“A misery, I’ll have to sell the car,” Came the first orange envelope – BBC

ROME “I came on the day of the birthday of my son. He did not say nothing, he did not want to spoil the party. But to me the day he failed. And how if he failed. ” Roberta Cioffi, 53, is a third-level worker Balducci of Montecatini, a children’s shoe factory, the corrective mythical. Indeed, it was. Because Balducci has been overwhelmed by the crisis and is condemned to closure. She is laid off by March. And two days ago he found in his mailbox, between a bill and a flyer, pure orange envelope INPS, the one that says when you retire and how much you take.

” My husband has decided to sell the car. Otherwise it does not do. And we had already cut off the heating at home, going to the pellet to save some ‘. Then you say that the economy does not turn. “

He thought to take more, then.

“It is certain. It says here that I can retire in 2020 with EUR 1,198 gross per month. Net are less than a thousand. Or I can get to 2,197 euro, more gross, but I have to hold out until 2031. But what they want these jobs here? I started when I was 14 years and a half. Not to mention that the factory closes and, optionally also, whom you take me? “.

Excuse but what was his salary?

“on 1,400 net. But before earning better and the contributions I’ve always paid them. Of course, when I think of my son, I can not complain. “

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Ask the board in anticipoTre cases to figure out whether it makes sense

 
 

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“It’s engineer, is 28 years old, works in Bologna. He said the board will never take. Here, we will have to save for him. For his future. “

He would have preferred not to know, then?

“No, no. This thing of orange envelope is very useful because then people begin to open their eyes. But it is clear that the consequences are. “

In the sense that it will spend less?

“not only. Now there are elections, no? “.

Yes, there are elections.

“Here, I have always voted for the left. But I know that this time course change. “

” They have much talked about golden pensions but then did nothing. And the result here it is. Works 40 years, you’re there to sew uppers every day that make you hurt your hands. And then go away with a scandalous figure, a figure that will not fields. And then you know what I do? “

” If you turn on the television and see that there is a Tigga, channel change. The news I do not want to hear, then I lose patience. I prefer to watch cartoons. I did as a child. “

April 29, 2016 (modified April 30, 2016 | 08:45)

© ALL RIGHTS RESERVED

Occupation, Italy recovers jobs but remains in the queue to the EU – The Republic

MILAN – The work in Italy has given signs of life, mainly due to cuts on stable assumptions introduced by 2015. But the Italian employment picture remains still pending many dangerous cargo, starting from the difficulties of entering into the world professional integration of young people, especially when compared to the positive dynamics that can be seen for the older. Prospects that are colored in black, if they relate to the fact that a work that is in short supply today will be synonymous with inadequate pensions (and ritardatissima) tomorrow.

In the midst of these trends in light and shade, the CGIA Mestre adds a given lackluster for Italy, which continues to have a very low employment rate than the EU average. A delay also stressed recently by the OECD data. Despite the decline in jobless (11.4%) rate of just underlined by Istat for the month of March, “to celebrate May 1 will be about 22 million 500 thousand Italians (more autonomous employees): between 28 European Union countries, only Croatia (55.8 percent) and Greece (50.8 percent) have a lower employment rate of our (56.3 percent) “, noted the association of Mestre .

wounds of the great recession economic are still present, despite the click of 2015: the beginning of the crisis (2008) last year we lost 625,600 jobs , although between 2014 and 2015 Italy has managed to recover approximately 186,000. The Minister of Labour, Giuliano Poletti , has commented: “After a long period of crisis that has hit the jobs and businesses, over the last year Italy has taken the road of growth. Thanks to the reforms promoted by the government has increased the confidence of businesses and households, investments, have awakened consumption are broken. and above all, as evidenced by the latest data, is growing again work “, welcoming in particular “the growth of the stable.”

But watching the grass of the neighbors it turns out well greener. Taking the population of working age (between 15 and 64 years) and purifying it of unemployed, discouraged and inactive you get the ‘Occupational score’ of the country: Italy has a 17.7 percentage point gap with Germany , to 16.4 points with the United Kingdom and 7.9 points with France. A significant limitation, according to the studies of the Office of the Coordinator Cgia, Paul Zabeo: “The employment rate is more important” than that of the unemployed, “because it ties this index in glove with the level of wealth creation of a ‘ area. in other words, between the number of jobs and wealth generated in a given area there is a direct relationship. As more of one increases, so does the other. “

employment rate 15-64: Italy only third last among the 28 EU

Rank employment rate (2015)	EU	2008	2014	2015	% change ’15 / ’08	Change% ’15 / ’14
1	Sweden	74.3	74.9	75.5	+1.2	0.6
2	Netherlands	77.2	73.1	74.1	3.1	+1.0
3	Germany	70.1	73.8	74.0	+3.9	0.2
4	Denmark	77.9	72.8	73.5	4.4	0.7
5	United Kingdom	71.5	71.9	72.7	+1.2	0.8
6	Estonia	70.1	69.6	71.9	1.8	+2.3
7	Austria	70.8	71.1	71.1	0.3	+0.0
8	Czech Republic	66.6	69.0	70.2	+3.6	+1.2
9	Finland	71.1	68.7	68.5	2.6	0.2
10	Latvia	68.2	66.3	68.1	0.1	1.8
11	Lithuania	64.4	65.7	67.2	+2.8	+1.5
12	Luxembourg	63.4	66.6	66.1	2.7	0.5
	European Union (28)	65.7	64.9	65.6	0.1	0.7
13	Slovenia	68.6	63 , 9	65.2	3.4	+1.3
	Euro Area (19)	65.8	63 , 9	64.5	1.3	0.6
14	France	64.9	64.3	64.2	0.7	0.1
15	Hungary	56.4	61.8	63.9	+7.5	+2.1
	Malta	55.5	62.4	63.9	+8.4	+1.5
	Portugal	68.0	62.6	63.9	4.1	+1.3
18	Ireland	67.4	61.7	63.3	4.1	+1.6
19	Bulgaria	64.0	61.0	62.9	1.1	1.9
	Poland	59.2	61.7	62.9	+3.7	+1.2
21	Slovakia	62.3	61.0	62.7	0.4	1.7
22	Cyprus	70.9	62.1	62.4	8.5	0.3
23	Belgium	62.4	61.9	61.8	0.6	0.1
24	Romania	59.1	61.0	61.4	+2.3	0.4
25	Spain	64.5	56.0	57.8	-6.7	1.8
26	Italy	58.6	55.7	56.3	2.3	0.6
27	Croatia	60.0	54.6	55.8	4.2	+1.2
28	Greece	61.4	49.4	50.8	10.6	+1.4

Processing Research Department CGIA on Eurostat data (updated to 04/25/2016)

If the compared with the average employment rate in the European Union, Italy suffered a differential of 9.3 percentage points in the rate of female employment (equal to 47.2 per cent in Italy) the gap with the EU average is 13.2 points, while in the youth (which stood in 2015 to 15.6 percent), is 17.5 percentage points, still continues Cgia. With a North-South split worrying, given that almost all southern regions recorded an employment rate lower than the greek : “Sardinia, for example, includes 0.7 percentage points lower than the figure average of Athens, Molise 1.4, 1.6 Basilicata, Apulia 7.5, 10.8 Sicily, Campania and Calabria 11.2 11.9 “. Numbers ‘contaminated’ by the very high rate of irregularities in the South: “The latest available statistics refer to 2013 and were processed by the Office of studies Cgia on Istat data. The most serious situation is in Calabria (22.9 percent) in Campania (21.4 percent) and Sicily (20 percent), while the national average stood at 12.8 percent, “say the Mestre artisans.

irregular work by Region (year 2013)

Regions	Occupied (thousands)	irregularities rate
Calabria	143.0	22.9
Campania	387.2	21.4
Sicily	306.9	20.0
Apulia	227.0	17.0
Abruzzo	80.1	15.5
Molise	16.5	15.2
New York	366.8	14.3
Sardinia	83.1	14.1
Basilicata	25.7	13.5
Umbria	46.2	12.6
Liguria	69.7	10.7
Piedmont	194.4	10.6
Tuscany	171.6	10.6
Friuli-Venezia Giulia	53.6	10.0
Lombardy	438.1	9.6
Provincia Autonoma Trento	24.3	9.6
Emilia-Romagna	198.0	9.5
Brands	59.8	9.3
Valle d’Aosta	5.7	9.3
Trentino Alto Adige	47 , 9	9.1
Provincia Autonoma Bolzano	23, 6	8.7
Veneto	183.7	8.5
Italy	3105.0	12.8
northwest	707.9	9.9
northeast	483.2	9.1
Center	644.4	12.4
Midi	1269.5	18.9

Processing Research Department CGIA ISTAT data
Note: the rate irregularity is the ratio of the number of non-regular workers and the overall total employment multiplied by 100

Banks, 80% compensation for those on a low income – The Messenger

In the end, refunds will be automatic for just over half of savers, which will recognize 80 percent of what they had invested in bonds subordinated Banca Etruria, Banca Marche, and the savings banks of Ferrara and Chieti. Others will stay the arbitration road; the government still does not place a limit on the financial resources available (payable by the banking system) and for the standard compensation, both for those who will eventually be decided later, with arbitration procedures. It has been waiting a long time the measure by which the government intends to solve – permanently – the story of those who had signed the bond of the four institutions and if they were then seen clear last November to start the resolution process. The final version approved yesterday by the Council of Ministers, set up in close contact with the European Commission, is perhaps a little ‘less generous than it was leaked in recent weeks; and somehow this orientation is also confirmed by the words of the Prime Minister, according to which it is not right without distinction classify as “cheated” all investors involved in the affair.

THE DATA
 There are three criteria by which the admission to the automatic refund will be decided. The first is temporal: will ask those who had bought the bonds before June 12, 2014, date of publication of the Official Journal of the European Brrd Directive: one that introduces the principle of the bail-in instead of the public rescue in the event of banking crises. In other words, those who bought after that day should have known that there was a risk of losing. This parameter, however, appears decidedly not restrictive (previously it was referred to July 2013): as explained by the same Matteo Renzi will remain off only 158 people who purchased the securities in the secondary market and not the issue.

on the remaining audience of about 10,000 people will be applied two additional parameters, income and financial character: to achieve automatic compensation for those concerned should have had an annual income of no more than 35,000 euro or a personal estate within the 100 threshold EUR thousand. How many will be? Minister Pier Carlo Padoan said that the estimates are still ongoing and that especially on the second requirement will vary; but it indicated in a rough manner that just over half of rispamiatori can avoid arbitration procedures.

THE COUPONS
 To the arbitrators, to prove that they were actually duped, should instead contact the others, those who have a mix of income assets above specified levels. The amount of the reimbursement is fixed precisely at 80 percent of their investments, but this amount will be subtracted the costs and expenses incurred for the purchase transactions and above any earnings received in the meantime, thanks to the titles, if higher than in the same BTP. In other words, it must be returned any difference between the guaranteed coupon subordinated bonds (generally quite palatable) and those on government bonds, taken as investment reference “normal.”
 THE ALLOCATION
 Throughout the operation the law of stability had identified an amount of 100 million, not borne by general taxation, but the banking system through a special fund. These resources will increase, although at the time there were no figures shown. The principle reaffirmed by the minister is that those who are entitled to lump sum compensation will perceive emotionally and will not have to worry about the exhaustion of resources. Resources that will always get from the banks through the payment of a fee to the state to accompany the release of the mechanism of deferred taxes: about 100 million obtained through this channel should instead go to fund the next decree competitiveness.

Meanwhile, yesterday the European Commission has announced that it has extended the deadline for the sale of the four new banks were born from the restructuring of institutions admitted to resolution. The new deadline, like the old one, was not made known not to affect the market.

 

 30/04/2016 00:00:00

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Work: Cgia, employment rate among Italy more ‘low in the EU – The Republic

Rome, April 30 – To celebrate the 1st May will be about 22 million 500 thousand Italians (more ‘self-employed workers) and although the latest data presented yesterday by Istat on unemployment tell us that things are improving, our country continues to experience delays very worrying employment. Among the 28 European Union countries, only Croatia (55.8%) and Greece (50.8%) have an employment rate of more ‘lower than ours (56.3%). This rate, recall the CGIA Mestre, and ‘obtained by dividing the number of employed in a given territory and the population in age’ working between 15 and 64 years. In essence, this index is used to measure the level of employment in this country. Net of unemployed, discouraged and inactive shows that in Italy the stalls of employed registered a 17.7 percentage point gap with Germany, the United Kingdom with 16.4 points and 7.9 points with France. ‘When we analyze the data relating to the labor market – he begins the studies of the Office of the Coordinator Cgia Paul Zabeo – the attention and’ almost always addressed the trend in the unemployment rate. In reality ‘the employment rate and’ more ‘important,’ cause this alloy in glove with the index level of production of wealth of an area. In other words, between the number of jobs and wealth generated in a given area there is’ a direct relationship. Increases of one, also increases the other ‘. If the comparison with the average employment rate in the European Union our country suffers a differential of 9.3 percentage points, in the female employment rate (equal to 47.2 per cent in Italy) the gap with the EU average, and ‘ 13.2 points, while in the juvenile (which stood in 2015 to 15.6 per cent), and ‘of 17.5 percentage points at the regional level and’ the South to present major difficulties’. Almost all regions saw an occupancy rate even lower than that greek: Sardinia, for example, has 0.7 percentage points lower than the average figure of Athens, Molise 1.4, 1.6 Basilicata, Puglia 7.5, 10.8 Sicily, Campania and Calabria 11,2 11,9. ‘To give impetus to employment – says the secretary of Cgia Renato Mason – we must return to invest, given that over the last eight years this indicator has undergone a vertical drop of almost 30 percentage points. Otherwise, there is’ the danger that our country lose the challenge of innovation, research, competitiveness’ and slides into an economic stagnation with no way out ‘. In absolute terms the employment base of our country ‘consists of nearly 22 and a half million people. Since the beginning of the crisis (2008) and 2015 we lost 625,600 jobs, although between 2014 and 2015 we were able to recover approximately 186,000. Calabria (- 11.9%), Molise (-9.7%), Sicily (-8.5%) and Puglia (-8.4%) are the regions where the decrease in percentage terms the number of employed and ‘ It was the most ‘disturbing in these eight years. If the employed have returned to grow and almost reach 22.5 million units ‘, in Italy the unemployed are about 3 million, 14 million and inactive units’ standard black work (ie undeclared workers) are little more ’3.1 million units’. The latter category, and ‘consists of the Dopolavoro, pensioners, unemployed, laid off from and a good portion of people who did not have a job and has decided not to seek more’ regular employment. The rate of irregularities ‘and’ very common in the South: the latest available statistics refer to 2013 and were processed by the Office of studies Cgia on Istat data. The more ‘serious situation is in Calabria (22.9%), in Campania (21.4%) and Sicily (20%), while the national average stood at 12.8%. –

( 30 April 2016 )

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Banks saved, “automatic refunds of up to 80% to those who have incomes below 35 thousand euro. They’re going to half of cheated” – The Daily

The measure approved Friday night by the Council of Ministers aims to “solve forever all the banking problems.” So the premier Matteo Renzi , with considerable optimism, said the green light to the Banks Decree that contains the rest of the rules on the Refunds for subordinated bondholders Banca Etruria , Banca Marche , Cariferrara and Carichieti , “resolved “in November canceling the savings of thousands of customers. Will get a sum refund up to 80% of the amount invested, without the need of ‘ Arbitration at the’ National Anti-Corruption Authority , if you have a gross income “low” , estimated at less than 35 thousand euro for income tax, securities or assets of less than 100 thousand euro value. The Codacons is not at all convinced that the solution found by the executive is the ideal one: the Consumers’ Association has called the decree “ inadmissible ” and announced that it will appeal to Tar of Lazio for the annulment by the Constitutional Court. More open President Anac Raffaele Cantone , which reserves the right to “read the text in order to know in detail” but hot says: “It seems to me a solution that in the end, even though time has passed since the problem has arisen, meets savers because for most of them the compensation will be automatic. “

  Video Manolo Lanaro

flat rate of 80% of their investments to those who have low incomes or properties that are worth less than 100 thousand euro – the decree on compensation for those who have purchased financial instruments referred to did not know the hazards was expected for five months and it arrived on the table with cDM delay 30 days of the deadline that had been set in the law of stability . The main novelty is that it will get a lump sum of up to 80% without the need of ‘ Arbitration at the Anak who has a gross income of less than 35 thousand euro for income tax or assets of less than 100 thousand value euro, even if they earn more than 35 thousand. And there is an additional condition that must be met for entitlement to a refund without arbitration: you must have bought it by 12 June 2014. They stay out on the basis of this parameter “only 158 people who bought the secondary electronic market to discount “. The refund lump sum will be “net of fees and expenses and the difference between Performance of subordinated instruments and yield of a multi-year of equivalent duration: in case there is a positive difference is going to reduce the package. “

to have the right to automatic reimbursement will be” a little ‘more than half “of approximately 10,000 bondholders of the 4 banks involved in the crash, said the Minister of economy Pier Carlo Padoan , but inviting to “be careful.” “I estimates which must be verified, dependent thresholds, we are doing the counts,” he added. He declined to quantify the total amount needed for the operation. The amount “will also depend on the outcome of the arbitration process.” In any case, “the resources to cover both the automatic redemptions both arbitrations will not be rationed, there will be money for all those who are eligible. It is money coming from the banking system. “

Renzi:” Embrace Padoan. Who he says he had damage has made a choice “ -” If I were one of those who had the money “in the four banks saved by the state,” I would go to embrace Padoan ” , he has annotated Renzi, who did not fail to emphasize that savers of the four banks “are people who can say they have had a damage but largely have made choices, quite legitimate: bought subordinated bonds that gave yields more than checking accounts. ” Too bad that the European Commission has recognized that these institutions “sold unsuitable products to customers who probably do not know what they are buying.” Renzi for the story of the four banks “was deliberately and instrumentally told by different” and “actually the truth, net of propaganda is that our attitude has been very strict and serious. And there was no element of support to managers or the structure of banks that have been put in the resolution. ” The prime minister did not explicitly mention the fraudulent bankruptcy investigation that involves Pier Luigi Boschi , father of Reforms Minister, who was vice president of Etruria. In return, he claimed to have “saved the depositors that they would go to belly “: “Citizens have saved their money, there are Sanctions for managers and commissioners . “

Codacons:” We appeal unacceptable discrimination “ -” I criteria set by the Government are nonsense, nonsense and totally illogical – says the president of Codacons Carlo Rienzi – All savers have been damaged in the same way, but without any valid reason Benefits will be partial and 80% in bonds, and will then be only in favor of those with low incomes and Real estate under 100 thousand euro, unjustly leaving out all the others and creating unacceptable discrimination . “

As a pledge to the bank the company’s assets to accelerate debt collection – the decree, in addition to the chapter on refunds , it includes the other two: measures in support of business and acceleration of the debt and other financial provisions on the Dta (deferred tax liabilities) as a fund of solidarity for upgrading of banking personnel. To reduce claims recovery time “for legal entities, not physical, from 6-8 years to 6-8 months ” comes the ‘ non-possessory lien securities ‘, or the ability for banks to have a guarantee on movable property enterprise debtor, such as machinery and stocks, which the institute can acquire without going through the courts in If default in the return of the credit. The measure will also ensure faster procedures for foreclosures .

Extended the deadline for the sale of the bridge bank – Meanwhile always Friday the EU Commission gave the green light to extension of time within which will be sold the four new bridge banks born from the restructuring of the Banca Marche, Etruria, Cassa di Risparmio di Ferrara and Savings Bank of Chieti. The new deadline was not, however, disclosed “in order to protect the effectiveness of the sales process,” says Brussels. The previous one, as revealed by The Daily , was April 30. The extension of the sales deadline has been requested by Italy, the Commission points, and should contribute to the successful conclusion of their sale which is in progress in a process that must be “open and non-discriminatory.” The Italian fund resolution gave 3.6 billion State aid , with the approval of Brussels, to cover the difference between assets and liabilities, and to capitalize on the bridge banks, plus additional guarantees It was about 400 million. To limit distortions of competition, Italy has therefore committed to keeping alive the bridge banks only for a limited period of time.

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Analysis / The unemployment to the lowest since 2012 – The Messenger

             The month of March ended, says Istat, with 90,000 employees in more than in February. The unemployed decreased (-63 thousand) and also inactive (-36 thousand). The unemployment rate fell to three decimal places in one month, from 11.7% to 11.4%, a value not seen since the end of 2012. In addition, the youth unemployment rate in February and March decreased significantly, even of one and a half, going from 38.2% to 36.7%. reassuring numbers for the Italian economy, which belie the dire predictions of a possible “deflation” of the effects of decontribuzioni and Jobs Act advanced by some analysts. The occupation, in fact, has strengthened, both quantitatively and qualitatively. Undoubtedly there are still many jobs that are missing compared to those lost during the crisis, but, after having bottomed out between 2013 and early 2014, the improvements achieved to date prove solid and relevant entities .

to give an idea of ​​what took place on the Italian labor market over the past two years is enough to remember that the total unemployment rate had peaked at 13.1% in November 2014 and now is lower than 1, 7 points. While the youth unemployment rate, which had risen in a very worrying levels up to 43.5% in March 2014, is now lower than the peak of 6.8 points well. We have written several times in these columns that the monthly data on employment and unemployment, which originate from estimates and statistical manipulations exposed to constant adjustments must always be evaluated with great caution. For orientation it is therefore better to look at quarterly averages and the medium- to long-term trends rather than assist whenever the inevitable clash of “owls” and optimistic interpretation of the latest baked Istat statistics. Which, almost always, one month after the rise and fall; without forgetting that the data adjustments, not infrequently, they can even be inversely with respect to the preliminary estimates made in the previous month.

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Banks, Renzi: “refund up to 80% for citizens with incomes below € 35,000″ – The Messenger

“We got that there might be a flat-rate rebate of up to 80%, without arbitration, provided to one of two conditions: a very low gross income under 35,000 Euros, or assets securities under 100,000 Euros. ” This was stated by Chairman of the Board, Matteo Renzi, at the end of the CDM talking of compensation to bondholders of the 4 banks saved.

The flat-rate reimbursement of the bondholders of the four banks, said Renzi, “it applies to all those who bought “obligations” by the date of 12 June 2014. they remain off only 158 people who bought on the secondary electronic market at discounted prices. Define scammed is a little difficult, but they will have the possibility to resort to arbitration. “

The story of the four banks saved by the government” was deliberately and instrumentally told different from reality. We intervened saving depositors who would have gone belly up, and there was no favorable element for the manager or the structure of banks that have been put in the resolution. Citizens have saved their money, there are penalties for managers and the commissioners. The truth, net of propaganda is that our attitude has been very strict and serious, said Renzi yet.

The Decree Law on Banks is composed of “three Parties’, refunds, recovery receivables and Dta and the solidarity fund for the conversion of banking personnel, and aims to “solve the problems of the banking world permanently in our country,” continued the Prime Minister.

government approved measures to reduce recovery time credits “for legal entities, not physical, from 6-8 years to 6-8 months,” he then said the prime minister, who then concluded, speaking of the new measures for the recovery credits and specifying that the pledge is not automatic but will serve the signature of the parties: “the securities pledge not possessory concerns not only the building, the capannoncino, but also stocks. We try to shake up the economy. ” “If I were one of those who had the money,” the four banks saved by the state, “I would go to embrace Padoan. Then for charity can make arbitration if they can prove “that they had been cheated.

Padoan: ” automatic reimbursement for half of savers. “ the Economy Minister Pier Carlo Padoan said that the ‘amount of the fund for redemptions” depend on the actual implementation, not only of those seeking automatic refund but also the outcome of the arbitration process. ” What is certain is that “the resources to cover the automatic reimbursement and arbitration will not be rationed, there is a risk that at some point someone comes and does not find the money.”

to be eligible for automatic refunds will be “a little more than half” of the approximately 10,000 bondholders affected by the crack of the 4 banks saved on November 22, said Padoan, though inviting to “be careful.” “They are estimates that must be verified, depend on the thresholds, we are doing the counts,” he added.
 

EU markets uncertain, weak dollar. The Eurozone GDP rises by 0.6% – The Republic

MILAN – Hours 13.45. The European markets are weak, while the dollar is the lowest for almost a year in the wake of the US growth slower than expected. Yesterday it emerged that the US GDP rose 0.5% in the first quarter of 2016, less than the forecast (+ 0.7%) and especially under braking from the previous + 1.4% . A slowdown, closely tied to the export dynamics and thus the global context, but lowers the chances of a rate hike by the Fed during the next meeting in June. Milan marks a decrease of 0.7%, London 0.8% and Frankfurt gets worse at -1.3% and Paris to -1.7%. In Milan he looks Eni, which in the first quarter of 2016 recorded a total net loss of 0.79 billion euro, compared to a profit of 0.83 billion in the same period last year. Always under observation banking business, the day of the presentation of the Atlas Fund.

This framework weakens the greenback, which according to Bloomberg is the minimum 11-month low against a basket of ten coins competitors. The falling dollar pushes commodities instead: oil bought a fifth of the value (+ 20%) by the end of March, while gold and silver are the fifteen-month high. Different for the yen: the Central Bank of Japan has postponed the new economic support measures that some analysts expected, and this has strengthened the currency of Japan. The transmission euro-dollar is on the rise, with the currency of the old continent that is trading at 1.1394 greenbacks. Quotes of the oil are now stable, with Brent at -0.04% to $ 48.12 per barrel, WTI at -0.04% to $ 46.01 a barrel. rising trend for the spread BTP-Bund, which touches share 130 points with a 1.55% rate. Yesterday, the spread between the Italian-year bond and the German counterpart was at an altitude of 120 points with a 1.46% rate.

On the currency front has moved to China, with the Central Bank, which has raised the 0.6% reference exchange at 6.4589 per dollar, the highest remodeling since the fixed link was eliminated in July 2005. According to analysts, however, it is a move that reflects mostly the dollar slipped and not a statement of intent of monetary policy. Asian equities have treated weak in the morning, while Tokyo was closed for holidays. But in the wake of declines continued today in other Asian markets with Hong Kong 1.3% and Shanghai flat.

L ‘ macroeconomic agenda is nourished. The German retail sales fell unexpectedly in March: -1.1% compared to February, when it had remained flat. Economists had expected an increase of 0.4%. In Italy, unemployment has dropped to 11.4% in March, while inflation fell by 0.4% per annum. The Eurozone GDP for the first quarter 2016 increased by 0.6% over the previous period and by 1.6% on the previous year. This is the preliminary estimate. Shooting over the estimates, meanwhile, in France : GDP rose 0.5% in the first quarter, more than the 0.4% budgeted and after + 0.3% over the last three months 2015. In March, remains rather weak the transalpine inflation: + 0.1%, -0.2% on an annual basis. Data burst even in the US: income and consumer expenditure, activity index Chicago PMI and consumer confidence of the University of Michigan. And ‘meanwhile it has been called for Monday, May 9 the extraordinary meeting of the Eurogroup on the Greece , insistently request from Athens.

Yesterday Wall Street closed which were depressed, still weighed down by Apple . In Cupertino, moreover, there is the disappearance of billionaire Carl Icahn, who sold its package of shares. The Dow Jones lost 1.17%, the S & amp; P 500 0.92% and the Nasdaq 1.19%.

Unemployment falls to 11.4%. But CEI: “The Church does not see the decline” – Il Giornale

the rate of unemployment in March down to 11.4%, its lowest level since December 2012. Compared to February, according to the latest ISTAT report, there is a drop of 0.3 percentage points, while compared to March 2015, the decline is 1.1 points. The unemployed thus decreased to 2.895 million units, a decrease of 63 thousand units compared to February (-2.1%) and 274mila (-8.6%) over March 2015. It also improves the rate of youth unemployment that in March fell to 36.7%. This is the lowest figure since October 2012. “Pace of critical professionals – celebrate Matteo Renzi – these data demonstrate that the Jobs Act does” .

in March they return to grow the busy with 90,000 people working in more than in February and 263,000 more than in March 2015. in March, as stated in the report of the ‘ Istat , has touched quota occupied 22,578,000 (+ 1.2% compared to March 2015, up 0.4% over February). The employment rate rose to 56.7%, an increase of 0.2 percent on February and 0.9 points over March 2015. They return to grow even employees who have increased by 75 thousand units of February and on the 295mila March 2015. the same statistics office points out that those employed in general have grown by 90 thousand units over the month and 263mila year. “Thanks to incentives for open-ended contracts, despite the sharp reduction in the benefit from 2016, the employed ‘permanent’ rose by 42 thousand units over the month and 280 thousand on the year – continues in decumento – employed completed increased by 34 thousand units over the month and just 15 thousand on the year “.

the most heartening is perhaps what concerns the unemployment rate in the range between 15 and 24 years. Rate that, in March, decreased by 1.5 points compared to February and by 5.4 points compared to March 2015. “In the January-March quarter – reads the Istat report – the rate of youth unemployment decreased by 0.9 percentage points from the previous quarter “. It should however be noted that although the ‘ Employment grow in all age ranges, this trends there for 25-34 year olds who with 59.3% of employment rate marked a decline compared to February (-0.1 points) and no change of March 2015. “For younger people – concludes the Mayor – the employment rate rose to 16.1% (+ 0.2 points on the month, up 0.9 points on the year), for 35-49 years, the rate rises to 72% (up 0.4 points on the month, up 0.3 year), while for the elderly (50-64 years) the employment rate rose to 57.7%, an increase of 0.3 points on the month and two points on the year “.

“Now Italy has changed to: we have the opposite sign, at last” . Renzi has welcomed the results on the labor market: “Merit of the reforms, of course. But above all, about the enthusiasm and energy of entrepreneurs and workers” . However, he admits: “It is not enough, of course. There is work, still, to restart this country” . But the cardinal Angelo Bagnasco , president of the CEI, it crushes: “The observatory of our parishes and of our Christian communities not yet recorded this improvement, which we all hope” . At a conference on the ethics of the work under way in Genoa, the cardinal explained that in the parishes “queues of those looking for work, who are unemployed, or who have never been busy, continue greatly, not only for young people who are the big part, but also for middle-aged people who have family and economic commitments to be honored “.

Istat: in March unemployment falls to 11.4% is the lowest since 2012. Down also among young people – Il Sole 24 Ore

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This article was published April 29, 2016 at 10:17 hours.
the last change is the April 29, 2016 at 13:50.

Good news from the labor front. In March, the unemployment rate was in fact equal to 11.4, down by 0.3 percentage points on February. In absolute figures, according to data released today by ISTAT, the unemployed fall of 63 thousand units (-2.1%) and the decline it affects both men (-2.1) than women (2.2%). As for the unemployment rate of the aged 15-24, ie the share of unemployed youth in the total active ones (employed and unemployed), this stood at 36.7%, down 1.5% on the previous month and 5.4 points year. Here, too, it’s London ‘lowest level since 2012. Similarly down the estimate of the inactive 15-64 years, fell by 0.3% (-36 thousand). Compared to the previous three months, from January to March 2016 there was a decline of the unemployed (-0.5% to -15 thousand) and inactive (-0.3% to -43 thousand).

the “data show that Renzi tweet that #jobsact works”
the improvement recorded by unemployment bounces immediately on social, with premier Matteo Renzi ready to tweet ” the job data? Show that #jobsact works: #italiariparte thanks to the reforms and the energy of workers and entrepreneurs # segnopiù “. very positive also responsible for the synthesis of Economics of the Democratic Party Filippo Taddei, that the Istat estimates recorded “fewer unemployed and inactive, and busier.” It is, according to Taddei, of “signals consistent in indicating a labor market recovery (simultaneous decline of the unemployed and inactive) and increased employment. The unemployment rate (11.4%) reached the lowest level since 2012, while youth unemployment in particular, dropping by more than 5%, also down to the lowest level in the last four years. ” In other words, “asssistiamo to an improvement in the labor market that involves both the number of jobs that their quality”, just “the end of the jobs act together intervention to reduce direct taxes for those who work and produce” .

In March, 90 thousand employees in more
The data on unemployment is also reflected in the number of employed. After a decline in February (-0.4% to -87 thousand), in March the estimated by Statistics occupied processed rose by 0.4% (+90 thousand persons employed), returning to the levels of January. The increase, according to data released today by ISTAT, covers both employees (+42 thousand permanent and +34 thousand completed ones) and independents (+14 thousand). Employment growth involves men and women and is distributed among all age groups except the 25-34 year olds. The employment rate, at 56.7%, increased 0.2 percentage points from the previous month.

stable employees in the first quarter: + 0.1%, or +17 thousand
the monthly employment movements have led, in the first three months of 2016, a substantial stability of the level of employment (+ 0.1% to + 17 thousand) compared to the previous three months . The only component that shows a significant economic growth is that of permanent employees, which increased by 0.5% from the fourth quarter of 2015 (+72 thousand). On an annual basis to confirm the upward trend in the number of employees (+ 1.2% to + 263 thousand), which mainly involves those over 50. They are down both the unemployed (-8.6%, or -274 thousand) is inactive (down 0.9% or € -125 thousand).

Camusso: cloying race comment area codes
to act as counterbalance to all positive comments coming from palazzo Chigi then there are the words of the leader of the CGIL, Susanna Camusso, seconco which “is tiresome and useless comment on the numbers” disseminated periodically by Istat Italian employment, because it looks like “to race to review area codes without hand grips with the fact that is not changing anything structural. ” At the sidelines Flai-Cgil, Camusso then asks to “go back to discuss policies, investments, of replies to really give.”

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Banks, higher thresholds for compensation – The Messenger

ROME – The decree to repay the bondholders Etruria, Banca Marche, CariChieti and carife, will be approved today by the cabinet. But until late yesterday evening, not all nodes were still loose. On many issues it will have to be a political decision. Touch, in short, to Matteo Renzi unravel the tangle. The most sensitive issue is that of the so-called “watershed date”, the August 1, 2013, the limit beyond which those who purchased subordinated bonds of …

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That’s who Urbano Cairo, the man who wants to buy the Corriere della Sera – Il Sole 24 Ore

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This article was published April 29, 2016 at 6:57.

For someone like him allergic to losses and who lives the cost-benefit balance of its activities with a kind of painstaking obsession, that he must be a lot weighing loss millionaire. It is on RCS, now become its potential prey, which Urbano Cairo is serving one of the only (for now) failures of his career.

That investment in securities of the publisher of the Corriere della Sera has so far cost 31.3 million euro. And prices touched before the launch of its exchange offer that package of 24 million shares worth just under 10 million. With the upward breakout in the aftermath of its offer virtual loss is lightened to “only” 16 million. But always lost it.
And maybe for a man used to winning, hold a minority stake (4.6% of capital) of a company in crisis for years and to be relaunched it was not a sustainable position for a long time.

Cairo came later between the past, compared to other historical shareholders in RCS, only in 2013, perhaps thinking that the worst was behind them. He was wrong of course, with the benefit of hindsight. Now plays the card of his life. Become the controlling shareholder of the former first Italian publishing group. He will offer his card being securities of Cairo Communication to the existing RCS shareholders and in return, if the bid proves successful, it will become the controlling shareholder noting not only equity but also that debt by half a billion in the hands of the Courier Company della Sera.

Will it make to support the weight? Those who know him say he has done well for his accounts. Moreover, even when you always ventured in the spring of 2013 to the conquest of La7, many thought that purchase could turn into a boomerang for the whole of his small publishing empire. TV of Telecom drowning in a sea of ​​losses: 65 million passive already at the level of gross margin. A year and a half after nursing Cairo, EBITDA turned positive for 9 million at end 2014. 2015 was closed with an inferior result (EBITDA just 1.6 million) but still positive. Revitalization and operational restructuring carried out in a flash. But Cairo is famous as an entrepreneur capable in the long history of its Cairo Commnication: listed in 2000 at the peak of the Internet bubble his publishing house still operates at a loss one year. Product has accumulated profits of 250 million, and since 2009 as the crisis bit into the entire publishing industry Cairo Communication held blow with an increasingly industrial margin around 10% of turnover. Only last year the group has decelerated: profits more than halved to 11 million from 23 million in 2014; Revenue arrears to 236 million from 252 million a year earlier. In fact the peak of Cairo revenues was in 2012 with 280 million. But with the widespread crisis remains the group with the greatest return. And most liquid and hyper-capitalized. The Cairo has free cash of 105 million and a net capital of 116 million.

There is a secret in this anomaly Italian publishing? Evidently more than one. Certainly his publishing is popular national. Weekly, monthly gossip, cooking, leisure with high diffusion volumes with very low unit costs. Then there is the fine coated publishing of the former Giorgio Mondadori (Heron, Bell’Italia; Bell’Europa) also with increasingly positive margins and finally La7 where the recovery of operating costs and the keeping of advertising revenues now make it a rib reorganized the group. It lacks the newspaper where it is more difficult to get profitability. He could tell the truth to put on the plate the chest at its disposal: those 105 million accompanied by a debt leverage of the same amount would have allowed him to buy almost all the shares on the market. But he meant to launch a takeover bid on the entire group. With the stock exchange must not dip into its cash and “sells” the Cairo action to those who own the RCS. Clever and smart move. Because it brings out the cash that has accumulated over time, when it can be diluted by swapping their bonds while maintaining majority control over his Cairo? The operation RCS climbing involves the assumption of that debt by half a billion. Better to keep assets and cash ammunition for the future. Forever if he will become the new owner of the Corriere della Sera.

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Bonus tax, from the parking to the mattress: 10 deductions you did not know anything – The Messenger

Thanks to the restructuring bonuses, than on the furniture and the so-called eco-bonus, Italians will benefit from extensive deductions. But what are the costs that fall into these incentives and how much can you save? How many know, for example, you can deduct the costs incurred in buying imported furniture, to provide robotic technologies the homes of disabled persons, and to buy lamps and mattresses? And instead you can not include in the statement of income receipts used furniture and curtains?

ProntoPro.it, portal that allows the meeting between demand and supply of craft and professional work, has produced a handbook in 10 points discover some of the most interesting possibilities offered by known and less bonus. And so, surprisingly, it turns out that the parking spaces to the Thai furnishings deductible expenses in 730 and many are little known.

1 – Defend from thieves should – “With the restructuring bonus you can take advantage of a deduction of 50% for operations relating to the adoption of measures to prevent the risk of potential illegal acts by third parties. Go ahead then, to redemptions of affixing work grates on the windows, proof glass, wall safes and reinforced doors or reinforced.

<'p> 2 – The competence you pay, but will be deducted – “There is a firm or a professional that you feel very capable, but too expensive for your pocket? With the restructuring bonuses you will get 50% refund even for the professional services, the purchase of materials and the cost of appraisals and inspections. “

3 – Have you been in Thailand and you’re in love with one piece – “If you want to buy new furniture abroad, attaching all the necessary documents for deduction, paying by credit or debit card and documenting spending with invoice and receipt confirming the transaction, there are no reasons for hindering the use of mobile bonus. You can deduct up to 50%. “

4 – You built a garage? This, too, you can deduct – ” If during the year you have put into their wallets to make a garage, garage or even a parking relevance place in the courtyard, good news, the expense is deductible to the extent of 50%. “

5 – Technologies robotic and disabilities – “moving around the home can be a nightmare for those who are forced to move in a wheelchair; so here’s that list of deductible expenses with restructuring bonuses include those made to equip the building of robotic technologies to improve communication and mobility inside and outside the house they live in people with severe physical and motor disability. The deduction to which you are entitled in these cases is equal to 50% of expenses incurred. “

6 – shook, earthquakes and deductions – ” Italy is one of the countries higher seismic risk in the Mediterranean and, for this reason, if you want to realize the interventions of seismic first houses or buildings used for productive activities in high-risk areas, the deduction is equal to 65% for expenses incurred by August 4, 2013 ” .

7 – contemporary Art … – “Who is lucky enough to own a historic or artistic property and want to adapt it to the functional needs of a contemporary user, can do so by taking advantage of a deduction of 50%. In order to enhance and preserve the buildings is also allowed the use of materials and technologies different from the original ones provided they do not conflict with the overall character of the same. “

8 – Deduct and … doubles – “If you have already performed work on a property benefiting from an incentive, and embark on new works of redevelopment can take advantage of another deduction. The conditions? The overall limit for repayment amounts to 96,000 Euros per building unit, so if this is a continuation of a previous renovation, you will have to take into account the amounts already costs if it is a completely new intervention will benefit the entire deduction but diversity will be demonstrated through the presentation of the notice of commencement activities (DIA), the work testing and declaration of completion of work. “

9 – a bonus does not exclude ‘ other – “the use of a particular type of bonus is not exclusive and you can enjoy more incentives. But be careful at the time; to get the furniture bonus in addition to that for the renovation of the house, for example, it is necessary that the start date of the renovation work precedes the one where you buy the goods. It is crucial, however, that the restructuring costs will be incurred before those necessary for the furnishing of the property. “

10 – It’s easy to say furnishings! – “Especially for young people who go to live alone, one of the most attractive tax bonus is tied to the purchase of furniture. But, for tax purposes, not all furniture is identical. You can get the deduction for mattresses, lamps and chandeliers, furniture new tailor-made for the beds, closets, dressers, bookcases, desks, tables, chairs, tables, sofas, armchairs, sideboards, kitchens, furniture for the bathroom and the ones for the outside. No refund, on the contrary, for doors and curtains, but also for furnishing or furniture used and ancient. ”
 

Revenue Agency, hunting big evaders. Stop the meager checks – The Republic

ROME – Hunting the big fish. The Agency’s strategy of tip income at the top to fight the scourge of evasion. Set aside the involuntary error fighter, abandoned the only formal recoveries or small amounts which also creates inefficiency give a wrong perception of the work of the Agency, the IRS focuses on large taxpayers. Not only in the role of persecutor, but also serving as part of a conversation as possible, because they become central “dialogue, transparency and a clear approach, simple and free of preconceptions, fundamental to perceive the fairness and proportionality of action contrast. “

the technique of carrot and stick, however it imposes the intensification and the fight without quarter to the most serious forms of tax evasion and fraud, phenomena against which” the Agency has in place, as well as innovative techniques They go in the direction of an increasingly influential intersection of databases, a clear and intense action of contrast even towards those who for a living idea or evasive facilitates complex systems. ” These are the cardinal principles of the circular n program. 16 / E on strategies to prevent and contrast evasion in 2016 the Inland Revenue which proposes ambitious targets to reduce the Tax gap, improve the quality and reduce the assessment.

Among the challenges of 2016, the Administration will have to refine more and more the quality of controls, avoiding the waste of energy in purely formal objections or of negligible amount and focusing rather on concrete and significant risk exposures. The presumptions established by law to safeguard the revenue claim shall be applied in a proportionate and reasonable manner, thanks to the collaboration that the taxpayer can demonstrate and justify any anomalies. Financial investigations become a tool to be used only after a careful risk analysis and when a preliminary investigation is already underway. In addition, the Agency will be undertaken to enter into with companies, in certain areas, advance arrangements to adjust in advance the tax treatment of certain transactions, will implement the compliance cooperatives with large companies, and will also bring forward the management and processing of the instances of voluntary disclosure . In order to gradually improve relations with taxpayers and in line with the directions OECD, the Agency will continue the path taken last year in the fight against tax evasion, putting to taxpayers in the communications sent, the elements of which it is held with the aim of favoring the spontaneous fulfillment of tax obligations. In this way, the Administration will continue to give the opportunity to citizens to make up before it starts the actual assessment itself.
A continuous use of databases for high-quality controls – One of the challenges of 2016, more and more sharpen the quality of audits. In this context plays a strategic role in the wealth of information databases, which therefore should be enriched and updated with qualitatively correct data to support the risk analysis . Only a virtuous use of the databases , when added to the valuable information detectable from open sources such as foreign tax authorities, can ensure over time new paths of investigation and selection increasingly targeted, rational and consistent basis of precise risk indices. The circular recalls the importance of a strategic use of numerous applications in support of the Treasury in the process of risk assessment, so as to impress the evasion activities to concrete hazard ratios and decreased invasiveness of controls.

Enhanced territory combat fraud, possible new simultaneous actions through increased coordination – the circular devotes a paragraph to contrast fraudulent phenomena and to the renewed structure of the Anti-fraud structures Agency . The fight against fraud is key to the new contrast evasion strategy to give priority to improper conduct and systems designed by those who “puts on trade” structured models of tax evasion. Space also to the use of spontaneous exchange of information, useful for combating fraud in intra-community VAT. From the point of view of the new organizational model, launched by the Revenue in October 2015, the Treasury aims to ensure improved operational coordination and a greater range and flexibility of action. The creation of a single office, divided into several local sections, allows to realize simultaneous and transversal actions throughout the national territory, which produce benefits in terms of timeliness and effectiveness and that have proven essential in the fight against the most branched phenomena of tax fraud . Headlights on originators or facilitators of structured evasive behavior, the action of Revenue will not neglect those who do not care to craft the proper performance tax but facilitates phenomena contrary to the law.
In 2016, the voluntary gives the first fruits and opens the way to the activities of the coming years – the activity of 2016 is already heavily marked by the voluntary disclosure . All facilities involved from the voluntary cooperation procedure, in fact, will be engaged in assessment activities until 31 December of the current year. But this will not be the only front opened by the Disclosure to the tax authorities. In fact, the competent offices held digital collection activity of data and information contained in the instances that will allow subsequently the preparation of analyzes and calculations useful for future activities against tax evasion. The fruits of the voluntary, , therefore, will not end in 2016. The information collected, in short, will allow, among other things, to proceed with the subsequent analysis and statistical summary of conducted evasive most common ( especially those involving the movement abroad of resources and investments) and profiling of phenomena high tax dangerousness.
Promotion of the compliance , continues the season of transparency – the Agency on the agenda new communications to promote the spontaneous fulfillment. In particular, by June next year, will leave communications devoted to taxpayers with special anomalies relative to 2012-2014 period, detected by the data for the implementation of sector studies. By December next start letters intended to who has anomalies by comparing the annual VAT Communication the VAT return for 2015. It also will debut a new unique communication designed to natural persons and sole proprietors, so, in 2012, related anomalies have emerged, among other things, from a real estate rental income from employment, participation, equity, or capital gains of assets related to the company.
Contradictory and on-site access to the findings on properties – the contradictory becomes the heart of the assessment on real estate. The quote comparison with the taxpayer represents un’inderogabile need to make the office less conflict reconstruction and realistic as possible the relationship with the person, called to provide before the assessment all relevant information to properly quantify the value of ‘immovable object of the act. The circular also encourages visits to the property or the company under assessment and inspections in the area of ​​location, to gain valuable insight on the external appearance and characteristics of the well and thus intercept the correct similarities and differences with other properties or businesses taken in reference to the determination of the market price. In the spirit of transparency, the Agency for the first time recommended to attach the image of the property found the notice of correction delivered to the taxpayer, to support the motivation that prompted the re-evaluation of the property by the tax authorities.

financial and presumptions Investigations, a guide for offices – The circular provides guidance on the correct use of presumptions and, more generally, the powers of investigation. For example, the practice document clarifies that the presumptions established by law to safeguard the revenue claim shall be granted by the office according to the logic of proportionality and reasonableness, using as a priority to the cooperation of the taxpayer and the demonstrations given to justify any anomalies. The use of financial investigations, finally, is described as a tool to possibly enable downstream of a careful risk analysis and when a preliminary investigation is already underway.
Maximum care for the third sector and priorities for organizations “offsite” – the Agency aims to safeguard the particular socially relevant activities, such as those addressed to the care of elderly and disadvantaged persons or devoted to sports training of the boys. The control action therefore focuses on the contrast to the false reality “non-profit”, ie of persons who, while declaring non-profit organization, operating on the market in fact conducting business activities, or take part to fraud in real estate or false billings. In this context, the 2016 inspections will give priority attention to organizations that do not have registered office on national territory.
Getting across the border, to combat fraud to the new arrangements for the compliance – the Agency decision contrasts with tax fraud, both nationally and internationally, including by encouraging information exchange on request with foreign authorities. Particular attention to the most vulnerable sectors to illegal activities: intra-Community VAT fraud, circulation of false invoices by the action of paper companies, compensation claims exist through the use of F24 with false data. In terms of the promotion of the co compliance , expands the audience of large taxpayers allowed: also enter companies wishing to comply with the Agency’s reply, as a result of such difficulties on new investments. From this year, moreover, companies may enter into agreements with the IRS estimates to adjust in advance the tax treatment of certain cross-border transactions. The prior agreement means it opens to the patent box .

Pensions: by parliament and government proposals for new flexibility in output and upgrading of pension funds – Florence Post

on the subject of pensions, and strangely a few days Tito Boeri looks one indignant silence (after criticism received for the latest proposals) will instead follow statements and proposals by members of the government and parliamentarians. That do nothing but add to the confusion and bewilderment of pensioners and retirees. Parliament passed a resolution to the Document of Economics and Finance postponing to 2019 a balanced budget, on the issue of flexibility in output for those who must retire. An issue to which even the government has informally presented its proposal through the Undersecretary of the Council Presidency, Thomas Nannicini who has recently stressed the opportunity to imagine a mix of interventions for output modulated according to the situations of those who ask, but which has as its theme the minimization of the costs to the state coffers.

PARLIAMENT – parliamentarians in the approval resolution of Def asked the government to investigate an intervention on pensions, sustainable for public finances, even for those who decide to retire early from work, through a penalty mechanism that is not too onerous. The two documents are identical and approved by both the House and the Senate by a large majority also have advanced several “suggestions” and explicitly asked that the issue of flexibility in output to be addressed this year calling on the government “to take any useful initiative to promote, respecting the fiscal targets, interventions on social security aimed at introducing elements of flexibility for retirement, even with the provision of reasonable penalties. “

GOVERNMENT – the government has not taken a specific position on the pensions dossier, but the hypothesis advanced by Nannicini may represent guidelines on how the government intends to address the issue. The Secretary, in fact, spoke of a model with three audiences: employed, unemployed and redundant for each of which should be identified ad hoc solutions. The first identified range is that people who have a preference to retire earlier. The second is to those who need to retire early, because he lost his job and has not the output requirements. The third category are the workers that the company wants to retire earlier to restructure the company’s staff. According Nannicini “you could try to create a market of pension advances, that today there is, involving government, INPS, banks, insurance companies.” “In this scheme – he continued – the first category can retire but with a slightly stronger penalty. The second category him pay the penalty for the most part the State. For the third are the companies to cover the costs of the advance. In summary it would not be the state to pay the deposit, but merely to cover part of the costs with insurance to guarantee risk death. ” One hypothesis to which must be added the resolution of the majority of parameters you have indicated among the possibilities even that of interventions ‘selective’ for some specific categories, such as “in cases of involuntary unemployment and strenuous work.”

TFR AND pENSION FUNDS – in recent days have circulated hypotheses, not confirmed in the government, which should include the possibility to allocate a compulsory component of the TFR to supplementary pension funds. This would be the case c on the Stability Law 2017; probably we say goodbye to the Employee Severance Indemnity (TFR) in favor of the mandatory pension funds. D to a side of the accession it would be introduced mandatory pension funds, which would be made more affordable through the alleviation of taxation (3-4 points) and the increase in the tax deductibility of payments; the other would be made compulsory the destination of at least part of the TFR to complementary pension schemes. This would be one of the most important innovations in terms of pensions that the government is thinking of implementing in order to promote flexibility of the Italian pension system. But everything is still almost top secret by the government, and some anticipation came only a few specialized study and a few news agency. V edremo if later the Government will confirm this hypothesis is that sicuramenre destinta to fuel further controversy in the already hot matter of security.

REACTIONS – while on the whole otherwise there are different reactions: completely negative ones by the trade unions. The Deputy Minister of Economy Enrico Zanetti (Civic Choice) has promoted the idea of ​​pension loan, immediately quashed by the Fiom leader Maurizio Landini for which the idea is a true “madness” and yet another mockery. CGIL, CISL and UIL have called together to end up with the politics of the ‘blame game’ and begin to address concretely the problem. On the issue it is also addressed by President of the Chamber Labour Commission, Cesare Damiano, to the effect that 2016 must be the year of flexibility. But that is not intended as deconstruction of the current system related to Law Fornero. “We do not want to jettison the system of government Monti: Fornero law. We do not want to alarm Europe. We have a solid system, but this is make some corrections. In an interview with the Secretary to the Council Presidency, Nannicini spoke of flexibility. And this is a victory for the Labour Committee of the House because it has been three years that we are fighting. For us it is a great advance. Ask to sit down around a table to address the issue. “

And ‘what they ask in vain for months and months the unions, with whom the government does not want to confront.

Fed and BoJ take time, Borse flat EU. US GDP slows – The Republic

MILAN – Japan’s central bank will not extend its support to the economy of the Rising Sun: the BoJ opts to adopt a wait and see policy and check well what the impact of negative rates before taking further steps. A position that destroys Tokyo, with stock EU that deal in wake of weak, except for a recovery in the final. did not arrive on the other hand the expected support from US data: the US economy has indeed slowed in the first quarter of 2016, during which GDP grew by 0.5%. The preliminary exposure was below analysts’ expectations, betting on a + 0.7%, and slowed from 1.4% recorded in the last three months of last year. If the investments made in the real estate sector have provided solid growth to overall performance, the weakness of those businesses and exports – shot down by the prices of energy materials and by foreign demand falling – have hamstrung growth.

Square Business has been able to rebound in the afternoon and closed in the positive (+ 1.21%) thanks to the support of the banking sector and Saipem. Special observed Generali and RCS, both involved in the meetings. Flat closures for other lists of the Old Continent, which have recovered from the red of the morning: London marked +0.04%, Frankfurt is the 0.14% climb and Paris has filed down 0.04%. Wall Street , recovering from a checkered session continues without direction: when the EU markets are on track to close the Dow Jones index lost 0.1%, while the Nasdaq added 0.6% after the losses of the day before. Under the DreamWorks spotlight, acquired by Comcast for $ 41 a share. The spread between BTP and German Bund remained at the levels of the vigil to 122 basis points (123 yesterday). The yield of the Italian-year bond was down 1.47%, while the Treasury has placed all the 4.75 billion euro of BTPs at 5 and 10 years in the auction today, with rising rates from historic lows reached in March . On the five-year average yield rose to 0.49% from 0.34% in March and on the ten-year rate rises to 1.51% from 1.24% previously. Also assigned CCTeu maturing in 2023 to 3 billion at 0.59% rate.

In the morning, as mentioned, the governor Japanese Haruhiko Kuroda has disappointed market expectations, which for a small majority were expecting some kind of intervention, but has so stressed the independence of his institution with respect to external pressure: the bet is that negative rates could lead to an increase in lending to the real economy, while the temporary strengthening of the yen is not yet considered sufficiently dangerous. A decision that follows closely around the position announced by the Fed, which as expected has not touched the rates and is shown accommodating: the ascent path to the cost of money will be tied to the macro data that arrive in the coming months.

the two monetary policy decisions – both marked all’immobilsmo – have been the focus of market reaction: in the morning, the Tokyo Stock Exchange closed down sharply, paying particular the postponement the objective of inflation to 2% by the BoJ. On the other hand, the latest figure released on prices was disappointed with a 0.3% core inflation in March. After opening in the positive, the Nikkei has changed direction ending the trading day with a fall of 3.61% and the loss of 624 points at 16,666.05 share. L ‘ € closed steady at $ 1.1323 after the Federal Reserve kept, as expected, interest rates unchanged. After disappointing moves the BoJ, the yen continues to advance both against the euro (at an altitude of 122,96) that against the dollar (108.59).

On the macroeconomic front, again in Japan there was the jump in the March industrial production (+ 3.6%), while the unemployment rate fell to 3.2%. Weak retail sales, fell 1.1%. In Germany , unemployment remained stable at 6.2% in April, while inflation is stagnant: the preliminary data released by the Laender show that the annual rate of inflation could be between zero quota and + 0.1%. In Italy, the Minister of Economy and Finance, Pier Carlo Padoan met with the vice president of the European Commission, Valdis Dombrovskis, who praised the Italian reform efforts. Istat reported instead the second year of growth in real estate sales: + 5.2% in the balance of 2015. In April, after three consecutive months of decline, the European Commission’s index measuring the confidence in ‘ economy business and consumers rose by 0.9 points in the euro area reaching a total of 103.9 points in the EU rose by 0.5 points reaching a height of 105.1 points. In the US, in addition to GDP, there was an increase of requests for unemployment benefits in 257mila share, in line with expectations. Among other Asian markets, held in Hong Kong (+ 0.3%), while Shanghai closed 0.29% in the red.

the price of the oil is on the rise in New York: the closing of the Stock Exchange WTI EU brings to $ 45.5 per barrel. Crude has revised the highest of the year, but yesterday the weekly US stocks rose in line with expectations coming to 540.6 million barrels, the highest level since October 1929. The ‘ Gold rising after the decision of the Japanese central Bank not to strengthen the economic stimulus: bullion for immediate delivery gained one percentage point a step away from $ 1,260 an ounce.