Bags: Tokyo rise, up 4% in Europe remains the sign “minus” – Corriere della Sera

Bags: Tokyo rise, up 4% in Europe remains the sign "minus" – Corriere della Sera

Milan , October 21, 2014 – 0:58

     
     
 

Closing bullish for the Tokyo Stock Exchange, rose by 3.98% to 15,111 points, so that recovers last week’s losses. The list was also helped by the decline of the yen while on a reshuffle of the government of Prime Minister Shinzo Abe. Even Wall Street closed in positive territory. The Dow Jones rises 0.11% to 16,398.26 points, the Nasdaq slipped 1.35% to 4316.07 points while the S & amp; P 500 scored a progress of 0.9% to 1,904 points. It remains a climate of extreme volatility and nervousness on the markets after it has tripped up ECB purchases of covered bonds to avert the threat of a prolonged stagnation. The European markets – after altalenato between ups and downs also marked – burn the rebound last Friday and closed in negative. The worst is Frankfurt (-1.50%) followed by Paris (-1%), Milan (-0.86%), London (-0.68%), Madrid (-0.42%). The BTP-Bund spread back above 170 basis points and closed at 174.5, 164 last Friday.

Sliding stress-test

I markets move prudently and without a clear direction, concerned also by discouraging corporate accounts – from IBM and Philips – that contribute to fuel doubts about the prospects of the economy. But mostly meanders skepticism about the effectiveness of the extraordinary measures put in place from Frankfurt to revive the recovery. Today, the ECB made from purchases of asset-backed securities that have certain value of low-risk, under the program announced by Mario Draghi in June to boost bank lending and stimulate inflation. According to rumors, the purchases they would focus on short-term French covered bonds held by BNP Paribas and Societe Generale and those of some Spanish banks. But now you want to check the degree of aggressiveness of the ECB in conducting this type of operation, waiting for the end of the year even shots the program on Asset backed securities. To weigh down the lists you add the voltage on the banking sector for the uncertainty on the results of the examinations ECB, with Piazza Affari who served discounts of Mps (-1.88); Unicredit (-0.90%) and Intesa (-0.82%). In this climate has started a new round of Italian BTP . The demands have stopped at just under 3 billion (€ 2.955 billion in the first day of placement of Treasury bonds indexed to six years. Departure placement has thus proved less bright than previous editions: l ‘ latest launch dates back to last April and the first day orders reached 6.7 billion. But it must be said that this time to curb appeal is the lower level of the guaranteed minimum return, equal to 1.15% against 1.65% of the issue in April. Subscriptions will continue for three days for individual investors, unless the auction is closed in advance. Institutional investors will instead start subscriptions from Thursday, October 23.

October 21, 2014 | 00:58

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ECB, via the purchase plan: Dragons part by the French covered bonds – The Messenger

ECB, via the purchase plan: Dragons part by the French covered bonds – The Messenger

Take the purchase of covered bonds issued by the ECB. This morning, the first coat of Frankfurt has reached a handful god French bonds in the short term. It is the first move of the plan purchases of asset-backed securities that have certain value of low-risk announced by Mario Draghi to boost bank lending and stimulate inflation.

This is the first tranche of a stimulus plan that joins Tltro to auctions and anticipates the purchase of securitized loans (Abs). An operation to be spread over two years that may have “a potential universe of a thousand billion euro,” in the words of Dragons.

Of course, the markets expect some more details on the actual size of the operation, both Abs that in the case of covered bonds. But hope remains the market: investors are hoping that the measures announced by the ECB to contribute “to the return of inflation to a level close to 2%” end up preparing the ground to quantitative easing, or the purchase of public securities, model of the Fed. A street openly rejected by the Bundesbank, also contrary to an ACQUIRED of Abs that can “transfer risks from banks to taxpayers.”

 January 20, 2014 18:24 – Last Updated: 18:49

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BECOME A FAN OF THE MESSENGER

Piazza Affari back to fall – The Press

Piazza Affari back to fall – The Press

 

Piazza Affari back down

 

 And the spread with German bonds dates back to 176 ounti

ANSA

 
  10/20/2014
 
 

Closure of sitting down for the stock market, which in line with Europe fails to exploit the positive driving of Tokyo, rose by 4%. The FTSE Mib marks a -0.86% at 18,540 points, while the All Share yields 0.72%. Piazza Affari for a volatile session and uncertain: the index rose to a maximum of 0.9% and then lose again share.

Back to widen the spread between ten-year BTPs and German counterparts, which closes at 176 points, the highest close of the session. The yield is 2.60%.

Some of the banks affected by the next dissemination of the results of the stress test of the ECB (Sunday). Rumours about a capital shortfall, denied by the institution, causing a decline in MPS (-1.88%). Unicredit yields 0.90%, Intesa Sanpaolo is -0.82%. Well instead Bper and Banco Popolare, Mediobanca and earn 0.87% just a few days after the quarter. Among the financial Unipol marks -2.26%, -3.09% with UnipolSai on new assumptions about the reorganization of governance called for by Ivass.

Down with energy Eni and Saipem -2.26% -2.28%. Holding Enel (+ 0.33%), contrary to the A2A (-1.70%). In Fiat goes down Cnh (-2.72%) while ago Fca + 0.35%. Well Pirelli, Finmeccanica, Ansaldo.

Among the technological yield Prysmian, DiaSorin, StMicroelectronics. In the luxury shines Cucinelli (+ 3.08%), others badly. Mediaset accusation -4.29% after a negative report on the results of 2014 Still problems for World Duty Free (-3.98%).

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 19/10/2014

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AFP

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 After criticism for not being intervened militarily to stop the advance of the Caliphate it …

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Terni stops to defend Acciaerie – Il Sole 24 Ore

Terni stops to defend Acciaerie – Il Sole 24 Ore

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This article was published on 17 October 2014 at 16:35.

All Terni took to the streets to defend the site of the steelworks special “cradle” of the Italian steel industry, today questioned the business plan of ThyssenKrupp, which provides savings for 100 million through a downsizing plan (the mobility procedure for 537 people has already been launched by the company in recent days, immediately after the failure of the mediation proposal by the government).

Yesterday, thousands of people (13 thousand according to the police), after the events and tensions of recent days, marched peacefully through the streets of the city, until the rally in the square of the three national secretaries of CISL, UIL and the CGIL, Giuseppe Farina, Luigi Angeletti and Susanna Camusso. The latter, at the conclusion of the event, has launched a proposal for a national strike in the steel industry, given that “there is an industrial policy for a country if there is a policy of the steel industry.”

The story of Ast, according to many observers, is emblematic of their own to represent this distance. The site is back steel ternano the property of Germans in recent months, after a limbo that lasted more than a year, during which the Finnish Outokumpu, who had bought the business from Thyssen as part of Inoxum, but who had been forced antitrust Community rimetterele on the market, have failed to find a win-win (the only offer in the field was that of the roped-ArcelorMittal Marcegaglia-Arvedi) to sell it. Avoided bankruptcy Inoxum transaction, the stated goal by the Germans, from the outset, has been looking for a recovery efficiency to try again, later, the market street. After an initial unilateral initiative, fielded last August (and zero mobility of supplementary contracts), the property has agreed to take a step back and deal with the unions and the government. But after a month of discussion, the synthesis of Palazzo Chigi was rejected by the stakeholders, and Ast (the CEO is Lucia Morselli) has returned to the mobility procedure.

Yesterday, the secretary of the FIM, Giuseppe Farina, hard against the company (“arrogant, rigid and angular counterpart”) has pointed the finger at the government. “He must do more – he said – can not only mediate but must act on Thyssen and the German government.” Luigi Angeletti, of Uil, has instead “unacceptable loss of production and prune work. You can not – he said – that only in Italian corporations dictate to the government what it must do. ” Susanna Camusso (both she and Angeletti at the time of taking the floor were briefly contested) has instead asked “why the Government does not seek to make Ast solidarity contracts. It would be an instrument to support an expansion phase of the business plan, while the idea seems to prevail instead of the gradual dismantling of the steel. “

The criticisms of the trade union action of the Government are followed by the last week, after the failure of the mediation proposal at the table of Mise. Palazzo Chigi, however, rejects the allegations and the desire to want to go back to deal with (in parallel to the table turned to the Ministry of Labour as part of the mobility procedure). Yesterday, the Secretary for Development Claudio De Vincenti has assured that “the company will meet and trade unions to promote the resumption of confrontation,” asking “sense of responsibility” is from the company that part of workers and trade unions. The representatives of the workers are demanding a greater pressure on Germany (at the time of the dispute Berco Copparo, the same property and the same CEO of the Ast, Letta, the Government had written to the German ambassador in Italy), but intend to start from the Palazzo Chigi points of the document mediation last week: maintenance of the second furnace, maintaining the levels of production of the last three years, the transfer of the production line in Turin, investments in process innovation and product for 110 million euro in three years, development the commercial network of ThyssenKrupp Ast.

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Maneuver, Padoan: “Deficit will stay below 3%.” Towards the reform of severance pay … – Quotidiano.net

Maneuver, Padoan: "Deficit will stay below 3%." Towards the reform of severance pay … – Quotidiano.net

Luxembourg, 14 October 2014 – The adjustment of the structural deficit in the Stability Law for 2015, that the Council of Ministers will approve tomorrow, it will be 0.1%. This was confirmed by Minister Pier Carlo Padoan in Luxembourg at the end of Ecofin. Italy will maintain the deficit / GDP ratio to below 3% , respecting the EU rules: “We will continue to stand under – the minister said at the end of Ecofin – and we will go forward structural consolidation. ” He explains: “What matters is that we continue to be the target of a balanced, there is only a delay due to the fact that in April, when we took the commitments, the growth forecast was 1.1% higher than Today in 2015, the context has highly deteriorated. “

WALL EU – The law of stability, however, is likely to be in conflict with EU rules and returned to the sender for changes by the Commission in Brussels. E ‘as referring to Reuters EU sources explaining that the Italian draft budget will be judged on the basis of the criterion of a structural adjustment “at least 0.7 % of GDP “. Padoan Ecofin has confirmed that structural adjustment will not exceed 0.1% of GDP. Also according to sources interviewed by the EU Reuters , a gap of 0.5 percentage points between commitments Italian and the Commission’s requests would be evaluated “as a serious violation” of recommendations and could lead to “a return to Rome of the stability law, and possibly opening a procedure for excessive debt against Italy.” A first assessment of the Commission on the stability law is scheduled for November. Padoan moves forward with the reply: “E ‘ a bit’ too early to say that you have to correct a measure that has not been finalized yet.” In any case, Padoan is “confident that our relationship with the Commission is positive, as I have seen here in Luxembourg, we use the flexibility in the rules and have an open dialogue as always.”

CALL RENZI-JUNCKER – no coincidence that the President of the Council Matteo Renzi has heard on the phone the new president of the European Commission, Jean Claude Juncker

MOODY’S PROMOTES RENZI – The acceleration of efforts on reforms, along with financing costs and a lower primary surplus, “mitigates the impact of the return of the economy into recession over the estate lending Italy” and then “giusitica” a “stable” outlook and a rating of “Baa2″. And ‘what is said in a statement released by Moody’s, with which the agency updates the market but does not change his opinion. In the light of the second quarter, Moody’s expects Italy to a contraction in GDP of 0.3% in 2014 , worse than the 0.2% forecast by the International Monetary Fund. For 2015 is expected to expand by 0.5%, even in this case less than the 0.8% expected by the Fund. The two statements are equivalent to those released last Friday by the rating agency DBRS Canadian.

TEXT FOR THE CDM – According to leaks from government circles, the Stability Law “by 30 billion “should provide for the stabilization of the bonus to 80 euro for income less than 1500 euro per month. For the operation will need 10 billion, of which 3 are already insured by the decree structurally income tax on the bonus. For large families, especially single income, then there should be 500 million that will serve to strengthen the deductions. There should be 6.5 billion to entirely eliminate labor costs from the tax base of IRAP. The measure, early yesterday by Renzi, has won high praise of the president of Confindustria Giorgio Squinzi, which he hailed as “the fulfillment of a dream.” One billion euro will be used to zero for three years, contributions from business for new employees indefinitely.

MINI ASPI AI Co.Co.Co. – “And ‘predictably, in this moment of yes, but we’ll see tomorrow.” So Labour Minister, Giuliano Poletti , who asks if the operation on severance pay, to anticipate payroll, fall already in the law of stability. A possibility exists that says Poletti. Even the Secretary to the presidency Graziano Delrio opens and writes on Facebook: “I would like to avoid short-circuiting about the proposal on severance pay. The government is actually working . During these hours, the proposal is gaining momentum, even acknowledging the reform to the study of stability within the law. ” At least 1.5 billion should be earmarked to finance new social safety nets provided by the Jobs Act, which will extend the range of beneficiaries of unemployment benefit (Aspi) also to co.co.co. A billion would for the regularization of temporary teachers and another to unlock the seniority of the employees of the public security sector. To loosen the stability pact ‘internal municipalities should be allocated one billion, while 500 million should be used to extend for three years the eco-bonus and the bonus for building renovations . The law of stability could then allocate 500 million a year for five years to fund the tax credit for investments in research and development. Between 5 and 6 billion should be used to cover the expenses can not be postponed as the so-called 5 per thousand and international peacekeeping missions.

TFR IN PAY ENVELOPE – “Predictable”, to use the words of the Minister of Labour Giuliano Poletti, that stability is contained in the law also provides that the measure p ossibility for workers to receive severance pay in payroll , this is working out a deal with the banks that could grant loans at subsidized rates to companies whose employees decide to use this option. And interviewed on LA7 by Giovanni Floris, the Minister of Labour rule changes in race to the Jobs Act: “I think there is no reason to change it, because the majority has taken an orientation and voted confidence in the Senate “. Similarly Poletti excludes a new maneuver in April, she snaps the CGIL for his judgment on the law of stability: “To call it recession there does not seem real.”

Publishing Graziano Delrio .

FINDING RESOURCES – About 11.5 billion of the 30 expected to be financed using the lever on the deficit or by exploiting the difference between the deficit trend (2.2%) and programmatic (set by the government at 2.9%). Another 16 billion would come from spending cuts, which will mainly concern the Regions (4 billion) and local authorities (3000000000). More about € 4 billion could come from the close on the expenditure of ministries and about 500 million by cutting the salaries of senior civil servants. Around 2 billion should be obtained from the pruning of the tax expenditure and the rest should be recovered through the one-off non-tax.

OK TO REVIEW TASI – Meanwhile, today the House and Senate have voted for the resolution authorizing a majority of the to return to a balanced budget in 2017 .Previsto, among other things, that the the Jobs Act will be “included among the measures linked to public finance measures,” in which there will be a “review of the laws for municipal property taxes . “

Moody’s upgrades the reforms of the government: “Jobs Act is significant … – The Press

Moody's upgrades the reforms of the government: "Jobs Act is significant … – The Press

 

Moody’s promotes the reform of the government: “Jobs Act is significant flexibility in the face”

 

 The agency revises estimates for GDP: -0.3% in the second quarter of 2014, an increase of 0.5% in 2015 and the Italian system: “The balance sheet is solid, the country has time to jump-start growth”

ANSA

 
  10/14/2014
 
 

“In light of the data in the second quarter, Moody’s expects that the Italian economy will contract by 0.3% in 2014, before rising marginally by 0.5%. ” It’s what we read in a note from Moody’s. Where it is explained that “Italy has a strong budgetary position that is useful to get favorable financing costs, with more time to implement reforms in favor of growth.”

It is precisely focuses on reforms that the report of the rating agency. The acceleration on the reform front, the low cost of refinancing the public debt and the primary surplus allow Italy to mitigate the effects of a return to recession from the perspective of maintaining the current rating. This was underlined by a report released by Moody’s, that – says the agency – there is however no decision on the credit quality Italian (Baa2 with a stable outlook) but just an update to the market.

Moody’s argues that the credit profile of Italy at the time, seen from the negative elements of the weak economy, the fall in confidence and the predictions of a decline in GDP of 0.3% in 2014 . On the other side, there is the government’s action Renzi that the Jobs Act introduced “a significant initiative” on the front of the ‘flexibility’ of the labor market. Moody’s, however, adds that “the reform alone is insufficient to move from a centralized to a decentralized wage bargaining or to increase flexibility in the salary negotiations.”

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 14/10/2014

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Established law ‘, Padoan reassures EU “we are under 3%” – AGI – Agenzia Journalistic Italy

Established law ', Padoan reassures EU "we are under 3%" – AGI – Agenzia Journalistic Italy

October 14, 2014 23:07

(AGI) – Rome, October 14 – Italy will maintain ‘the deficit / GDP ratio to below 3%, complying with the European rules, “we will continue to stand under – said the Minister of Economy, Pier Carlo Padoan at the end of Ecofin – and we will move forward in structural consolidation. ” Padoan said that the President of the Council “has presented some components of aggregate” to a law established ‘that “has yet to be passed,” tomorrow to the Council of Ministers, and “contextually presented in Brussels.” That’s why ‘according to the Minister of Economy,’ and ‘a bit’ too early to say that you have to fix something that is not ‘yet been finalized. ” Figures from the Italian budget for 2015 “are published and updated in the note of Def, including those of the structural deficit” as the minister said Pier Carlo Padoan at the end of Ecofin, with respect to the consistency of the target, “the really matters and ‘the fact that we continue to target a balanced budget, although probably later than the initial commitment assumed in April when the growth projections were 1.1% higher than those of today. ” Since then, in fact, “the macroeconomic environment and is ‘highly degraded,” but “our efforts in the right direction, in three years,” then proceeding’ more ‘slowly’. In any case, Padoan and ‘”confident that our relationship with the Commission is positive, as I have seen here in Luxembourg, we use the flexibility’ in the rules and have an open dialogue as always.” Meanwhile, engineers are working to the latest filings with the text of the law of stability ‘, which will be’ launched tomorrow by the Council of Ministers convened for 15 of the measure should be worth $ 30 billion, as announced yesterday by Prime Minister Matteo Renzi. According to leaks from government circles, the law of stabilita’dovrebbe predict the stabilization of the bonus to 80 euro for income less than 1500 euro per month.
The operation will need 10 billion, of which three are already ‘secured structurally the decree on bonus income tax.
For large families, especially if a single income, then there should be 500 million that will serve to strengthen the deductions. There should be 6.5 billion to entirely eliminate labor costs from the tax base of IRAP. The measure, early yesterday by Renzi, has won high praise of the president of Confindustria Giorgio Squinzi, which he hailed as “the fulfillment of a dream.” One billion euro will serve ‘to zero for three years, contributions from business for new employees indefinitely. At least 1.5 billion should be earmarked to finance new social safety nets provided by the jobs act, which extends the range of beneficiaries of unemployment benefit (Aspi) also to co.co.co. A billion would be allocated to the regularization of temporary teachers and another to unlock the shots seniority ‘of civil servants of the security sector.
To loosen the stability pact’ internal municipalities should be allocated one billion, while 500 million should serve to extend for three years the eco-bonus and the bonus for building renovations. The law established ‘could then allocate 500 million a year for five years to fund the tax credit for investments in research and development. Between 5 and 6 billion should be used to cover the expenses can not be postponed as the so-called 5 per thousand and international peacekeeping missions. “Predictable”, to use the words of the Minister of Labour Giuliano Poletti, that the law established ‘is contained also a measure that provides for the possibility’ for workers to receive severance pay in the paycheck, this is working out a deal with banks that could grant loans at concessional rates to companies whose employees decide to use this option.
Approximately 11.5 billion of the 30 required will be financed using the lever on the deficit, or exploiting the difference between the deficit trend (2.2%) and programmatic (set by the government at 2.9%).
Another 16 billion would come from spending cuts, which will mainly concern the Regions (4 billion) and local authorities (3000000000). More about € 4 billion could come from the close on the expenditure of ministries and about 500 million by cutting the salaries of senior civil servants. Around 2 billion should be obtained from the pruning of the tax expenditure and the rest should be recovered through the one-off non-tax. (AGI).

Stability Law, Padoan: correction deficit remains 0.1 points – Reuters Italy

Stability Law, Padoan: correction deficit remains 0.1 points – Reuters Italy

       

LUXEMBOURG / ROME, Oct. 14 (Reuters) – The Italian government now does not give in to pressure from the European Commission and confirmed that tomorrow, at the time of launching the Law of Stability , the correction of the structural deficit will be limited to 0.1 percentage points of GDP in 2015

       

The stance comes from the Minister of Economy, Pier Carlo Padoan, while there are increasing signs of a possible rejection of Europe.

       

“Our relations with the European Commission have always been very constructive. We keep faith with the rules, we exploit the flexibility of the rules and as always we will have an open dialogue with the Commission,” said Padoan at the end of Ecofin.

       

The government has postponed by one year, to 2017, the budget balance net of the economic cycle and one-off. With an economy in recession for the third time since 2008, Padoan said in recent days, fiscal adjustment can cause screwing in a “downward spiral, which could generate new recession and unemployment.”

       

In any case, say political sources, the government is prepared to set aside resources in the budget to increase the correction of a few tenths, in the event that negotiations with Brussels were to have a negative outcome.

       

“The maneuver does not change, but we are not unprepared or we will be surprised,” said today the Secretary to the Presidency of the Council Graziano Delrio.

       

The verdict will come to Brussels in November, with the new estimates of winter. For the moment, a European source warns that Italy must guarantee a “structural adjustment of at least 0.7% of GDP.” As a result, the source continues, a difference of 0.5 points between the commitments Italian and European demands would be rated as a “serious violation” of the recommendations of the EU.

       

The Council of Ministers on the Law of Stability is convened tomorrow at 15.00. The budget of 2015 has an expansive facility: about € 30 billion of funds raised, the increase in the deficit will reach 11.5 to 2.9 from 2.2% of GDP.

       

The measures to combat tax evasion and reduced premiums on gambling should ensure 3 billion, said Delrio to the Corriere della Sera. Read more …

Stability Law, tug of war with the EU. Padoan: correction … – Il Sole 24 Ore

Stability Law, tug of war with the EU. Padoan: correction … – Il Sole 24 Ore

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This article was published on 14 October 2014 at 15:44.
The last change is the 14 October 2014 at 20:08.

“The correction of the structural deficit in the Stability Law is 0.1 per cent.” A few hours after the official presentation, the Minister of Economy Pier Carlo Padoan after the Ecofin meeting reveals the cards of the maneuver, and confirms compliance with the limit of 3% of the deficit-GDP ratio, “We stand below and we will move forward with the consolidation structural. ” Speaking to reporters, the minister said that the prime minister Renzi has “presented some of the components of an aggregate budget law is approved and filed,” and “contextually presented in Brussels,” and it is “too early to fix something that is not yet been finalized “to meet the EU. Over the past few days from Brussels arrived more than a signal of concern with respect to Italy and France and their budgetary maneuvers.

Draw the budget, but can delay objective remains
As if to get their hands on to every possible European critical, and in response to the voice circulated in the last hour and re-launched by EU sources that would maneuver to risk rejection, the committee decided to send it back to the sender for changes, Padoan stressed that “what matters” is that Italy will continue “to have the target of the draw,” even if there is a delay “due to the fact that in April, when we took the commitments, the growth forecast was 1, 1% higher today than in 2015, the context has highly deteriorated. ” Meanwhile, the House approved a resolution authorizing a return to a balanced budget in 2017.

The Italian pressure to revise the calculation of potential growth
Overall, the minister said he was confident in a go-ahead from the European Commission: “Our relations with the Ue are constructive, we use the flexibility in the rules and we have an open dialogue with the Commission. ” Bodes well for even the pressure of our country for Europe to “revise and update” the common tools which are based on the analyzes and policy decisions of the EU budget, and in particular the calculation of the difference between growth potential and growth potential and actual growth, which has a relevance to the structural deficit. “We need to update these tools – he said Padoan, to avoid wrong conclusions dell’economai on the actual conditions of a country.

Way clear for the exchange of tax information between 28 EU countries
For the rest, the EU Council of Economic and Financial records of the results of the day extending from 2017 the scope of the automatic exchange of information between tax authorities on interest, dividends and other financial income as profits from the sale of financial assets. In the first instance, the extension will be for 27 of the 28 countries that are part del’Ecofin: Austria has obtained a gradual adjustment and adopt the same rules from 2018 to the Minister of Economy Pier Carlo Padoan, the President of Ecofin, the agreement signed today in Luxembourg “is a strong contribution of the EU to the” governance “global”, a “definite improvement” of the rules to combat fraud and tax evasion

Stop banking secrecy in Europe
Our Economy Minister stresses the importance of a political understanding (should go back to the Ecofin Council at the end of the year for final approval), which according to many observers marked forever the end of banking secrecy in Europe. The green of the 28 EU countries concerns the “Administrative Cooperation Directive”, or the provision of Community law which allows the EU to adapt to the OECD standard on transparency for tax purposes. With this directive, the automatic exchange of information “buy the size as large as possible in Europe, higher than the revised Savings Directive imagined,” explains the same observers. From January 2017 all EU countries, except Austria, will have to exchange information on tax matters on individuals, funds and entities, giving life to the full fiscal transparency in the EU.

Creating a favorable environment development of the investment
At the center of the confrontation between the finance ministers of the 28 EU countries coordinated by Paodoan the theme of investment: in the conclusions of the meeting, please note that “despite the significant structural efforts by States and the significant improvement of the conditions in the financial markets, the recent macroeconomic developments are disappointing, with low growth and very high and persistent unemployment in many parts of Europe. ” For this, 28 have decided to focus even more on creating an enabling environment for public and private investment, based on the work of the Task Force of Bei and the Commission, with the aim of identifying concrete projects to implement and finance sectors strategic and innovative.

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Padoan: structural adjustment of 0.1% – The Press

Padoan: structural adjustment of 0.1% – The Press

 

Padoan: structural adjustment of 0.1%

 

 The Minister of Economy challenge Europe: we use the flexibility in the rules

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The Minister of Economy, Pier Carlo Padoan

 
  10/14/2014
 
 

A few hours after the launch of the stability law arrives ‘important confirmation on the public finances: the correction of the structural deficit in the Stability Law is 0.1%. The announcement of the Minister of Economy Pier Carlo Padoan, which challenges the full respect of commitments already agreed with Europe and relies on the outcome of the negotiations for a future negotiations with Brussels. The EU rules require in fact a correction of 0.5%. Now the word to Commission, with the risk that uploads a rejection of the law of stability.

“BLAME THE RECESSION”

“I’m confident because our relations with the EU are very constructive, we use the flexibility in the rules and have an open dialogue with the Commission, “the minister explained. Which states: “What matters is that we continue to be the target of a balanced, there is only a delay due to the fact that in April, when we took the commitments, the growth forecast was 1.1% higher than Today in 2015, the context has been highly degraded ‘:

FEAR OF BRUSSELS

As the examination of European laws will be an exercise in ‘purely arithmetic’, warns Commissioner for Economic Affairs Jyrki Katainen, the risk that Brussels rejects Italian numbers is concrete. As also noted Bankitalia, according to which “it is not granted,” the go-ahead to the postponement of a balanced budget to the 2017′s skepticism about Italy and France is also in Germany, the Bundesbank President Jens Weidmann them defines’ children troubled eurozone. ”

“NO NEGOTIATIONS WITH THE EU”

The premier Renzi has “presented some aggregate components of a law that must be approved and presented, it is early to correct something that has not been finalized yet, “says the proprietor of the Treasury in response to those who ask if there will be corrections in the numbers of the stability law to meet the EU. “The 3% limit is respected, we will below and we will go ahead with structural consolidation”, said Padoan. “There is no disagreement with the Treasury,” assures meanwhile Renzi.

acclaim BUSINESS

Renzi yesterday announced a move from thirty billion. With sixteen billion in spending cuts and “a dime” more in taxes. Indeed eighteen billion less in taxes: “The greatest reduction ‘never seen in Italy. The resources for the interventions will come from “fight against tax evasion, and cuts where you can and should do it, the ministries and the regions that also have a limited obligations of services to citizens,” says the Secretary to the Presidency of the Council, Graziano Delrio . Intante companies applaud the proposal of three years’ contributions zero “for new recruits. “When the Prime Minister yesterday announced measures for the stability law honestly I felt that was achieved almost a dream of ours,” exults the president of Confindustria, Giorgio Squinzi, who appreciates the elimination of the component work and the IRAP ‘zero contributions of new recruits for three years.

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 14/10/2014

 

AP

 10/13/2014

 

REUTERS

 14/10/2014

“); // ———————- —————————- // // Move to column 2 related articles // // ——- ——————————————- $ j (“# ad_frame1″ ) .after (“

” + $ j (“# col1ContainerArtCorr”). html () + “

“); // —————– ——————————— // // Hides the box if there are no related articles and multimedia // // ———————————————— – if ($ j (“# containerMMCorr .LS-boxUltimoArticolo”.) size () == 0) {$ j (“# containerMMCorr”). css (“display”, “none”);} if ($ j (“#containerArtCorr .LS-boxUltimoArticolo”.) size () == 0) {$ j (“# containerArtCorr”). css (“display”, “none”);} // ——– —————————————— // // Management of the box last Articles in opening // // ——————————————- ——- $ j (“. .LS ls-new-leaf-boxUltimiArticoli-top-.LS boxcontent-body”). height (60); boxManual = true; boxOpened = false; var topBannerHeight; var topUltimiArticoliHeight; var topTotalTopHeight; // // ———————————————- —- // // Displaying Expert System // // ———————————- —————- if ($ j (“. articoloTesto-ls”). height () & gt; 550) {$ j (“. articoloImmagini-Spacer-ls”). css (“height”, $ j (“. ls-images-article”). height () + 120); $ J (“. Ls-images-article”). Css (“display”, “inline”); } If ($ j (‘. ArticoloES-ls-Links’). Height () == 0) {$ j (‘. ArticoloES-ls-Links’). Css (‘display’, ‘none’); // ———————————————–} — // // Initialization page load // // ———————————— ————– $ j (document) .ready (function () {// // initialization top // topbannerSectionHeight var j = $ (‘. topBannerSection ls-’). height (); // // Initialization of the arrows Latest Articles // $ j (‘. arrow_up_big’). css (“display”, “none”); $ j (‘. arrow_down_big’). css (“display”, ” block “); // // Initialization edges Latest Articles // rightBoxUltimiArticoli var j = $ (‘# containerLista #boxUltimoArticolo’.) last (); rightBoxUltimiArticoli.addClass (‘borderRight’); // // Initialization related articles // maxAltezzaBox var = 730; hContainerArt var j = $ (“# containerArtCorr .LS-boxcontent-body-view”). height (); hViewArt var j = $ (“# containerArtCorr .LS-boxcontent .LS-box-items-related .LS-boxcontent-body “) .height () var height = Math.max (hContainerArt, hViewArt); Math.min height = (height, maxAltezzaBox); $ J (‘# containerArtCorr .LS-boxcontent .LS-box-items-related .LS-boxcontent-body’). Height (height); $ J (“# containerArtCorr #articoliCorrScrollUp”). Attr (‘src’, ‘/ common / img / arrow_up_disabled.png’); $ J (“# containerArtCorr #articoliCorrScrollUp”). RemoveClass (. ‘Active’); // // I hide the arrows to scroll if there are fewer than 3 items // if ($ j (“# containerArtCorr .LS-boxUltimoArticolo”.) Size () 74) {$ j (node) .text (titolo.substring (0, 74) + ‘…’); }}); // // I add the div to manage the scroll // $ j (‘. TopBannerSection-ls’.) After (”); $ J (‘# afterTopBanner’). Height (topBannerHeight); $ J (‘# getFixed’.) After (”); $ J (‘# afterUltimiArticoli’). Height (topTotalTopHeight); afterUltimiArticoliTop var j = $ (‘# afterUltimiArticoli’.) position (). tops; // // Management box in column 2 // var height = ($ j (‘. ArticoloTesto ls-’). Height () + $ j (‘. ArticoloTesto-ls’.) Position (). Tops) – $ j (‘# containerMMCorr’). height () – $ j (‘# containerArtCorr’). height () – $ j (‘. column2 ls-’). offset (.) top; $ J (‘# containerMMCorr’.) After (”);
 
 //
 
 
 $ J (window) .scroll (function (event) {
 
 var y = $ j (this) .scrollTop ();
 
 if (device.tablet () || device.mobile ()) {
 return;
 }
 
 //
 // Managing the top header
 //
 if (y & gt; 0) {
 if ($ j (window) .scrollTop () & gt; = $ j (‘# page_header’.) offset (.) top) {
 //
 // Top header fixed
 //
 
 if (event! = 1) {
 case = 1;
 
 $ J (‘. TopBannerSection ls-’). AddClass (‘fixed’);
 $ J (‘. TopBannerSection ls-’). AddClass (‘fixedTopHeader’);
 
 $ J (‘# afterTopBanner’). Css (‘display’, ‘block’);
 
 topBannerHeight = $ j (‘. topBannerSection ls-’). height () + $ j (‘. boxUltimiArticoliLista ls-’). height ();
 
 // Console.log (‘Case:’ + event);
 }
 
 if ($ j (window) .scrollTop () ($ j (‘# getFixed’.) offset (.) top – $ j (‘. topBannerSection ls-’). height ())) {
 //
 // Management of the box last articles
 //
 if (event! = 3) {
 case = 3;
 
 $ J (‘# afterUltimiArticoli’). Css (‘display’, ‘block’);
 
 $ J (‘# getFixed’). AddClass (‘fixed’);
 $ J (‘# getFixed’). AddClass (‘fixedTopArticoli’);
 $ J (‘. FixedTopArticoli’). Css (‘top’, topbannerSectionHeight + ‘px’);
 
 afterUltimiArticoliTop = $ j (‘# getFixed’.) offset (.) top + $ j (‘# getFixed’). height () – $ j (‘. topBannerSection ls-’). height ();
 
 // Console.log (‘Case:’ + event);
 }
 Else {}
 
 }
 
 //
 // Management related articles in column 2
 //
 
 if ($ j (window) .scrollTop () & gt; $ j (‘. articoloTesto ls-’). height ()) {
 if ($ j (“# containerArtCorr”). css (‘top’) == ’0px’) {
 if ($ j (“# containerArtCorr”). css (‘display’) == ‘block’) {
 postop var j = $ (‘# ad_frame2′.) offset (.) top – $ j (‘. column2 ls-’). offset (). + top 250;
 var = posBottom postop + $ j (“# containerArtCorr”). height ();
 
 if ($ j (‘# ed_Related_Box’.) offset (.) top & gt; posBottom) {
 $ J (“# containerArtCorr”). Css (‘display’, ‘none’);
 $ J (“# containerArtCorr”). Css (‘position’, ‘relative’);
 
 
 $ J (“# containerArtCorr”). Css (‘top’, postop + ‘px’);
 $ J (“. Ls-column2″). Height ($ j (‘. Column1 ls-’). Height ());
 $ J (“# containerArtCorr”). FadeIn (600);
 }
 }
 }
 Else {}
 $ J (“# containerArtCorr”). Css (‘top’, ’0px’);
 }
 Else {}
 if (event! = 4) {
 case = 4;
 
 $ J (‘# afterTopBanner’). Css (‘display’, ‘none’);
 $ J (‘# afterUltimiArticoli’). Css (‘display’, ‘none’);
 
 $ J (‘. ColonneArticolo ls-’). Css (‘position’, ‘static’);
 $ J (‘. ColonneArticolo ls-’). Css (‘top’, ’0px’);
 
 $ J (‘. TopBannerSection ls-’). RemoveClass (‘fixed’);
 $ J (‘. TopBannerSection ls-’). RemoveClass (‘fixedTopHeader’);
 
 $ J (‘. Spinster ls-’). Css (‘position’, ‘static’);
 $ J (‘. Spinster ls-’). Css (‘top’, ’0px’);
 
 $ J (‘# getFixed’). RemoveClass (‘fixed’);
 $ J (‘# getFixed’). RemoveClass (‘fixedTopArticoli’);
 
 // Console.log (‘Case:’ + event);
 }
 }
 });
   
 });
 
 // ———————————————— -
 //
 Management of the box // latest articles in opening
 //
 // ———————————————— -
 
 // Remember the open / closed state of the box to avoid
 // To handle the same event in the scroll
 boxOpened var = false;
 
 // Store if the box has been closed or apreto
 // Not manually change the status
 // Automatically during scrolling
 boxManual var = false;
 
 $ J (‘. Arrow_down_big’). Click (function () {
 // I open the box
 boxManual = true;
 ultimiArticoliBox (‘open’);
 });
 
 $ J (‘. Arrow_up_big’). Click (function () {
 // I close the box
 boxManual = true;
 ultimiArticoliBox (‘close’);
 });
 
 ultimiArticoliBox function (action) {
 speed1 var = 300;
 speed2 var = 500;
 
 if ((action == ‘open’) & amp; & amp; (boxOpened == false)) {
 var cssProp;
 
 $ J (‘. Arrow_up_big’). Css (“display”, “block”);
 $ J (‘. Arrow_down_big’). Css (“display”, “none”);
 
 cssProp = {height: ’170px’};
 $ J (“. .LS Ls-new-leaf-boxUltimiArticoli-top-.LS boxcontent-body”). Animate (cssProp, speed2);
 
 cssProp = {top: ’0px’};
 $ J (‘# getFixed #boxUltimoArticolo .LS-boxUltimoArticolo-info’). Animate (cssProp, speed2);
 $ J (‘# getFixed #boxUltimoArticolo .imgUltimoArticolo’). Animate (cssProp, speed2);
 
 cssProp = {height: ’169px’};
 $ J (“. .LS Ls-new-leaf-boxUltimiArticoli-top-.LS boxUltimiArticoliLista”). Animate (cssProp, speed2,
 function ()
 {
 var height = $ j (‘# getFixed’). height ()
 cssProp = {height: + height + ‘px’};
 $ J (‘# afterUltimiArticoli’). Animate (cssProp, speed1);
 }
 );
 
 boxOpened = true;
 }
 if ((action == ‘close’) & amp; & amp; (boxOpened == true)) {
 var cssProp;
 
 $ J (‘. Arrow_up_big’). Css (“display”, “none”);
 $ J (‘. Arrow_down_big’). Css (“display”, “block”);
 
 cssProp = {top: ‘-94px’};
 $ J (‘# getFixed #boxUltimoArticolo .imgUltimoArticolo’). Css (‘position’, ‘relative’);
 $ J (‘# getFixed #boxUltimoArticolo .imgUltimoArticolo’). Animate (cssProp, speed2);
 
 $ J (‘# getFixed #boxUltimoArticolo .LS-boxUltimoArticolo-info’.) Css (‘position’, ‘relative’);
 $ J (‘# getFixed #boxUltimoArticolo .LS-boxUltimoArticolo-info’). Animate (cssProp, speed2);
 
 cssProp = {height: ’59px’};
 $ J (“. .LS Ls-new-leaf-boxUltimiArticoli-top-.LS boxUltimiArticoliLista”). Animate (cssProp, speed2);
 
 cssProp = {height: ’60px’};
 $ J (“. .LS Ls-new-leaf-boxUltimiArticoli-top-.LS boxcontent-body”). Animate (cssProp, speed2,
 function ()
 {
 var height = $ j (‘# getFixed’). height ()
 cssProp = {height: + height + ‘px’};
 $ J (‘# afterUltimiArticoli’). Animate (cssProp, speed1);
 }
 );
 
 $ J (‘# afterUltimiArticoli’). Height ($ j (‘# getFixed’). Height ());
 
 boxOpened = false;
 }
 }
 
 
 // ———————————————— -
 //
 // Management related articles
 //
 // ———————————————— -
 
 var speed = 300;
 var topValueArt;
 var minValueArt;
 
 // ———————————————— -
 // Click Arrow to low
 // ———————————————— -
 $ J (“# containerArtCorr #articoliCorrScrollDown”). Click (function () {
 
 topValueArt = parseInt ($ j (“# containerArtCorr .LS-boxcontent .LS-box-items-related .LS-boxcontent .LS-boxcontent-body-body-view”). css (“top”));
 minValueArt = 0 – $ j (“# containerArtCorr .LS-boxcontent-body-view”). height () + 584;
 
 cssProp var = {top: minValueArt + + ‘px’};
 
 if ($ j (“# containerArtCorr #articoliCorrScrollDown”). hasClass (. ‘active’) == false)
 return;
 
 $ J (“# containerArtCorr .LS-boxcontent .LS-box-items-related .LS-boxcontent .LS-boxcontent-body-body-view”). Animate (cssProp, speed,
 function () {
 $ J (“# containerArtCorr #articoliCorrScrollDown”). Attr (‘src’, ‘/ common / img / arrow_down_disabled.png’);
 $ J (“# containerArtCorr #articoliCorrScrollDown”). RemoveClass (. ‘Active’);
 
 $ J (“# containerArtCorr #articoliCorrScrollUp”). Attr (‘src’, ‘/ module / new-leaf / img / arrow_up.png’);
 $ J (“# containerArtCorr #articoliCorrScrollUp”). AddClass (. ‘Active’);
 
 TopValue = parseInt ($ j (“# containerArtCorr .LS-boxcontent-body-view”). css (“top”));
 if (TopValue