Wednesday, November 30, 2016

The state, the government and trade unions found the agreement – the Future.it

After seven years of waiting and yet another negotiation with no stop arrives, the framework agreement on the renewal of the contract of public employment. The document was signed by the unions and by the government after an eight-hour meeting at Palazzo Vidoni, between plenary meetings, restricted and pause to change the text. The increase in the average monthly is € 85, – , about five billion euros in three years. As required by the trade unions, and was the knot more difficult to untie, it was confirmed the tax bonus of 80 euros, with an increase from 85 euro, were to exceed the parameters set by the law. A point that concerns a number of workers not exceeding 200 thousand.

“we Act according to the principle of greater protection of the more vulnerable,” explains the minister of Marianna Madia – with a domino effect of positive redistribution to reduce the gap in wages. It is a beautiful day for the whole Country. Have we acted consistently with those that have been the commitments of the government since the first day, in a spirit of unity, not to divide the Country, but pull it out of the crisis by improving the quality of public administration services and the life of the citizens. The minister referred to the agreement reached with the trade unions, “innovative” and that “she is not pretending that there was a block of seven years in public employment.”

A worker the public on four, recalled the minister, has benefited from the tax bonus; then last summer, “there was agreement on the reduction of sectors from 11 to four.” Another step that of the Budget law, with the resources allocated to the public sector, which “we can open a new season of contract innovation, which allows us to do what we have always said: give the citizens a public administration of higher quality and do it together with the workers and to the workers”. With the agreement reached tonight, “give space to bargain, by insisting on the responsibility of the parties and the common goal of productivity. We pass explicitly the idea of the awards in the rain, handing out the incentives to those committed and more productive”. There are also specific points on “combating the phenomenon of absenteeism, and the conciliation of times of life-work, the overcoming of the locking of the assumptions and forms of precarious work in th e public administration, starting from the reconfirmation of the existing contracts and in maturity. There will be competitions with certain times and according to the needs of the administrative, on the model of what was done for the teachers of nursery schools”.

The agreement, he explained, Madia, shall be subject to a “a verification in the State-Regions conference regions because the single text of the Pa in the light of the judgment of the constitutional Court should be reviewed with the regions”. Then he adds, “you will go forward with the act of address”.

Satisfied that the agreement of the trade unions. “We did a good job and signed an agreement with which you start the season of contract – rejoices the secretary of the Cgil Susanna Camusso -. The government is committed to change the law to the Brunette, and the Good school, and to give space to the bargaining”. “A year ago this agreement between the ec and the dreamed of, now is the reality,” said the leader, Uil, Carmelo Barbagallo. “It was unlocked the bargaining and enforced the bargaining on the law. Now sbloccheremo the second-level bargaining, which will not only pay stubs, heavier, but also more quality of work and service, ” concludes the leader of the Cisl Annamaria Furlan -. In these years, the contract was stripped from legislative acts, finally we can open for all of the funds the tables contract.

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The contract state, closed the agreement with the trade unions – The Republic

MILAN Closed the agreement between the trade unions and the government on the contract of the Public administration, after a day of discussion at Palazzo Vidoni. The contract of the public service was blocked for seven years. At the table were present the minister of public administration, Marianna Madia, the leader of the Cgil, Cisl and Uil, Susanna Camusso, Annamaria Furlan and Carmelo Barbagallo, and representatives of the categories. All have signed.

“The increase is € 85, – medium, we have insisted on the adjective ‘average’ in order to give a greater attention and greater support for low incomes, to those who have suffered most in the crisis is to block the contract”, said the minister Marianna Madia after the signing. “It is not said that the increases will be the same for all,” he added Cupboard which has a definitive agreement “innovative” and said that “today is a beautiful day for the whole country.”

The government “is committed to a total of 5 billion euros over a three year period 2016-2018″ for the contract renewals of the 4 sectors of the Pa. It is the statement of the secretary-general of the Cgil, Susanna Camusso at the end of the meeting. “New rules for the new contracts. It is the step change that we wanted and that we achieved thanks to the mobilisation, courageous and determined of millions of public employees. We have signed an agreement on public employment for a new season of public services, with workers in order to citizens. The marathon of the public work continues,” said John Faverin, general secretary of Cisl Fp, after the signature.

the Cgil, Cisl and Uil, with the respective categories of the industry, and the government have shared the guidelines that will oversee the opening of the negotiations for the renewal of labour contracts in public administrations. He writes in a footnote to the Cgil-Fp, which says: “After seven years of block of the bargaining is done by correcting the rules introduced by law Brunette and the good school that restricted the bargaining and restored the role and ownership”. You restore a system of labour relations in all sectors, based on the participation of workers and trade unions in the organization and working conditions, professional enhancement, which exceeds the practice of unilateral acts. Of particular value guarantee assumed by the government of the renew the contracts of precarious workers hired by the government are due, and the commitment to overcome with the appropriate rules of the insecurity within the law the framework that will shortly be launched.

also Important is the introduction in the public sector in welfare contract with measures that integrate the performance public.
The solutions wage as indicated in the guidelines refer to an increase in the contract 85 euro monthly averages for the period 2016-2018. It is, moreover, agreed to find a solution that protects the wages of workers by ensuring that the contractual increases effective for all without which can affect the bonus of 80 euro. On the possible plot between the average increase of 85 euros and the tax bonus of 80 euro, the Cupboard has reminded us that the bonus is currently perceived by the worker and the public on four (between 800 and 900 thousand employees). With respect to this audience, “there will be less than 200 thousand workers” who could not perceive the more the bonus effect of exceeding the income threshold. For these workers, he assured Them, it would be “a specific principle of greater suppo rt” to avoid being penalized. The solution will be found in the second-level bargaining in the individual segments.
After the signing of the framework agreement with the trade unions this evening “there will be a verification in the state-regions conference” in order to respect the recent ruling of the constitutional court. On the time madia has not indicated dates, but he pointed out that only after this verification will be the act of address to be able to give start to the season for negotiation in the individual segments (11) are passed to four).

For unions, after years of blocking of the bargaining, of promise lost, of the sacrifices of the workers, you can see a real opportunity to renew contracts. Each point of the agreement provides an instrument for the implementation of the commitments made: the budget law, the act of address on bargaining, rewriting of the text only that will allow us to verify step by step if we’re on the streets for a renewal of the positive of the contracts. “The text shared with the government”, says the Cgil – is an important result that rewards the mobilization of public employees in these years, and, if materialized, leaving behind a season of legislation punishing of public work and open the way to exploitation and contractualisation of public servants”.

On the table of the public work is sealed only a few days ago, the judgment of the council, which has rejected the heart of the reform Madia, judging it unconstitutional.

Topics:
the agreement state
– PA
public employment
unions
the Cgil, Cisl and Uil
Starring:
marianna madia
Susanna Camusso
Annamaria Furlan
Carmelo Barbagallo
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Agreement state, the agreement to an average increase of 85 euros – The Sun 24 Hours

Government and trade unions have reached the agreement for the renewal of the contracts of the employees of the public sector, which is expected to be seven years, and be based on the average increase in payroll of 85 euro monthly average for about 3.3 million of the dependent public. On the basis of the agreement of four pages sigliata today the Government will find a legal solution in order not to penalise workers who today perceive the bonus of 80 euro and that are at risk of losing it with the wage increase.The deal is unlocked in the late afternoon, after a long day began this morning around 11 a.m. in the palazzo Vidoni. On the first lap of the table is followed by a long restricted meeting between the mi nister of the Pa, Marianna Madia, and the general secretaries of Cgil, Cisl and Uil, Susanna Camusso, Annamaria Furlan and Carmelo Barbagallo, to find the quadra on the release of contract renewals, dealing with a new text of the agreement.

Average: average increase of 85 euros, paying attention to low-income
In the press conference, when an agreement is closed, the minister of public administration, Marianna Madia, has explained that the palazzo Chigi is committed for the three years 2016-2018, providing therefore additional financial resources in the next Budget law), for a total amount equal to a little less than 5 billion euros. “The increase will be € 85, the average, we insisted on the fact that they are “average” to give “greater attention and greater support to low-income, those who have suffered most in the crisis and to block the contract”. In essence, “it is said that the increase is equal for all”, will be “more to those who have less,” he clarified Madia, insisting on the nature of the “innovative” of an agreement that has “coordinated space to the bargaining”. The agreement reached today, he added, Sideboard, &# 8221; is a beautiful day for the whole Country: we have acted consistent with the unifying spirit which from the beginning has moved the government, never to divide the Country but to improve the quality of life of the citizens.”



State, final negotiation on the average increase from 85 €

trade Unions met: “Now, you can renew the contracts”
Cautious but pleased with the comment to warm of the trade union representatives. “After years of blocking of the bargaining, of promise lost, of the sacrifices of the workers, you can see a real opportunity to renew their contracts,” explain the Cgil Fp Cgil and Flc Cgil to the signed agreement. Among the new elements, the forecast for each point of the agreement reached today in the headquarters of the ministry of public Function, “an instrument of implementation of the commitments made: the budget law, the act of address on bargaining, rewriting of the text only”. In this way, it will be possible to verify step by step if we’re on the streets for a renewal of the positive of the contracts.”

"After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”

Matteo Renzi, the president of the Council

Renzi: “After seven years at #lavoltabuona for idipendenti public”
Engaged in the electoral campaign ahead of a referendum of the 4 diecembre the premier Matteo Renzi rejoices, instead, via twitter: “After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”.

Faverin (Cisl-Fp): “Is the step change that we wanted”
the signing of The agreement is received tones of optimistic by the general secretary of Cisl Fp, Giovanni Faverin, who in a note published immediately after the go-ahead for the renewal of the contract highlights the “change of pace” on the negotiation obtained “thanks to the mobilisation, courageous and determined of millions of public employees”. Understanding that today, reads the note, opens the way for new and challenging towards the recognition of professional public employees”. To change are in fact the “rules of the game” of bargaining in Public employment: “From here forward, as in the private sector, will be the parties to decide the matters to be settled with the bargaining. That is to say, less law and more contracts to give more value to the skills of the workers in the organizational innovation that serves our bodies”.

nodes from the dissolve
Among the issues on which the Government is committed to finding a solution there are the increases of 85 euros that the government intends to average, and not minimum, as well as the tax bonus of 80 euro, as the Cgil, Cisl and Uil do not want the increase in the contract can invalidate the bonus for breaking through the ceiling of income for those who already make use of it. The node tax bonus of eighty euros would be about 800 thousand workers (250 thousand just in the school). A problem, this is also present for the contracts of the private sector and that in the new contract of the metalworkers has been resolved with the introduction of a welfare contract that you will act in the case of a deviation.

State: from Government 850 million euros for contracts in 2017
The executive would have unpacked the fund this in the budget for only the year 2017. For the renewal of the contracts would be set aside 850 million euros, 850-900 million of the forces of order, of which 480 for the extension of the bonus of 80 euro, 100/170 million for recruitment, 40 million for the forest service and 250 for the reorganisation of the careers. In total it is approximately 1.7 billion euro.



State, final negotiation on the average increase from 85 €

the Draft agreement: incentives related to rates attendance
In the latest draft of the agreement on the release of the contracts in the P. a speaks of incentives related to productivity. The parties, it is written, “undertake to identify, on an annual basis, criteria and indicators in order to measure the effectiveness of the performance of the government and their collective productivity with contractual measures that encourage higher average rates of presence”.

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Agreement state, the agreement to an average increase of 85 euros – The Sun 24 Hours

Government and trade unions have reached the agreement for the renewal of the contracts of the employees of the public sector, which is expected to be seven years, and be based on the average increase in payroll of 85 euro monthly average for about 3.3 million of the dependent public. On the basis of the agreement of four pages sigliata today the Government will find a legal solution in order not to penalise workers who today perceive the bonus of 80 euro and that are at risk of losing it with the wage increase.The deal is unlocked in the late afternoon, after a long day began this morning around 11 a.m. in the palazzo Vidoni. On the first lap of the table is followed by a long restricted meeting between the mi nister of the Pa, Marianna Madia, and the general secretaries of Cgil, Cisl and Uil, Susanna Camusso, Annamaria Furlan and Carmelo Barbagallo, to find the quadra on the release of contract renewals, dealing with a new text of the agreement.

Average: average increase of 85 euros, paying attention to low-income
In the press conference, when an agreement is closed, the minister of public administration, Marianna Madia, has explained that the palazzo Chigi is committed for the three years 2016-2018, providing therefore additional financial resources in the next Budget law), for a total amount equal to a little less than 5 billion euros. “The increase will be € 85, the average, we insisted on the fact that they are “average” to give “greater attention and greater support to low-income, those who have suffered most in the crisis and to block the contract”. In essence, “it is said that the increase is equal for all”, will be “more to those who have less,” he clarified Madia, insisting on the nature of the “innovative” of an agreement that has “coordinated space to the bargaining”. The agreement reached today, he added, Sideboard, &# 8221; is a beautiful day for the whole Country: we have acted consistent with the unifying spirit which from the beginning has moved the government, never to divide the Country but to improve the quality of life of the citizens.”



State, final negotiation on the average increase from 85 €

trade Unions met: “Now, you can renew the contracts”
Cautious but pleased with the comment to warm of the trade union representatives. “After years of blocking of the bargaining, of promise lost, of the sacrifices of the workers, you can see a real opportunity to renew their contracts,” explain the Cgil Fp Cgil and Flc Cgil to the signed agreement. Among the new elements, the forecast for each point of the agreement reached today in the headquarters of the ministry of public Function, “an instrument of implementation of the commitments made: the budget law, the act of address on bargaining, rewriting of the text only”. In this way, it will be possible to verify step by step if we’re on the streets for a renewal of the positive of the contracts.”

"After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”

Matteo Renzi, the president of the Council

Renzi: “After seven years at #lavoltabuona for idipendenti public”
Engaged in the electoral campaign ahead of a referendum of the 4 diecembre the premier Matteo Renzi rejoices, instead, via twitter: “After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”.

Faverin (Cisl-Fp): “Is the step change that we wanted”
the signing of The agreement is received tones of optimistic by the general secretary of Cisl Fp, Giovanni Faverin, who in a note published immediately after the go-ahead for the renewal of the contract highlights the “change of pace” on the negotiation obtained “thanks to the mobilisation, courageous and determined of millions of public employees”. Understanding that today, reads the note, opens the way for new and challenging towards the recognition of professional public employees”. To change are in fact the “rules of the game” of bargaining in Public employment: “From here forward, as in the private sector, will be the parties to decide the matters to be settled with the bargaining. That is to say, less law and more contracts to give more value to the skills of the workers in the organizational innovation that serves our bodies”.

nodes from the dissolve
Among the issues on which the Government is committed to finding a solution there are the increases of 85 euros that the government intends to average, and not minimum, as well as the tax bonus of 80 euro, as the Cgil, Cisl and Uil do not want the increase in the contract can invalidate the bonus for breaking through the ceiling of income for those who already make use of it. The node tax bonus of eighty euros would be about 800 thousand workers (250 thousand just in the school). A problem, this is also present for the contracts of the private sector and that in the new contract of the metalworkers has been resolved with the introduction of a welfare contract that you will act in the case of a deviation.

State: from Government 850 million euros for contracts in 2017
The executive would have unpacked the fund this in the budget for only the year 2017. For the renewal of the contracts would be set aside 850 million euros, 850-900 million of the forces of order, of which 480 for the extension of the bonus of 80 euro, 100/170 million for recruitment, 40 million for the forest service and 250 for the reorganisation of the careers. In total it is approximately 1.7 billion euro.



State, final negotiation on the average increase from 85 €

the Draft agreement: incentives related to rates attendance
In the latest draft of the agreement on the release of the contracts in the P. a speaks of incentives related to productivity. The parties, it is written, “undertake to identify, on an annual basis, criteria and indicators in order to measure the effectiveness of the performance of the government and their collective productivity with contractual measures that encourage higher average rates of presence”.

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Draghi: the governments forward with reforms while the Ecb gives its support – The Sun 24 Hours

BERLIN. The president of the european central Bank, Mario Draghi, has once again urged european Governments to take advantage of the opportunity granted to it by the monetary policy of the Ecb to reform the economies of the Eurozone, which is suffering from a productivity growth too low and are likely to slow down further in the coming decades. The effect of the ageing of the population, said Draghi in a speech in Madrid, growth, lack of reforms, may be by 2050, lower than the 14% in Germany, 16% in Italy and 22% in Spain. In 1995, productivity in the euro area grew at about 2%, on par with the other major economic areas of the world, today, this growth is reduced to 0.5%, well below the United State s, other advanced economies and in emerging market Countries.

In an interview with the newspaper El Pais, Draghi has also underlined the risks for the Eurozone arising from the political uncertainty, although he declined to comment on the possible consequences of the constitutional referendum in Italy on Sunday.



Dragons: in the world of political uncertainty and significant economic

“The monetary policy – said Draghi in his speech of Madrid – is providing support and space for Governments to implement the necessary structural reforms. It’s up to them to act, individually at the national level and together at the european level”. In Germany, the choices of the Ecb are criticized as it is believed, among other things, that they remove the pressure to make reforms.

According to the president of the Ecb, instead, the low interest rates “tend to support instead of hinder the implementation of the reforms. We see this in some of the larger euro area Countries, which have recently achieved some important reforms of the labour market”. Draghi cites, among others, Italy and Spain. Reforms that reduce unemployment also have the effect, according to the central banker Italian, of reducing inequality.



Dragons prepares the extension of Qe beyond march. “We can’t let our guard down”

In the interview to El Pais Draghi argues that the rise of populism in Europe makes it more difficult to continue on the road to integration, and that the political uncertainty is one of the aspects of the “dominant” of the situation in the euro area. In the same interview, he mentioned that the growth, even if modest, is “robust” and inflation is improving. The data of inflation, widespread in the morning, shows an increase from 0.5 to 0.6%, but remains far from the Ecb target. In addition, the baseline data, adjusted prices for energy and food, remains nailed to 0.8%.

On the markets, it is therefore expected that at the meeting of 8 December, the council of the Ecb decides on a lengthening of the bond purchases, Qe, beyond the date of march 2017. In the interview to the Spanish newspaper, Draghi said that the council has never discussed the possibility of reducing the monetary stimulus.

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Banca Etruria, absolution of a surprise to the former vertices – The Sun 24 Hours

In the investigation on the failure of the Banca Etruria also came the first sentence, surprise: three former managers were acquitted on the inside of the first dossier of the investigation, dedicated to the obstacle to supervision. He is former president Joseph Fornarsari, the former dg Luca Bronchi, and the central director David Baskets. For them, the gup Maryann Loprete has not recognized the prerequisites of guilt. The pm Roberto Rossi and Julia More asking for two years and 8 months for Fornasari and Bronchi, and two years for the Baskets. The bank of italy, the only civil party admitted, it asked for a compensation for 320 thousand euros – but in fact it is the thesis of Koch Palace on the parameters accounting used by Banca Etruria to be questioned.

there Were two issues taken into consideration: the sale of real estate of Palazzo della Fonte, considered fictitious to the prosecution, and the evaluation of impaired loans within the balance sheet for the period 2012-2013, already under scrutiny from three inspections of the bank of Italy (since 2010).

regarding the first question, the gup has ruled that the fact does not exist. On the matter of the sale of real estate the Palace to the Source, the judge ruled that it was not a sale dummy to a cooperative of ad hoc, supported with an indirect funding from the same bank, but it is an effective operation. Not a finance lease, therefore, but operating; not a tour accountant, but a sale of real whose capital gains could be included in the financial statements (for the bank of Italy, instead, it was not possible).

with regard To the second issue, namely the assessment of impaired loans, for the gup, the fact does not constitute a criminal offence. The same consultant of the prosecutor’s office of Arezzo had reached the same conclusions, considering the criteria used “reasonable”. For the gup, the classification of the losses requested by the investigators relates to how imposed by the Ecb later. The credits taken in the examination from the process amounted to 260 million approximately, for the prosecution, and the bank of Italy were to be considered as soon as suffering, and then written down. “The judgment acknowledges the correctness of the behaviour of Fornasari”, underlined the lawyer Antonio D Avirro.

The investigation of the investment in Banca Etruria, which had begun a year and a half ago, is now being extended to other strands, more burdensome, mainly the one on fraudulent bankruptcy, which started after the bankruptcy court ruled a year ago the state of insolvency of the credit institution, and one for aggravated fraud in connection with the sale of subordinated bonds to the account holders for a total of 120 million (and on this last point, there are more attorney’s offices that investigate, for example, to Civitavecchia (rome) and Perugia, that move on the basis of the exposed, moved by local customers). It is clear, therefore, that will be the next development to determine the outcomes of the maxi trial, which will involve probably other managers and ex managers. And here is yet to be seen.

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The Italy back to see the inflation: +0.1% of the prices in November – The Republic

MILAN In November the inflation rate back in positive territory: according to provisional data from Istat, in fact, the prices rose by 0.1% on an annual basis, but were down 0.1% on a monthly basis. “The slight pick-up in inflation is mainly due to the trend in the prices of services,” says the mayor, starting from the recreational, cultural, and personal care (+0,8%) and transport services (+1). Affecting energy and food. Inflation gained for the 2016 falls to 0.2% from -0,1% in October.

In the note by Istat, shows that the prices of the so-called “shopping cart”, which covers the food products, for the care of the house and of the person, marking an increase of 0.4% on a monthly basis in November and registered a decrease of 0.1% on an annual basis (it was -0,2% in October). In particular, upward pressure comes from food not processed that increase of 1.3% on the month and record on an annual basis, a reversal of the trend (+0,2%, was down 0.4% in October).

“the core inflation, calculated net of food products and of energy goods, is the net of just energy goods have marked an acceleration of growth coming in both to +0.4% from +0.2% in October.

The data on prices come from the Eurozone, where the average rate on an annual basis (November) was 0.6% compared to 0.5 of October. The growth of prices has remained stable in the services sector (+1,1), is increasing for food products and tobacco (from 0.4 to 0.7), and has remained the same for the industrial goods non-energy (0.3 mi). Energy products recorded a decrease of 1.1% compared to minus 0.9% in October.

Topics:
inflation
istat
price
Starring:
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Renzi-Dijsselbloem, lite on the rigour of the Eu – The Sun 24 Hours

ROME

BRUSSELS

the proposal from The european Commission to promote the public spending in the countries in surplus or balanced budget in order to support the economy in the euro zone has caused a reaction very sharp of the Italian Government and is causing in Europe a lively debate. Speaking yesterday before the european Parliament, the president of the Eurogroup, Jeroen Dijsselbloem has distanced itself from the initiative of the community, as he had said Monday the european central Bank. “It is necessary to safeguard the credibility of the Stability Pact and the european Commission has a key responsibility – he said, yesterday morning, here in Brussels the president Dijsselbloem, the Netherlands is also the minister of Finance: all financial statements must proceed towards the balance and if there is space in the budget (for expansionary policies, ed) in some Countries, you can use it, but this is a choice not compulsory, non-binding. It is the individual Country to decide̶ 1;.

The replication dry premier, Matteo Renzi, arrived in the course of the Tg2: “I Believe that Dijsselbloem is not aware of how things are going in Italy,” said Renzi, adding that “if Europe wants money the italians must begin to comply with the commitments: european leaders speak of this, instead of putting his mouth on things they do not know”. In an even stronger tone was taken away by the minister of economic Development, Carlo Calenda: “Dijsselbloem is taking a gigantic blunder, which it does quite regularly,” he said speaking at a conference organized by Unipol on the themes of Welfare. “He does not understand, he added, Calenda – that the issue is not the constraints of the budget, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”. Applies among other things to remember that according to the Oecd, in the next cique years, Italy would have scope for increasing public investment to 0.5% of Gdp; that is to say between 8 and 9 billion.

A confirmation of the clarity of the Government’s position on the european dynamic, the other evening the president of the Council, speaking of the management of migrants, had also announced that if the countries of eastern Europe do not fulfill their obligations, “on the 13th of December I’ll go to the Italian Parliament and ask permission to put the veto at the next european budget, and I hope that the other parties vote yes.”

on The 16th of last November, noting that the budgetary position of the euro area is neutral, as Brussels had announced that the fiscal stance must become moderately expansive, allowing for an increase in the deficit, the aggregate of 0.5% of Gdp (see Il Sole 24 Ore, November 17). According to a representative of the Dutch, “it is not wise to further stimulate the growth in a moment in which the output gap (i.e. the gap between real growth and potential growth, ed) is being reduced” in the various european countries.

the president of The Eurogroup has also noted that in urging countries to spend more Brussels could put at risk the correct application of the Pact. The reaction of the minister is not dissimilar from that of the president of the Ecb Mario Draghi (see The Sun 24 Hours yesterday). Speaking to Ansa, a spokesman for the Commission replied that the proposal of Brussels “takes full account of the requirements of the Covenant” and “signals the need to sustain the recovery in this moment.”

Behind the position of the president of the Eurogroup and Germany, also critical, you hide two considerations: the desire to avoid drifts to the accounts of the national public and the fear that the choice of the community may induce the countries with debts high-restrain their rehabilitation. Of the matter, the ministers will discuss on Monday in a ministerial meeting. The same monetary affairs commissioner Pierre Moscovici had said to predict a lively discussion.

Meanwhile, on the front of the vote on Sunday is intervened by the Berlin Finance minister Wolfgang Schäuble, the support of the Yes: “If I could vote in Italy, I would vote for Matteo Renzi, even if it is not part of my political family,” explained the politician, a christian democrat. “Has undertaken a number of reforms and transmits more confidence to be able to make the steps forward, which Italy urgently needs. For this I wish him every success”. Words that Renzi has obliged to minimize: “The votes that count are those of the italians” has cut short the leader Pd launched into a final battle because “the reform is all if he wins 50% plus one”.

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Tuesday, November 29, 2016

Fca, for the workers of 700 euro of prize benefits – The Republic

MILAN - The workers of Fca and Cnh Industrial are able to choose in 2017, to use a figure between 700 and 800 euros prize the company (which amounts to on the average 2,500 euros) in goods and services of welfare: good expenditure or fuel, expenses for education (school meals, school textbooks, summer camps), care services (assistance to family members, the elderly non self-sufficient), recreation (subscriptions to the gym, training courses), fringe benefit (membership and the public transport cards, pre-paid) and supplementary social security. The agreement, which affects approximately 83,000 workers, was signed at the Unione Industriale of Turin, the Fim, Uilm, Fismic, and Ugl and Asso ciation Paintings.

Through the taxation and social-welfare contributions the provision of the new regulations of the law on the subject) and underline the trade unions – it is possible to increase the economic benefit of the worker. The company will pay an additional amount equal to 5% of the salary for that form of payment to those who choose the prize in welfare. “We have built a framework agreement – said Ferdinando Uliano, national secretary of the Fim – who will allow the workers of Fca and Cnh have tax advantages and contributions, but also to improve the odds of a prize through the use for the expenses of social character, which is normally a family has a clear economic advantage. It is the same setting used in the recent renewal of the contract of the metalworkers and in the agreement with Finmeccanica”.

“The agreement gives advantages to both workers and to the company and seeks to alleviate the weight of the tax wedge and social security contribution burden very heavy on the cost of the work. With this agreement also irrobustiamo the corporate welfare of Fca and Cnh, which already rests on the two pillars of the social security and supplementary healthcare”, said Gianluca ficco, in charge of the Car of the Uilm. For Roberto Di Maulo, secretary general of the union of autonomous Fismic, “is a good agreement. Finally, throughout the union, and not only the Fismic, and speaks of welfare additional to the benefit of workers, to allow a better approach to the problems of the public welfare, he has.” “With the agreement signed today – said the secretary general of the Ugl Metalworkers, Antonio Hopes – we wanted to put to regime the most effective way to manage the corporate welfare in Fca and Cnh Industrial that we have successfully tested thi s year. The agreement consolidates the regulatory requirements of the Ccsl, in the frame of the innovative model of industrial relations which is now an integral part of the groups Fca and Cnh”. “It’s an important agreement for workers who will have the freedom to choose. And’ the beginning of a path that can be expanded,” said Giovanni Serra of the Association Paintings.

Topics:
fca
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Dijsselbloem wants the flexibility for Italy And Schäuble are “Yes,” – Corriere della Sera

The president of the Dutch of the Eurogroup Jeroen Dijsselbloem has frozen the expectations of premier Matteo Renzi and Economy minister Pier Carlo Padoan for more flexibility in the maneuver 2017 already by the Council of the 19 finance ministers of the next Monday. Dijsselbloem, eurosocialista, but in line with the minister of Finance europopolare germany’s Wolfgang Schäuble and the other colleagues of the North “rigorists” about the constraints the Eu budget, in a hearing in the european Parliament Brussels closed to the spending policies are more expansionary proposals by the european Commission.

replication Italian

“Dijsselbloem has no awareness of what is happening in Italy,” said Renzi, who, while he obtained from Schaeuble for a “if I was Italian I would vote “Yes” on the vote of the 4th of December. The day after the referendum, if things go well, I will ask Parliament to put the veto on the eu budget, if the Union does not change the attitude on the policy on migrants”. For the minister of economic Development Carlo Calenda “Dijsselbloem is taking a blunder, which it does quite regularly”. Padoan said he was “relatively optimistic” because “the debt is stabilising”. Dijsselbloem expressed in line with Schaeuble, who does not want to show himself to be soft with the Countries of the South with budget difficulties in view of the elections in Germany in 2017. “We are not stable enough to let go of this type of trajectory of the budget,” said the president of the Eurogroup. He speci fically rejected the proposal for a “fiscal stance” is made to pass painstakingly from the commissioner eurosocialista French Pierre Moscovici in a Commission split. The Countries with the greatest budgetary margins (such as Germany) should invest a 0.5% of gdp in the euro area to promote growth. Dijsselbloem has reminded Moscovici decisions to take “the 19 finance ministers”. The european Commission has made it known that it was within the limits of its mandate and to have made proposals in the context of the current rules. The maneuver is Italian for 2017 has already been assessed at risk of non-compliance with the constraints of the Eu by the Eu commissioners. But the decision was postponed until the Eurogroup of next Monday to pass the referendum on the 4th of December in Italy without raising concerns of interference in internal politics. Renzi and Padoan expect more availability from Brussels. Now Dijsselbloem has made it clear that the various Germany, the Netherlands and Finland do not intend to make too many concessions to Italy with a big debt, like Portugal, Spain and even France (in the excessive deficit). Meanwhile, the instability in the pre-referendum coincides with the strong ups and downs in the markets. The Milan Stock exchange climbed more than 2% driven by banks, which bounced after a heavy collapse (Mps + 17,4%, Carige, Ubi and Bper a 5%, Intesa, Bpm, Mediobanca and Banco Popolare above 4%, Unicredit +3,1%).

November 29, 2016 (change on 29 November 2016 | 22:01)

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The eurozone, Dijsselbloem brakes on easing of fiscal policies – The Sun 24 Hours

the president of The Eurogroup Jeroen Dijsselboem has frozen the “turning point” of the european Commission in favour of a supermanovra budget expansive 50 billion. Was this the meaning of his statements at the hearing of the commission economic and monetary affairs of the european Parliament.

in The Eurozone, he argued, “is not yet stable enough” to proceed on a path of expansion of the balance sheet, and such a path can be taken only by the Countries “that have a space budget to be able to do.” And in the first place, he argued Dijsselboem, the task of the Commission is to comply with the rules of the stability pact, “to hold together the euro zone.

The proposal of an expansive fiscal stance for the eurozone, and opinions with recommendations on the budgets of Countries constitute a “package” that “takes full account of the requirements of the stability and growth Pact and of broader concerns about the sustainability of the budget” and “signals the need to sustain the recovery in this moment.” A spokesman for the Commission Eu replication to the criticism expressed by the president of the Eurogroup.



The future of Europe in the hands of Angela

in all probability this is just a taste of the discussion that will have the finance ministers next Monday in Brussels. The “turning point” of the community has already been rejected by the German finance minister, Wolfgang Schaeuble. According to Dijsselbloem, “it is important that they are complied with the commitments in order to achieve a balance budget in structural terms”. For the president of the Eurogroup is the first duty of the Commission is “to enforce the stability pact,” and between this task and the proposal of a “turning point” expansive there may be “some tension”. Dijsselbloem has deliberately reminded that the Eurogroup is not only a minister, but there are 19. In contrast to direct with the commissioner for economic affairs Pierre Moscovici, presenting the proposal of an action in the expansive equal to 0.5% of gdp in the euro area, had said that the Commission is acting as a “minister” of t he euro zone.



the Eu, Renzi: Dijsselbloem does not know Italy. We’re going to change Italicum all together

“Dijsselbloem is taking a gigantic blunder, which it does fairly regularly”, said the minister of economic Development, Carlo Calenda. “Do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”.

Yesterday, the president of the Ecb Mario Draghi had not a mandate to the Commission encouraging signs on the turn of expansion in 2017 and 2018, even if he, himself, two and a half years ago, said that “it would be useful to have a discussion on the position of the balance sheet total (the fiscal stance) in the euro area, coordination is strong between the various national positions would also allow us, in principle, of having a budgetary position overall for the Eurozone is more favourable to growth”. In the european Parliament, Draghi emphasized more the element of compliance with the stability pact, adding that the directions of policy of active by the Commission “are not binding”.



Dragons: in the world of political uncertainty and significant economic

Dijsselbloem claimed today the same things with higher hardness (and skepticism). “I’m not a hard calvinist, I’m a catholic, but it is a fact that we have experience of how important it is to the credibility of the pact”, he annotated. In reality, the only people to have ability to maneuver are the countries that have the space of budget to be able to do that, however, cannot be forced by anyone.

That there are the necessary political conditions for Berlin to bow publicly to the evidence that they can do more for domestic growth and the euro area (Germany is in surplus in its budget in nominal terms by 2014, and in structural terms by 2013), it is evident: nothing will change, if the change to the elections next fall. And so in the Netherlands. It will then be interesting to see how the Eurogroup, if he follows the traditional line that excludes the activism of the budget over the practice of neutrality of the impact on growth, he baked the message. Pier Carlo Padoan wishes to support the turning point of the community is obvious, but the tones it will also depend on the outcome of the referendum, of course.

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Dijsselbloem: no Eu “soft” Calenda: wrong, need new deal – Corriere della Sera

“we are Not yet stable enough to let go of this type of path tax”. With these words the president of the Eurogroup Jeroen Dijsselbloem has expressed its reservations on the proposal of the Eu Commission aimed to give more space for manoeuvre to fiscal policies to support growth. And the Italian minister of Economic Development replies: “Wrong. Europe is in the midst of difficult challenges, the question is not are the constraints of the financial statements.

criticism

“The Commission has the mandate to make recommendations but are not legally binding, he added,” the president of the Commission speaking before the commission on economic affairs of the european Parliament. Dijsselbloem, in front of meps has highlighted the risk of a possible “conflict” between the rules to stay in the stability Pact and the budgetary policy in the case where the latter is “expansionist”. A clear reference to the proposal submitted by the Brussels — coinciding with the assessments on the laws of the budget of the Eurozone Countries — to launch a policy of “expansionary”, i.e. allow a leeway of 0.5% in the public accounts for those structural investments designed to sustain and revive growth.

response

“Dijsselbloem is taking a gigantic blunder, which it does quite regularly”. As the minister of economic Development, Carlo Calenda, said the words of the president of the Eurogroup brakes on easing of fiscal policies. “Do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear disaffection of the citizens . There is the need to make a large investment plan to transform it. Serves a new deal at the european level”.

The specification

The proposal of an expansive fiscal stance for the eurozone, and opinions with recommendations on the budgets of Countries constitute a “package” that “takes full account of the requirements of the stability and growth Pact and of broader concerns about the sustainability of the budget””warns of the need to sustain the recovery in this moment.” A spokesman for the Eu Commission to the agency Ansa, after the criticism expressed by the president of the Eurogroup Jeroen Dijsselbloem in the european Parliament. “This — he added the spokesperson — that the Commission invited each member state to do its part by implementing the specific recommendations for each Country addressed to them by the Board.” For several years, in fact, that Brussels, in its recommendations, has indicated to those Countries that have fiscal space to increase investment, such as for example Germany and the Netherlands, and at the same time has asked the other Countries without the fiscal space to continue with reforms and consolidation. It is not therefore to be considered a surprise, the position expressed on the 16th of November by the Commission, nor the opposition of some Countries that so far have not yet fully implemented the recommendations. A governance that is more integrated eurozone, going to a minister of finance only for the Countries of the area, the rest is already planned by the Ratio of the 5 presidents on the future of economic and monetary Union (including the president of the Eurogroup Dijsselbloem). The proposal on the expansive fiscal stance of the eurozone as a whole, and the opinions on the budgets of individual Countries will be discussed at the Eurogroup and Ecofin on Monday and Tuesday next.

November 29, 2016 (change on 29 November 2016 | 16:03)

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Europe positive. Milan maglia rosa driven by the recovery of Mps – The Sun 24 Hours

Morning high volatility for the european stock Exchanges, which have often reversed the course (here the trend of the main indices). The main lists now seem to have embarked with determination on the path of the upward, with the FTSE MIB index in milan to record the best performance of the day, driven by the recovery attempt of the Bank Mpsdopo -14% yesterday.

With the institute siena tries to raise its head the entire banking sector, yesterday



Mps part with the bond, the General converts them but the title collapses

depressed by the doubts on the outcome of the constitutional referendum on 4 December. Another factor of uncertainty on the european markets is represented by the meeting of Opec on the calendar tomorrow, that may, or may not, sanction the freezing of the production, with the consequent ascent of the price of crude oil. On the eve of the summit, investors may still prefer to reduce the exposure to the barrel, selling the futures on Wti and Brent.

the Mps cashing in on the ok of the General conversion of the bond

with regard To Mps, in yesterday’s game, the voluntary conversion of the bond, subordinated shares and the bank of siena has received the accession of General: the board of directors of the company has in fact “evaluated favorably” operation. According to the press rumors, the General holds about 400 million of bonds of the Mps, the amount of which, post conversion, would result in 8% of the capital of institute of siena. Despite the ok of the General, some analysts continue to emphasize the risks associated with the capital plan of the Mps. “We believe that the execution risk of the plan is the top”, they note, analysts at Banca Imi, while the experts of Banca Akros emphasise that the victory of the “no” to the constitutional referendum could make it more difficult for the recapitalisation of the institution, increasing the probability of application of the rules on “bail-in”. As a General, Akros notes that the decision to con vert the bond into shares, “will increase potentially the risk degi asset”, even if the operation “may be positive in the long term, if and only if the bank will be relaunched”.



The “good guys” and the game on the vote

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Together with those of the institution of siena also positive for other bank securities such as Ubi Banca, Banca Pop Mi, Intesa Sanpaoloe Banco Popolare. Purchase orders also award Unipol, while at the end of the list there are oil products (in particular Tenarised Eni) and Davide Campari.

Euro recovers share of $ 1.06, declining oil

On the foreign exchange market, the euro in recovery 1,0611 dollars (1,0589 yesterday at the close) and 119,02 yen (118,83), while the ratio of dollar/yen is a 112,18 (112,24).

drop In the price of oil in view of the Opec meeting tomorrow: the future January Wti cede l’1,04% to 46,59 dollars per barrel, while a similar delivery on the Brent slips dell’1,08% 47,72 dollars.

Spread a little choppy to 188 basis points

Starting a little rough for the spread between BTp and Bund, which manages to remain below the level of 190 points in line with the folding in the final yesterday, after having touched the highest in more than two and a half years, to the levels of February 2014. The yield differential between the BTp benchmark and the equal maturity of German moves in the start to 188 basis points, unchanged from the closing of yesterday. Slight lift of the performance of the BTpdecennali, to 2,08% 2,07% yesterday.

(Il Sole 24 Ore Radiocor Plus)

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Dijsselbloem against the enlargement of the cords of the financial statements in the Eu – The Republic

MILAN - The setting of fiscal policy in Europe is still a matter of discussion, frequently in very heated tones. After the hawk German Wolfgang Schaeuble, has been the president of the Eurogroup, Jeroen Dijsselboem, to freeze the ‘turning’ of the european Commission in favour of a setting of the budgets you post in favor of growth, with the indication of a “fiscal stance”, that is, an expansionary fiscal policy in the order of 0.5 percentage points of Gdp: a “manovrona” expansive 50 billion at the level of the monetary Union.

And this was the meaning of his statements at the hearing of the parliamentary committee on economic and monetary Affairs. The Eurozone, he argued, “is not yet stable enough” to proceed on a path of expansion of the balance sheet, and such a path can be taken only by the countries “that have a space budget to be able to do.” In the first place, the task of the commission is to comply with the rules of the stability pact, “to hold together the euro zone. It is only a taste of the discussion that will have the finance ministers next Monday in Brussels. And Italy is among the Countries in which the growth potential has not yet been expressed.
“Dijsselbloem has no awareness of the house happens in Italy,” was the dry response of the premier Matteo Renzi, interviewed by Tg2 Rai, answering a question about the statements of the president of the Eurogroup, according to ui, the Countries must respect what was agreed on the achievement of the s tructural balance of the budget

According to Dijsselbloem, however, “it is important that they are complied with the commitments in order to achieve a balance budget in structural terms”. Asked to explain if it was or not you agree with the assessment by the european commission on the need to ensure the economy a support to “moderately” expansive of the budget in aggregate terms, in the euro area, the Eurogroup chairman said that the space budget exists in the countries in which the gap between potential growth and actual growth in “closed”, but where there is still “this space is not there” (this is for example the case of Italy).

Before Renzi was also addressed by the minister for economic Development, Carlo Calenda: “Dijsselbloem is taking a gigantic blunder, which it does quite regularly”. According to the Italian minister, the president of the Eurogroup, “do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”.

Dijsselbloem has deliberately reminded that the Eurogroup is not only a minister, but there are 19. In contrast to direct with the commissioner for economic Affairs, Pierre Moscovici, presenting the proposal of an action in the expansive equal to 0.5% of Gdp in the euro area had let slip that the Commission is acting as a ‘minister’ of the euro area.

Topics:
Eu budgets
austerity
rigor
Eurogroup
Starring:
Jeroen Dijsselbloem
Carlo Calenda
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Monday, November 28, 2016

Square the Business towards the referendum: – 1.8% of weight of the banks and salt to the spread – The Republic

the MILAN - Begins the week which is decisive in view of the constitutional referendum and the lists of the european deal with rain: London marks a decline of 0.6%, Paris moves back of 0,88%, while Frankfurt yields 1.09%. the Milan wearing the black jersey and lost 1.81 per cent the final, after having momentarily recovered the ground lost riallineandosi to the other. Monte dei Paschi accused of Piazza Affari, where yields more than 13 percentage points: the Consob has given the go-ahead to repurchase the bond or subordinate, with the conversion into shares, and the title is the most sold of the main board. Sign largely negative for the other big names in the industry such as Unicredit and Banco Popolare. The Financial Times has thrown gasoline on the fire, attempt dose on Italian banks and foreshadowing a scenario that directly connects the solvency of eight institutions in the victory of the “no” in the referendum. A position that is stigmatized by the minister Padoan during a press conference of presentation of the Manoeuvre: “The banks mentioned are well-known cases, there is no news. Are different cases to be treated with different perspectives” and there is “nothing strange about what is written.”

In a report in the morning, analysts at Barclays analyse the possible scenarios after the vote, in relation to the performance of the securities of the State: four hypotheses, two for yes (with high or low turnout) and two for ” no ” (always with high or low participation of voters. From the british bank show that a defeat of the line of Matteo Renzi could widen the spread (with different intensity according to the proportions of the victory of the “no” and the number of voters); the variable key would be, however, the Ecb, called the following Thursday to extend the Quantitative easing. With the umbrella of Mario Draghi strengthened, on the face of the securities Was not seen in the shock insurmountable inbox: enough tones from “dove” to the Eurotower to put on the yield differential binary acceptable. The spreads between Btp and Bunds widens to 187 points at the end of the session, after having reviewed 190, w ith a yield near 2.1 percent. The Treasury has placed all six billion euros of Bots at six months offered in the auction today, with rates on the rise: the average yield rose to -0,199% from the historic low of -0,295% of the placement of October.

The mayor has highlighted the weakness of confidence of consumers and businesses, the italians, while the Oecd has directly intervened in the political debate tricolor with a support that is open to constitutional reform. From the report, in the afternoon, the report of Mario Draghi to the european Parliament.

Is below par Wall Street, that retrace after the record of last week: the closing of the Exchanges in the Old continent, the Dow Jones lost 0.3%, while the Nasdaq and the S&P500 are aligned by 0.4%. The manufacturing index for the area of Dallas has accelerated greatly the pace in November, bringing in positive territory: 10,2 points.

international investors are worried by the fact that the intentions of cuts in the production of oil announced by the Opec at its meeting in Algiers, concluding with a stalemate: the fear is also expressed by Saudi Arabia in view of the Vienna summit of 30 November. The main puller of the cartel has diserterĂ  the meeting with Russia and the other Countries producers, on the agenda today, because it asks that before there is a clear and unambiguous within the Opec, and then open the dialogue with non-participating Countries to the Organization. The Oil minister of iraq has tried to feed the trust saying that he is “optimistic” about the possibility of an agreement in Vienna. Indications that they have put back on track, the oil prices: at the close of the european markets, the Wti goes back to 47 dollars per barrel and the Brent crude recovers share $ 48.

foreign exchange marketeuro: closes substantially stable at 1,0586 dollars, after rising up to 1,0686 dollars. It is a recovery technician following the recent rally of the greenback, bolstered by the prospect of a rate hike in mid-December, now almost taken for granted. The advancing of the yen, which amounted to a quota from 112,30 on the dollar and to 118,90 on the common currency.

The chinese Exchanges have closed the session contrasted, while the yuan has weakened, still on the dollar with the chinese central Bank which set the central parity at an altitude 6,9042, 126 basis points lower than Friday, always around the minimum of the last 8 years and a half: Shanghai has gained the level of 0.46%, Shenzhen have you sold in the final of 0.14%. The Tokyo Stock exchange has terminto instead trade with a slight downside, breaking the streak of 7 consecutive meetings, after the appreciation of the yen: the Nikkei marked a decline of 0.13%.

Said of the oil, between the raw material salt for the second consecutive day the price of thegold after the splash of the past few days that had brought him to the lowest levels in nine months. At the close of the european markets, the lingotto with immediate delivery recovers to 0.7%, and passes from hand to 1.192 per ounce.

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Effect of referendum on Piazza Affari. Milan down the banks. Mps ko. Spread at the altitude of 190 – The Sun 24 Hours

Negative mid-session, the main european stock Exchanges and on the first day of the week preceding the referendum, the Italian constitutional court (on the calendar for next Sunday) with the Square Business dragged immediately into the red from the banking sector. Mps bank fails even to raise the price on the day of the free Offer of conversion into shares of bonds, subordinated claims and then ends up in deep red with repeated suspensions for excess volatility. The whole of Europe follow the trend of the main indices) pays, therefore, to the negative performance of the financial sector and oil after that, last Friday, Wall Street had closed on a new all-time highs. In Milan, in addition to the Mps, the worst are Bpm, Banco Popolare, Unicredit and Mediobanca. Return to go, the oil in expectation of the Opec meeting on Wednesday (meanwhile, in Asia, the oil yields 40 cents a 45,66 dollars) with Saipem, Eni eTenaris. Among the few positive titers, in a session dominated by fears over the sectors more cyclical, here comes again the utility with the Triad and Italgas, as well as Yoox, Net-A-Porter Group that celebrates the performance record of Black Friday, and its equivalent for online retailers, Cyber Monday, which falls today. The euro back to the dollar at the altitude of 1,066 (1.06 closing Friday) and 119,26 yen. The dollar/yen amounted to 111.8.



Mps, objective 1.5 billion from the bond

Mps in red, via the conversion of subordinated
Sitting painful for Banca Mps who first fails to ask the price, then it collapses and ends up several times in the auction of volatility. Today, after the green light from Consob, the part to the Offer for conversion into shares of bonds subordinate to the bank on a nominal amount of more than
4 billion euros. The official objective of the bank is to reach 1 billion even if the hope is to tap share 1.5 billion, a figure that would increase the probability of success of the capital increase from 5 billion (with the referendum on Sunday, which hangs like a sword of Damocles over the entire operation). Meanwhile, it should be remembered, just about the increase on Thursday, and arrived at the ok of the members in
the assembly and on Friday, the endorsement of the minister Padoan on the participation of the Treasury to the recapitalization, which, translated into figures – it looks to add 200 million to the amou nt potentially, the undersigned, of the five billion needed by the bank.

Black Friday record pushes Ynap
Yoox Net-A-Porter Groupspicca one of the few positive titers to Piazza Affari, in the wake of a Black Friday record in the United States, which has a total recorded sales of 3.34 billion (up 21.6% compared to last year). Clearly the latter is an aggregate figure (which also includes electronic goods and toys), but the indication is, however, comforting to Ynap given that it produces 30% of its sales in North America. “All of this confirms the growing importance of ecommerce and makes us confident on the fact that Ynap will mark a significant growth in its main market, the United States,” note the analysts of Akros evaluate the title buy with target price to 31.3 euros. This morning Ynap has announced a joint venture agreement with Symphony Investments, a company controlled by Mohamed Alabbar, “to give life to the undisputed leader in the luxury e-commerce in the Middle East, with a partnership that will be able to seiz e the enormous growth potential of this area”.

Spread to the edge of portion 190

Bad session even for the government bonds on the secondary market with the spread between BTp and Bund, close to 190. The yield differential between the BTp benchmark (Isin IT0005210650) and the equivalent maturity German salt at an altitude of 189 points, the highest in more than two and a half years (march 2014) by 186 basis points registered at the close of Friday. The yield of the BTp remains to 2,11% of the previous closing.

The Oecd lifts its estimates on global economy and Italy

The global economy remains in a trap of low growth, but to use more active fiscal policies will support modest. This is the diagnosis of the Oecd in the Economic Outlook, autumn up to +3,3% the estimates of global growth by 2017, from 3.2% indicated in the interim evaluation of September and promises to be for 2018, an acceleration to +3,6%. 2016 starts instead of closing +2.9%, “more than three-quarters of a point is the average of the twenty years before the crisis”. To give a hand to the global growth, the expectations of the Oecd should be the Us policy with the Administration, to Trump, and that of China, but also a “loosening of fiscal positions and more robust in other advanced Countries, including the Eu”. With a warning that protectionism could undermine the efforts of the re-launch. As regards Italy, however, the Oecd has raised slightly the estimate of Italian Gdp growth at +0.9% for the 2017, up +0.8% in September and expects a growth of 1% for the year 2018. Confirmed at +0.8% in the indication for 2016.

(Il Sole 24 Ore Radiocor Plus)

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The Benetton group, Alessandro leave disagree – The Republic

MILAN - Alessandro Benetton resigned from the board of directors of Benetton Group. The son of Luciano, who had been executive chairman of the group for a year and a half (until 2013) has made the final step back already a month ago but the news, anticipated by Tribuna di Treviso, was leaked just now. The next council will appoint the successor indicated by the shareholder Edition (the holding company), but in all probability it will not be a representative of the family.

the board of directors of Benetton Group currently sit five external advisors, and, until a month ago, the sons of the four founders (Luciano, Gilberto, Carlo and Giuliana) in addition to the chairman, Francesco Gori, and the ceo, Marco Airoldi.
within the empire Benetton Alessandro will keep the seats of councilor on the board of directors of the Edition and on the board of directors of Autogrill. Alexander, master of Boston in Business Administration and a master Harvad, he founded the holding company, private equity fund “21 Investimenti”, which will continue to occupy full-time.

The origin of the decision to Alexander, there would be the non-sharing about the future plans of the company of Ponzano Veneto. The entrepreneur does not in fact, together the lines of restructuring of the company current. The point is, the strategy to restore the enamel to the historic group of knitwear and casual clothing, close from the grip of the fierce competition of brands, low cost. Just think, for example, that in two thousand the size of Zara and Benetton were not too dissimilar, while now the gap is stratospheric: in 2015, Zara has recorded a profit almost double compared to the turnover of Ponzano Veneto. A competition that has put on the ropes, with another drama, Stefanel (forced to ask the arrangement in white), but that forces even Benetton to a revival of the model, in addition to the product, on which it seems that Alexander was not in tune.

it is possible that the output of Alessandro complicate the balance of the historians of the family, also upstairs, of Edition, they see a representation of the joint of the four branches (even if with different roles). Just at the level of the safety deposit box family Edition, is to go on the air in-depth review of the management structure, with the arrival in mid-January, Marco Patuano, as chief executive officer and Fabio Cerchiai, the current number one of Atlantia, as president, in place of Gilberto (who will become vice chairman.

Topics:
Benetton
Starring:
Alessandro Benetton
marco airoldi
Francesco Gori
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Sunday, November 27, 2016

The Benetton group, Alessandro leave disagree – The Republic

MILAN - Alessandro Benetton resigned from the board of directors of Benetton Group. The son of Luciano, who had been executive chairman of the group for a year and a half (until 2013) has made the final step back already a month ago but the news, anticipated by Tribuna di Treviso, was leaked just now. The next council will appoint the successor indicated by the shareholder Edition (the holding company), but in all probability it will not be a representative of the family.

the board of directors of Benetton Group currently sit five external advisors, and, until a month ago, the sons of the four founders (Luciano, Gilberto, Carlo and Giuliana) in addition to the chairman, Francesco Gori, and the ceo, Marco Airoldi.
within the empire Benetton Alessandro will keep the seats of councilor on the board of directors of the Edition and on the board of directors of Autogrill. Alexander, master of Boston in Business Administration and a master Harvad, he founded the holding company, private equity fund “21 Investimenti”, which will continue to occupy full-time.

The origin of the decision to Alexander, there would be the non-sharing about the future plans of the company of Ponzano Veneto. The entrepreneur does not in fact, together the lines of restructuring of the company current. The point is, the strategy to restore the enamel to the historic group of knitwear and casual clothing, close from the grip of the fierce competition of brands, low cost. Just think, for example, that in two thousand the size of Zara and Benetton were not too dissimilar, while now the gap is stratospheric: in 2015, Zara has recorded a profit almost double compared to the turnover of Ponzano Veneto. A competition that has put on the ropes, with another drama, Stefanel (forced to ask the arrangement in white), but that forces even Benetton to a revival of the model, in addition to the product, on which it seems that Alexander was not in tune.

it is possible that the output of Alessandro complicate the balance of the historians of the family, also upstairs, of Edition, they see a representation of the joint of the four branches (even if with different roles). Just at the level of the safety deposit box family Edition, is to go on the air in-depth review of the management structure, with the arrival in mid-January, Marco Patuano, as chief executive officer and Fabio Cerchiai, the current number one of Atlantia, as president, in place of Gilberto (who will become vice chairman.

Topics:
Benetton
Starring:
Alessandro Benetton
marco airoldi
Francesco Gori
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Opec, the mission Algeria-Venezuela-to-Fly – LOOP.it

on a diplomatic Mission, sponsored by the Opec in Moscow to try to persuade a reluctant Russia to cut its production of crude oil. The Energy Ministers of Algeria, and Venezuela, Noureddine Boutarfa (one of the architects of the agreement on the cut of September), and Eulogio Del Pino, will fly to Moscow tomorrow.

The Opec meeting is set for Wednesday, November 30 at Vienna, to define the terms of the first-cut of the output in 8 years. The top three producers of the cartel, Saudi Arabia, Iraq and Iran remain still divided on how to distribute the reduction of the product. While Russia has so far resisted the requests of Opec to participate in the cutting.

A new brake-cutting comes from Libya: the economic situation prevents to take part to the production cuts that may be decided at the Opec “at least in the near future”. He said, according to a report in Bloomberg, the chairman of the National Oil Company of libya, Mustafa Sanalla. Libya has more than doubled its crude production to about 600,000 barrels a day from when the different ports for the shipping of oil have been unlocked in September. But output remains well below the 1.6 million barrels per day that Libya produced before the uprising of 2011.

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Benetton, Alessandro leave disagree – The Republic

MILAN - Alessandro Benetton has resigned from the board of directors of Benetton Group. A step that probably indicates the la Tribuna di Treviso, will be finalized tomorrow. The son of Luciano Benetton abandons the family company after being the executive chairman until the end of 2013.

The origin of the decision of the entrepreneur fifty the non-sharing about the future plans of the company of Ponzano Veneto.

Alessandro, would in fact be contrary to the corporate restructuring and in favour of a relaunch of the historical brand. A further blow to the balance historians of the family have already put to the test after the division in three parts of the company ranging from the industrial part, the real estate and retail.

Topics:
Benetton
Starring:
Alessandro Benetton
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