Best Italia Economy Portal: September 2014

Tuesday, September 30, 2014

“Draw the budget delayed until 2017″ Confirmed severance pay in payroll – Corriere della Sera

"Draw the budget delayed until 2017″ Confirmed severance pay in payroll – Corriere della Sera

economic estimates

Milan , September 30, 2014 – 20:57

” The macroeconomic situation is markedly reduced compared to Def April both in terms of growth, which is negative, which in terms of employment. ” Are not encouraging words of the Minister of Economy, Pier Carlo Padoan, the aim of the Council of Ministers who fired the update note at Def, the Economic and Financial Planning Document. The GDP will drop by 0.3% this year and rise 0.6% in 2015, while the deficit / GDP ratio will rise to “dangerous” 3% this year before dropping to 2.9% next year. The debt / GDP ratio will amount to 131.6% in 2014, but will rise to 133.4% in 2015 We are in a situation that calls exceptional circumstances, “notes Padoan, so it is” legitimate to imagine a slowing down of the process of adjustment structural balance, which will take place in a positive measure but reduced compared to what is imagined in the final in April ».But you exit out of the stakes set by Europe: with the deficit / GDP ratio of 3% is” fully complied with the fundamental constraint of ‘ Europe, “says Padoan. “We are responding adequately to requests» Brussels warns Padoan, explaining that after delivering Def the EU Commission, October 15 will also be sent to the law of stability on which the EU then “express its evaluation.” But “there will be no additional maneuver,” reiterates the Secretary to the Presidency of the Council, Graziano Delrio.

Government commitment

On the negative side, however, do not push the government clarifies Padoan, to withdraw from the soak taken. “The government continues to make a considerable effort on the path of growth and stability,” says the minister. And then in the Law of stability “there will be a confirmation of the 80 euro, strengthening the wedge cut corporate tax, important resources for social safety nets in the broader sense, that will give further impetus to the reform of the labor market.” Where are the resources? “Social safety nets will be covered -assicura the minister – as other voices out, by a combination of revenues from the spending review, by some measures on the revenue side, that does not mean tax increases but tax expenditures, and the use margins of the budget within limits “.Even the gradual overcoming of the internal stability pact will allow you to unlock resources, ensures the minister:” This will lead local authorities to have accounts in balance, so it will be a significant improvement in the quality of local finance » . A news greeted with pleasure ANCI, the association of Commons: “It ‘s the real key.” While privatization does not “make cash” for now, as hoped: they will be “lower than expected (ie 0.7% of GDP) – alerts Padoan – but will recover next year.”

Estimates

In the light of these elements, returns to Italy a year, to 2017, the goal of a balanced budget in structural terms , ie net of the cycle and one-off. “As of 2016, it will resume the pace of reduction of 0.5% in 2017 to get to a balanced budget.” The government has decided to extend the time path of fiscal consolidation so as not to weaken an economy plunged into recession for the third time since 2008 But Padoan also admits that the severance pay in payroll is a topic under discussion, but they do not speak Def in the Economic and Financial Planning Document.

September 30, 2014 | 20:57

Council of Ministers, in Def GDP -0.3%. Padoan: balanced … – Il Sole 24 Ore

History article

This article was published on 30 September 2014 at 20:36.
last modified September 30, 2014 at 23:07.

The Council of Ministers, which met with almost an hour later than the convening , scheduled for 18:30, endorsed the note to update Def, implementing the new framework for macroeconomic trend, far worse than had been expected in April. How has today put pen to paper also Istat, certifying that “the current weakness of the economic cycle” continues. But the Secretary to the Presidency of the Council, Graziano Delrio, he reiterated: “There will be no additional measure in 2014.”

GDP down by 0.3% in 2014 , deficit to 3%
The document touched down all indicators, from GDP, indicated a decrease of 0.3% (against 0.8% estimated in April) before recovering to 0.6% in 2015. In parallel, the deficit rises to the fateful 3%, without going over, before falling back to 2.9% in 2015, “I wondered constraints from Europe are fully respected,” said the Minister of Economy Pier Carlo Padoan at the end of CDM, adding that with Brussels “will be regular dialogue with both the outgoing committee and with the incoming one.” The balanced budget sled to 2017, from 2016 expected in April. And the debt will stand at 131.6% of GDP in 2014 to 133.4 in 2015 and unemployment is estimated at 12.6% this year and again to 12.5% for 2015.

slows the adjustment of the structural balance
Padoan has recognized that “the economy has deteriorated badly.” “We are in a situation reminiscent of the so-called exceptional circumstances, negative growth
with three consecutive years of recession and rising prices close to zero, and this implies – he said – that under European rules is permissible to imagine a slowing down the process of adjustment in the structural balance that will happen in a positive measure, although reduced compared to what is imagined Def in April of this year. ”

Padoan: confirmation of stability in the law of 80 euro and cutting wedge
The minister has assured that there will be stability in the law of “space to support growth,” a reduction of the tax wedge for business “through measures yet to be specified,” the confirmation of 80 euro and measures for social safety nets. The latter, he noted, “will be covered by a combination of increases in revenues from the spending review, by some measures on the revenue side, which means no tax increases but the efficiency of revenue (the tax expenditure), and the use of margins budget. ” Measures, he added, “that we believe are sufficient to effectively initiate the reform of the labor market.” The spending review continues, Padoan said, “and will be deepened: cover tax cuts for families and businesses, but at the same time aumentarà the efficiency of public spending.” But other potential room for maneuver may lurk in the 0.7% deficit target in the trend, estimated at 2.2%, and that of programmatic deficit, calculated for 2015 to 2.9%.

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CNEL: “Unemployment over 30%” – TGCOM

CNEL: "Unemployment over 30%" – TGCOM

10:42 – “The possibility of a drop in the unemployment rate to pre-crisis levels, at around 7%, it seems impossible because it would require the creation of here at 2020 nearly 2 million jobs. ” The notes to the CNEL, simulating different scenarios of employment, in the report on the labor market. “The rate of unemployment ‘expanded’ has reached more than 30% in 2013, without showing signs of a slowdown in the first half of 2014.”

CNEL: & quot; Unemployment over 30% & quot;

“Advances in the Italian labor market can only be very gradual. ” The system reads the report on the labor market, “could begin to benefit from a less unfavorable economic situation not before the beginning of 2015.” And this would represent, underscores the CNEL, already “the best.”

Purchasing power back a decade – The purchasing power of wages “reported a significant increase in the early stages of the crisis and an equally sharp fall in subsequent years, which has shown the value on the level of the middle of the next decade. ” Looking at the entire “payroll”, the CNEL estimate an overall loss of 6.7% between 2009 and 2013 In practice, it is as if he had gone back almost a decade. It is the combined effect, specifies the CNEL, the trend “transferor of real wages” added to a job in the fall.

In 2014, however, we have seen a marked drop in inflation . And, it always reads the report, “paradoxically, real wages could record this year a positive change.” But for the rest of the prices in retreat are not a panacea for the economy. “Deflation may aggravate the crisis in the most indebted countries because – he said – the European interest rates are now close to zero and, therefore, would correspond to an inflation that reduces the level of interest rates rising in real terms . “

You have to create 2 million jobs -” The trends of the Italian labor market in the medium-term outcomes outlined worrying. ” This analysis of the CNEL, that the increase of about two million jobs in Italy says that would only be possible if they experience a strong discontinuity in the growth of the Italian economy. “All the assumptions made use of demographic scenarios ‘Istat, for which the rate of the population between 15 and 67 years in the next seven years will remain largely stable. Basically disruptive to curb rising unemployment, it would be necessary, however, an increase in employment from 2020 to 582 000 places of work.

One scenario would be intermediate rather one in which the unemployment rate falls to values around 10%. In this case, however, it would be “a goal that would require a considerable effort, because it would involve creation over the next seven years of nearly 1.2 million additional jobs (equivalent to an average annual rate of employment growth of 0.7%).

Unemployment “enlarged” more than 30% – According to the CNEL “the crisis has caused a sharp increase in unemployment not only in the narrow sense, which refers to the jobless who perform actions of active research, but also in the number of underemployed and people who stopped the research because discouraged or because pending the outcome of past research activities. ” And sometimes those who work is not doing much better, if you consider that “the share of low-income workers has increased over the years of the crisis, in 2011, surpassing the 2 million and 640 thousand”, estimated by analyzing the CNEL always dependent employment and explaining that the poverty threshold below which workers are considered “working poor” is equal to 6.9 euro per hour. Looking at the percentage is 11.7% of employed workers. Among the self-employed, however, the share of the poor is equal to 15.9%, for a total of about 756,000 workers. The share of “working poor” in Italian is, however, lower than the EU average of 17%.

tag:
CNEL

Allegations of the EU Commission in Ireland and Luxembourg: aid … – The Republic

Here are the letters sent to the tax authorities of the countries: for l ‘ preliminary investigation of Brussels tax regimes are granted a practice detrimental to competition. From the reconstructions, Apple “is” the taxes in Dublin. The Netherlands also involved in relationships with Starbucks

MILAN – Ireland and Luxembourg are accused of having favored Apple and Fiat, respectively, in the field of taxation. The European Antitrust thorough investigation, announced before the summer, are now further confirmation in the publication of letters to Dublin and Luxembourg, which are reconstructed their stories and accusations.

The mechanisms to focus of concern in particular the transfer pricing and agreements that companies take with national tax authorities (“tax ruling”), so you know in advance that regime will be treated with their business. In practice, large multinational companies are able to move from accounting point of view, where the gains are taxed less. What happens when you invoice the subsidiaries with the sale of goods or services to other members of the group, sometimes priced out of the market because the profits are included at the end where the hand of the IRS is lighter.

Apple. From Ireland, in particular, the EU regulators want ( letter ) more details on the tax agreements reached with the colossus of the iPhone in 1990 and in 2007, warning of the that we can deal with aid

anti-competitive, that will have to be recovered by the company United States. The words of Commissioner Joaquin Almunia is unequivocal: “According to the preliminary view of the Commission, it is state aid.” For the Cupertino giant could get, if the investigation will be concluded with the sentencing of the operations of Ireland, a request for reimbursement billionaire.

The Commission, on the basis of negotiations between Apple and reconstructs the Irish tax authorities, writes that the taxable amount of the 1991 is the result of a “negotiation.” It would not have been calculated by reference to other comparable transactions, as it would have using a proper methodology. In simple words, the whole organization chart of Apple, the Irish authorities have agreed to be considered as the basis of assessment of the United States, in relation to the Irish branch, values are not aligned with what would have occurred normally on the market.

For more would create a “negotiation” with which to fix the taxation, the taxable bargaining rather than applying strict formulas and precise calculations. Apple would have benefited by putting weights on the plate of the discussions as an opportunity (Dublin) to create jobs, but that should not be included in the calculation of taxes that have generated an asymmetry between the forces in the field. In the end, the parties would have resulted in “reverse” the costs attributable to the Irish subsidiary to get to determine the taxable amount you want.

Again in relation to the agreement instead of 2007, the Commission notes that there is absolute disproportion between the growth of the operations of the Irish subsidiary Apple Sales International (subsidiary of Cupertino) in terms of sales (+ 415% between 2009 and 2012) 64 billion and operating costs (between +10 and + 20%): a symptom of a notional allocation of profits to the Irish operations, where in reality no costs were incurred sufficient to justify the sales boom.

Fiat. The to the document that relates to Fiat , the prosecution relates to a “preliminary agreement on prices” between tax authorities Luxembourg and Fiat Finance and Trade (FFT), the company’s Lingotto which deals with finance and treasury. As for Apple, even in this case would constitute a State aid adversely affecting competition. “At this stage, the Commission has no indication that the measure could be considered compatible with the internal market.”

In the Commission’s preliminary conclusions, therefore, end up at gunpoint deferred tax arrangements between the FFT and the Luxembourg authorities relating to the determination of transfer prices for transactions within the group for the purposes of taxation. In the case of FFT is an agreement (tax ruling) of 2012, accepted 3 September by the Luxembourg authorities on the basis of the proposal made by the consultant to the Lingotto on tax, KPMG. For the authorities, the EU “does not comply with the arm’s length principle”, in fact is an advantage that is perpetuated annual (covering the years ranging from 2012 to 2016) and is “selective.”

As for Apple, the agreement influence the allocation of taxable income between subsidiaries established in different countries. The Commission points the finger on the method by which the compensation is determined by FFT to play its role in the group. The level of equity held (in relation to financial risks) and their remuneration would be misaligned to the market. In the current state of the investigation, the Commission believes that in fact the agreement has “the effect of reducing the burden” that Fft “should normally bear in the exercise of its activity and that it must therefore be regarded as operating aid” .

The reconstruction of the story made in the letter that the Commission sent to the Luxembourg also reveals how they are fruitless attempts to have the authority EU guidance on the nature of the agreement, starting with the fact that the abbreviation FFT represent their Fiat Finance and Trade, because the country of mailing letters or EU did not respond or entrenched behind the protection of privacy.

The reaction of Apple: “Our success in Europe and around the world is the result of hard work and innovation by our employees, not derived from any special agreement with the government. Apple has not received any special treatment by the Irish officials over the years. “

The investigations also concern the EU ‘ Netherlands , in regard to relations with Starbucks , and are not concluded at this level. For the states involved, there is a month in which to respond to the comments made.

Apple tonic to Wall Street: the iPhone 6 arrives in China from October 17 – Finanzaonline.com

The news of the arrival in China of the past two Melafonino, the iPhone 6 and iPhone 6 Plus, it supports Apple that moves on the maximum session on Wall Street. The title of the Cupertino giant is traveling at $ 101.33 a share (intraday high at $ 101.43), showing an increase of about 1.2 per cent. Apple today announced that two new iPhone will be available in China starting next October 17. Pre-orders will be triggered from Friday, October 10. A story that puts an end to rumors that circulated recently about a possible delay in the sale of the new iPhone former Celestial Empire.

listing markets

KREnergy 0,980 17,79
M & amp; C 0,101 6.20
Frendy Energy 1,361 6.16
Banca IFIS 15,860 5.73
Ecosuntek 14,110 4.91

Warr Space 0,808 – 20.00
Seat Pagine Gialle 0,001 – 7.14
Retelit 0.688 -6.46
Cad It 4,068 – 5.83
CIR Spa 0,416 – 5.71

Mediobanca 6,790 2.96
Banco Popolare 11,560 2.94
Pirelli and C 10,920 0.46
Snam 4,348 – 0.37
Stmicroelectronics 6,125 2.00

Sale still unemployment among young people: it’s up 44.2% in August – Il Sole 24 Ore

Sale still unemployment among young people: it's up 44.2% in August – Il Sole 24 Ore

History article

This article was published on 30 September 2014 at 10:12.
last modified September 30, 2014 at 24:21.

record unemployment among young people in August. The unemployment rate of the 15-24, or the share of the unemployed in the total number of employed or looking, according to the latest provisional estimates released today by ISTAT, rose to 44.2%, an increase of one percentage point compared to July and 3.6 points on the year. This is the highest rate since 2004, the beginning of the time series monthly, and since 1977, the beginning of the publications of quarterly time series. The unemployed are between 15-24 710mila. The youth employment rate stands at 15%, down 0.5 percentage points on the month and 1.4 points on the year, its lowest since 2004 and since 1977.

Occupied stable in August +0.1%
In general, it remains substantially stable, the number of employees. In August 2014, notes the National Institute of Statistics, are 22 million 380 thousand, an increase of 0.1% compared to the previous month (+32 thousand) and essentially unchanged on an annual basis. The employment rate, at 55.7%, increased by 0.1 percentage points in both cyclical and compared to twelve months earlier.

Unemployed 134mila and a height of 3 m (0.9 to 2013)
The number of unemployed, 3 million 134mila, decreased by 2.6% compared the previous month (-82 thousand) and 0.9% on an annual basis (-28 thousand). The number of inactive individuals aged between 15 and 64 years increased by 0.2% compared to the previous month and decreased by 0.5% compared to twelve months earlier. The inactivity rate, 36.4%, increased by 0.1 percentage points in quarterly terms while decreases by 0.1 percentage points on an annual basis.

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Youth unemployment at record 44.2%. The overall rate … – The Republic

Istat data for August: the global number of jobless always above 3 million, dropped by 2.6% compared to July. But among the under-25s are looking for a job without success 710mila guys, the top from the beginning of the time series 1977 In Germany, the unemployment rate is at 6.7%, Eurozone 11.5%

MILAN – While the political debate inside and outside The majority focuses on Article 18 and the Jobs Act by Statistics New arrive alarming data on the labor market tricolor. A market which, according to the same CNEL will need years and could still never return to the levels seen before the Great Recession.

According to Istat, the unemployment rate for 15-24 August in Italy was 44.2%, an increase of one percentage point from the previous month and by 3.6 points in twelve months. Young people are excluded from the calculation inactive, ie those who are not employed and not seeking work, for example because they engaged in their studies. Of the total population of young people, in fact, the unemployed are 11.9%, unchanged from July but up 0.7 percentage points compared to 2013.

The rate of last August represents the raggionto highest level since 2004, the beginning of the time series monthly, and since 1977, the beginning of the publications of quarterly time series. The unemployed are between 15-24 710mila and the youth employment rate stands at 15%, down 0.5 percentage points on the month and 1.4 points on the year, to a minimum in this helmet since 2004

In 1977 and within a year, Italy has lost 88 thousand employees under 25 years of age.

‘paradigmatic of the fact that the same data Istat are announced without the traditional press conference, as is the case for some time , to the protest of precarious workers of the Institute from 22 September, a meeting of 372 scientists, technologists and technicians fixed-term employees, recruited as a result of bankruptcy proceedings public, occupies protest the press room.

Returning to the data, those that affect the “future” of Italy, his young, overshadow the improvements on the overall rate. He explains that the Istat the number of unemployed, 3 million 134 thousand, decreases (in August) of 2.6% compared to the previous month (-82 thousand) and 0.9% on an annual basis (-28 thousand ). The unemployment rate is thus 12.3%, a decrease of 0.3 percentage points in quarterly terms and by 0.1 points in twelve months. Always busy the last month were 22.38 million, an increase of 0.1% compared to the previous month (+32 thousand) and essentially unchanged on an annual basis, for a rate to 55.7%.

The Italian rate is at a level almost twice that German: today Germany has announced an unemployment stable at 6.7% in September, as expected: the number of unemployed, adjusted for seasonal factors, rose by 13,000 to 2.918 million units, where it was expected to decline to 2,000 units.

negative signals also on the number of inactive individuals, between 15 and 64: the growing 0.2% compared to the previous month, although decreased by 0.5% compared to twelve months earlier. The inactivity rate, 36.4%, increased by 0.1 percentage points in quarterly terms while decreases by 0.1 percentage points on an annual basis.

data on the labor market also came from Eurostat In August, the unemployment rate in ‘ Eurozone was 11.5%, unchanged from July, but down from 12% a year earlier. In the EU the figure is 10.1%, the lowest level since February 2012; in July was 10.2%, a year before to 10.8%.

Overall, in the EU there were 24,642,000 unemployed, of whom 18.326 million in the Eurozone. Compared to July unemployed fell by 134,000 in the EU and by 137,000 in the eurozone; compared to August 2013 fell by 1.745 million in Ee and 834,000 in the Eurozone.

An avalanche of comments from businesses against the plan … – Il Sole 24 Ore

History article

This article was published on 29 September 2014 at 18:39.

A flood of observations has been presented today, Monday, September 29 (expiration date), in the offices of the Tuscany Region to request changes to the landscape plan, the document over 3,500 pages that addresses requirements for the protection of the landscape, limiting in a dangerous way – according to many operators – activities that drive the region, the extraction of marble of the Apuan Alps to the cultivation of the vine, from the ski slopes of Abetone nurseries Pistoia plain.

E ‘for this reason that entrepreneurs stone, Confindustria, agricultural associations, winemakers, growers and local authorities have put on paper the concerns that inflame the debate for weeks and disturb the slumbers of the companies. Getting a first promise, brought “home” to the most important consortiums wine (Chianti, Chianti Classico, Brunello di Montalcino) this morning met councilors Planning Anna Marson, author of the operation, and Agriculture Gianni Salvadori: the region is available to modify, in a substantial manner, the plan developed in collaboration with the Department of Architecture of the University of Florence (“where the husband works councilor Marson,” he said Giovanni Busi, president of the Consorzio Chianti wine in a press conference) and cost 1.3 million euro.

The demands of growers – condensed into 40 pages of comments submitted in the Region – point to the total removal of references to the issues that represent the vineyards both in terms of landscape, which for the purposes of the hydrogeological, which finally biodiversity. “And ‘thanks to the vineyards, which cover only 2.6% of the area of Tuscany, we are able to ensure an economic return of the land and to preserve other types of crops,” said Busi joined by Sergio Zingarelli and Fabrizio Bindocci Presidents respectively Consortia of Chianti Classico and Brunello di Montalcino, on behalf of the other consortia wine of Tuscany, with whom, for the first time, have developed a common strategy. The Consortia have not announced egregious manifestations – such as the one made by the entrepreneurs of the marble that stopped the activities in the cave for two days – but they have announced that they are ready to raise the tone of the protest if you do not see the facts, that the deletion of the part governing viticulture from the Landscape Plan. “Nobody in Tuscany is in favor of this plan, only those who wrote it,” he said Zingarelli. Duro the final judgment: “If the plan is approved as it was proposed, would make agriculture a Tuscan jump back decades, producing virtually irreversible damage to the economy, employment and even the environment.”

Concerns (and the observations submitted) also came from Confindustria Pistoia: “Worryingly the perception that emerges of the lifts in the mountain, which is never as rammentati infrastructure backbone of the economy of an otherwise weak, but as responsible for the intensive exploitation of the environment, and therefore destined to a regime of strict control (as already exists). ”

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Monday, September 29, 2014

Commerzbank money laundering investigation in the crosshairs – The Press

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Effect Ukraine, leap bill for gas – La Stampa

So far it had been a good 2014 for the Italian light bills and gas prices with sellers on both fronts, but now the trend is reversed, especially for natural gas, and is the fault of the crisis in Ukraine. Yesterday, the Energy Authority has been forced to raise fares by 1.7% for electricity and as much as 5.4% for methane in the quarter from 1 October to 31 December (it will be so in the reference prices for households and small consumers in terms of protection).

In total, the average Italian family in the last quarter of the year will have to pay 19 euro more for gas and 2 euro more for the light.

As for the gas, were the tensions in international markets, linked to the expected seasonal increases in raw material and to the Russian-Ukrainian crisis, to make mandatory the increase of 5.4%. Despite the rise in half-year of 19 euro, on the whole Italian consumers will close the year 2014 still active on the bill of methane compared to 2013: in fact, last year the family-type had spent an average of € 1257 for the gas, while in 2014 it will spend 1173, ie in less than 84.

Since last year, a reform of the calculation of the bills hooked Italian prices of natural gas to market in Europe, eliminating many negative structural costs. Explained the president of the industry Guido Bortoni: “With the old indexation to oil and long-term contracts, the cost for the gas would have been much higher. Instead, as a result of the new prices “European” in 2014, the family-type save 6.7% compared to 2013, and 5.3% compared to 2012 despite the increase in demand in Europe due to higher winter demand and the geopolitical crisis. The good news is that now the Italian consumers pay the feedstock gas like other European consumers at a price attached to the trend, upward or downward, of the major continental stock exchanges. ”

In the case of electricity, however, the quarterly rise of 1.7% is mainly due “to the recovery of deviations from the estimates of the cost of procurement of raw material, and the need to finance some system costs. ” Among these is the component for the safety of nuclear power (yes, we continue to pay for this item in the bill); the Energy Authority has already urged the government to reduce this heavy tax (while, for various reasons there is no hope to be completely eliminated).

The Authority Guido Bortoni moves on other fronts, in particular that of the bonus on electricity and natural gas to support the economically weaker: the Authority would like to extend the range of beneficiaries of the bonus, make wider access policies and increase the discount. Among the proposals to the government include that in the winter time users forced to delay despite the bonus is deferred the suspension of supply.

It also works to prevent the possible impact of the crisis on the Ukrainian availability and prices of gas and electricity in Italy (two interrelated because much of our electricity is obtained by burning natural gas in the central Russian). The Authority is filling gas deposits in reserve, collaborates with Europe to improve the exchange and aims to provide users with a hedge against electricity price increases.

Bills more ‘care from October: light + gas + 1.7% and 5.4%; 21 euro more … – AGI – Agenzia Journalistic Italy

Bills more 'care from October: light + gas + 1.7% and 5.4%; 21 euro more … – AGI – Agenzia Journalistic Italy

more expensive bills from October 1 7 light and gas 5 4 21 euro in more than a family September 29, 2014 18:55

(AGI) – Rome, 29 September – The Authority for Energy announced that since the beginning of October there will be more ‘care bills for gas and electricity’. The increase of the gas will be ‘by 5.4%, while for the light sara’ 1.7%. For a typical family, in the next quarter, what ‘will result’ in an additional charge of 2 Euros for the light while the increase will be ‘more’ substantial and that means’ to 19 euro.

For the last quarter of the year, and as for the gas, and the rise ‘due to market tensions related to expected seasonal increases in raw material and the crisis russoucraina. However, note the Authority ‘,’ thanks to the reform that since last year he hooked Italian prices to those of the European market (eliminating many negative structural costs), the family type in 2014 will have ‘saved 84 € compared to 1,257 euro in total gas bill by the end of 2013. “
” With the old indexation to oil and long-term contracts, the cost for the gas would have been far more ‘high. Instead, due to the new European prices in 2014 – always explains the Authority ‘- the family type will spare’ 6.7%, or 84 euro less than in 2013, and about 66 euro (-5.3%) compared to 2012 despite the increase in demand in Europe due to higher winter demand and geopolitical crisis ” said the Chairman of the Authority ‘Guido Bortoni. “On the positive side – and he added,’ that Italian consumers now pay the feedstock gas like other European consumers to a price attached to the trend – upward or downward – the major continental exchanges. “

For electricity, however, there was a quarterly increase of +1.7 %, mainly due to the recovery of the deviations from the estimates of the cost of procurement of raw materials and the need ‘to finance certain costs of the system. Among these states, in particular, the component for the safety of the nuclear A2 to meet the needs’ of revenue relating to payments to the budget of the State2. With respect to this component of the Authority ‘has also highlighted the need’ to be implemented in the planned government measures that allow the reduction.

The Authority ‘has also reaffirmed the importance of interventions to strengthen the electricity bonus’ and gas in support of the economically most’ vulnerable, with particular reference to the extension of the range of beneficiaries, the criteria access and the amount of the discount.
When reporting, and there ‘also the proposal to the government to ensure’ that only in the winter, to the holders of the deferred bonus is the suspension of supply for non-payment ‘.

on increasing quarterly for electricity has had on the one hand, the raw material (+ 0.9%) due to the need ‘to cover the difference between the estimated costs and actual costs of supply households by the Single Buyer, in the presence of a structure of the portfolio purchases with many covers long-term. At what ‘they added requires’ revenue for the component A3 (incentives for renewable sources + 0.4% specifically for green certificates) and for component A2 (+ 0.6%) for the payment of 200 million State budget to be worth about this component and the failure to reduce this component. The sum of these elements would lead to an increase of 1.9%, however, in view of the reduction of 0,2% of the costs of dispatching and ‘state can contain the quarterly increase of 1.7%. The increased expenditure for the typical family in the next quarter will be ‘about 2 euro.

Returning to the Russian-Ukrainian gas crisis, were added to the increases in storage costs (+ 1.2%), for a total of 7.6%. This overall increase and ‘was partly offset by the reduction dell’2,2% of the components of CPR and CCR for the renegotiation of long-term contracts and mode’ of supply determined by the Authority ‘. For the family type, in the next quarter, the increased spending will be ‘about 19 euro.

Bills in October comes the whammy: gas more expensive by 5.4%, electricity … – The Press

Increases in sight for the bills of electricity and gas. The Energy Authority announced that from October 1st the methane will undergo a rise of 5.4% (for the Ukrainian crisis) and electricity by 1.7%, for a total extra cost of 21 euro for a family kind of. However, the Authority recalls that throughout 2014 the savings for gas bills will be 84 euro.

For the gas to alert the authorities in the note, market tensions related to expected seasonal increases in raw material and to the Russian-Ukrainian crisis led to the increase of 5.4% (equivalent to approximately 19 euro for a family type); However, thanks to the reform which since last year has hooked Italian prices to those of the European market, the same family type in 2014 will have saved 84 euro compared to 1,257 euro of the total gas bill of around 2013

“With the old indexation to oil and long-term contracts – adds the President Guido Bortoni – spending on gas would have been much higher. Instead, as a result of the new prices “European” in 2014, the average family will save 6.7%, or 84 euro less than in 2013, and about 66 euro (-5.3%) compared to 2012 despite the increase in demand in Europe due to higher winter demand and geopolitical crisis. ” In short, “the good news is that now the Italian consumers pay the feedstock gas like other European consumers at a price attached to the trend, upward or downward, of the major continental exchanges.”

As for electricity, however, there was a quarterly increase of 1.7% (equivalent to about 2 euro), mainly due to the recovery of the deviations from the estimates of the cost of supply of raw materials and the need to finance some costs of the system. Among these states, in particular, the component for the safety of the nuclear A2 to meet the needs of revenue relating to payments to the state budget. With respect to this component, the Authority has also highlighted the need for the planned government measures are implemented that allow the reduction.

BTP down slightly better 5-year auction in the medium to long term – Reuters Italy

 MILAN, Sept. 29 (Reuters) – Secondary Market slight demotion in late morning, after the result of the last employment in the medium-long highlighting its ‘suffering’ of the ten-year stretch. The operators tend to attribute the phenomenon to coincide with the Spanish offer of Thursday, geopolitical tensions and the growing international pressure on yields in Usa reason the imminent start of a series of narrow by Federal Reserve. With the rod end of September, the Ministry of Economic Affairs has allocated 8.407 billion euro, slightly less than the maximum amount of a fork to 7000000000 to 8.5000000000, rates on new lows since the introduction of the euro in the case of five years but slight increase in the fund ten. When compared to the placement of the end of August, which is the benchmark in August  2019 and the new decade in December 2024 had marked yet another record low since the birth of the monetary union, went from 1.51 to 1.48 the coverage ratio for BTP to five years and from 1.28 to 1.36 over the ten years. As was the case at the last auction, has not been assigned to a maximum amount of 3 billion, stopping at 2,907, the new CCTeus December 2020 “The auction says that the appetite for Italian bonds is still to a number of factors, above all the prospect of launching a plan of quantitative easing by the ECB to counter deflation: the market is afraid to go short on the periphery, for fear of crashing against the wall of Frankfurt “summarizes the strategist Ing Alessandro Giansanti. By the Research Intesa San Paolo analyst Chiara Manenti instead focus on the most critical aspects of the last placement. “The auction was definitely affected by the difficult market opened this morning, with the rising spread over the entire periphery, which affected  especially the part 10 years. At the base there are geopolitical tensions and also to coincide with the auctions in Spain this week, on the same curve segments, “he says. In the background, also the output of the number one Pimco, the markets have yet to digest, along with the fear referendum for Catalan autonomy from Madrid, while in the auction next Thursday, the Treasury paper provides new segments for 2020 and 2024 compared to 142 basis points on Friday night closing in, the yield premium BTP / Bund on the stretch to ten years splays on TradeWeb platform of about five tick, the equivalent variation perfectly aligned Bono / Bund which leads to 128 basis points. ============================= 13.00 ================== ========== BUND FUTURES December 149.43 (-0.01) BTP FUTURES December 129.74 (-0.43) BTP 2 YEARS (AGO 16) 106.041 (-0.031) 0.435% 10 year BTP (SET 24) 111.621 (-0.453) 2.438% BTP 30 YEARS (SET 44) 119.611 (-0.604) 3.699 % ========================= SPREAD (PB)  ==================== LAST CLOSING ======= TREASURY / BUND 10 ANNI 155 156 BTP / Bund 2 YEARS 51 49 BTP / Bund 10 YEARS 148,142 level min / max from 144.5 to 149.0 from 138.7 to 142.6 BTP / BUND SPREAD BTP 30 ANNI 185 182 YEARS 200.3 10.2 197.8 126.1 127.9 SPREAD BTP 30/10 YEARS ===================== =========================================== site www.reuters.it Reuters news in Italian. The top news also on www.twitter.com/reuters_italia

Jobs Act, the unions do not find an agreement on the mobilization – TGCOM

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Jobs Act, the unions do not find an agreement on the mobilization

September 29, 2014

16:25 – Conclusion of the summit between the CGIL, CISL and UIL reform work in Rome. At the time of the trade unions was not reached an agreement for a mobilization on the issue. The abbreviations have decided to “continue the comparison for the development of the unified platform.” Susanna Camusso has pointed out the usefulness of the meeting: “It ‘s been very constructive – he said -. CGIL still hopes to reach agreement on the Jobs Act.”

Today’s between CGIL , CISL and UIL “has been more discussion of evaluations and proposals for demonstrations,” notes Susanna Camusso, after three hours of confrontation between the unions on Jobs Act and Article 18 In terms of mobilization, he says, “everyone has decided its forms and keep “is thus confirmed the manifestation of the CGIL in Rome on 25 October. “We will continue to discuss also waiting to see what the government wants to do.”

The leader of the CGIL is also said to be “optimistic” about the outcome of the confrontation between the unions for a unified position on the Jobs Act and Article 18 Today, “there was a good discussion, very useful and very interesting.” While, he says, “there is a news divisions, there is instead a work we are doing together.” The expectation of the trade unions is also imposed “by the uncertainty of what will be the government’s choices.”

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Mediobanca, Bolloré announces 7.5%, ok pact to list Cda, there’s … – Reuters Italy

Mediobanca, Bolloré announces 7.5%, ok pact to list Cda, there's … – Reuters Italy

MILAN, September 29 (Reuters) – Vincent Bolloré has communicated to the shareholders of Mediobanca to have risen to 7.5% of Piazzetta Cuccia.

This was reported by some sources close to the pact at the end of today’s meeting that finalized the list for the renewal of the board for 28 October.

The last official communication saw Bolloré to 7%. The French entrepreneur, according to the rules of the Pact, has the right to rise up to 8%.

Today, the syndicate of Mediobanca has unanimously approved the list for the new Board will have 18 members, one of whom is appointed from the minority list.

Confirmed president Renato Pagliaro and the CEO Alberto Nagel, manager of the team remains the dg Francesco Saverio Vinci and enter Alexandra Young, human resources manager, and Gian Luca Sichel, AD CheBanca!.

UniCredit has proposed Maureen Angelo Comnenus, who will be one of two vice-presidents, Elisabetta Magistretti and Alessandro Decio. Bolloré, the second largest shareholder, has confirmed Vanessa Laberenne and Tarak Ben Ammar and proposed the entrance of her daughter Marie.

The other changes see the entry of Maurizio Costa, share in Fininvest, and Maurizio Carfagna for Mediolanum.

Confirmed Marco Tronchetti Provera, which will represent the other vice-president, Angelo Casò, Gilberto Benetton, and Alberto Pecci, the latter indicated by Italmobiliare in place of Carlo Pesenti.

In addition to Pesenti come Dieter Rampl, Anne Marie Idrac, Roberto Bertazzoni, Bruno Ermolli and Eric Strutz and manager Massimo Di Carlo and Maurizio Cereda. Read more …

STEP 1-Intercos, now part Ipo, fork price between 3.5 and 4.5 euro … – Reuters Italy

(Adds details)

MILAN, September 29 (Reuters) – Part of the IPO today Intercos with a fork indicative price of between 3.5 and 4.5 euro per share.

It says a note from the company, which manufactures and sells cosmetics, which emphasizes that offerings are geared exclusively to institutional investors, subject to a maximum 48,420,000 shares, representing 44.18% of share capital post offer.

The operation should therefore have a value between 170 and 218 million.

The launch of the offer follows the measure by which the Italian Stock Exchange approved on September 25 the admission to listing on the MTA. Still lacks the approval of Consob the prospectus.

The Ipo provides in detail which 18,280,130 shares are offered for subscription by the Company and 30,139,870 shares are offered for sale by Dafe Dafe 3000 and 5000, a company controlled by the founder and majority shareholder of Gianandrea Dario Ferrari.

E ‘also planned, by Dafe 3000, granting to the coordinators of the offer of an over-allotment option and a corresponding greenshoe option for a maximum of 4,842,000 shares.

The coordinators and joint bookrunners are Banca IMI, BofA Merrill Lynch and UBS Investment Bank. BNP Paribas is acting as joint bookrunner, while Banca Aletti as co-lead manager.

Banca IMI also performs the role of sponsor and, in the case of obtaining the status of Star, will act as a specialist. Rothschild is acting as financial advisor to the proponents, while Morri Cornelli and Associates as advisor of the controlling shareholder. Read more …

Bond euro open slightly wavy, BTP futures down before auctions – Reuters Italy

 LONDON, Sept. 29 (Reuters) – Bund futures moved little in the opening session while sales weigh down the contract on the BTP, in view of the medium-long term Italian auction this morning, last appointment with the session placements end of the month. On offer there are up to a total of EUR 8.5 billion reopening of BTP at 5 and 10 years and the new CCTeus December 2020 and early in the session last Friday, the Italian market had moved into negative territory, with pre auction sales accentuated also by the news output from Pimco’s Bill Gross, which sparked some speculation about a possible change of strategy on the peripheral part of the great American fund. Friday in the closing decade of December 2024 stood at auction today at a yield of 2.41%, while the five-year 1.050% area in August 2019, roughly about  the levels at which the two titles were placed a month ago, respectively 2.39% and 1.10%. The spread Italy-Germany (on Tradeweb platform, the benchmark Italian is still the ‘old’ tenth anniversary in September 2024) again this morning from an altitude of 142 basis points. At European level, the beginning of the week will be largely focused on inflation data (those Germans today, tomorrow those of the euro area and Italy), against the backdrop of a market that continues to have deflationary fears; Thursday is scheduled ECB meeting (in Naples), which should, however, provide the details of the programs covered bond purchase Abs and announced by the central bank. The operators also warn that in these sessions, as we approach the end of the quarter-end, the market may record an additional dose of volatility. ========================= HOURS 8.35 ===================== ====== FUTURES EURIBOR December 99.920 (inv.) BUND FUTURES December 149.46 (+0.02) FUTURES December BTP 129.93  (-0.24) 2-YEAR BUND 100.132 (+0.003) -0.067% BUND 10 YEARS 100.306 (+0.022) 0.967% BUND 30 YEARS 114.772 (+0.292) 1.850% ======================================== ====================== www.reuters.it On other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia

Sunday, September 28, 2014

Abi growth in the percentage of mortgages erogatibremessi 156 million … – Palermomania.it

Paola Giamporcaro | Story Filed: 09/28/2014 – 18:42 | Article read 1338 times

They grow back the loans granted to households Italian. According to a survey conducted by the Italian Banking (Abi) on a sample of 84 banks, between January and August 2014, have been paid more than € 15.6 billion of loans, recording a increase of 28.6% on the same period of 2013.

“The data for the first eight months of 2014 – emphasizes the Abi -, show the recovery of the market for loans to households for the purchase of housing. From Abi sample, consisting of 84 banks, representing about 80% of the entire Italian banking market, shows that between January and August 2014, the amount of disbursements of new loans amounted to 15.543 billion to € compared to 12.089 billion in the same period of 2013 The increase on an annual basis is, therefore, 28.6%. “

It is also higher compared to 2012 the amount of new loans this year. “are on the rise – says Abi – especially the adjustable rate mortgages that are, in the first eight months of 2014, 79.7% of the total new loans; this value was 77.2% in the same period of 2013 and 69.1% in the first eight months of 2012. “

According to industry experts, however, one can not yet speak of a real recovery. Codacons, for example, reported that in 2007, in Italy, mortgage loans amounted to 62.7 billion euro, while in 2013 to 17.6, marking a tragic collapse of 72% in just 6 years.

It should also be noted that the minus sign appears also on the buying and selling of houses: -3.6% compared to 2013 , after recording a positive trend during the period between January-March. To revive the real estate sector Confedilizia urges an immediate reduction of land rents: “A decrease of three percentage points would cost just 7/800 million euro – said the president of Corrado Sforza Fogliani, noting that , – have been increased by 5% by Prodi and so iugulatorio from Monti. “

Palermomania.it – Newspaper Registered at the Court of Palermo n ° 15 Del 27.04 / 2011

Loans to households, the number rises – MondialiBrasile.com

gain-of-loans-to-families In 2014, loans were disbursed to over 15.6 billion an increase of 28.6% Codacons,” But the 2007 to 2013, the decrease was 72% »

In the first eight months of the year the loans granted to households Italian growing again.

The figures were released by ABI and are based on a sample of 84 banks, which have provided more than € 15.6 billion in mortgages. The reference period is between January and August 2014, and there was an increase of 28.6% compared to 2013
« The data for the first eight months of 2014 ” emphasizes the Abi, « show the recovery of the market for loans to households for the purchase of housing. Abi from the sample, consisting of 84 banks, representing about 80% of the entire Italian banking market, shows that between January and August 2014, the amount of disbursements of new loans amounted to 15.543 billion compared to EUR 12.089 billion the same period in 2013 The increase on an annual basis is, therefore, 28.6%. “
new loans in 2014 is even greater in the first eight months of 2012.

In this period, the figure was around 13.924 billion euro.

increased variable rate mortgages that the first eight months of 2014 accounted for 79 7% of total new loans; in the same period of 2013, the value was 77.2%.

Observers point out that we can not yet speak of a recovery in the sector.

The Codacons says that in 2007 the loans granted for house purchases reached 62.7 billion euro in 2013, disbursements totaled 17.6 billion euro, and then there was a fall of 72% in just 6 years.
In the second quarter of this year appeared the minus sign in the sale of houses, that we are at -3.6 compared to 2013 after the positive trend in January-March.

According to the Agency revenue law of 2014 had initially Stability a positive weight.

Confedilizia proposed as a solution to a decrease in land rents. « A decrease of three percentage points would cost just 7/800 million euro” , said association president Corrado Sforza Fogliani, stressing that have been raised “ 5% by Prodi and so iugulatorio from Monti. “

Landini, if Renzi alone will decide ‘general strike – AGI – Agenzia Journalistic Italy

Landini, if Renzi alone will decide 'general strike – AGI – Agenzia Journalistic Italy

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September 28, 2014 12:43

(AGI) – Rome, September 28 – “If a man says that he decides that inform Parliament or who thinks that voting in a party” gia ‘it has been decided “for the whole of Italy is mistaken. And if you think to intervene and decree dropping all over the country what it wants to decide also the head of the workers should know that as’ doing part of the general strike. ” He said Maurizio Landini, secretary general of the Fiom, interviewed by Sky TG24 about Maria Latella stressing that the reform there is no ‘no ongoing negotiations with the union. (AGI).

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Air France. The pilots announce a halt to the strike – Rai News

Pilots are concerned that the development of a low cost line through its subsidiary Transavia lead to a worsening of working conditions

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September 28, 2014 The majority union of the pilots of the airline AirFrance on strike for two weeks, he announced the end of the mobilization – the longest in the history of the company – but were not met its demands. The decision was taken “to continue the comparison in a calmer atmosphere.” The mobilization has grounded half of the company’s flights since last September 15th.

The pilots are concerned that the development of a low cost line through the controllatra Transavia lead to a worsening of working conditions. They call for an employment contract within one of the companies of the group, but which is similar to that of Air France and not downward.

Satisfaction of Valls
French Prime Minister Manuel Valls – went into action several times in defense of the leaders of AirFrance defining the conflict “unbearable” – has expressed satisfaction with the results achieved. The French government is a shareholder with about 16% of the shares of Air France-KLM, the second-largest in Europe after Germany’s Lufthansa.

To continue the comparison in a calmer atmosphere
“There are no conditions for social dialogue. Decided to take our responsibility,” said the spokesman of the acronym SNPL William Schmid after the failure of negotiations in the night. Schmid said that riders now want to “continue discussions in a more peaceful environment,” so we decided to stop a war that has become unpopular and that weighed on the balance sheet Air France.

A land half the flights from 15 September
The strike has grounded half of the company’s flights from September 15, with a cost that has been estimated by the management of about 20 million per day. The pilots were opposed to the development of a line of low cost Air France, through its subsidiary Transavia. Operation considered “strategic” by industry experts to ensure the future of the group, in the financial restructuring of three years.

Continue with the development of Transavia France
Regarding the development of Transavia France, the board has confirmed its willingness to move forward, but drivers fear the risk of rhythms of higher labor, lower wages at the end careers and less social benefits. Employees fear then, that the working conditions of low-cost subsidiary will become the norm for the parent. For this comparison to resume calling for the establishment of a labor contract within one of the companies of the group, but which is similar to that of Air France.

Oil here Pobeda, the maxi deposit discovered in the Arctic Ocean – TGCOM

17:35 – A large oil field was discovered in the Arctic Sea from the Russian oil giant Rosneft and the American Exxon Mobil. To make known was the Russian company, which renamed it Pobeda (Victory). The field has exceptional resources amounting to one billion barrels of oil and 338 billion cubic meters of gas. But the joint venture weigh US sanctions imposed on the group after the Russian crisis in Ukraine.

oil here Pobeda, the maxi deposit discovered in the Arctic Sea

In a joint venture by $ 3.2 billion, Rosneft and Exxon began work on drilling in the summer and have continued up to now, despite the US Treasury has imposed sanctions on Russian company due to the crisis in Ukraine.

The CEO of Rosneft, Igor Sechin, himself subject to the sanctions the United States, is visibly pleased. “It is beyond our expectations. E ‘a victory for all, achieved thanks to our friends and partners such as Exxon Mobil, North Atlantic Drilling, Schlumberger, Halliburton, Weatherford, Baker, Trendsetter, Fmc.”

Geologists have followed with great interest in the project and consider the area of the Arctic Ocean the largest unexplored reserves of crude oil.

On the Russian-American collaboration weigh now the sanctions that the United States has imposed on Russia, which prohibit American companies to participate in joint ventures in the Russian Arctic Sea from 10 October.

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