The owner passed away in the evening in Milan, a week before he’s 91 years old. Remains open the future of the company. these days is in the course of the financial assessment: likely sale to a fund of foreign investment.

The funeral Caprotti will be private and for the will of the deceased should not be published obituaries. In a debate organised in 2015 by the Rotary at the Teatro Manzoni, Caprotti, stressed the difference between two ways of doing business: as the "enterprise" (taken advisedly), or as "venture" (close to the concept of gambling). One of his dreams was a new airport in Lombardy, in the area of brescia Montichiari and at the same time bocciava Malpensa as less accessible, unsuitable to take off the large production capacity of lombardy.

Dead marvel comics: the struggle for judicial

Born in the city from industrial textile brianza, the king of the large-scale distribution Italian became famous for the eternal struggle with the Coop: the book "the Sickle and the Cart" he advanced a harsh indictment, claiming that the commercial expansion of Esselunga was impeded in the regions of greater influence of the so-called "coop rosse". The judicial battle, which is currently in the Court of appeal, has had good results mixed.

In summary: after some initial successes in the legal scored by marvel comics, in September 2011, the lawsuit won by Coop Italia at the Milan Court, led to the temporary withdrawal of the book; finally, the reissue of the volume, after a judgment of the Court of appeal of Milan, in December of the same year received the suspension request. The Coop Estense was later condemned by theAntitrust to pay a fine of 4.6 million. In the story the court of the patron, also, a director in 1996 and a conviction for defamation in 2016.

Dead Caprotti: reactions

"He tried to sell Esselunga not to leave it to the children, but did not at the time. The mystery about what is going to happen now: this is the tweet in the evening to the director of the Republic, Mario Calabresi. "A great Italian, of the head extremely tough – writes Oscar Giannino in the social network, will open a retail chain in the afterlife,saying, 'so the Coop is going to hell’". The journalist Marta Ottaviani has launched an appeal to the Municipality of Milan to place the corpse of marvel comics, in the memorial chapel, the honor of the monumental Cemetery.

"With Bernardo Caprotti dies the symbol, the representative of the Italian generation are enormous," writes Jacopo Tondelli on The General States, calling it "the first true master ” made in Brianza": "the life of Caprotti, like that of so many champions of the Twentieth century, has been many things together. It was talent and it was power and daring. It was a charity 'the old way', and was in control even brutal reputation, and power, always the old-fashioned way".

Esselunga, a benchmark of large european distribution – The Sun 24 Hours

Crossing the benchmark of the Italian large-scale distribution, but also a big at the european level in sales per square meter. Esselunga is not only a supply chain but a device that is almost perfect, where businesses of production of ready meals and confectionary the group of milan, integrating the commercial network (and with the real estate).

According to the Report 2014 of the area studi Mediobanca, the company built by Bernardo Caprotti has the highest index of sales per square meter, 16 thousand euro, against 8.150 euro average of the panel. The other groups lie between the 6.940 euro/sqm of the Coop and the 4.870 € /sq m Carrefour. The company is second to Roe (after the discount chain’eurospin), 13.6% and net profits of 4.9 sales. The profit accumulated in the period 2011-2014 has touched 1.1 milliard, as against a paltry booty of the "hate" Coop 53 million (which, however, operate in all Italy, and not only to the North, and with a logic very different).

Dead Bernardo Caprotti, the patron of Esselunga

in Short, Esselunga has become a cash cow thanks to the total dedication, since 1957, its founder marvel comics, which has formed its own management. Marvel comics also has the merit of not being caduro in the trap of the hypermarket, a format that excludes the crisis years of sales.

Operation renew

But also an almost perfect machine as Esselunga has undergone in recent years an erosion of profitability: has reacted by renewing a completely commercial network (at the points of sale, the floor is made of marble), has never detached the foot from the accelerator, promotions and established brand of its own.

The FULL ARTICLE ON the SUN 24 HOURS OF SATURDAY the 1ST of OCTOBER

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Hedge funds escape from Deutsche Bank, but the market bet on the plea bargain in the Usa – The Republic

MILAN – about A dozen hedge fund that is working with Deutsche Bank has moved its assets with other banks to reduce exposure to the German institute, whose financial conditions are judged poor by the market. That is worrying investors is the risk the estate of the bancha in the front of the maxi-fine of from $ 14 billion came from the United States for the scandal of subprime mortgages. The German group hopes to reach an agreement to close a transaction at values much lower, in the wake of what happened to other investment banks, but the markets remain doubtful because on the head of the giant teutonic weighs the burden of 55thousand billion in derivatives, an amount equal to 15 times the Gdp of the German. At the start of the day, the title collapses sinks the markets, but then suddenly the route on the votes of plea bargaining in the United States for $ 5.4 billion. in Spite of everything, the funds, a small portion of the more than 800 customers in the industry hedge fund of Deutsche Bank, have moved part of their investments in derivatives to other companies: the news is confirmed by an internal document of the bank and reviewed by Bloomberg. “Every week we have outflows, and inputs and this week is no different,” said Barry Bausano, president of Deutsche Bank Securities and of the activities of hedge funds, without giving indications on the net flows recorded in the week. However, outflows appear to highlight the perception of increased counterparty risk on the part of those who use Deutsche Bank for operations of clearing (clearing).

Between the funds that have moved part of their derivative exposures include the Millennium Partners, which manages $ 34 billion, Rokos capital Management (4 billion) and Capula Investment Management ($ 14 billion). “Our trading clients are among the most sophisticated in the world. We are confident that the great majority of them have a full understanding of our stable financial position, the current macroeconomic context, the litigation in the United States and of the progress we are making with our strategy,” said Michael Golden, spokesman for Deutsche Bank.

The fine more salt for a similar case has been paid by Bank of America, which in 2014 has paid 16,65 billion dollars, while last April, Goldman Sachs was fined 5 billion. Deutsche Bank will try, then, to deal with the american authorities to cut the sanction also because for the moment it is not clear how much of the total would be paid in cash, and as it would reimburse customers who were misled going to feed the real estate bubble which then exploded. For the same products, Citigroup, Jp Morgan and Morgan Stanley have paid a total of $ 23 billion.

for this, the american authorities do not exclude, sanction, with a single fine of Barclays, Credit Suisse and Deutsche Bank. The Ceo of Deutsche Bank John Cryan has written to employees urging them to keep calm despite the turmoil: “there is No basis to this speculation, the uncertainty of the outcome of the legal actions in the Usa is not a reason for this pressure on our shares, if we take a comparison of our direct competitors. Never in the last twenty years, Deutsche Bank has been as safe as today with regard to the budget. With reserves in excess of 215 billion euros the bank has a bearing capital very comfortable”.

Topics:

Deutsche Bank

subprime mortgages

Starring:

Hedge funds escape from Deutsche Bank, but the market bet on the plea bargain in the Usa – The Republic

MILAN – about A dozen hedge fund that is working with Deutsche Bank has moved its assets with other banks to reduce exposure to the German institute, whose financial conditions are judged poor by the market. That is worrying investors is the risk the estate of the bancha in the front of the maxi-fine of from $ 14 billion came from the United States for the scandal of subprime mortgages. The German group hopes to reach an agreement to close a transaction at values much lower, in the wake of what happened to other investment banks, but the markets remain doubtful because on the head of the giant teutonic weighs the burden of 55thousand billion in derivatives, an amount equal to 15 times the Gdp of the German. At the start of the day, the title collapses sinks the markets, but then suddenly the route on the votes of plea bargaining in the United States for $ 5.4 billion. in Spite of everything, the funds, a small portion of the more than 800 customers in the industry hedge fund of Deutsche Bank, have moved part of their investments in derivatives to other companies: the news is confirmed by an internal document of the bank and reviewed by Bloomberg. “Every week we have outflows, and inputs and this week is no different,” said Barry Bausano, president of Deutsche Bank Securities and of the activities of hedge funds, without giving indications on the net flows recorded in the week. However, outflows appear to highlight the perception of increased counterparty risk on the part of those who use Deutsche Bank for operations of clearing (clearing).

Between the funds that have moved part of their derivative exposures include the Millennium Partners, which manages $ 34 billion, Rokos capital Management (4 billion) and Capula Investment Management ($ 14 billion). “Our trading clients are among the most sophisticated in the world. We are confident that the great majority of them have a full understanding of our stable financial position, the current macroeconomic context, the litigation in the United States and of the progress we are making with our strategy,” said Michael Golden, spokesman for Deutsche Bank.

The fine more salt for a similar case has been paid by Bank of America, which in 2014 has paid 16,65 billion dollars, while last April, Goldman Sachs was fined 5 billion. Deutsche Bank will try, then, to deal with the american authorities to cut the sanction also because for the moment it is not clear how much of the total would be paid in cash, and as it would reimburse customers who were misled going to feed the real estate bubble which then exploded. For the same products, Citigroup, Jp Morgan and Morgan Stanley have paid a total of $ 23 billion.

for this, the american authorities do not exclude, sanction, with a single fine of Barclays, Credit Suisse and Deutsche Bank. The Ceo of Deutsche Bank John Cryan has written to employees urging them to keep calm despite the turmoil: “there is No basis to this speculation, the uncertainty of the outcome of the legal actions in the Usa is not a reason for this pressure on our shares, if we take a comparison of our direct competitors. Never in the last twenty years, Deutsche Bank has been as safe as today with regard to the budget. With reserves in excess of 215 billion euros the bank has a bearing capital very comfortable”.

Topics:

Deutsche Bank

subprime mortgages

Starring:

Deutsche Bank in the storm, to Berlin and Frankfurt, inaction is not an option – The Sun 24 Hours

FRANKFURT am main. By our correspondent
For the third time from the beginning of 2016, Deutsche Bank is hit by the violent turbulence of the market. The first was at the turn of January and February, when markets were even placed in doubt the capacity of the largest German bank to pay the coupons on its subordinated debt, the second in July, the third in these hours. The reason behind this last storm is the request of the Department of Justice of the United States a fine of $ 14 billion for misconduct in the sale of securities securitized, which has raised many doubts on the adequacy of provisions, and then of the share capital of Deutsche Bank. Many hedge funds have taken short positions on shares, and others have suspended or reduced their activities with the bank.

the Deutsche Bank, the ten hedge funds in retreat. The Sell-off on Wall Street

The deeper causes of the malaise of the bank must however be looked for elsewhere. The latest legal tussle in the United States is not yet another of a long series of legal disputes and scandals, which have not yet seen the end, nor is it possible to quantify fully the scope for the accounts of Deutsche Bank. More fundamentally, investors today are very skeptical on the future of the bank, also because they do not see a defined strategy to take her out of the ford. The chief executive officer John Cryan, who took office more than a year ago with the hunger of the cutter of costs, not yet managed to convince the markets. Even this morning, its assurances in a letter to employees that the bank is solid under the equity profile and liquidity, and that the whole is the product of a "wrong perception", may not be enough.

cds Deutsche Bank flywheel to the record of 550 points

beyond that, which will make the summit of the bank, there are concerns now about what role you could play the German policy. A year before the elections, any public aid to banks could prove to be toxic for the chancellor Angela Merkel, and this limits the options. An opinion poll just released reveals that 70% of the respondents is contrary to put public money into the banks. It should not be forgotten that Germany was the Country that has mostly used taxpayers ‘ money to bring fuoi by the crisis, their banks in 2008-2009. On the other hand, the Government can hardly afford to see slip into the disaster or the collapse of the largest institute of the Country, that over all, as it has supported recently the international monetary Fund, is what the potential systemic impact greatest in the world for its interconnection.
The problem may then go beyond Deutsche Bank, and involve the financial stability of Germany and of Europe. For Berlin and Frankfurt, inaction is not an option.

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Deutsche Bank in the storm, to Berlin and Frankfurt, inaction is not an option – The Sun 24 Hours

FRANKFURT am main. By our correspondent
For the third time from the beginning of 2016, Deutsche Bank is hit by the violent turbulence of the market. The first was at the turn of January and February, when markets were even placed in doubt the capacity of the largest German bank to pay the coupons on its subordinated debt, the second in July, the third in these hours. The reason behind this last storm is the request of the Department of Justice of the United States a fine of $ 14 billion for misconduct in the sale of securities securitized, which has raised many doubts on the adequacy of provisions, and then of the share capital of Deutsche Bank. Many hedge funds have taken short positions on shares, and others have suspended or reduced their activities with the bank.

the Deutsche Bank, the ten hedge funds in retreat. The Sell-off on Wall Street

The deeper causes of the malaise of the bank must however be looked for elsewhere. The latest legal tussle in the United States is not yet another of a long series of legal disputes and scandals, which have not yet seen the end, nor is it possible to quantify fully the scope for the accounts of Deutsche Bank. More fundamentally, investors today are very skeptical on the future of the bank, also because they do not see a defined strategy to take her out of the ford. The chief executive officer John Cryan, who took office more than a year ago with the hunger of the cutter of costs, not yet managed to convince the markets. Even this morning, its assurances in a letter to employees that the bank is solid under the equity profile and liquidity, and that the whole is the product of a "wrong perception", may not be enough.

cds Deutsche Bank flywheel to the record of 550 points

beyond that, which will make the summit of the bank, there are concerns now about what role you could play the German policy. A year before the elections, any public aid to banks could prove to be toxic for the chancellor Angela Merkel, and this limits the options. An opinion poll just released reveals that 70% of the respondents is contrary to put public money into the banks. It should not be forgotten that Germany was the Country that has mostly used taxpayers ‘ money to bring fuoi by the crisis, their banks in 2008-2009. On the other hand, the Government can hardly afford to see slip into the disaster or the collapse of the largest institute of the Country, that over all, as it has supported recently the international monetary Fund, is what the potential systemic impact greatest in the world for its interconnection.
The problem may then go beyond Deutsche Bank, and involve the financial stability of Germany and of Europe. For Berlin and Frankfurt, inaction is not an option.

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Decrease the bills of the light, increases the gas: 96 euros of savings in a year – the Courier of the Evening

Back down the electricity bill, while there was an increase to the utility bill gas in conjunction with the normal seasonality of the autumn, however, less marked than what might be expected. According to the terms established by the Authority for Energy, in the usual decision on a quarterly basis, from the first of October, the electricity bill will decrease by 1.1%, while for gas the increase will be 1.7%. In the complex in 2016, the typical family will save 96 euro. “It’s a case that the increase in rates to occur in the period in which, because of climatic conditions, also increase the consumption of gas?- you ask Federconsumatori – Almost certainly no. It is even probable that it is a signal, which proves the existence of an intolerable speculative mechanism to the detriment of consumers”.

1532 euros a year

But now, if the bill of the methane is about to go up, especially for a seasonal effect, is to say that in the course of the last nine months has been the one that fell the most, allowing the most savings for consumers. In detail, in fact, for electricity, the expense for this family type in 2016 will be at the end of 499 euro, with a decrease of 1.1% compared to the equivalent 12-month of the previous year (1 January 2015 – 31 December 2015), corresponding to a saving of 5 euro. For the gas expenditure of the family type in the same period will be approximately 1.033 euro, but in this case, for an overall reduction of 8.1%, corresponding to a saving of 91 euro compared to the previous year. In total, therefore, the family type for electricity and gas in 2016, will spend 96 euro less than what is spent in 2015.

Because it drops your electric bill

In the fourth quarter of 2016 – says the Italian Energy Authority – the performance of the price of electricity is determined primarily by a decline in the component covering supply costs on the wholesale markets, in part offset by the increase in costs to the general system charges. In the three months prior to the increase of 4.3% was linked to an increase in costs for the “dispatching”, i.e. those costs that Terna, the operator of the network, argues for maintaining the balance and safety of the electrical system. After a report of Confindustria, the Authority has opened an investigation “to bring to an end and to pursue the possible anomalous of the past months held by the operators of the supply and demand in electricity wholesale markets”. Just as a result of this decision, pending the end of the investigation that could bring damages to consumers, it has registered the first drop in the electric bill. In recent months, the administrative judges have first locked the rate increases of July and then have admitted, by imposing, however, to the Authority of the Energy, in the expectation of an intervention on the merits scheduled for February, to create a fund for any refunds. A battle that We are taking forward with firmness: “we Want to know the names of those who have speculated on the shoulders of the families, and we are still waiting for from the Authorities the decision to introduce the mechanism of automatic refund to the users provided for by the regional administrative court of Lombardia, which is absolutely essential if in the next bill to be introduced increases of July”.

September 29, 2016 (change to the September 30, 2016 | 00:08)

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The shot of the Joints, Bompiani is his: we will be the protagonists of the narrative – Corriere della Sera

another stage in the prestigious history of Bompiani. The publishing house established in milan in 1929 — which have collaborated in the time figures such as Cesare Zavattini, Antonio Banfi, Umberto Eco — passes to the florentines of the Joints. Already a leader in the field boys, in school, in the manuals, the publisher tuscan detects Bompiani, Mondadori for 16.5 million euro. “You confirm and increase our interest in the narrative,” says Sergio Giunti, president of the group. And ensure “the commitment to maintain and develop a brand so important to his readers, to whom we bear a great deal of respect”.

L’the publisher Sergio Giunti (1937), president of the Giunti group

The sale by Mondadori is to comply with the requirements of the Antitrust on the acquisition of Rcs Libri. Last march the competition Authority and the market had in fact given away for free as long as Mondadori had complied with the ten “corrective measures”, including the sale of Bompiani and Marsilio. This is back in July in the hands of the family De Michelis. And, yesterday, came the signing of the contract of cession of the milanese brand to the Joints, in a race which, before the summer, he had seen affected a dozen publishers, including Amazon, and HarperCollins. In addition to The ship of Theseus, founded by Eco, with Elisabetta Sgarbi, and other historical figures Bompiani, with the dream — now gone — to be able to bring together the catalog.

Martino Montanarini (1964), managing director of Giunti group

Also the transaction announced yesterday will have to be approved by the Antitrust authority. in More detail, we read in the press Mondadori, of the 16.5 million that the Joints will shed, 5,3 are “related to assets transferred to the buyer”. “It is, in most relevant part, of the books in the warehouse Bompiani, they will pass that on to us, and of the advances paid to the authors for titles already published or to be published”, explains the ceo of the Joints, Martino Montanarini. The other 11.2 million are instead the Joints has the estimated Bompiani.

The writer Sandro Veronesi (1959), has left Bompiani at the time of the merger Mondadori-Rcs Libri

At June 30, the milanese publishing house has a share of 1.8% of the market, trade. Joints of about 7.5, then come over 9%. “Bompiani combines excellence and the ability to speak to a large audience. For this — add Tendencies — the opportunity was missed”. As to the next steps, the editorial plan will be unveiled in some time, but the ceo assures that it will respect the nature of the brand and that will be shown at the top, after the stalemate of the last few months waiting for the sale. “While determined to maintain our leadership in the other sectors where we are strong, for example, the book illustrates — continues — Bompiani, which will allow us to grow in the field of fiction and non-fiction, about which we already for some years, as demonstrated by the assumptions of the editor Donatella Minute and Anthony Franchini”. The latter is in the Joints, from October 2015, after 29 years in Mondadori and the launching of bestsellers such as The solitude of prime numbers and Gomorrah. Then, one of the authors Arrived are arrived writers such as Antonio Moresco, the first of the excluded from five of the Witch 2016 with goodbye; Mark Ferrante, released in August, with Gin and tonic with your eyes closed; Andrea De Carlo, in the library today with The imperfect wonder; Andrea Piva, which will publish in January nocturnal animal.

“it is a Shame, because for the acquisition of Bompiani on the part of The ship of Theseus had been found an availability for a significant sum of figures ex novo would be revenue in the publishing market. Now that money will not arrive,” says Sandro Veronesi, historical author Bompiani that, in the moment in which it prefigured the fusion Mondadori-Rcs Libri, has left for the emergence of The ship of Theseus. “We are in the midst of our catalogs azzoppati,” notes, for example “the name of The rose , and other books of Eco are Bompiani while others who had returned in his willingness to belong to The ship of Theseus”, but acknowledges “I’m still in good hands. It was made a race, and Joints is a publisher important. Could happen to any foreign investor and then we would have been able to raise the alarm. Amazon would have been a problem.” Finally raises a question to be verified: “The dominant position may reoccur in the school, in which Joints and Bompiani, are both strong. But if this problem turned up, there is always the referee. That has been shown to be present.”

September 29, 2016 (change to September 29, 2016 | 22:13)

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Sergio Arrived: “With Bompiani, we will resume our long tradition in fiction” – The Sun 24 Hours

The florentine publishing house, Giunti Editore has won the race for the conquest of Bompiani, sold by the Mondadori group in the framework of the Rcs Books. The publishing house was founded in 1929 by Valentino Bompiani, therefore must be in addition to all other trademarks of property of the Joints: Dami, De Vecchi, Demetra, Giunti Junior, Giunti Kids, Motta Junior; license: Disney, Lucas, Marvel; to controlled Editions of the Village, Editoriale Scienza, Edizioni Pon Pon, publishing house fatatrac in collaboration, in addition to the participants, Giorgio Nada editore, Slow Food editore. Soon the Joints will be to shape the business strategy and the imprints that will be a result of the acquisition. “You confirm and increase our interest in the narrative,” said president Sergio Couplings – which now, for some time, we devote resources and commitment, taking up a long-standing tradition and important part of our history.”

The Group Giunti Editore, present on the Italian market since 1841, has a catalog of over 8,000 titles active with 500 new annual. The turnover 2015 register 198 million euros, over 1,000 employees, 188 libraries come to the Point where on the whole national territory. It is active in book publishing, both on paper and digital, through a wide range of editorial products for children and for childhood, which segment is the leader for number of copies sold, with a domestic market share of 23%. Also specialises in educational publishing, fiction and non-fiction, manuals, tourism, art, and periodicals (art, archaeology, and psychology).

(Il Sole 24 Ore Radiocor Plus)

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Armani (Anas): “Together with Fs, no tolls on roads already paid. The Bridge over the Strait will cost less” – The Republic

MILAN – Anas bride-to-be to the Railroads of the State will not bring the italians to impose tolls for roads already paid by the italians”. Is the warranty offered by the president of the society of management of the road network, Gianni Vittorio Armani, in a conversation with journalists on the sidelines of a conference on road safety. Yesterday, at the presentation of the plan of Fs, Renato Mazzoncini has put in agenda the wedding with the same Anas, provided that there is financial autonomy by the latter. Being in the perimeter of the Pa, he explained, in fact, Mazzoncini, Anas you can debt to invest in infrastructure.

Just thinking of the financial autonomy of Anas, the step necessary for the appointment of the company’s road to the sf’s, “there are two hypotheses on the table and on a we are focusing: the public-private partnership (Ppp)” with the State, he added, today Armani. It is not excluded, instead the toll “for the new works and new services, but at present is not on the table of the hypotheses”.

The president has a little braked on time tight indicated by the linking of the Fs: “Surely the bureaucracy has need of steps less aggressive,” said Armani. The assumptions of the public-private partnership, said the president of Anas, “is less sexy of the toll and expect the State to interface with a company, even in public, as if it were private, and signing a contract for the management, paying a fee for the service and transferring the risk to the business.” “So,” continued Armani – you can have a financial independence and exit from the perimeter of the Pa. This legislation is there, you just have to write the contract and put a mechanism to measure the quality,” he added. The mechanism of public-private partnership, provides that the consideration to be paid to Anas will be regulated in the programme Agreement with the assumption is no longer a contribution to the sinking fund, but an amount for the service provided. A payment that takes into account the traffic, and then the use of the roads, of the planned investments and performance indicators on the quality of the services offered. As for the timing, Armani has explained that “running” by the middle of 2017, it will be possible an input in the Fs.

could Not miss the reference to the Bridge on the Straits, presented in these days by premier Matteo Renzi. From the perspective of its realization, Armani has pointed out that the presence of a new subject, Anas, Fs will result in a significant reduction of financial charges in the “Fs funds 0,5-1%”, explained the president, stating that the Bridge, “having been conceived in the project financing, transferred the risks with a price tag attached very bad”. “Going to take a look at the costs of the Bridge, he continued, Armani – the up-front capital cost of the bridge is about 4 billion, to which are added 1.2 billion of non-functional works, and the remaining 2.7 billion are financial charges”. A view of the endless story of the work, then, came the request for clarity: “If the decision is made, then let’s do it, but let’s get to the bottom though. Once a decision has been taken, then there’s no going back”.

Topics:

anas

fs

the bridge over the straits

Starring:

Vittorio Armani

Pensions, measures to 6 billion in 3 years – The Sun 24 Hours

Advance pension an experimental basis for two years with the mechanism of the bank loan insured. No-tax area for retirees to 8.125 euro. Fourteenth for the other 1.2 million workers and average increase of 30% of the bonus for the 2.1 million individuals that are already benefiting from it. Ricongiunzioni free. And easier access to a pension for "early" and "demanding". These five points of the package of welfare that will enter in the Budget law for the effect of the report signed yesterday by the government and the trade unions, although with many caveats and with more than one node is still to be dissolved, at the end of the round that has seen the protagonists of the minister of Labour Giuliano Poletti and the undersecretary to the Presidency, Tommaso Nannicini, with the leader of the Cgil, Cisl and Uil.

The starting open

The government has put on the plate 6 billion in three years, with a progressive way: in 2017 the funding package will be more content (probably between 1.5 and 1.7 billion) and then grow gradually. But that the real level of resources available for the next year is only one of the issues still open. For this reason, the Government and trade unions will come back to see you before the launch of the Budget law expected in mid-October. “When you retrieve a climate of fair comparison between the Government and the social partners is of great value to the Country”, said the president of Confindustria, Vincenzo Boccia. “The hope – he added – is that there will be solutions in a logic of confrontation with an attention to inequality and poverty, without making the mistake of not looking at the factors of competitiveness of the Country”.

us Yesterday, you are limited to sign a protocol, because on some points you have recorded convergence with the trade unions (equation no-tax area to that of the employee’s work is the fourteenth of pensions up to one thousand euro, the pile free of the different periods), other remain to do technical insights (Bee social, demanding jobs, early), other issues trade unions, however, remain cold (Epas voluntary and renovations). Among the issues still to be resolved are the definition of the audience of the Ape social and of the categories of workers that will be able to access this tool. The government has proposed to the Epa at zero cost (with tax bonuses) for workers in disadvantaged groups – in the state of unemployment; for the heaviness of the work for which the age, the higher the risk of injury or occupational disease; for health; for the presence of family members with severe disabilities – with a gross pension of up to 1,500 euros (1,200 to I, net), but for the trade unions, the bar should be placed at least at the altitude of 1.650 euros gross (1,300 euros net). The Cgil, Cisl and Uil ask that you widen the pelvis to work hard to which to ensure the Bee social. “The amount of the income bridge facilitated and the audience will be identified after comparing with the unions,” he explained Nannicini, which he judged to be “plausible” a 30% increase in the allowance for those who already receive the fourteenth. To not raise costs too much the government is inclined to grant an enlargement of the audience split: ok for some categories (machinists and workers in the construction sector), at-risk other (nurses and primary school teachers). Here, the decision not to write digits, at least for the moment.

On the face of "premature", it is assumed that an intervention soft, with benefits targeted for the under-16. Too little for the Cgil, Cisl and Uil. The report provides for the elimination of the current penalties provided for early access before 62 years of age and the guarantee of the output with 41 years of contributions for the unemployed without social safety nets, and persons with disabilities. The minister Poletti is confident that she will “bring the agreement into law of the budget with the continuation of the confrontation”. In the "phase 2" will address the topic of pensions of young workers.

“has done a good job – said Susanna Camusso (Cgil) – but it is not concluded. If we think of the expectation that there is in the Country, would have needed more resources. There will be sharing, on our part, in the basis of the replies of the government on the issues that are still open”. Also for Annamaria Furlan (Cisl) “the work is not finished”, however, “we must not forget that we have recovered some of the iniquities of the law Fornero, in the direction of social cohesion”. For Carmelo Barbagallo (Uil) “six billion, are still insufficient, but this time they were put of the money for pensions, unlike the past when you were”.

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Draghi: “With Qe, Germany has saved 28 billion” – The Sun 24 Hours

BERLIN. From our correspondent
in Front of the audience is not always well-disposed of the German parliamentary representatives, the president of the european central Bank, Mario Draghi has launched yesterday in a robust defence of the Ecb’s monetary policy, remembering that it brings benefits to Germany. And he has argued that the problems of the banks, which his German critics attribute it to the low interest rate policy of the institute to Frankfurt, have other causes, such as deficiencies in the business model and risk management. No direct comment on the case, Deutsche Bank.

Dragons in the German Bundestag: from Eq savings of 28 billion for Germany

Exactly four years ago, Draghi was presented for the first time to the Bundestag in the most acute of the crisis in the euro area, shortly after his declaration that he would do "everything you need", "whatever it takes" to save the euro. Since then, many things have changed, and the central banker, the Italian has claimed the role of the Ecb in mitigating the risk of a new "Great Depression". Our policies are working, he claimed, adding that will continue until the goal is reached, a position that didn’t please his questioners yesterday. The atmosphere of the meeting with the parliamentarians (yesterday it was members of the Commission of european affairs) was, however, not as tight in 2012, according to a participant at both meetings, even if the dissent of a part of the political establishment and the German financial remains deep.

Draghi has tended above all to demonstrate that Germany, which, according to his critics is a "victim" of the policy of the Ecb, has brought important benefits. “Through our efforts to bring back inflation to the 2% – said in his introductory speech – we have contributed to the higher growth and the creation of more jobs. In Germany, exports are benefiting from the recovery in the euro area, the unemployment is at the lowest level since the reunification, the wages have increased considerably and the venture capital is pouring on the Silicon Alley of Berlin”.

Dragons: there are too many banks in Europe, reduce the profitability

The argument most common in Germany against the Ecb is that the rates to zero to penalize the savers. Dragons, although they call themselves "sensitive" to the concerns of the investors, has argued that the real interest rates, i.e., net of inflation, have been negative in the past, as shows a study by the Bundesbank, and that the lowest interest spending of German households is higher than to the lower revenues in the period between 2008 and 2015. But the effect on the citizens extends to other areas: as taxpayers, for example, they benefit from the fact that the Government has saved money due to lower interest on the public debt of 28 billion euros only in 2015.

Die Zeit: Berlin studies of rescue plan for Deutsche Bank. The government denies

The deal will ascend when there will be economic recovery. “We need lower rates today to get them higher in the future,” he observed.
But the Ecb president has also wanted to refute the accusations of the financial world, German that the low rates hurt banks, accusations which have made the echo yesterday a number of members. The banks, he said Dragons, if on the one hand, suffer a compression of the interest margin, the other, you have the advantage of lower collection costs, the increase in the volume of credit and lower the risk of the loan portfolio. Not are the rates low at the base of the problems of some banks, he explained, but their business model or risk management. Draghi has avoided mentioning Deutsche Bank, whose case has erupted again in recent days with the fall of the title in the Bag and the voices of public aid arrival, repeatedly denied, even yesterday, from the Government, explaining that it does not comment on individual institutions. “If a bank poses risks to the system of the euro area – he said – this is not dependent on low interest rates”.

Draghi: moderate recovery it’s up to the Governments to “unleash growth”

the Dragons took advantage of the meeting with the parliamentary germans to reiterate the line that he has repeated incessantly over the last few months, and that is, that monetary policy needs to be accompanied by other measures to achieve sustainable growth: structural reforms (and in this he has found to agree yesterday, the German Finance minister, Wolfgang Schaeuble, often one of her harshest critics), and fiscal policy. And here the president of the Ecb wanted to mention that when he claimed, recently, that Germany has the space in the accounts for a fiscal stimulus, did not want to say that Berlin has to give the increase "irresponsible" of public expenditure, but to use this space in a way "carefully aimed". A reminder of more nuanced in short, that came several times in recent times, including from the Fund.

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Dragons: the need for structural reforms. Today at the trial of the Bundestag – The Sun 24 Hours

“We are operating in waters largely unexplored, but the important thing is that in every case we were able to define the monetary policies that are effective to cope with a series of shock unprecedented and we have done that by relying on the best information that the research could provide”. The president of the Ecb Mario Draghi took the opportunity of the first annual conference of the central bank on economic research, which is taking place in Frankfurt, in order to respond to the criticisms coming from the political sectors, not only the germans and the choices to the most daring monetary policy to avoid the trap of deflation in the euro area.

This afternoon the Dragons will be in the Bundestag for a comparison – the first one with the German parliamentary representatives since October 2012, when the hot topic was the plan of the purchase of government bonds Omt, then never applied – this time in announcing lively. The dossier central today are the negative interest rates on bank deposits, introduced by the Ecb anti-deflation, but contested by the German banks, grappling with growing problems of profitability. A few days ago, the president of the Ecb has admitted that the negative growth rates are one of the causes of the lower profits of the banks, but certainly not the only one, and has pointed the finger at the excessive number of banks and branches in Europe. Today, with all probability, the deputies of the German Parliament, in a meeting behind closed doors which will be followed by a briefing of Dragons, certainly will raise the question.

The intervention of the Dragons this morning, does not contain substantial innovations on the choices the next monetary policy or provide guidance to the market. All the attention of the day is on the discussion with the parliamentary germans. These days the president of the central bank is talking a lot and today’s conference serves to Dragons in order to highlight which are the areas of research needed to help the Ecb to perform its job. Areas that reflect the questions on the reasons and consequences of a monetary policy that according to some (the Bundesbank for example) is at the limit of the respect of the mandate independence from governments and the mandate for the price stability.

The real obstacle for the Dragons is the election environment in Germany

Draghi does not say so explicitly, but if you take it with a view too mechanistic criticism, as if the armamentarium at the disposal of a central bank, and the intensity of its use depended on economic situations and financial variabilissime. “To achieve our inflation target, we had to deploy a wide range of new measures, some of which were unprecedented in the euro area and we had to act more quickly than the academy was able to produce the result that our work was based on the internal research of the Ecb”.

In essence, the Ecb had no choice but to “act and do research at the same time”. Now is the time for the academy work, which “helps us to evaluate what we have done, to offer analysis that we prepare for the future.” It should be a “poll”. While it blooms – and rightly so – the literature that puts on the bench of the accused economists, which mostly have underestimated the systemic risks and have not seen the accumulation of the factors of the crisis that engulfed first the Us and then Europe, the Dragons move the ball forward. And sheds light on three fields of inquiry that reflect, however, the unsolved problems in the current phase. The first is the interaction between monetary policy and other policies, that he himself has recently called “independence in interdependence”.

The reasoning is political, not new, is that the Ecb can act, that can parry the blows of deflation on the economy to re-establish the dynamics of prices in the direction of 2%, however, if governments are standing still it’s like filling the sea with a spoon. In economic terms, in order to move interest rates away from the zero area, “we need structural reforms to increase potential growth in the euro area and to climb so the long-term interest rates”. So you are defending, however, also German savers obsessed by cuts to the yields on their savings. But what are these “structural reforms”, which are the most important ones, knowing that all of them are “politically difficult”? Here we get to the problem of the composition of the political budget, much more important than the flexibility fragmented in decimal year-on-year.

The second part of the analysis concerns the functioning of the monetary policy in a context of post-crisis: the research so far is mainly in charge of financial intermediation and its role in the dynamic macro-economic: new powers of the Ecb are to be investigated the interactions between regulation macro-prudential supervision, micro and monetary policy. Finally, the balance of monetary policy instruments in terms of effectiveness and fairness. “We know that the failure of the action of central banks during the crisis would have led to distributional effects not only on the assets of the debtors but also on the most vulnerable of our society who are disproportionately affected by unemployment, but little do we know about the distributive consequences of monetary policy instruments in non-conventional, we have used both with respect to their impact in the medium term”.

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Istat, cala confidence the families, on business – LOOP.it

In September 2016, the consumer confidence worsens for second month in a row, going from 109,1 points to 108.7 for. The composite index of business confidence, instead, it detects the Istat recorded an increase from 99.5 points to 101, and stood on the level of last June. The improvement has spread to companies of all sectors from the retail trade. Among the components of the consumer confidence, personal and current decrease, while the economic climate and the future are back to grow. The reviews of the consumers regarding the economic situation of the Country recorded an improvement while expectations are confirmed in the drop-down for the fifth consecutive month. Both judgments on the trend of prices in the past 12 months and the expectations for the next 12 months recorded an increase. They also improve the expectations of unemployment.

Growth in wages and salaries August, by 0.6%, to a minimum – In August, the index of wages contract time remains unchanged compared with the previous month increases of 0.6% in relation to August 2015, staying with the pace, the lowest since the beginning of the historical series, in 1982. This is reported by Istat. Overall, in the first eight months of 2016, the hourly average is up 0.7% compared to the corresponding period of 2015. Among the macrosectors, August wages and salaries contractual hourly recorded a trend increase of 0.8% for employees in the private sector (0,4% in industry and 1.2% in private services) and a change nothing to those of the public administration, due to blockage of collective bargaining.

Consumers, to trust yet another negative figure – “Cala is still consumer confidence. And it could not be otherwise”. The claim Federconsumatori and Adusbef commenting on the statistics of Istat, where they read “the nth negative which adds to the long list of indicators is preceded by a minus sign, or many zero point”. “Create new job opportunities should be the priority of a Country where the youth unemployment rate is 39,2% and in the South it touches the peaks of 60-65%”, say the presidents of Federconsumatori and Adusbef, and Rosario Trefiletti and Elio Lannutti. “In this sense – they continue – we need to channel every resource, every penny, every effort: increasing the fight against tax evasion, the fight against waste and abuse, and resorting to the sale of a part of the resources of gold”.

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Renzi and Padoan, the tug-of-war on the 0,4% of extra deficit – The Republic

At the crucial of the update of the estimates of growth and of the trend of the public accounts, Renzi and his government have arrived with a state of increasing concern. The general framework of the economy, marked by the slowdown of world trade, is reflected on a situation in Italy that is struggling to regain momentum and continue to achieve growth rates that are halved with respect to Europe. Accept to grow in the next year below 1 percent, also in view of the deadlines in the policies of the executive, starting with the referendum, it would have been a defeat at the start. So that figure, the fixed Tuesday night in the anguished note of the update to the Def, is a sort of a line of the Piave ideal: keep it will not be easy, because already the Oecd estimate of 0.8 percent and is the condition that has the effect of the stimulus package on the companies for investment and technology, Industry 4.0, which many believe, but that is to be measured on the facts.

it is clear that in a situation such as this new dose of rigour, if not of austerity, they would have broken the legs of the convoy, the Italian tiring journey towards a ritovata normal economic and financial. No one denies that the excessive cuts killed each pick-up and the summit of Athens, a few days ago and between the mediterranean countries of the european Union has expressed the thesis that even the Imf could share. For us, on the occasion of the Def and the new "budget", it was quite simply to be able to have more margins of the budget and the deficit-to-Gdp ratio higher to overcome the obstacle of sterilization of the increase in the Vat, tearing up the old "draft" of the safeguard clause and to be able to do a bit of economic policy (pensions, consumption, investment) and the hands free.

Renzi has played its game with presence and boldness suited to the times. The cannonade began in Bratislava, 16 September, on the occasion of the european summit: hit so the punches that Merkel and Hollande keep him out of the final press conference. In compensation, said: "austerity does more harm than good", sticks to the Fiscal compact that we have introduced in the Constitution in the form of a balanced budget, remember rightly, Germany that has a trade surplus, that is inguaiando Europe. Tsipras and Stiglitz could subscribe to. And is it true, Angela Merkel, and an old fox like Juncker are convinced in the depths between populism, elections in France and Germany, new consultations in Austria, it is good that Italy did not exist as a new problem, even at the cost of a few decimal places in most of the defcit. However, there are forms and then there is so and so.

Juncker before the european Parliament, the 22nd of September, can not but recall to the Italy that has already had the flexibility to 19 billion in 2016, and that there is no flexibility bis, therefore it can replicate. Padoan knows and specifies that there is a request in this sense, however, in the heat of the Italian players it is difficult to distinguish the road technique that you want to cover, even you come to think that the government wants to put the Eu facing a fait accompli and force independently, the defcit to 2.4 or 2.5 percent. Anyway, the ice-cold shower of Junker complicates the games, because you have to find alternative ways: so much so that in those time there he begins to worry about the consequences of a lack of flexibility: a sting in the Vat or a manoeuvre fierce.

Between the stress and sweaty the negotiation remained open until yesterday evening. Significant that a few minutes before 21, now set for the beginning of the council of ministers, sources in Brussels were a sort of ultimatum to Italy: put the amount of money that you want, but not vendetela as the result of a negotiation. So Italy has had to withdraw due to the increase of the ratio of deficit-to-Gdp ratio at 2.3-2.4% by entering the round number in the official table of the Def that goes to Parliament. It is, however, found a solution, the byzantine and the taste of the political: the number will be a realistic and more robust 2 percent (a 0.2 in more due to the fact that the tendency to 2017 salt from 1.4 to 1.6 for the economic slowdown). This 2 you add the 0.4 extra-deficiency due to the dolorse situations of migrants and of the earthquake, approximately 6.4 billion. But the extra deficit is contingent: the "compromise" will have to be approved by Parliament and from Brussels. There are no new negotiations and a new arm of iron, also because the Commission will want to understand the extent of the costs of the earthquake and migrants, as was the case last year, the address is to grant the "discount" only for the increase of expenditure, and not for the entire stock.

the outcome of The trattattiva is not indifferent, because already today, taking for granted the approval of 2.4 percent, the maneuver real, between cuts and new revenue, is likely to reach 10 billion. If, unfortunately, there was one stop and we were forced to 2, the maneuver would increase. It is obvious that everyone is now considered old-fashioned the old stability Pact, and especially the muzzle inserted with the Fiscal compact. We "we respect the rules even if you don’t share it", as he said the presidiente of the Council in the press conference. And, in fact, it is precisely those rules that have the facility to maximum the trick of the extra deficit of 0.4 beyond which the minister of Economy Padoan can still boast a formal commitment of Italy to contain the deficit at 2 percent. And, above all, at least according what has been said in the press conference, and are awaiting confirmation from the complete tables, the path to a balanced budget remains confirmed to 2019 and the structural deficit is expected to remain with the plus sign. After the guns of Bratislava has prevailed in St. Prudentius, also if Pier Carlo Padoan must have had yesterday a day very tiring.

In the Final 9-10 billion of new “flexibility” – The Sun 24 Hours

The measures that the manoeuvres will halt the increase of Vat provided for by the safeguard clauses and will aim to raise public and private investment will have the task of increasing the Gdp of 0.4% compared to the dynamics that you would draw to the unchanged legislation. The wager is indicated in the update to the Def approved in an exceedingly great evening yesterday by the Council of ministers: this year, the national wealth will grow by only 0.8%, that is, four decimal points less than the 1.2% expected in the Document of April, while next year the “trend”, that is precisely the result that the economy would be without new interventions, is indicated by the government at 0.6%: touch precisely to the stimuli of the manoeuvre to do it go up to +1%, the new target set for 2017 in place of the 1.4% assumed in April.

Editorial

Productivity the only compass that counts

To motivate the difference in the programs of the government, there is a stop to the safeguard clauses that would increase the Vat, and the tax package is based on the relaunch of the superammortamento and other interventions provided for the”Industry 4.0″ and for small and medium-sized enterprises. To allow this push within the new budget law, which should accordingly be worth between 22 and 25 billion, is the additional space that the government aims to achieve in the course of the difficult in comparison with Europe, is intended to lead to the middle of November, in the judgment of the official.

framework updated

the update to The Def fixed at 2% the ratio between deficit and Gdp for the next year, against 2.4% which closes the end of 2016; the new target is therefore placed two decimal points above the 1.8% that was indicated in the spring. Tables approved yesterday, however, add a further 0.4%, is attributable to the exceptional circumstances for the earthquake and migrants: up to yesterday afternoon, the assumptions of the dominant spoke of 0.3% add-in, but at the end of the council of ministers the premier Renzi has been hailed as the decimal, which brings the deficits of the "substance" of 2017 at 2.4%. Translated into euro, this move would put at the disposal of the government 9-10 billion additional. To reach the goal, however, must overcome two steps is not discounted: the government must first of all get in the Parliament, by an absolute majority as imposed by the reform of the budget law, the authorization to ask for Europe to be able to use these additional spaces, and the Eu, in its turn, must turn on the green disc by looking at the structural deficit and the path to achieve the balanced budget that the minister Padoan remains at the time confirmed in the current calendar.

The boost of investments

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The slowdown of the national product also reflects on the weight of the debt, by missing the target to cut already this year, its incidence on the Gdp. The update note is to certify that the liabilities of the Public administration remains at an altitude 132,8%, while the Final of April, consisted of a slight descent, to 132.4. The challenge is then postponed to the next year, when the ratio between debt and Gdp is called to go down to 132,2%), also thanks to a new tranche of privatisation, another strand that in 2016, has marched at a slower pace than expected. To complete the picture of the numbers of public finances is missing today, given the pressure of taxation, which, for the moment, the government has not provided.

Brussels, brakes: negotiations on the flexibility to still be open

In this framework, the new margins of “extra deficit” at the centre of negotiations with Brussels should enable the Government to build a maneuver from 22-25 billion. The blanket remains short, and the confirmation comes from the orientation of the limit to 1.5 billion dowry for the package the pensions that will be discussed today with the trade unions, in these days already "cold", opposite to the initial hypothesis, which talked of a budget of around two billion. Only the sterilization of the safeguard clauses related to the increase of Vat, of the rest, "mortgage" over 15 billion euro, thus about 60 per cent of the maneuver overall. The rest, as reaffirmed on more than one occasion by the minister of the Economy Pier Carlo Padoan, will concentrate on the boost to investment: in this framework so tight, however, still remains to understand what will be the dowry effective on the side of public investment, starting from the local ones.

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