Sunday, August 23, 2015

Unimpresa complaint: “Small and VAT numbers harassed by Revenue” – The Republic

Milan – “Controls tax one way: more than 90% relates to VAT registration and micro-small businesses. The tax audits relating to medium-sized businesses, instead, they correspond to 8% of the total. While only 1.7% of the investigations focus on large groups. Last year were identified 47 evaders, mostly large industrial groups (31), which would have removed all ‘ Treasury nearly 26 million Euros each. ” This map of the financial administration carried out by the Centre for the Study of Unimpresa.

According to the analysis of the association, based on data from Revenue Agency, “in 2014 it was carried out 177,300 inspections by the Agency Revenue. Of these, 160,007 (90.23%) were micro-small enterprises and VAT numbers, that is, artisans and professionals. In detail, 45,638 tests were carried out on groups of additional tax assessed up to 1,549 Euros, 66,457 checks up to 25,823 euro, 38,470 up to € 185,925, up 9,279 to 5.1 million euro, 156 up to 25.8 million euro, 7 more than 25.8 million euro. With regard to medium-sized businesses, the investigations have been total 14,211 (8.01%). Specifically, 2,750 inspections were carried out on groups of additional tax assessed up to 1,549 Euros, 3,220 checks up to 25,823 euro, 4,851 up to € 185,925, up 3,182 to 5.1 million euro, 199 up to 25.8 million euro, 9 over 25.8 million Euros. On large industrial groups have been performed 3,112 controls (1.75%). “

” In detail 548 checks were carried out on groups of additional tax assessed up to 1,549 Euros, 406 checks up to 25,823 €, 842 up to € 185,925, up 1,145 to 5.1 million euro, 140 to 25.8 million euro, 25.8 million euro over 31 – emphasizes Unimpresa -. Looking at the bands of alleged evasion, it shows that in 2014 have been identified 48,936 individuals who would not have paid to the State up to € 1,549 each; other 70,083 people would subtracted treasury up to 25,823 euro each; other 44,163 people have illegally withheld tax up to EUR 185,925 each; 13,606 other subjects up to 5.1 million each; other 495 subjects up to 25.8 million each and 47 people, mostly large companies (31 of 47), more than 25.8 million each. “

” The financial administration persecutes the weak and note or judgment must be changed dramatically the relationship between the state and taxpayers. We are saddened because the government Matteo Renzi with the tax delegation did nothing in this direction, “says the president of Unimpresa, Paul Longobardi.

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Taxes, the income of the state is three times that of the local authorities – The Time

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 The fees and taxes that we pay to the central government are three times higher than we pay to regional and local authorities. To detect it is the research division of Cgia. In 2014, for example, Treasury are “converged” well 379.7 billion, while the coffers of governors and mayors, however, “have been paid to EUR 106.1 billion.”

 Of the total tax revenues collected by the central government, 60% is attributable income surtax (161400000000), to VAT (97.1 billion) and IRES (31 billion). Locally, however, the tax more “heavy” are Irap (30.4 billion of revenue), the IMU / Tasi (21.1 billion), additional regional income tax (10.9 billion) and the ‘additional municipal income tax (4.4 billion).

 Of a total of 485.8 billion of tax revenues collected by the IRS last year, about 78% ended up in the coffers of the central state and about 22% of local authorities.

 It should be said that local authorities and regions have increased taxes in excess of the cuts made by the center.

 According to data from the Bank of Italy the tax increase local hit so more regions of the South. Among families, the heaviest price is arrived at that middle-class and lower-middle. Regions, provinces and municipalities come to ask for between 6 and 8% of income. In areas of the country where wealth is less than has unleashed a downward spiral between the financial statements and limping growth rates with the result that in relation to income, the tax burden is greater where the quality of services offered by local government is in trouble.

 According to the study by the Bank of Italy on territorial taxation, Lazio and Campania vie for the top spot for higher taxes. In general the increases that have accumulated between 2012 and 2014 especially affect the average family that is seen asking last year 5.9% more compared to 2012 while the more affluent among the aspects examined by the Bank of Italy It had a tax increase only by 1.8%. The Cgia points out that in recent years the government transfers to regions and local authorities rose from 53 billion in 2000 to 35 billion in 2013, a decrease of 35% to 18 billion. In the same period, revenue at the local level grew by 32.6 billion. An amount which is well above 18 billion of cuts suffered. However in the last seven years there has been a drop in transfers. The Court of Auditors found that between 2008 and 2015 were decided 22 billion cuts in transfers from the State (of which about 10 billion to the regions and the remaining 12 billion to local authorities). “

 Caustic remarks of the governor of the Veneto Zaia: in Rome are tassatori professionals. They pretend to cut taxes at central and unload the burden of lost revenue on the local level.

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Tax, boom of national taxes: “There are three times the local” – Today

Government taxes three times higher than local: a complaint that comes directly from the studios of CGIA Mestre which shows that in 2014 the Treasury are "converged" well 379.7 billion, while the coffers of governors and mayors, instead were paid 106.1 billion to EUR . Of the total tax revenues collected by the central government, 60% is attributable to income tax (161.4 billion), VAT (97.1 billion) and IRES (31 billion).

At a local level imposed "heavier" are Irap (30.4 billion of revenue), the IMU / Tasi (21.1 billion), additional regional income tax (10.9 billion) and the additional municipal income tax (4, 4000000000). of a total of 485.8 billion of tax revenues collected by the IRS last year, about 78% ended up in the coffers of the central State and only about 22% of local authorities .

"In the collective - says Paul Zabeo CGIA - has spread the idea that in recent years, governors and mayors would become the new tax collectors, while the central government would relieve the pressure tax to taxpayers ". "In fact - notes - things did not go their way. If it is true that over the last 15 years, local taxes increased by 48.4%, those in the hands of the central government rose by 36.1%. A little ' less, but not by much. "

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GREECE CRISIS: Dijsselbloem, Athens respects commitments (press) – BBC

12:34 MILAN (Dow Jones) – E ‘essential that Greece respects the agreement decided by the euro area. This was stated by President of the Eurogroup Jeroen Dijsselbloem Dutch television Nos, recalling that in the Hellenic Parliament “there was broad support” for the third aid program and for the reforms required. Consequently Dijsselbleom said he hoped that early elections would lead to additional support. After the announcement of early voting last night, 25 MPs opposed to the rescue have indicated that they will leave the parliamentary group of SYRIZA and will form a new party called Unita ‘popular will race’ against the first Greek Minister Alexis Tsipras early elections. Former Finance Minister Yanis Varoufakis not ‘in the list of splinter. rug laura.ruggiero@mfdowjones.it (end) AFX NEWS 2112: 33 August 2015

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Saturday, August 22, 2015

Spending review, Cottarelli: possible cuts in health care for other 3-5miliardi – Il Sole 24 Ore

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In the health sector savings are possible additional “between three and five billion euro without changing the system, not to mention the savings on purchases of goods and services’ . He told the meeting of CL in Rimini on the IMF Executive Director Carlo Cottarelli, which he called “credible and achievable” goal of ten billion euro for the next year put in the yard by the government in terms of the spending review.

Cottarelli: cuts to other 3-5mld Health
Noting that the spending on health in Italy “has increased over the past thirty years, although less than it has been in other countries “, and that the Italian system” is quite virtuous than even Germany, “the former commissioner of the spending review the government said:” The NHS works, but there are savings to be made, especially because efficiency It is very different among the various regions and even within each of them. A number of possible savings without disrupting the system is between three and five billion additional savings compared to what has been done. There are wide margins. The important thing is to proceed with an intervention. “

“10bn spending review in 2016 credible figure”
The goal of ten billion euro for the next year put in the yard by the government in terms of the spending review was described as “credible and achievable” from Cottarelli. As for investments, the executive director of the IMF does not see positively the government’s choice to adopt the instrument of legislative delegation, reiterating that on this front would be possible “further action for 2000 to 3000 million.”

Government to work on the spending
Although some of the strategic choices will be made by the Government only in September, in the mosaic that is building commissioner spending Yoram Gutgeld with Roberto, at least three tiles have already been placed : purchases of goods and services, and health ministries. These three chapters will likely contribute with no less than 5-6 billion savings, a third of which should be guaranteed by the new crackdown on supplies of Pa to which the Government is working with Consip.



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Cottarelli, possible 3 to 5 billion in savings from the health care ‘- AGI – Agenzia Journalistic Italy



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Cottarelli possible 35 billion savings from the health care 18:44 August 22, 2015

(AGI) – Rimini, Aug. 22 – You ‘can save between 3 and 5 billion on the cost of Health’ in addition to the cuts in purchasing costs of goods and services. And ‘contention Carlo Cottarelli, executive director of the IMF and already’ special commissioner to the Spending review from November 2013 to October last year. During a press conference at the Rimini Meeting, Cottarelli, defining as “quite virtuous” the Italian health system, it has highlighted the different situations in the various areas of the country and, therefore, on the need ‘of interventions “targeted” spending. “In the last 20-30 years – he said the economist – health spending and Italian ‘increased, also in relation to GDP, less than in other countries, and our’ system quite virtuous.” The increase in health spending to GDP, pointed out, “and ‘was 0.8% as in Germany and less than in other countries like France and the United Kingdom.” “Savings are there to do well because there ‘s a different efficiency between the different regions of Italy: you can get 3,4 or 5 billion in additional savings in addition to the purchase of goods and services”. “The margins are, and the important ‘that there are interventions” that take into account the situation of different reality’.
Regard to the objectives of the next spending review, Cottarelli said that the target of 10 billion savings and ” credible and achievable “. (AGI).

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Vatican, Pell warns: “Let’s affairs in order, we want to attack” – Il Sole 24 Ore

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“It ‘s time to put our affairs in order so they can be shown to the outside world: the next wave of attacks on the Church might be for irregularities ‘financial’. It ‘as said Cardinal George Pell, Prefect of the Secretariat of Economy of the Holy See and the State of the City’ Vatican at the conference “Church and money,” the Meeting of Communion and Liberation.

And turning to church institutions, the Minister of Economy of the Holy See criticized the attitude of indifference to the economic issues, behavior which, according to Pell, “opens the door to the scoundrels and incompetents.” And in this context, also it includes “the moral obligation to strive for an appropriate level of financial performance” of church property. “Economic life today – he observed – and ‘more’ complicated than it has ever been.” “That’s why the canon law requires the presence of at least (Christifideles) three lay experts in every diocesan council for economic affairs.

However and ‘dangerous, morally wrong, the fact that a member of the summit of the Church, a bishop, a priest or religious superior is happy not care the least about how the money of the Church are used and say that ` He understands nothing of soldi’. This opens the door to the scoundrels and incompetents. A leader of the Church need not be an expert, but must be able to understand where there is’ something rotten (see a hole in a ladder) and give a realistic personal judgment that the money under its control to be used well. ”

“In the Vatican are trying to put into practice the Christian teachings on the property ‘, wealth and service to the poor and to those who suffer. Modern methods of control are good, and perhaps is the best way to ensure honest ‘and efficiency. This’ requires the need ‘to make use of experts to lay expertise and the adoption of the principle of transparency, to report to the community’, including the laity, what hierarchies do with the money of the church. ”

“If the Church has investments and property ‘, the authorities’ church have a moral obligation to seek an appropriate level of financial performance. If this target is not reached, it often means that someone else makes money. In one of my diocese a priest he leased a large building for a low fee and not reasonable. His tenant sublet part of the building for a sum greater than that paid to the pastor for the whole property. To lease properties that are given to administer to friends or friends of friends and ‘wrong, morally wrong. ”

As for the real estate, according to Minister of Economy Vatican ‘and’ prudent that the dioceses and religious orders possess their houses of worship and their schools: what ‘guarantees them security of continuity’. However, ‘and’ important that, for example, a parish priest does not treat the possessions of the Church as if they were his own “: because ‘assets inherited from the Church must be used to fund the good works of the Church. They must not be squandered in a single generation. ” A European princess – she said the Minister of Economy of Pope Francis – once told me that some looked to the Vatican as an old noble family that was going bankrupt, losing all his money: a way of making incompetent, extravagant and that makes them easy targets for thieves. In the Holy See we are all working hard under the guidance of Pope Francis, ’cause this will change. ”

“Transparency, mandate Francis’
All the cardinals before the conclave that elected Pope Francis asked for” better organization “Vatican finances and” making cleaning. ” “We are working on this” but “this reform would be absolutely impossible without the support of Pope Francis.” This was said by Cardinal George Pell, the prefect of the Secretariat for the Economy of the Holy See and the State Citta ‘del Vaticano, at the Meeting of Cl. To finance reforms in the Vatican, said Cardinal Pell at the end of his speech ‘and’ a very important commitment, above all at this time. ”

“In the conclave before the election of Pope Francis – he explained – the vast majority of the Cardinals have made it clear that we have to organize things in a better way, we have to clean things up, we have to have efficiency and transparency and we work for this”. “This reform – he concluded – would be absolutely impossible without the support of Pope Francis. Thank you for supporting our work. “

” We have made substantial progress – said Card. Pell -. We have an auditor general, a lay person of high level, which can go anywhere in our systems to see that things are going well and there is corruption. ” In addition, “we have our agency against money laundering.” These, according to the cardinal, “are substantial progress” although “there is much to do.”



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Greece: 2-3 months evaluations IMF – ANSA.it

(ANSA) – Rimini, Aug. 22 – “The IMF has already said that the greek debt is not sustainable with a high degree of probability, which is the requirement for the Fund to make loans of significant amounts. The EU said that the debate on debt sustainability will take place after the start of the program, that is, between two to three months. Then the IMF will assess whether or not to intervene. ” He says the executive director of the International Monetary Fund Carlo Cottarelli at Rimini.

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The data of Cgia: national taxes three times higher than local – BBC

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Data CGIA: national taxes
three times higher than local

Of the total tax revenues collected by central government, about 60% is attributable to ‘income tax (161.4 billion), to VAT (97.1 billion) and IRES (31 billion)

VENICE The national taxes are three times higher than local. He detects the Studies Office of CGIA Mestre. In 2014, for example, Treasury are “converged” well 379700000000; coffers of Governors and Mayors, however, were paid only, so to speak, to EUR 106.1 billion. Of the total tax revenues collected by central government, about 60% is attributable to ‘income tax (161.4 billion), to VAT (97.1 billion) and IRES (31 billion).

At the local level, however, the tax more ‘hard’ are Irap (30.4 billion of revenue), the IMU / Tasi (21.1 billion) , additional regional income tax (10.9 billion) and the additional municipal income tax (4.4 billion). Of a total of 485.8 billion of tax revenues collected by the IRS last year, about 78% ended up in the coffers of the central State and only about 22% of local authorities. “In the collective – says Paul Zabeo CGIA – it is widely thought that in recent years governors and mayors would become the new tax collectors, while the central government would ease the tax burden to taxpayers.”

“Actually – notes -, things did not go their way. While the last 15 years local taxes increased by 48.4%, those in the hands of the central government rose by 36.1%. A little ‘less, but not by much. ” “In absolute terms – continues Zabeo – Regions and local authorities have suffered a tax burden of 34.6 billion euro, while the weight of the national tax authorities has increased by 100.7 billion. In short, if local taxes since 2000 have started running, those tax payments recorded in absolute terms much more vigorous expansion, with the result that families and businesses, despite themselves, have been forced to pay more and more. ”

For Cgia, it is “necessary to emphasize that local authorities and regions have increased taxes in excess of the cuts made by the center. A direct comparison of the dynamics of local taxes and the performance of transfers is not an easy task, also because of the amplitude of the timeframe considered that since 2000 ‘. In this period, it highlights the Cgia were introduced numerous legislative changes which have had a significant impact on the financial relationship between the state and local governments. “Anyway – he concludes Zabeo – in recent years the government current transfers for the benefit of regional and local authorities rose from 53 billion euro in 2000 to 35 billion in 2013, the latest year available, a decrease of 35%, or to 18 billion euro. In the same period, tax revenues at the local level have grown by 32.6 billion. An amount, the latter is well above 18 billion of cuts suffered. ”

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IRS: national taxes 3 times more ‘high local ones – AGI – Agenzia Journalistic Italy



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(AGI) – Rome, Aug. 22 – Taxes, fees and taxes that we pay to the central government are three times higher than we pay to regional and local authorities. Supports the research department of Ccia, according to which, for example, in 2014 the Treasury are “converged” well 379.7 billion, while the coffers of governors and mayors have been paid only to EUR 106.1 billion.
the total tax revenues collected by central government, continues Cgia, approximately 60% and ‘due to’ personal income tax (161.4 billion), to VAT (97.1 billion) and IRES (31 billion). Locally, however, the more taxes’ “heavy” I am Irap (30.4 billion of revenue), the IMU / Tasi (21.1 billion), additional regional income tax (10.9 billion) and the additional municipal income tax (4.4 billion).
a total of 485.8 billion of tax revenues collected by the IRS last year, about 78% and ‘ended up in the coffers of the central state and the only 22 per cent to local authorities.

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Taxes: the account of the central state three times saltier than the local – The Republic

Milan – While the government is studying how to implement the announced plan to reduce the tax burden, which is expected to be worth more than 45 billion in three years, taxes national came to weigh three times as much compared to the local ones. He detects the Studies Office of CGIA Mestre. In 2014, for example, Treasury are “converged” well 379700000000; coffers of Governors and Mayors, however, were paid only, so to speak, to EUR 106.1 billion. Of the total tax revenues collected by the central government, 60% is attributable income surtax (161400000000), to VAT (97.1 billion) and IRES (31 billion). Data that are now taking the reaction of the governor Veneto, Luca Zaia: “In Rome tassatori are professionals. They pretend to cut taxes at central and unload the burden of lost revenue on the local level. Now they all understand the play on Renzi and colleagues: grease the central government spending and disguise the alleged savings with real cuts that strangle regions and municipalities, especially those virtuous. “

On the local level, however, the tax” heavier “are Irap (30.4 billion revenue), the IMU / Tasi (21.1 billion), additional regional income tax (10.9 billion) and the additional municipal income tax (4.4 billion). Of a total of 485.8 billion of tax revenues collected by the IRS last year, about 78% ended up in the coffers of the central State and only about 22% of local authorities.

“In ‘ imagination – says Paul Zabeo CGIA – it is widely thought that in recent years governors and mayors would become the new tax collectors, while the central government would ease the tax burden to taxpayers. ” “In fact – notes -, things did not go their way. If it is true that over the last 15 years, local taxes increased by 48.4%, those in the hands of the central government rose by 36.1%. A bit less, but not by much. ” “In absolute terms – continues Zabeo – Regions and local authorities have suffered a tax burden of 34.6 billion euro, while the weight of the national tax authorities has increased by 100.7 billion. So, if in 2000 taxes locals have started running, those tax payments recorded in absolute terms much more vigorous expansion, with the result that families and businesses, despite themselves, have been forced to pay more and more. “

For Cgia, it is “necessary to emphasize that local authorities and regions have increased taxes in excess of the cuts made by the center. A direct comparison of the dynamics of local taxes and the performance of transfers is not an easy task, even in because the amplitude of the timeframe considered that since 2000 “. In this period, it highlights the Cgia were introduced numerous legislative changes which have had a significant impact on the financial relationship between the state and local governments. “In any case – he concludes Zabeo – in recent years the government current transfers for the benefit of regional and local authorities rose from 53 billion euro in 2000 to 35 billion in 2013, the latest year available, a decrease of 35%, or to 18 billion euro. In the same period, tax revenues at the local level grew by 32.6 billion. An amount, the latter is well above 18 billion of cuts suffered. “

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Friday, August 21, 2015

Consultants work: two million workers in black, 25 billion evasion – Il Sole 24 Ore

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Each year approximately 2 million people work illegally “completely unknown to the authorities.” And they produce, says an analysis provided by the ANSA Foundation studies of Consultants on the inspection of the Ministry of Labour-Inps-Inail of 2014 and the first 6 months 2015, an underground economy of “41 billion and 837 million “and” an evasion of 25 billion in taxes and contributions. “

The phenomenon of undeclared work, show labor consultants, it continues to be revealing, in our country. During 2014, 221,476 companies were inspected by the Ministry of Labour, INPS and INAIL, by lifting the veil of “77,387 reports not reported, then managed ‘black’, a percentage of 34.94%.” In the first half of this year, however, “it went a bit ‘better, but about 106 849″ companies sieve were identified approximately 31,394 occupied entirely’ black ‘,’ that is, 29.38%. ” In Italy there are about 6 million businesses registered with the Chamber of Commerce, as well as one million production companies not listed; bearing in mind that in 30% of the companies controlled is undeclared work, the national estimate is more than 2 million people (2,100,000) each year in paid completely unknown to the authorities.

The estimate of 25 billion in lost revenue for the treasury, adding professionals, derived from calculations on the average individual pay for 241 days per year of service paid leave (on INPS) which is equal to 86 , 80 Euros, considering the absence of social security contributions (41 billion), to social security payments (14.6 billion, providing a rate of 35%, counted on average between classes of contribution), as well as missed jetsam tax (9 , 3 billion, based on an average rate of 24.5%, net of deductions) and Inail insurance (1.2 billion).

It was the Prime Minister Matteo Renzi, in his enews 25 July, indicating the fight against tax evasion as a means to lower taxes: “In Italy we pay too much tax. It is foolish to continue like this, “he wrote. And he added: “While we fight evasion. If we all pay, we pay less. In the first year of government the fight against tax evasion has resulted in a more flattering 7% of revenue over the previous year. If the reforms will go ahead – and I believe – we manage to lower the debt, unlock yards, lower taxes. The design is clear, it has to make it happen! And the Democratic Party will never be the party of taxes. ”

A more effective fight against tax evasion has been shown in recent days by the government among the possible sources of coverage of the operation by 25 billion contained in the future Law of Stability. “The resources come from different sources depending on which is the expense you want to do. If you want to reduce taxes, a portion of the shell – said the Deputy Minister of Economy Enrico Morando – will come from the spending review. A fee can be, in the case of reducing the tax burden and not to other financial charges, even by a better outcome in the fight against tax evasion. “



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Bags, new thud: Milan -3%. Sink even Tokyo and China – The Messenger

Bags still deep in the red after the slip on Thursday. Milan also backs heavily weighted by fears about China. Collapse lists of Shenzhen and Shanghai -4.2% -5.4%. Investors around the world Temenus that a slowdown in China may curb global economic growth. The FTSE MIB index closed with a decline in close to 3%. Among the European markets, Frankfurt, London and Paris give more than 2 percent. The spread worsens, reaching 128 basis points, an increase of 4 basis points compared to the previous value.

The development of the Chinese manufacturing sector, fell to its lowest in six years, and the heavy opening of Wall Street (in wake the new collapse of crude, with WTI crude oil close to $ 40) then sent back into the red for the European markets.

Milan closing, gives 2.83 %. A Business Plaza, returned to the levels of early July, only saved by declines Saipem (+ 0.5%, with investors focused on resuming dialogue with Gazprom) and Yoox (unchanged). Instead down the entire banking with BPER, BPM and Banco Popolare in red by more than 4%. CNH (-4.4%) was affected by the cutting of the estimates of the American competitor Deere. On the rest of the list yet realized on Saras (-4.6%); Salini Impregilo also down (-3.6%).

Japan The fears about the economy and the financial turmoil in China also weighed on the Tokyo Stock Exchange ending the session with a splash of 2.98%, the Nikkei index yields 597.69 points and slipped to below 20,000 for the first time since mid-July, to a height of 19,435.83.

China The Shanghai Composite Index closed down 4.27% to reach the minimum of forty days, in the wake of the alarming data on the index of China manufacturing PMI, fell to a minimum of six and a half years. According to rumors in the press, the Chinese authorities would intervene in the final minutes of trading for groped to limit the fall of the price lists, which continue to reflect concerns about a sharp slowdown in the second economy in the world.

Meanwhile, the yuan , back from two weeks coaster in the slipstream of the three write-down from the bank cnetrlae Beijing and a subsequent upward adjustment, continues to lose ground against the dollar now trading at 6.3904 despite the Central Bank has indicated a fixing of 6.3864 . These days the monetary authorities of the Dragon are trying to run for cover through massive injections of liquidity into the system.

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Bags still falling. Thud Tokyo: -3%. Sink lists Chinese – The Messenger

Bags still falling, after the slip on Thursday. Milan has opened retreating still weighted by fears about China. Collapse lists of Shenzhen and Shanghai -4.2% -5.4%. Investors around the world Temenus that a slowdown in China may curb global economic growth. The FTSE MIB has reduced losses compared with the start but remains in the red. The spread worsens, reaching 128 basis points, an increase of 4 basis points compared to the previous value.

Among the European markets, Frankfurt, London and Paris yield around 1 percent. Minus sign for the Milanese listing, which continues the wake bearish represented by four consecutive declines.

The only blue chip Milan positive Saipem, an improvement of 0.81%. In a letter BPM -3.52% -3.33% and Azimut. Under pressure luxury stocks on fears of a decline in exports to China. Cala Luxottica, a decrease of 2.52%. Sales handful of Yoox, which suffers a decrease of 2.30%.

Japan The fears about the economy and the financial turmoil in China also weighed on the stock exchange Tokyo ending the session with a thud of 2.98%, the Nikkei index yields 597.69 points and slipped to below 20,000 for the first time since mid-July, to a height of 19,435.83.

China The Shanghai Composite Index closed down 4.27% to reach the minimum of forty days, in the wake of the alarming data on the index of China manufacturing PMI, fell to a minimum of six and a half years . According to rumors in the press, the Chinese authorities would intervene in the final minutes of trading for groped to limit the fall of the price lists, which continue to reflect concerns about a sharp slowdown in the second economy in the world.

Meanwhile, the yuan , back from two weeks coaster in the slipstream of the three write-down from the bank cnetrlae Beijing and a subsequent upward adjustment, continues to lose ground against the dollar now trading at 6.3904 despite the Central Bank has indicated a fixing of 6.3864 . These days the monetary authorities of the Dragon are trying to run for cover through massive injections of liquidity into the system.

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Euro zone PMI composite accelerates surprise in August – Reuters Italy

LONDON (Reuters) – The private sector activity in the euro zone accelerated to surprise this month thanks to a rise in new orders result in a more drastic cut in prices.

The composite PMI index, a combination of manufacturing and services, by Markit, compiled from interviews with thousands of companies and seen as a reliable indicator of the growth outlook, rose to 54.1 this month from 53.9 in July. Estimates of a Reuters survey anticipated a modest braking 53.8.

The index, which was released today the preliminary reading, ranks above the threshold of 50 points, which separates contraction from growth, from mid-2013.

According to the Markit senior economist Rob Dobson gave the promises to growth in the third quarter by 0.4%, in line with estimates of a Reuters poll conducted last week.

On www.reuters.it other Reuters news in italiano.Le top news also on www.twitter.com/reuters_italia

© Thomson Reuters 2015 All rights assigns Reuters.

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Greece has repaid 3.2 billion euro bonds due today – ECB – Reuters Italy

FRANKFURT , August 20 (Reuters) – The European Central Bank has confirmed that it has received 3.2 billion euro by Greece, which has so fulfilled more significant burden to Frankfurt over the coming 11 months.

“The ECB confirms that all Greek bonds due today and held by the ECB and the Eurosystem national central banks were reimbursed by Greece, “said the ECB.

To pay Athens has used funding from the new financial assistance package received earlier.

On www.reuters.it other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia

© Thomson Reuters 2015 All prior written Reuters.

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China, SMEs disappointing pushes downward share globally – Reuters Italy

TOKYO / SINGAPORE (Reuters) – Concerns a slowdown in the Chinese economy have intensified after a survey showed that the industrial sector has reported a more pronounced over the last six and a half years in August, ballasting the Stock markets and commodities globally.

The Shanghai Stock Exchange closed falling by 4.3% and the other major Asian stocks closed in negative territory. European shares opened lower.

In China, the preliminary estimate of ‘PMI manufacturing by Markit, which monitors the activity of enterprises of larger size, has shown a drop to 47.1 in August from 47.8 in July, while the median expectations of analysts was for a decline more marginally to 47.7.

This is the sixth consecutive monthly reading below 50 points, threshold watershed between growth and contraction.

If you look at the data in more detail, we see that all the components have deteriorated. Industrial production fell to its lowest in four years, and orders fell at a rate higher than in July.

The disappointing data drove investors toward safe haven assets like gold and bonds, fearing that the Chinese slowdown could have an impact on the global economy.

The markets have already suffered a significant effect of the devaluation of the yuan surprise last week and the sharp fall in its main stock index in early summer.

“The uncertainty on the rise of China is now the main factor moving markets, “says Tim Condon, an economist at ING in Singapore. “Today’s figures reinforce the doubts about global growth,” he added.

The downward trend of China is getting nervous neighboring economies and pushing many Western companies to reduce investment and look for ways to cut costs. More …

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Salt share of SWFs Milan Stock – Il Sole 24 Ore

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This entry was posted on August 21, 2015 at 7:21.

The day before yesterday the Norwegian sovereign wealth fund announced that it had lost about 8 billion euro in the second quarter of this year. The first negative performance for three years now for the Government Pension Fund, a colossus of nearly 790 billion euro in assets under management. Many markets, such as bonds, in the second quarter have corrected the course and this partly explains the setback in the accounts of the fund. The disappointments but are certainly not coming from the Milan Stock Exchange. Year to date, according to the database S & amp; P Capital IQ, the value of the holdings that the fund holds the Milan Stock Exchange grew by about 26% with a performance superior to that of the list FTSE MIB that, in the same amount of time, rose by about 17 percent.

The fund is very active in the Milan Stock Exchange where shares for 8.2 billion euro in the big list, including (by 2%) Fiat-Fca. A figure that makes it the seventh institutional investor of the price list and third among those behind the big American foreign Blackrock and Vanguard. Norwegians lead the patrol of entities controlled by sovereign states who have holdings of weight on the Milan Stock. A group which also includes the United Arab Emirates, through the fund Aabar have 6.5% of Unicredit, the Libyan central bank (other investor weight in bank square Gae Aulenti) and especially China which, through its central bank (but not only) in the last two years has established itself as one of the most active institutional investors in the Milan area.

According to the Sole 24 Ore processing it has made data on S & amp; P Capital IQ, the value of investments that these subjects have on the Milan Stock amounted to 18.6 billion euro. An increase of 6.5 billion euro compared with the beginning of the year. In percentage terms, this is an increase of 56% which is in part the result of the positive performance of the Milanese listing and part of the entrance of new players, just as China. After accumulating 2014 holdings above 2% in the capital of Eni, Fca, Saipem, Telecom Italy, Prysmian, Mediobanca and Generali, the People’s Bank of China in 2015 has focused mainly on banks, buying 2% of Intesa, Unicredit and MPS. The total value of investments of the PBOC on the Milan Stock rose about 2.2 billion euro. The account should also add another billion 400 million euro, a figure that is equivalent to the market value of the 20% of Pirelli, has certified in recent days Consob, it rose to ChemChina, the chemical giant controlled by the Chinese state, in ‘area of ​​the shareholding reorganization of the company (see article below).

The budget of the adventure of China on the Milan Stock should be fine considering that the bulk of purchases was made in the second half of 2014 and that since then most of the blue chips in which the Pobc invested rose on the Stock Exchange. The same goes for the shots he scored this year in banks, according to a report in the database S & amp; P Capital IQ, have so far generated a capital gain of about 100 million virtual euro in a few months. But the joys of the investment in the banking sector are the counterpart pains Oil & amp; Gas. The majority shareholding of the Chinese is a 2% of Eni bought last year is now worth one billion and 158 million euro. But considering that in the last 12 months Eni has lost a lot in the stock market (-20%) due to the depreciation of crude oil, the share in the hands of the Chinese suffered a loss estimated at 220 million euro. Pain also by 2% held Saipem. A share acquired earlier this year at bargain prices that seemed a bargain as the leap chalked up by the action in the first half (+ 30%) but that, in light of the subsequent retracement (the title is down 15% year to date ) has led to a virtual loss of about 11 million euro.

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Thursday, August 20, 2015

Less waste more taxes: the paradox according to Italian CGIA Mestre – Doctor News

The issue of waste periodically returns to be protagonist in the news policies, intertwined in glove with the daily life consisting of dirty streets and fees payable for citizens.

The good news is that in our country They produce less waste than in the past. Smiles end there, because, paradoxically, what should be a favorable trend, mprovvisamente become a cause for concern considering that taxes rise in inverse proportion. And then there is something wrong.

Why waste charges increase if the waste decrease? If you ask the CGIA Mestre, who instructed his center studies to highlight the strangeness in place.

The data are clear: “Between 2010 and 2015 a family with four members who live in a house of 120 square meters has been an increase in the levy on waste rentability of 25.5% or, in absolute terms, to an increase of no less than 75 Euros. This year will be paid to its well-City 368 € Tari. Another 3 members, who lives in an apartment of 100 square meters, has risen by 23.5% (+57 EUR). In 2015 he will have to pay almost 300 Euros. A group of three people who resides in a house of 80 square meters, instead, had to pay 18.2% more (+35 EUR). In this case, the total amount that will have to pay for the waste will amount to just over 227 Euros. “

The contradiction is that in spite of the taxes and the tax burden for Italians” is definitely increased since the crisis to date the production of municipal waste has fallen dramatically. ”

One thing above all: in 2007 every Italian “produced” almost 557 kg of waste. The last survey of 2013 says instead that we are down to 491 kg per capita, Good news, if you do not incrociasse with tax increases. “Basically – says Paul Zabeo CGIA – although we produced less waste, collection and disposal of the waste cost us more.” For economic activities, “things got even worse – the complaint still Cgia – despite a sharp drop in turnover, restaurants, pizzerias and pubs with an area of ​​200 square meters have experienced an average increase in the levy of 47.4 % or, in absolute terms, to EUR +1,414. A fruit and vegetable shop of 70 square meters, however, recorded an increase of 42% (+ EUR 560), while a bar of 60 square meters had to pay 35.2% more, equal to an increase of EUR 272 “.

Found also “increased immediately by the owner of a hairdressing shop (+ 23.2%), by the owners of the hotels (+ 17%) and by a coachbuilder (+ 15.8%).” Over the past few years “have been numerous innovations that have covered the levy on waste – remember the CGIA Mestre – until a few years ago were paying Tarsu (fee for disposal of municipal solid waste), although many municipalities l ‘ They were replaced with Tia (rate of environmental hygiene). In 2013, the legislature enacted the Tares (Tax on waste and services), while in 2014 it has given way to Tari (Tax on waste). ”

What’s the catch? In those who manage waste disposal: “These companies, in fact, operate under monopoly conditions, with costs often out of business that households and businesses, despite the production of waste is reduced and the quality of service has not improved, are calls to cover with amounts that in many cases are totally unjustified – says Paul Zabeo CGIA – precisely to avoid the cost of management inefficiencies are downloaded on citizens, the law of stability in 2014 has anchored, from 2016, the determination of tariffs the standard requirements. Thanks to the application of this new method, it is likely that next year the waste tax decrease. ”

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Greece, unlocked aid. Athens receives the money to pay off debts – The Messenger

Greece may access the financial aid after the okay came from the board of the European Stability Mechanism (ESM). The European fund salvastati gave its green light to the proposed agreement on financial assistance to Athens that will begin to repay its creditors.

The agreement reached last week provides a rescue package of 86 billion euro, three years. It will be immediately available an initial tranche of aid from 26 billion Euros required to honor maturing debts and recapitalize the Greek banks.

The ESM has made available a 16 billion tranche: 13 today that They will be used to finance the budget and the debt while the remaining 3 billion will be granted by the end of November. The remaining 10 billion marks, which are part of the tranches of 26 billion, will be paid by the ESM through floating rate notes and will support potential bank recapitalisations.

Today expires on loan from 3.4 billion ( 3.2 billion of capital to 200 million in interest) granted by the European Central Bank. The greek government has yet to honor debts to 7.16 billion bridge loan Eurogroup last month.

 August 20, 2015 15:20 – Last Updated: 15:40

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Italian stock market in sharp decline: FTSE Mib -2.60% – Reuters

          

European stock markets down sharply. The FTSE MIB closed at -2.60%, FTSE Italy All-Share at -2.56%, FTSE Italy Mid Cap -2.37%, FTSE Italy Star -2.75%. Sales abundant stock markets: China uncertainties, likely early elections in Greece, emerging currencies collapse.

In Athens, the Athex Composite index ended at -3.52% . According to the Greek state television ERT, today the Prime Minister Alexis Tsipras could announce early elections in September.

Euro recovery in the dollar: EUR / USD at the close of European stock markets swings in area 1.1190 after peaking from late June to 1.1221. The minutes of the last FOMC meeting, the operating arm of the Fed, showed that still have not been reached (but close) the conditions for a rise in interest rates.

Bond markets in Europe rise: yield of ten-year BTP is stable 1.83%, while the ten-year Bund yields as many as 8 bp to 0.58%. The spread salt of 8 bp to 124. Last night the ESM approved (after the ok of the German Bundestag) the plan of aid to Greece by € 86 billion over three years and the first tranche of 26 billion. The ESM has also given the go ahead to the immediate provision of funds to Athens to 13 billion euro.

As for the macroeconomic data published during the day to point out that in the US the Federal Reserve Philadelphia announced that its Index, which tracks the performance of the attivita ‘manufacturing from the Philadelphia, and’ certificate in August to 8.3 points from 5.7 points in July and turning out higher than expectations of analysts who expected an index value of 7 points. In the US July existing home sales in July totaled 5.59 million units (annualized), above the 5.44 million expected and 5.48 million (revised from 5.49) in June. In the US, new applications for unemployment benefits in the week ending August 14 totaled 277,000 units, higher than both the figure reported the previous week (273,000 units) that analysts’ expectations equal to 272,000. The Conference Board reported that, in July, the Forerunner Index (Leading Indicator), which measures the performance of the attivita ‘US business in the next 6-12 months, decreased 0.2% on a monthly basis, disappointing economists’ expectations of a fixed increase of 0.2% and a decrease compared to the previous year (+ 0.6%). In Britain, the ONS announced that the seasonally adjusted volume of retail sales in July showed an increase of 0.1% on a monthly basis, less than expected (equal to an index of 0.4%) but above previous survey (revised from -0.1% -0.2%). On an annual basis sales were up 4.2% lower than the consensus (+ 4.4%).

Very weak industrialists with Prysmian (-4, 60%), Finmeccanica (-4.12%) and Buzzi Unicem (-3.81%), the latter weighted by the unfavorable trend of the currency market: the dollar and especially the ruble are depreciating consistently, a fact that negatively impacts on the accounts of the group of Casale Monferrato which the US and Russia in two important markets.

luxury sector still under pressure : now the title has been most penalized Geox (-7, 25% to EUR 3.40), which completes the bearish head and shoulders formation in late July. The title overwhelms even the first static support at 3.4820, the low of 28.7, an operation that unlocks the potential of the negative pattern with consecutive goals at 3.25 / 3.30.

Sales Mediaset (-3.44% to 4.26 euro) that underperformed the index EURO STOXX Media (approximately -2.1%). The title returns to lose ground after the lateral movement of the last sessions and falls well below the support area of ​​4.35 euro, reactivating the bearish move started earlier this month to at least 4.15, with the next target on the fundamental support represented by minimum of June to 4.02.

red Atlantia (-3.38%): according to analysts at Mediobanca the hypothesis of the acquisition of London City Airport is a good opportunities to reinvest the proceeds from the sale of a stake in ADR, but also a risk in the event that the price paid for the stopover in London would be too high.

In sharp contrast Sorin (+ 6.15%) after the decision in its favor of the civil division of the Court of Milan on the action of opposition of creditors filed by the lawyer of the State of Milan to stop the proposed business combination between Sorin and Cyberonics. Sorin also announced that the SEC has given the go ahead to Cyberonics for the convening of the extraordinary call to approve the merger between the two companies: the meeting will be held on September 22 next. The two companies expect that the merger be perfected in the fourth quarter.

(Simone Ferradini)

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Greece, Tsipras resigns and calls elections. First aid by the ESM – The Republic

Milan – “I will go by the President to resign. The people must take power. You have to decide if we were able to carry forward the country and if we can lead the country out of the crisis . You decide with your vote who is able to give hope. You will decide who will be able to make the necessary changes. ” Group received the first tranche of international financing and repaid creditors, Prime Minister Alexis Tsipras announced on TV the resignation and the request for an early election.

The agreement signed by the government greek and creditors on the new aid plan “it is not we wanted but it was the best we could get under the circumstances, “said Tsipras. “Today this difficult phase of negotiations is finally over”, “we are obliged to respect the agreement but we will fight to mitigate the adverse consequences”. “We have to fight again so much against corruption, tax evasion, against the oligarchy.” “I have a clear conscience, in recent months I have fought for my people.” “We want a strong mandate, a stable government and solidarity with the company that wants reforms in progressive way.” “We brought the case greek worldwide. We have been an example for other nations. Europe is no longer the same after these months,” because “the idea of ​​putting an end to the austerity measures is taking place and we, the Greece, we had a very important role in these new ideas, and we will always come first. “

The wait for the elections. The likely dates for the elections are on 13 or 20 September. The second date, sources said the government, would be called for by the Prime Minister, after a meeting with leaders of the party would be ready to step back, for which expects an ad on TV. The reason lies in the anticipation of the vote fracture Inside the majority of Syriza, with a good part of the leftist radical who opposed to negotiations and agreements with the former Troika. The prime minister, Alexis Tsipras, is weighing up the opportunity to go to early elections, as voters have not yet discounted the weight of some new austerity measures. In any case, the appointment with the ballot is now inevitable. With early elections, Greece could have, even if only for four weeks, its first female Prime Minister, the Chief Justice Vassiliki Thanou-Christophilou. Greek law in fact provides – reports from the site GreekReporter – which call for early elections the prime minister to resign and magisrao that drives the highest legal body in the country to guide the interim government.


The first tranche of aid. The current account of Athens has meanwhile inflated (for a few minutes) 13 billion, from the ESM, the European Stability Mechanism. This morning, iI board of the fund has approved the first tranche of financial aid to Greece, amounting to 26 billion euro. The board of directors has decided to allocate ESM immediately, for now, its 13 billion euro. This decision follows the one taken yesterday evening still by the ESM, which was given the green light to the proposed financial assistance to Athens, according to the terms of the Facility Agreement (FFA), which provides up to 86 billion in three years. Crucial to unlock the floor, the green light received from national parliaments in recent hours, including Germany.

Tsipras also wrote to European Parliament President Martin Schulz, to ask that instead of the former Troika (“the 3 institutions “) institutions involved in monitoring the steps of Athens become 5. The Greek prime minister, writes Bild, would like the ECB, IMF and EU Commission were at this point flanked by the ESM and the European Parliament, which” will ensure, as the only rated European institution directly, that economic policy and social policy is democratic legitimacy “.

The 13 billion allocated by the ESM today are part of a ‘sub-tranche’ of 16 billion, serving the needs of budget financing and debt. The remaining 3 billion this sub-tranche will be disbursed at the latest by the end of November, a time that Greece will have completed the main additional actions. The second sub-tranche of 10 billion, to be paid by the ESM through floating rate notes, is intended to support potential bank recapitalisations or resolutions. This second sub-tranche, the board of directors of the body has yet to give its final approval.

The mandate ESM, opened in October 2012 and with a firepower of up to 500 billion intervention is precisely to prevent stability in the eurozone, by giving financial assistance to those who adhere to a shared program with the European creditors. Shareholders own the ESM are 19 states which make up the single currency area, who subscribed capital by around 700 billion euro: 80 620 paid and ready to be made available.

around money, used for redemptions. As reconstructed by Republic , however, much of the money from the ESM is set to remain very little in Greece and – above all – in the immediate availability of the Greeks. A story that repeats itself, since the 240 billion allocated in the first two bailouts, only 11.7 – calculated as the think tank Macropolis – were actually available to the Government to alleviate the crisis in the country. Also today, in fact, Athens has repaid 3.4 billion due to the ECB (3.2 billion of capital to 200 million in interest) and expiring today. In the morning, in addition, it is also party reimbursement of 7.16 billion bridge loan that had been disconnected by the Eurogroup to allow in Athens last month to honor a double deadline back to the ECB and to the International Monetary Fund .

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MILAN STOCK MARKET falling sharply, weigh China, emerging markets, Greece – Reuters Italy

 MILAN, Aug. 20 (Reuters) - Square business closed down the third consecutive session in a market nervous about a mix of factors. While in fact they are continuing the constant turmoil of the Chinese stock exchanges, returning fears in emerging markets and the pressures on the currencies of Russia, Kazakhstan and Turkey. The uncertainty on the timing of the increase in interest rates in the US and the elections in Greece offer further food for correction in the markets. "It 'a movement that is not so much on Western markets but as by China, the emerging markets and currency movements of these markets," says an operator. Forex on the tenge, the Kazakh currency, collapsed after the central bank's decision to let its currency float freely, move linked to the new drop of oil on which the country's economy. The Turkish lira hit a new record low, partly as a phase of political instability in the country. . "This is not conducive to the euro that is strengthened. If earlier in the  year we took advantage of a weak euro, in the second we discount it strengthens it," adds the operator. Another trader instead emphasizes the impact on the European indices fall on news of early elections which should be held in Greece on September 20. The FTSE MIB index closed down 2.6% down to below 22,500 for the first time since July 9. Milan is the worst European Square Athens after losing 3.5%. The AllShare leaves on the ground 2.56% compared with a decline of 1.9% of the European benchmark FTSEurofirst 300. Sales in particoalare on the Frankfurt Stock Exchange which lost 2.34%. Volumes in Milan for a total of approximately 3.1 billion Euros. The Milanese listing widespread declines in all sectors. Down sharply BUZZI UNICEM (-3.8%) affected by the collapse of the ruble, and by concerns about the Russian economy that triggered realizations after the recent highs entitled. Continue realizations also PRYSMIAN (-4.6%) after the highs reached last August 11. Letter also on  Mediolanum (-4.7%) and Finmeccanica (-4.12%) The situation in China continues to penalize the luxury MONCLER loses 4%, 3.8% Collection, FERRAGAMO more than 3%. The oil limit drops due to the rebound in oil prices. Instead of taking strong realize SARAS (-7.6%) after the strong gains of the title due to the growth in refining margins. Also give the banks affected by the enlargement of the spread at the highest since late July on new elections in Greece. INTESA SANPAOLO, one of the most penalized, losing 3.6%. Hold the securities on which they expect the tender offer, which Ansaldo STS (-0.5%), WORLD DUTY FREE (+ 0.2%) and Pirelli (-0.2%). Outside the main basket, ITALCEMENTI flexes by 0.2%. The decline of the Turkish lira weighs on ASTALDI (-4.6%) also present in Russia. SORIN jumped by more than 6% after the Milan court rejected the appeal of advocacy was against the merger with Cyberonics. The transaction will duqnuer continue and lead to the emergence of LivaNova. Www.reuters.it  On other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia ITALIAN STOCK ** ** The prices of the shares traded on the Milan Italian can be viewed by double clicking on the following codes ........ Market statistics ... ............................. 20 largest increases (in percentage) .............. 20 largest declines (in percentage) ............. FTSE IT AllShare FTSE Mib ....... FTSE Italy Star FTSE Italy Mid Cap ... FTSE Italy Small cap index FTSE Italy Micro Cap. Guide to Italy stock .... ** DERIVATIVES EXCHANGE ** Futures FTSE Mib .......... & lt; 0 # IFS: & gt; Mini FTSE Mib ................. & lt; 0 # MFI: & gt; Guide to Futures and Options .... Guide to options .............. ** ** EUROPEAN BAGS Comment on European stocks ........ Speed ​​guides European shares .. Pan European Index ........ ........ Analytical data pan-European FTSEurofirst 300 Index ... .......... .......... Stoxx Index ........... ................. Eurostoxx Index Movers /  markdowns sectors Stoxx ........ Movers / markdowns sectors Eurostoxx ..... 10 greatest rises / declines titles Stoxx ....... 10 greatest rises / declines titles .. Euro Stoxx 25 rises more European ......... 25 largest declines in Europe .... .... 25 most active stocks by value .... Guide to information from Reuters ....... .................. Chain Guide to equity indices Italian www.reuters.it On other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia 

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