Cgil, research Tecné: lower trust, lower wages, increase inequality – The Huffington Post

Decreases the confidence in the economic situation of the Country and in the possibility to increase the employment but also improves personal satisfaction: the Relationship Tecnè 2016 on the quality of the development developed for the Foundation Di Vittorio (research Institute of Cgil) describes an Italy that grows a little with wealth increasingly concentrated, and a withdrawal into the private sphere, while reducing the size of the public. The general index on the quality of development decreases from 100 to 99 with a deterioration in the North (from 110 to 109 in the North-West side, from 115 to 113 the North East), and in the Centre (103 to 102) while the south is still lagging compared to the rest of the Country (stop ped at 85). And if personal satisfaction and interpersonal trust, record 103 points, respectively, in growth over 2015, reports a collapse for the economic confidence (76). Overall, living standards go down from 100 to 98 points (Trentino, at 122), but will increase the assets held by households (100 to 104).

According to the Report Tecnè you attend, the less friends and you pass less time out of the house, but you are more satisfied with the time free. The dynamic reports a “folding in the private sector and a weakening of the propensity for social participatory”. It speaks more of politics, but you hear less debates, cala participation in collective events, but increases the interest of the individual in respect of what is happening in the Country. And political – law research – becomes more and more an activity to be “armchair”, taking on new forms of participation in the immaterial. Increase the forms of solidarity, non-participatory: they grow up how many are available to give financial assistance but reduce how many are available to give practical help and direct.

altogether, the three regions, the best from the point of view of the quality of the development are the region of Trentino Alto Adige (136), Friuli V. G. (113) and the Veneto (112). Those that have registered the best performance with respect to 2015 are the Liguria, le Marche (both above the average for Italy and the Molise region (below the average). The regions with the lowest index for the quality of the development are Campania, Sicily and Calabria.

it’s stable at 70% in the share of those who declare good health, while 93% expressed positive opinions on the expertise of the doctors in the hospitals (64% positive reviews on first aid). Cala from 67% to 66%, the percentage of those claiming to see friends at least once a week. Decreases the perception of the stability of the job. Growing inequality, which, however, remains lower in the North than in the South.

Only 31% of the dl sample thinks that the economic situation in Italy will improve in the next 12 months (44% in 2015) and if you look at the personal situation only 11% expect an improvement (it was 13%). Only 24% think that employment will grow (was 31% in 2015). On the whole, the index falls from 100 to 76, with the North-West in the lead with 97 points (but they were 120 in 2015), followed by the North-East with 88 points (was 134), from the Centre with 76 points (86) and from the south, with 56 points (there were 72).

Search Tecnè for Cgil: cala confidence in the economy, increases inequality – Rai News

The secretary of the Cgil Camusso shows how the people see it more and more difficult to break out of a difficult situation and asks the government to change the socio-economic policies.

Condividi

11-February-2017Decreases confidence in the economic situation of the Country and in the possibility to increase the employment but also improves personal satisfaction: the Report Tecnè 2016 on the quality of the development developed for the Foundation Di Vittorio (research Institute of Cgil) describes an Italy that grows a little with wealth increasingly concentrated, and a withdrawal into the private sphere, while reducing the size of the public.

The general index on the quality of development decreases from 100 to 99 with a deterioration in the North (from 110 to 109 in the North-West side, from 115 to 113 the North East), and in the Centre (103 to 102) while the south is still lagging compared to the rest of the Country (stopped at 85). And if personal satisfaction and interpersonal trust, record 103 points, respectively, in growth over 2015, reports a collapse for the economic confidence (76).

overall living standards have declined from 100 to 98 points (Trentino, at 122), but will increase the assets held by households (100 to 104).

The middle class is more fragile, more people in poverty and low wages, the work is perceived as more unstable and complex, it is more difficult to improve their conditions. All this is reflected in a feeling of widespread pessimism about the future and a growing distrust of economic. In particular, only 31% think that the situation of Italy’s economy will improve in the next 12 months (44% in 2015) and if you look at the personal situation only 11% expect an improvement (it was 13%). It’s not better on the front of the work: only 24% think that employment will grow (was 31% in 2015). A dynamic that indicates, in addition, a folding in the private sector and a weakening of the propensity to social participation.

Camusso: the Country with wealth increasingly concentrated
From the report Tecnè on the quality of the development “emerges is the picture of a Country where the wealth tends more and more to concentrate” and that people see more and more difficult to break out of a difficult situation: he says the secretary general of the Cgil, Susanna Camusso commenting on the study Tecnè for the Foundation di Vittorio, asking the Government to change the political social and economic. “With respect to the 2015 – said the leader of the Cgil – in the 2016 fall drastically, the forecast on the economic growth of Italy, the ones on their personal situation and on the prospects for employment growth. As well as significantly decreases the concept of social participation. It is becoming more obvious – feels – the need to change course in respect to the economic and social policies. The devalorization of the work and its rights, the lack of labour and its precarious nature of employment, the continued growth of inequalities, as well as a huge problem for people, represents a brake on the development of the country. Give answers, starting from the weakest not only right but is the mechanism required to give security to all, to give confidence by avoiding dumping and inequalities. These are concluded, the secretary of the Cgil – are the essential features of the two referendum promoted by the Cgil and of the Charter of universal rights, on which today, in many squares in Italy, we give voice to the rights of the work.”

Greece: no agreement in Brussels – LOOP.it

It ended without any agreement the extraordinary meeting on Greece convened in Brussels by the president of the Eurogroup Jeroen Dijsselbloem.
“We have made substantial progress today and we are close to a common ground so that the mission will return to Athens next week,” said Dijsselbloem, “we will take stock of the further progress of the second review during the next Eurogroup of 20 February, and “there is a clear understanding that its destination timely and in the interests of all”.
At the meeting took part the president of the Eurogroup Jeroen Dijsselbloem, the Greek finance minister Euclides Tsakalotos and the high officials of the Eu institutions and the Imf. At the table you were trying to an agreement between the Imf and the Eu on the fiscal objectives that Athens must reach to the end of 2018, as well as the issue of the debt after 2018.

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Ubi, to increase capital within the first half – Milano Finanza

The accounts for 2016 of Ubi Banca is in line and in some cases, as well as the objectives of the plan. The same group reorganisation is beyond the expectations. In particular, the data of last year showed, according to the institute, operating revenues “perfectly in line with expectations”, and cost “the lowest of the estimates of the plan.” And the net result, net of the effects related to the Atlas and to the resolution Fund, is the best one of the directions of the plan.

Ubi has ended 2016 with a loss of 830,2 million euro of the profit of 116.8 million euro recorded in 2015. A result that includes the impact of expected expenses for the implementation of the industrial plan accounted for “up front”, starting from June 2016 (about 850 million net), extraordinary contributions to the resolution Fund (50.4 million net) and the impairment of the fund, the Atlas (52.9 million net).

The net of the impacts of the industrial plan and of the extraordinary items, the 2016 would have closed with a normalised profit of 111.6 million (189 in 2015). Accordingly, in line with the business plan, Ubi will propose to shareholders the distribution of a dividend of 0,11 euro per share, equal to that of the previous year.

The writedown of the investment in the fund Atlas was equal to approximately 45% of the amount actually paid. The bank, whose commitment to the Atlas is in the amount of 200 million euros, has in practice reduced the value of its investment of 73 million gross (52,9 net). To date, the amount paid by Ubi in the fund is, therefore, approximately 162 million.

The results of Ubi Banca of 2016 “they are perfectly in line with the objectives of the plan”, commented the chief executive officer, Victor Massiah, illustrating analysts during a conference call with the financial statements for the previous year. “We have registered a sharp decline in gross inflows from exposures performing a Npe (non-performing’exposition, ed.), who are back to the levels of 2007, with a decline of 70% compared to the peak recorded in 2012. Flows lower, clearly, it helps a lot in reducing the stock of Npe”.

While the portfolio of Italian government securities has been reduced by more than 5 billion euros (-28%) last year, down to 13.2 billion, down from 18.3 billion in end-2015 or 1.8 billion in the fourth quarter alone). In detail, the weight of government bonds on the total of the financial assets is decreased to 73.8% of the 90,6% (other financial assets increased to 4.7 billion euros from 1.9 billion for a total dropped to 17.9 billion to 20.2 billion). The industrial plan of the institute provides for a further reduction in the weight of Italian government securities total financial assets at 50% in 2020.

“A 2016 line, and various aspects of the best indications of the plan allows us to confirm our target to 2020″, added the banker. Already this year, the management has provided a strong improvement compared to the previous year of adjusted net income, also favoured by the early completion of the project the Bank Only. Also, the dynamics of the operating income is up compared to that of 2016.

Also, according to the bank, the successful conclusion of the recent agreement with the trade unions and the favorable outcome of the adhesions at the bottom of the income support (more than 1,250 membership applications are received) will allow the institute to improve the goal of the containment of operating costs the applicants. The risk is particularly contained in the portfolio of performing loans, the manoeuvre of increasing the coverage achieved in the first half of 2016 and the continuation of the reduction of the flow of new impaired loans and, consequently, of the stock, should confirm the important reduction in the cost of the credit provided for in the industrial plan for 2017.

While as regards the acquisition of the three good bank (New Bank of the Marche region, the New Bank of Etruria and Latium, and the New Cassa di Risparmio di Chieti), the conditions of pre-closing activities “are taking place according to the procedures,” said the ad. There are a number of preconditions for finalization of the definitive agreement. These relate, primarily, to the sale of npls identified as transferable: “we know that Atlas has already taken a resolution in this sense, it is put to the ground this component,” said Massiah.

we then Need to finalize some of the details set forth in the agreement, including the recapitalisation of banks by the resolution Fund. “The estimate that we have, and we have communicated to the market, is approximately three months. So I am quite optimistic on the fact that we get to the spring with a work already far advanced,” he expected the top managers.

Then, if everything is going in the right direction and if they arrive in the permissions in the expected time, Ubi Banca will launch the capital increase of 400 million euros, established for the acquisition of the three good bank, “by the end of the first half,” said Massiah. On the basis of this timing, it is estimated that the capital increase can be approved by the shareholders ‘ meeting that will convene to give the go-ahead to fiscal 2016, the 7th of April.

As for the impact of the widening of the spread Btp/Bund on the Cet1 capital of Ubi “is not so significant, also because we have reduced our exposure to Italian government securities”. Then, the enlargement from the beginning of the year should have an effect in the order of a few basis points of Cet1 capital “or low double-digit or high single digit,” concluded the ad.

Assurances that not help to boost the title Ubi in the bag, at the moment, down 5.22% to 2,976 euros, thanks to the tone of resigned market (-0,63% the Ftse Mib index and of the other Italian banks. To analysts of Citigroup, the net loss of Ubi in the fourth quarter (-75,6 million against a profit of 32.5 million recorded in the same period of 2015) has been higher to the expectations of the consent due to the extraordinary items, core revenue was in line with expectations, costs better than forecast, and provisions that are substantially in line.

“The market has, however, need to understand the quality of the assets and developments in the capital, even if the trend core is solid. In our opinion, the asset quality is improving and the overall trend of the core revenue went better than expected thanks to cost and to income from commissions. The outlook is positive,” concluded the bank’s business.

Leap record for industrial production. Upwards their estimates of Gdp – The Sun 24 Hours

Closing with a bang for Italian industrial manufacturing, up to December 2016 is 6.6%. Fifth progress trend in a row (the more robust of the year, the top from August 2011) that raises significantly the overall growth for the year, the climb to 1.6%, half a point more than the previous year, up for Italy since 2010. Progress is also visible in the comparison month (+1.4%), and adjusted upwards by Istat compared to the raw data to take account of the calendar is less favorable.

Production, credit, investments: three reasons to regain optimism

The positive contribution of the industry to the value-added of the fourth quarter, at this point, much higher than the previous estimates of the analysts, making it virtually acquired a growth of the Gdp, in 2016 amounting to 0.9%, with the hypothesis (not remote) of a progress of 1% (the estimates of the Government are fixed at 0.8%).

The range of the estimate of 0.9%-1% is the hypothesis of Paolo Mameli, senior economist of Intesa Sanpaolo, which also identifies a statistical effect is positive for the first quarter of 2017 with the hypothesis of a growth of the Gdp in the period January-march amounted to 0.2%.

A reassuring data, the one of December to the output, mainly because of the choir, the result of a progress that embraces all the macro-sectors. A relevant contribution comes from the production of energy (+11,9%), side-by-side, however, from significant performance for intermediary and capital goods, both up over 7%. Sign likely than a resumption of the investment cycle, as indicated by the data of November and December, the credit to medium and long-term, strong growth.

INDUSTRIAL PRODUCTION
From December 2014 to December 2016. Monthly index-seasonally adjusted and the change in % trend (data adjusted for calendar effects, the base 2010=100) (Source: Istat)

Among the areas monitored, the only one in the red is the textile while elsewhere there are only a the growth, in more than one case (means of transport, metallurgy, and computer) and also double-digit. In the average of the whole year, thanks to the progress of the car, the best portfolio is the one of the means of transport, growth of 5.1%.

The average annual industrial production grows therefore 1.6% and to find a better, we must return to the progress of more than six points in 2010, a rebound, however, almost physiological after the collapse close to the 20% achieved in the previous year. With the click of December, the index of output for the industrial sector in Italy port to share 96,5 (the 100 is 2010), to find a higher level, we must return to the far December of 2011, a leap back five years.

RANKING-by-SECTOR
December 2016. Sectors of activity according to the percentage changes on the same month of the previous year (indexes corrected for calendar effects, the base 2010=100) total (Source: Istat)

A recovery that sees the fields move in a random order, with some funds already beyond the threshold of 2010. The situation that occurs for pharmaceuticals (113,7), machinery (104,4) and, above all, means of transport, arrived at the altitude of 113,4. Determining, as said, the recovery in production volumes of Fca in Italy, with an output of the motor vehicles arrived to share 136,6, almost double compared to the period of the most gloomy at the end of 2012-beginning of 2013.

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Inps: stop the unemployment benefits for employees – The Republic

The president of Inps, Tito Boeri (imagoec) ROME – Repealed starting from this year, the unemployment benefits for employees enrolled in the separate management. This is confirmed by the Inps, explaining that the rule in 2015, had set up the allowance Dis-Coll “has not been the subject of extension” for “the events of the unemployment that occurred from the first of January, 2017″ (while it is still provided for those who remained involuntarily unemployed in 2016). No allowance, therefore, warns us, Inps, “will be delivered in the face of terminations involuntary contracts of coordinate and continuative collaboration the project have occurred since the beginning of 2017″.

bonus interest of an audience of about 300,000 workers, between co.co.co and co.co.pro, which now remain without any kind of parachute if they lose the job, or simply in case of expiration of a futures contract that is not temporarily extended.

The treatment of unemployment was introduced on an experimental basis for employees continued informing and coordinating (project) without Vat, and enrolled in the separate management of Inps, as long as they had at least three months of contribution from the previous calendar year to”the event of the loss of his job”. “It was delivered about 50,000 workers – explains Claudio Treves, the national secretary of Nidil, the trade union Cgil, which deals with the precarious workers – who now remain without any coverage, because the draft law on self-employment, which is parked in the Parliament, provides only a partial covering for these workers.”

While, on the contrary, he insisted Treves, rather than go every year to hunt for funding extemporaneous, it would be appropriate to think of a structural solution, stable for self-employed workers, drawing on the separate management of Inps, which are from time paid contributions on the part of the employees themselves.

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inps

unemployment benefits

dis coll

Starring:

Unicredit, the Crt Foundation will subscribe the increase – Milano Finanza

The Crt Foundation will subscribe the capital increase of Unicredit for € 13 billion with a share of 1.8%. And’ as reported this morning, a source close to the situation. This is the whole actual share of the Crt Unicredit calculated taking into account the cashes, the convertible bonds issued in 2009 and held by the main shareholders of the bank. This decision will be resolved next week. Among the other members of Unicredit , the Foundation Cariverona is to sign up to 73% of the share pertaining to (2,23%).

on The fourth day of the capital increase, the action of the Unicredit at time Square Business down dell’1,13% per share 12,26 euro, with the rights also in the decline of 3.27% to 10.64 euros. On the day of the departure of the increase, Monday, the title Unicredit has lost almost 7% and the rights to nearly 19% in a session in which, however, all the bank stocks had suffered the fears of the market about the political situation in europe. By yesterday, however, the trends of the two securities has been normalized.

According to the chief executive officer of Mediobanca , Alberto Nagel, the increase of the capital of Piazza Gae Aulenti “was brought forward with great impact” by the chief executive officer, Jean Pierre Mustier, and it is “an operation that is well set up technically and with an appreciation on the part of investors. In my opinion, will have a positive outcome”.

Yesterday the market closed Marina Natale, head of strategy, business development and commercial M&A group, at the end of the board of directors of Mediobanca, of which he is a director, has ensured that Unicredit is quiet on the progress of the capital increase, the party on Monday. “If you look at the last two days the prices are very good, we’re quiet,” he observed Christmas.

Unicredit is the biggest shareholder in Mediobanca with a stake of 8.5%, and Nagel, in the course of a conference call to comment the results achieved by the Piazzetta Cuccia in the first half of the financial year 2016/2017, he said that neither Unicredit nor Vincent Bolloré (holds 8%) gave a signal of possible disengagement from Mediobanca .

The board of directors of Unicredit meets today to approve the results of 2016, which will be announced at market open with the conference call at 14:30. Before the launch of the capital increase, the bank has already provided information on the expected loss for the fiscal year 2016: 11.8 billion euros. This implies a net loss in the fourth quarter alone of € 13.6 billion.

in Addition, during the Capital markets day last December 13, were explained the main negative components of non-recurring (12.2 billion euros mainly related to the execution of the industrial plan) and with a release of 30 January, the bank announced further write-downs for € 1 billion (the largest write-downs of equity investments, including the fund, the Atlas, and extraordinary expenses for the national Fund of termination).

“The most significant extraordinary losses in the quarter will cover the adjustments of one-off loans, 8.1 billion euros net, and the restructuring charges related to staff reduction in Italy and in Germany, € 1.7 billion, net, partially offset by the gain on the sale of the assets of processing of approximately 13.5 million payment cards in Both the 440 million euros net. At the operating level, we expect a profit of just under € 2 billion, net of one-off that will affect the depreciation and amortisation, and other administrative expenses for approximately € 650 million, net of taxes”, estimate analysts at Icbpi that on the title Unicredit have confirmed this morning the rating is buy and the target price to 14,50 euro.

In line with the information provided in the registration document published yesterday, the Cet1 capital at the end of 2016 Unicredit is equal to approximately 8%, therefore below the 10% indicated by the Ecb but also of 8,75% prescribed by the central Bank for the 2017, due to the effect of the time lag between the negative impacts expected arising from the implementation of the strategic plan and the execution time of the capital increase and the sale of the asset. A deficit that will be filled after the completion of the capital increase.

However, the target Transform 2019 are unchanged: in particular, the Cet1 by 2019 has been confirmed above 12.5%, in line with the guidance given at the Capital markets day. “As expected, the results in 2016 are dominated by negative one-off that lead to a deficit of capital, a temporary one, that should be comlato 13 billion of the capital increase in course, stress the analysts of Banca Akros (the investment bank acting as co-bookrunner in the offering), reiterating the rating is buy and the target price to 18.8 euros on the title of Unicredit .

Delrio is back on the FCA “After the test there are no irregularities” – Corriere dello Sport.it

Sports engines

© ANSA

The cars: Fiat 500X, Fiat Doblò and the Jeep Renegade are compliant with current legislation, unlike what is claimed by Germany

On the same topic

(REUTERS) Germany is a mistake on the emissions of the Fca, who are in good standing, and Italy”, has nothing to hide” on the whole affair. The minister of Transportation and Infrastructure Graziano Delrio launches an attack against Berlin, speaking in front of the Commissions brought together the Environment, Transport and production Activities of the Room. Vehicles “Fiat 500X, Fiat Doblò and the Jeep Renegade, all Euro 6, after the audits made at the request of the approval Authority in germany at Mit are compliant with current legislation, unlike what is claimed by Germany“

DEFEAT DEVICE – “In particular, on the vehicles was not found to be any system of handling defeat device not allowed by the legislation in force“, and then there should be the assumption to resolve favorably a dispute with Germany, “the mediation of The european Commission is evolving in a way that can be considered positive, in recognition of the Italian position“.

INQUIRY – Delrio states that following the “dieselgate September 2015, Mit has launched a campaign to check on the emissions of 18 vehicle diesel Euro5, those that are more representative of the fleet in Italy. “From the tests was found for the presence of manipulation devices which are not permitted by legislation on pollutant emissions in force in the Eu,” says the owner of Mit. “Thel report can be considered definitive – adds the Minister – will be published shortly in the final version where there will also be the results of vehicles Fca at the time of the publication of the July 27, were still in progress“.

VOLKSWAGEN – Devices that “For the same admission of a Volkswagen are present on his models,” highlights Delrio. In the tests carried out in the context of’investigation of the Prosecutor of Verona on seven models of the Volkswagen group “on the three vehicles have been registered emissions out from the levels of approval, but unlike Germany, we do not want to debate, we are in the rules written for all. Then we report to the competent authority which we will send out the counterclaims, in order to understand why we have these results”.

FCA – And to those who accuse the government of you have granted to Fca, a privileged treatment in the emissions testing, Delrio answered with a dry: “it is Not true because the tests have been made in two laboratories of Turin and Naples. It’s required by law that a part of these tests can be made with the technicians of the Ministry in certified laboratories and also in that of the Fiat, which is one of the most advanced: not that I have made them Fiat on itself. Made them for the Ministry,” he explained on the sidelines of the hearing”. Finally, talking about a possible inquiry into the Fca in France, adds that the Ministry “has Not received any communication from the French authorities, as provided for by the european standards.“.(ANSA)

Invitalia, finance for the South Bank of the south and Sgr for use of the community funds – The Republic

The to Arcuri presents the new industrial plan: revolves around the growth, “especially in those territories that have been left behind”. Sfrondata activities that are not the most central: for sale Italia turismo, the company of receptive activities

FILIPPO SANTELLI

Maneuver, Def and debt: the obstacles on the road and Began – The Republic

(agf) of Course nobody would want to be in the shoes of the minister of Economy Pier Carlo Padoan forced to face a veritable obstacle course for a couple of months, until 10 April. It is necessary to say that the situation, with the beginning of the year was pretty bad: the rating agency the canadian on the 13th of January took away the only “A” remained in Italy, on the 17th of January, the Imf cut the growth forecast for our country for this year to 0.7 percent (0.2 in less compared to October and less than the government estimates, that still rely on the 1 per cent), the same day came the letter from Brussels that there must be a manoeuvre-bis ” to sconghiurare the infringement procedure. At the end, after long negotiations and a bit of a big voice, after two letters and a speech at the Senate, Italy has explained that it will make a consolidation of the public accounts of 3.4 billion. Brussels should believe it and avoid the decisive step: a dreaded procedure on the debt.

Now, it is time to make the manoeuvre that could get there, according to the decree, between February and march, however, prior to the Final scheduled for 10 April. The detail of the intervention from 3.4 billion is contained in the second letter to Brussels and Began on the 8th of February. It will be about 2.5 billion in overall revenue, as follows: 1.5 billion from the increase in excise duty on petrol (the minister of the Economy in the Senate, has assured that he will find a way not to become a burden on the road haulage), tobacco, and probably on stamps and other indirect. More than 1 billion to tackle tax evasion with the extension of the split payment, is the mechanism that allows the State to withhold the Vat of suppliers and other similar measures (this part will come after the Def). The package of cuts will be selective and will be equal to 680 million, with the usual cut at the expense of the ministries. In the match cuts are also the 170 million of the intervention on the tax credits you are working on them.

Not less onerous commitment for the Def, which must be delivered by April 10. In this case, the government will have to evaluate the macro environment very uncertain, the trends of interest rates and the exchange with the new scenario Trump, Brexit and the elections in France and Germany is rather complex. Limiting ourselves to Italy, the forecast of growth of Gdp of government, anchored at 1 for this year and 1.2 per cent for the next. The Bank of Italy spoke of an average rate of 1 percent in the three-year period.

of Course, count the choices on the debt that will fly, according to Commission estimates, the share 133,1 per cent of Gdp in 2018. You will need to rely on privatization: the government announces a second tranche of post and the starting Fs for 7-8 billion but it is said that the way domestic policy is the esplanade. But it is not finished, because next year you will need to defuse a new safeguard clause which provides for an increase of the Vat for about 20 billion.

Topics:

Policy

Final

the Debt

maneuver

Starring:

pier carlo padoan

Flies the profit of Mediobanca. Nagel: we grow, other no – Milano Finanza

Mediobanca closed the second half of 2016, with a net profit increase of 30% from 321 to 418 million euros, a Rote (Return on tangible equity) of 10% and revenue to all-time highs,” reports the Piazzetta Cuccia, up 6% to 1,072 billion euro. The institute has received a series of applause from the analysts. Banca Imi has spoken of the “solid results”, Banca Akros numbers “strong,” Equita Sim “results are much better expectations at all levels”.

Meanwhile, today, the title is traveling upward at Piazza Affari, while the Ftse Mib has changed to red (-0,56%): alle ore 11:05 earns the 0,77% to 7,815 euro.

operating profit jumped 14%, from 372 to 425 million euros, while the Cagr for three years (compound annual growth rate) was 27%. In the meantime, has dropped the cost of the risk at 102 basis points (-34 bps). The Cet1 capital at the end of 2016 has continued to 12.3%. The results have helped "the positive trend of revenues, cost control and the continuous reduction of the cost of risk in all business lines".

INCOME. Grew 6% to 1,072 billion, the highest recorded by the group. On the rise In the interest margin (+5% to € 636 million) driven by credit to consumption (+13% to € 408 million) which represent 65% of the margin of a small Square Kennel. Net commissions rose by 4% to eur 237 million) to the higher contribution of the segment, Wealth Management (+43% from 63 to 90 million), consolidating the acquisitions of Barclays and Cairn Capital, now produces 40% of the boards of the group.

COSTS. Rose 420m to € 464 million euros “only for the consolidation of new companies acquired”. Meanwhile, write-downs on loans decreased by 18% (from 224 to 184 million) and the cost of the risk is brought to 102 basis points from the previous 136), in line with pre-crisis levels. The bank has judged that a positive trend in the quality of the assets in all the divisions, especially in the Wealth Management Business (the cost of the risk was practically zero) and in consumer credit (down from 351 to 286 basis points). In the increase In the coverage ratio of impaired assets (55%), suffering (69%), performing loans (1.1% for the group, to 2.5% for consumer credit); The Texas ratio (nonperforming assets net) is reduced to 15%.

the ECB. Frankfurt am main has awarded the bank with a coefficient SREP 2016 for the second time reduced compared to the past: a 7% Cet1 ratio (phase-in) and 10.5% for Total capital ratio. “These levels position Mediobanca among the best banks at the european level and are significantly lower than the indexes of capital registered as at 31 December 2016″, reports the note half-year, or Cet11 to 12.3% phased-in, 12.8% and fully phased and Total Capital at 15.7 percent phased-in, or 16.4% of fully-phased.

SECURITIES and capital LOSSES. The securities portfolio includes the gain on Atlantia (eur 110.4 million). The other items relate to (-26,2 million) 50 million of outstanding contribution to the resolution fund for banks (required in the context of the interventions in favour of the Banca delle Marche, Banca Popolare dell Etruria Cassa di Risparmio di Chieti and Cassa di Risparmio di Ferrara) 4.5 million mandatory contribution to fund the deposit protection (DGS) and 29.4 million of non-recurring income related to the allocation of badwill for the acquisition of the Barclays Italy”.

NAGEL. “We had a semester of great satisfaction from the numerical point of view,” said Alberto Nagel, ceo of Mediobanca , on the results of the semester. The manager has emphasized the Rote of the group rose from 8 to 10% (the”industry record”), and revenues (1,072 billion euro, +6%), achieved in the period to the “historical maximum”. For Nagel it is a given that demonstrates how to Mediobanca grow “in a landscape of banking, where revenues fall”.

The manager added that does not see “any signal of disengagement” on Mediobanca nor by Unicredit (l’8,69% of Mediobanca ), or Vincent Bolloreé (5,029%), respectively, the first and second largest shareholder of the Piazzetta Cuccia. In recent times, they discuss the possibility that the Intesa Sanpaolo to acquire the share of Unicredit in Mediobanca to get an audit of General Insurance (Piazzetta Cuccia has 13.4% of the group of trieste). “The capital increase of Unicredit has been brought forward with great incisiveness” from the ceo Jean-Pierre Mustier, and it is “an operation that, in my opinion, will have a positive outcome”, then continued Nagel.

Returning to the General , Mediobanca has to maintain a 10% shareholding in the share capital of the Lion of Trieste, after which will be sold in a package of 3%, as expected by the industrial plan has added Nagel (“Mediobanca will proceed to dispose of 3% of the General by 30 June 2019, and will maintain the 10% remaining”). By specifying that “I consider it appropriate nor useful to add”, with regard to the topic in General , recently come under the scrutiny of Intesa Sanpaolo .

the ANALYSTS. Banca Akros today (rating Neutral, target price of 8.4 euros) has written that the results of the second half of 2016 are strong, with a net profit doubled year-on-year to 148 million euro, compared to the 108 million expected by analysts, thanks to an improved operational performance, better and lower charges for write-downs. The experts conclude, however, that the title will be more motivated by speculation from an M&A on General rather than by the good results of the financial statements.

Also for Kepler Cheuvreux (a rating hold, price target to 8 euros), the interest on the title remains today, catalyzed by the events of the operation (ops) of Intesa Sanpaolo on the General .

Banca Imi confirmed its rating of Buy on the stock and the target price of 8 euro, appreciating the Net Interest Income rose 2.3% quarter-on-quarter and 6.5% year-on-year thanks to the positive evolution of consumer credit”, in addition to the revenue from commissions, an increase of 2.3% year-on-year for the positive contribution of the wealth management.

For Equita Sim (rating Buy; target price to 9,9 euro), the results are much better expectations at all levels”. The analysts write that operating income of 20 million above expectations, thanks to positive surprises. These latest are coming from the 4 million euro of Net Interest Income, by 7 million in the trading and from 15 million in commissions, “which were only partially offset by higher costs”. Equita then adds that the costs, “excluding the impact of assets pursuant to the Barclays, they would be the plates.

Evasion, something has changed: now the italians pay taxes – The Republic

Padoan and Orlandi shake hands at the presentation of the results of the Revenue (ap) ROME – the italians have started to pay taxes? The mark is required because there may be many arguments that testify to the persistence of a deep-rooted tax evasion more than 100 billion. But given this premise, the data boom presented in the Hall Ciampi of the Via Venti Settembre by Pier Carlo Padoan, and by the director of the Italian Revenue Agency, Rossella Orlandi, warn that something is changing. For conviction or for fear, for compliance, as the experts of the tax authorities when they want to indicate the fulfillment spontaneous of the taxpayers, the inhabitants of the Peninsula are paying more. A given key has provided the minister of the Economy when he announced that the overall revenues of the taxes is increased in 2016 by 3.1 per cent compared with the previous year, surpassing 450 billion. A growth more than the growth of nominal Gdp, and that is despite a reduction in (or failure to increase taxes) to 23.5 billion.

The fight against tax evasion has produced results very much in evidence: the data from 2016 they say that the recovery was 19 billion (well 2 more than what was expected until a few weeks ago) and 28 per cent compared to the 14.9 billion, already a record in 2015. Inside there is a mix of actions ranging from the practice of the tax authorities from “the human face, highlighted by Padoan, and the deterrence of the activity of control-repression that, as has been observed by Rossella Orlandi, gives it, mathematically, an increase in revenue.

Some taxpayers, seem to say, the data should be taken with the bad and repressed strongly, and 6.4 billion are from an activity of pure control. Other should be found ways of output, to amend from sins committed: in this case, the voluntary disclosure that has led, in 2016, a revenue of 4.1 billion from the return of the capital illegally exported abroad, has worked. Other italians should be frightened, but also accompanied by the hand, dragging them as you do with children who do not want to go to school. In this case, the operation-letters put in the field by Rossella Orlandi has been a success, and has shipped 500 thousand letters to taxpayers who had made a mistake, for fraud, negligence, or distraction, various tax obligations, many respondents and you are correct (in the case of non-payment of Vat even 72 percent). Collection of the operation: 500 million. Other times you just need to find the technical solutions of the righteous: that the fee Rai was heavily processed in It aly had become almost a common place, it is enough to enter the payment in the electricity bill and have emerged 500 million of revenue.

If we face a result that is “structural”, as Padoan defines the effects of reforms that change the behaviors, it is too early to tell. As it is difficult to make with accuracy of the merits. What is certain is that something is changing, and like to think that a part of the italians begins to give reason to Tommaso Padoa-Schioppa, many years ago, in the solitude, he said that paying taxes was a good thing, because taxes are a civilized way to contribute to public services.

Topics:

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Starring:

Boeri: “In disease, all can be found for at least 7 hours, public and private” – Corriere della Sera

“The bands of operation in the home on the day of disease should be the same for public and private, and be at least seven hours for all”. This was stated by the president of Inps, Tito Boeri, on the sidelines of a conference in the Room explaining that “it makes no sense that there are differences between public and private”. At the time, the bands of operation include 4 hours per day for workers in the private sector and 7 hours for the public. To the Boers “in this way, with time slots of at least 7 hours, you might reduce expenses, and better manage the medical and carry out the checks in an efficient way”.

The rules

“I Think — said the Boers — that the hours of availability need to be harmonised (between the public and private sectors, ed) and extended so as to enable to carry out controls efficiently, to reduce expenses and to better manage medical. If a person is sick he will stay at home or in a dedicated structure. It makes no sense that there are differences between public and private”. At the moment in the private groups daily in what you must be to be found in the house are two (10-12 and 17-19) for four hours while in the public, the bands are always two, but seven total hours (9-13 and 15-18). To the question if in his opinion the time should be at least seven hours for all workers, both public and private, Boeri said yes.

February 9, 2017 (the edit on February 9, 2017 | 13:40)

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The irs, record the fight evasion in 2016: retrieved 19 billion – The Sun 24 Hours

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The government tries again, with the South And with a bank without branches – Corriere della Sera

The government tries to revive the Bank of the south, which was created in 2009 by the then minister of Economy, Giulio Tremonti with big ambitions, remained in the good part of these. The Bank, the heir of the Mediocredito centrale, gave a little credit to the large group (small firms) and loans to employees of the post office behind the sale of the fifth. Yesterday, the board of directors of Poste, who had bought in 2011, has authorized the sale to Invitalia, the Agency for inward investment promotion and enterprise development of the ministry of the Economy.

A decision supported by the government. Why?

“Because,” answered the minister for the Mezzogiorno, Claudio De Vincenti — irrobustirà for the promotion and attraction of investments in the South.”

so Far, the Bank has disappointed.

“The Bank of the south is a positive reality with potential still untapped. He very well managed the central guarantee Fund for loans to Smes, which have triggered 14 billion euros of investment, while it has developed in an insufficient manner the activities of credit, with approximately 2 billion disbursed, and to support strategic investments. The link with Invitalia will strengthen these two action fronts”.

Exit from the post office, the Bank will have a branch network?

“it is Not necessary. The credit to enterprises and support for investments can be carried out, as well as “second level bank”

Invitalia will spend for the acquisition of the Bank about 370 million. Money well spent?

“On the value of the transaction I commit myself to the evaluations of the board of directors of post and Invitalia. Certainly money well spent, for the reasons I have said to you.”

they were presented questions that critics of the sale by private negotiation, and the fact that Invitalia is not a trader or bank.

“Invitalia, as Posed, is not an operator bank, and then shall present the application for authorisation to the Bank of Italy. As to the mode of the assignment, there is no need of the procedure of public evidence, because it is a transfer between a company mainly owned by the State”

There will be changes in governance?

“it Is too early to talk about it”.

If the Bank of the south becomes the bank of Invitalia in the intermediation of public funds to support businesses and the economy of the South, this does not affect the competition with other credit institutions?

“no, Absolutely not. The Bank, which, however, is of the second level, will have to operate according to the criteria of the market, and where her action is synonymous with public incentives, he will make it according to the rules which are also “other financial intermediaries”.

the Minister, yesterday, the Chamber approved the decree-law on the Mezzogiorno, which contains the new tax credit. How will that work?

“We have raised the percentage of the benefit to 45% of the investment for small enterprises, 35% for medium and 25% for large. And were increased to the limits: from 1,5 to 3 million euros for small and 5 to 10 million to medium-sized. The credit moreover, as compared to the past, applies without deducting the depreciation on previous investments. There are 600 million euros a year until 2018, thanks to the leverage effect, can support the investments of around eur 1.7 billion the year”.

Yesterday the Chamber said that the government is thinking of the special economic zones. What is that?

“we’re dialoguing with the european Commission to define the characteristics and the instrumentation. For now, I can’t say more.”

In recent months, he has visited many areas of the South. That idea has been made?

“the South is decisive for the restart of the Country. I have seen that the effort of the government is shared by local institutions. And after the first results of 2015, with an increase of the Gdp in the Mezzogiorno of the’top 1% and 0.8% of the national average, and employment growth is also greater, I believe that in 2016 we will have the confirmation of the resumption, and that the 2017 will be the year of the turn”.

With the 2014-2020 programming how much money there is available? And how much we have spent so far?

“There are about 31 billion euros of european funds, and 75 billion of national funds. We have already activated at least 26% of the 52 billion of the structural funds, co-financed at 40% by national resources”

With these funds, you could build the bridge over the strait? She is in favour of?

“It could be. I am in favour of the bridge, which will serve to complete a system of infrastructure in Sicily and on the continent adequately improved.”

Minister, the elections in 2018 or soon?

“The government works in the same way, whatever the date of the vote, as the president has said Gentiloni is not available to the government. Depends on the head of the State and of the dialectic between the political forces”.

Is coming in the manovrina 3.4 billion. But it is worrisome especially for the year 2018: it will take 20 billion to the safeguard clauses. Looms a sting.

“No, there will not be any need to, because the budget is already under control, in full respect of the european rules”.

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Dieselgate, Delrio: “we no privilege to Fiat”. And the report’s omissions of the ministry becomes provisional.

"Privileges to Fiat? It is not true". And again: "On emissions Italy has nothing to hide." The minister of Transport and Graziano Delrio will defend to the death the work of his dicastery, which after the outbreak of the dieselgate has performed a series of tests on the emissions of the car, the results of which are finished in a report full of holes and omissions, with missing data for the vehicles of the Fiat group, Chrysler. And defends the work of the Fca, which, after having come under fire ofenvironmental protection Agency the american and the German government for the alleged use of hand ling equipment emissions (defeat devices), from Tuesday evening, is also open in the front to Paris, with the presentation of an exposed the prosecutor’s office from the part of the ministry of the French Economy. On the vehicles tested, said Wednesday Delrio in hearing the Room "was not found handling 'defeat device' which is not allowed by the current regulations. In fact, on the basis of the applicable standard in the presence of a 'defeat device' forbidden when you record a behavior distinctly different vehicle in terms of emission between the bench test and the road, as it was in the case Volkswagen but not in the vehicles of the group Fca tested."

But the definition which the minister Delrio gives of defeat device is prohibited is different from that in the european standards. A defeat device, or a "plant manipulation", in fact, is not only characterized by "a behavior distinctly different vehicle in terms of emission between the bench test and the road", says the minister. The regulation 715 of 2007 of the european Parliament and of the council, that sets out the rules for approvals on cars in circulation, gives a definition much wider system of manipulation: "Each element of the project that detect temperature, vehicle speed, engine speed (RPM), gear used, depression of the collector or other parameters, for the purpose of activating, modulating, delaying or deactivating the operation of any part of the emission control system that reduces the effectiveness of this system in ways that can be expected during normal operation and normal use of the vehicle".

it is this definition that is basedthe accusation of the German government against the Fca. The German authorities have discovered in some of the euro 6 models of Fca-approved in Italy (500 X, Doblò and the Jeep Renegade) the reduction of the operation of the emission control systems after 22 minutes of driving, just two minutes more than the duration of the approval tests the european. The allegations by which the Fca has always been defense, with the support of our ministry, claiming that no system of emission control is turned off after 22 minutes, but only "modulated". And that all serves to protect the engine from failures. This is one of the cases where european standards may justify a derogation from the prohibition of defeat device. And if this is the case of the Fca is right in the centre of the dispute between the Italian government and the German one on which is currently pending a mediati on of the european Commission. With the outcome far from obvious, the more so that, in a document of the last days (the guidance document of 26 January on the presence of plant manipulation), Brussels, without making reference to the specifications of the car manufacturers, points out: "In the cases in which it is detected a manipulation implant of the manufacturers tend to enforce exceptions relating to the protection of the engine". And a few lines afterwards he adds that, if used to justify a strategy of emissions control, "the risk of a sudden damage and irreparable damage to the engine should be properly demonstrated and documented". And again: "The duration and the long-term protection of the engine or of components of emission control system wear and failure should not be considered an acceptable reason for granting an exemption from the prohibition of the use of plants to manipulation".

All issues on which Wednesday Delrio has avoided going into detail. The minister is limited to assert that "vehicles Fiat 500X, Fiat Doblò and the Jeep Renegade, all euro 6, are compliant with current legislation, unlike what is claimed by Germany". And it is shown optimistic on the result of the mediation Commission: "You are evolving in such a way that it can be considered positive, in recognition of the Italian position. The Commission took note of the initiatives implemented by the Italian side. The German side took note of the statements by the ministry of Transport on the improvement of the environmental performance of the vehicles of the Fca, as a result ofvoluntary action from the same manufacturer, that will soon be confirmed to you in writing. This should constitute in all likelihood, the assumption to resolve favorably a dispute between Italy and Germany".

Finally, the minister has made reference also to the report omissions of the ministry, that after the article in he helped.en with the complaints of the association Citizens for the air, and of the meps of M5S is also finished in the viewfinder of the ngo, the Brussels-based Transport & Environment, as reported yesterday the launch of news agency Reuters: "The relationship today can be considered definitive – said Delrio – and is expected to be short-term, the publication of the final version, that is completed also the results of some tests on vehicles Fca at the time of the publication of the July 27, were still in progress."

@gigi_gno

Alitalia, stop to the negotiations. Calenda: we will see the trade unions – The Messenger

“We will meet. We do not subtract, the minister Delrio and I, we’ve already met them a short time ago.” As the minister for economic Development Carlo Calenda, speaking of the meeting request from the Government came from the trade unions of Alitalia, after the breakdown of the negotiations. “I believe that we are also close to the presentation of the industrial plan, guess who will be in the next few days,” he added Calenda.

“We have decided to discontinue the comparison with Alitalia on the proposals that we have advanced on the renewal of the national contract”, have announced today the trade unions of air transport, Filt Cgil, Fit Cisl, Uiltrasporti and Ugl Transport Plane, in a letter sent to the Ministers Delrio, Calenda and Poletti and knowledge to Alitalia, asking for “a call, is essential and urgent, on the part of the government, while absolutely aware of the role they can fulfill, to illustrate our position, and alarm, and to evaluate each initiative.”

In the month that elapsed from the meeting which took place on the 16th of January, at the Put, in the presence of the Ministers of the outfit, and of Mit, “we expected that the announced industrial plan of Alitalia is presented and could enable all actors involved, including the unions, you know, in the merit of the will and the draft of the shareholders useful in dealing with the crisis of the company”. Nothing to date – write in the letter the four trade unions of the category – even after the meeting I had with the ceo on 3 February, “it happened on the plane, except in the succession of hypotheses, without having any real information”.

In the meetings held in these days, that may not be a negotiation, “Alitalia stated in the end of February, the last date of the application of the current national agreement, foreshadowing a case of application of a unilateral that we believe are clearly outside of what the law and the agreements interconfederali include”.

“The content of change – explain the unions – have been judged unacceptable in the method, because it is completely disconnected from the industrial plan, and on the merits, as absolutely unjustified, moving, moreover, on the wages and rights of the lever with which to face the crisis”. “We are absolutely aware they claim, Filt, Fit, Uiltrasporti and Ugl TA – of the financial difficulties and market of Alitalia, but the inertia with which we move is followed only to the previous plans in bankruptcy proceedings, made and to the undervaluation, which in recent years has occurred. It is not possible to wait for months before deciding to tackle the crisis, delaying the presentation of the plan and have as their sole object of discussion, the proposed cuts to wages and contract.”

“Alitalia receives with regret the decision of the major trade unions to stop the comparison on the National Contract of job, we read in a note -. Following the expiration of the agreement (31 December 2016), Alitalia has started negotiations with the trade unions in the belief that it was right, as well as a duty, to seek in the shortest possible time, a joint solution to ensure the sustainability and development of the Company. It remains the will of Alitalia to seek an agreement for a new collective agreement”.

Spread, the disease to cure it in a hurry – The Tyrrhenian sea

The French campaign has just begun, and now is climbing, the fever spread. But the days of open markets are many before opening the polls of the French presidential election, on April 23. For that date, you will also know the fate of the legislature Italian, that is, if we are going to elections within the year.

While I am certain the German ones, with Angela Merkel for the first time in the difficulty that attends the comeback of his rival social democrat. Everything suggests that will be in addition to the days in which the events of the spread – i.e., betting markets on the greater or lesser reliability of a Country to repay its public debt – they will remind us of "so rude", to say it with the minister Padoan, our woe.

The first trouble is the one on which you commented yesterday a Novel: the public debt that does not move from its towering heights. For Italy, the quota is over the 133% of Gdp. The fault of governments past, that have done nothing to affect it, remind one of the penalty takers who look at the numerator of the ratio, the debt.

But the fault also of the denominator of the ratio, the inner product that doesn’t grow, I notice the critics of the austerity imposed by european rules, which fail in an attempt to simultaneously reach the objectives set out in Maastricht, exactly 25 years ago: if you do the fight to the deficit in times of recession, this worsens and necessarily salt, the ratio of debt to Gdp.

he Was the required flexibility and intelligence in the interpretation of these rules, especially under the blows of the crisis: but flexibility, solidarity managed, not given to discretion, to governments that have not known how to use it to push really growth, such as the Italian one, and have the privileged of measures to bring more voters to the productive investment. The day before yesterday, the Financial Times noted that the eurozone economy is going better than expected and has a performance better than that of the United States: but "with the important exception of Italy," which limps under 1% growth.

The second problem is less obvious, because the people involved do not want to see him, and regards the determined party of no-the euro, now located mainly in the area of the right wing nationalist.

the trend of The spread of these hours shows that the first effect of the crisis of the single currency, the increase in the cost which you pays back the debt. The slogan of the borders closed will please many, but if it is difficult to say how to build a wall along the Mediterranean, even more complicated is the design of a system of nation States is perfectly self-sufficient, even in the financing of its debt. In other words: the ministers of finance of hypothetical governments Pen or Salvini-Cricket should explain how you will repay the public debt, that immediately would rise before the end of the euro, the only prediction of that event (in addition explain where the export of domestic goods, since that would soon become obvious retaliatory measures by trading partners).

Maybe it would be good in the long european election campaign that is preparing, go out from the slogan and by the anathemas, and explain concretely how to handle a Frexit or a Italexit: in Greece, we had tried Varoufakis, but he has not convinced his own party, although fairly radical at the time.

But there is a third woe that the mean spread personifies, and is in use in the key policy. In the case of italy, today it can come in handy, as it was in 2011, to the party who wants to postpone the elections, which may have the temptation to use again, for the umpteenth time, the spectrum of the financial crisis to avoid the urns. Also in this case, it would be to summon the monsters without ever descending to the ground to face them.

The spread is not a monster nor a disease, it is mysterious, but only a thermometer

diseases of the individual Countries and which has the whole of Europe – including Germany, with its trade surplus, which is a source of instability for the whole system. Instead of running away, or breaking the thermometer, it would be better to begin in a hurry to treat them.

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“To reduce the debt, via a new round of privatisation” – Corriere della Sera

The public debt re-emerges with arrogance in the government’s agenda. Reminded by the minister of Economy, Pier Carlo Padoan, summarizing the possible consequences of the correspondence between Rome and Brussels on the need of a surgical correction of the structural deficit of 0.2 percent of gross domestic Product. The Commission is concerned that the budget for 2017 deviates from the path of reduction of the ratio between debt and Gdp. The risk of the Italian government is the start of an infringement procedure. “A hypothesis is alarming that should be avoided,” Padoan, claiming that “Italy shows that the observance of the rules of the debt is ensured also in this round”. In the Senate hearing, the holder of the Economy recalls some of the measures and figures to silence the alert, taken with the rise of the spread to over 200. Padoan estimate for 2017, a reduction of the ratio of deficit-to-Gdp ratio to 2.1%, and those betw een debt and Gdp in the and 132.5%. Also expected a new round of privatisation, putting it on the market, Poste Italiane is Fs. In regard to the adjustment required by the Eu, the minister reminds us that it is “essential”, because an infringement procedure would result in a “likely increase in the rates of interest that are already feeling the effect of the increased instability at the european level”. A given returns the measure of how much this would weigh: in 2016, the interest expenditure was less than 17 billion euros compared to 2012. The merit of a condition out of the ordinary as the quantitative easing assured by the Ecb. Not surprisingly, the government may enact corrective measures before the end of April, in advance i.e. on the presentation of the Document of economy and finance.

A billion from tax evasion

The package of interventions that sums it up Padoan stressed that “it is not a manovrina but an adjustment with expansionary measures”. To achieve a reduction in net debt structural with respect to the value of trend equal to 0.2%, the government expects to obtain 0.05% by expenditure cuts and the remaining 0.15% of the Gdp through an increase in revenue, the excise tax, including, but without hitting the road, assures the minister. A billion should arrive from a further crackdown against tax evasion. A help will come with the extension, and the extension of the split payment, is the mechanism by which, in substance, the State pays the Vat due on invoices from its suppliers until 2020. Padoan has written a new letter to Brussels asking for the extension beyond 2017. And in view of the Budget law does not exclude the introduction of the web tax: “I Reaffirm the commitment to explore these channels and consider Airbnb, as a possible source of income that needs to be evaluated in the coming months”. On the upside of the spread to pronounce Giuseppe Pisauro, president of the parliamentary Office of the budget, explaining, however, that “to draw conclusions on the performance of public accounts in 2017, it seems to me really premature. It is certain that the increase of the differential between Italian government securities and German sounds like a bell, not to be overlooked. It reiterates the same Padoan: “The events of recent days remind us so mean as a Country with high debt is not can not deal with his drop-down”.

The reorganization of the State

The recipe of the executive is also based on improving the efficiency of the Public administration. One of the tiles is the step-change in the management of real estate assets, shown at the presentation of the results of the state property Agency. The institution headed by Roberto Reggi foresees the establishment of a plan of reorganization and renovation of public buildings for a value of 1.4 billion. The figures indicate 130 the interventions, among which 34 operations in order to concentrate and rationalize in the so-called federal building the headquarters of the Pa. A comfort to the action of the executive arrives in the meantime, the note monthly on the economy, respectively. The report indicates an improvement in the manufacturing sector and the purchasing power of families.

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Public accounts, Returned to it again, and send in a new letter to Brussels: “But it is the completion of the first” – Il fatto Quotidiano

The soaring interest rates on the public debt, has left an accelerated behind the front of the minister of the Economy, with Brussels, so he can send a new letter to the European Commission to remedy quickly to errors of less than a week ago. The reason it said the same Pier Carlo Padoan in a hearing in the Senate Budget committee: "to Spend resources, it is preferable that payment of interest on the debt", so it is necessary to "avoid that increases the interest expense on the public debt," that in the last year was reduced to 17 billion euros, equivalent to a point-of-Gdp. A very s ore, to the concern of the markets for an Italy that was still close between the demands of Brussels and the needs of policy that has not yet shelved the sirens of a new campaign. The rest is under the eyes of all the tension that is being felt to be particularly pressing on debt securities issued from Rome, with the Btp ten year on Tuesday, have indeed recorded a slight easing of rates a decrease of 2 basis points and stood at 2.35%, but in the meantime, the gap compared to the yields paid by germany, the spreads, also began to grow: at the end of the day came to 200,2 basis points, on the highest since February 2014 and still in growth compared to 199 points on Monday. A trend that is concerning even the minister of Foreign affairs, Angelino Alfano, cameras diMartedì he should declare that the one linked to the spread is "a situation that does not give peace of mind but that our Countr y may face. We can handle it", not without adding that "as long as there was Renzi there has been the spread, is not his legacy."

From his side and Began trying to reassure the markets as it can, hoping to fall permanently by the wayside, the ” no to Brussels, you would read between the lines of the first letter sent to the Commission the first of February last, and which was withdrawn at the words even after 20 hours. Then he reinforced the concept: "the hypothesis of a possible infringement procedure is alarming, and should be avoided", an adjustment is, therefore, "essential" because the procedure would result in "a subtraction of sovereignty on policy choices and higher costs the public finances of the Country, then the subtraction of resources for growth and employment, as a result of the likely increase in interest rates that are already affected by the increased instability at the european level".

As at the european level, as is clear from the minutes of the discussion in the board of commissioners of the 17 January this year the european commissioner for Economic and monetary Affairs Pierre Moscovici he acknowledged that the Italian government has been given a little time to respond to the letter sent to him by the European Commission around mid-January, which called to Rome to illustrate in detail the structural measures aimed at correcting the deficit for 2017. For his part, the president of the Commission Jean-Claude Juncker, convinced, especially in the light of the case of Lithuania, that the rules of economic and fiscal governance of the community should be corrected, it pushes because the project team tasked to revise stability to produce results "as fast as possible". Despite the warning on the little time available, you can still read in the minutes, Moscovici "has considere d that the Italian authorities should take a commitment to adopt specific measures of the budget". Less forgiving of the French commissioner the vice-president of the Commission Valdis Dombrovskis, which "has explained that Italy respects the rules of the stability pact concerning the deficit, but that is significantly further away from the lens with regard to the public debt, which represents the 133,1% of Gdp. That is why the Commission is obliged to draw up a report under article 126(3) of the Treaty on the functioning of the Eu". Dombrovskis in the course of the meeting "has reported regular contacts with the Italian authorities, aiming to help Italy to return to economic governance which are in line with the stability pact".

From here, the letter from Brussels to Rome which he saw agree with the members of the Commission. And, according to the version of Padoan "is part of a procedure physiological and consolidated". The minister, on the other hand, now you remember that Italy was "already the subject of procedures for excessive debt in 2014 and 2015. In both cases the process was concluded without the opening of the procedure". And so, in the words of 2 February was followed by the first the facts: on Tuesday, Padoan he I send a second letter to Brussels addressed to Dombrovskis and Moscovici. In the message that with a game of words Padoan has called, not "a second letter to the Eu, but the completion of", asks to extend until 2020 the split payment, which would have expired at the end of 2017. This is the mechanism that provides that l'Vat on the supplies to the public administrations to be paid to the Tax authorities directly by the public administration without passing through the coffers of the private, formalizing at the same time the request to verify the possibility to extend the authorization also to entities and transactions that initially are not included in this scheme, initially limited to the purchase of the public administration. In the letter it is underlined that the scheme of the split payment has met with very satisfactory results to the revenue tax without, however, side effects from the side of the suppliers thanks to the efficient running of the Vat refund. According to rumors, one of the hypothesis is the extension of the new system of Vat to public companies. Also why it is important to understand how the regime would apply between private without food avoidance.

Following are the "measures" for the adjustment of 0.2%. As he writes the Treasure in Brussels, the adjustment requested by the Eu, will come with approximately 2.5 billion more revenue and the rest from the spending cuts to achieve the required total of 3.4 billion. In particular 0.05% will come from the reduction of the spending (of which 0.04% are from the intermediate consumption and the remaining 0,01% from tax relief). The remaining of 0.15% will be obtained through the increase of revenues of which: 0.06% by measures strengthening the fight against tax evasion (split payment included) and 0.09% from excise tax and other taxation of indirect. Calculator the hand to 0.15% of gdp is equivalent to 2.55 billion euros., while 0.05% is equivalent to 850 million, for a total of € 3.4 billion. The consolidation will come so soon. Probably by the end of march, when the government will have available the figures of Istat on the accounts 2016, will be approved the first measures, in order to obtain a complete picture before the Final of April. Padoan in Commission reaffirmed the composition: a quarter of spending cuts and three-quarters of the new revenue with about a billion from the strengthening of measures to fight against tax evasion. The minister then explained that there is the government’s attention also on the Web Tax, and on the taxation of Airbnb. Are "areas to explore" and on which the government wishes to intervene, perhaps with the next Budget. Instead, he assured that the measures that will be adopted will have an impact on the costs of goods and services: it will therefore not be touchedroad haulage.

The inbox is not a "manovrina," he however stressed Padoan: "I Prefer to talk about measures of adjustment that have a component expansive". The minister has therefore insisted on "further measures for the earthquake in the broadest sense, measures of reconstruction, and the safety measures that are excluded from the structural balance. A billion hits on debt, not on the structural adjustment". Of the rest, according to his colleague Alfano, who represents Rome, abroad, the maneuver is not needed. "I have my idea, which I also expressed in the Council of ministers and to Padoan: we need to negotiate with the Eu, without tearing the canvas, but reabsorbing" with other items, from immigration to ricollocamenti the earthquake, the numbers necessary, he said replying to a question of Giovanni Floris to diMartedì. "With the previous government, we have embarked on an arduous journey of growth, and we can not allow that there buttino of the sand bags, then you should negotiate with Europe to deal with" this hole "in a broader dimension," he added, and about the risk of infringement proceedings has argued that: "There are Countries that have collected as you collect the newspapers arrears, I don’t think helmets of the world".

Titles State: spread Btp/Bund close to 200 points – The Republic

Rome, 7 feb. – The spread between Btp ten-year and the German Bund close to the 200 points on the opening levels. The rate on the ten-year is at 2.35%. The government bonds of Spanish amounted to 141 points for a rate of 1,76%. The high the yield of the ten-year French, to 1,11%, with the spread with the Bund to 76 points. Slows the yield on the German Bund at the 0,353%, who had undergone a sharp rise. On the securities market of the Italian public debt continues to weigh the political uncertainty, the fears of a vote in advance and the dispute with Brussels over public accounts. It also grows the concern for the ‘Frexit is threatened by the leader of the extreme French right, Marine Le Pen, that impacts on the spread of the French, and, for part of the day on the rate of the Bund. .

(07 February 2017)

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