«Mps, after the sacrifices shareholders will have great satisfaction” – BBC

Massimo Tononi is the president of the Monte dei Paschi di Siena from 15 September 2015.
President Tononi, was born a new Monte dei Paschi?
“No, it’s the old Monte who found the energy to continue its journey.”

Satisfied?
“Very. It was done a terrific job. Monte dei Paschi continue its secular history, relieved of 27 billion gross NPLs and increased 40% non-performing loan coverage can, from the current 29. “

man the hard way to understand how a bank can get to pay so much money to customers unable, then, to return it …
“my reading of the events, but remember that they are in Siena for ten months, it is partial. They are certainly mistakes were made in the distant past. It should be remembered that the long economic crisis has weighed especially on SMEs, which are the typical customers of a bank which Mps. “

a crisis from which you came through, first and foremost, to the work of Viola .
“In other times, if I could, I would title an equestrian statue to Viola and his team, the ability, the spirit of sacrifice, integrity. But in that statue, let me say, they have to find space in addition to the management even 5 million customers who have continued to believe in the bank and 25,000 employees in recent years so difficult, a thousand turmoil, they never stopped working with great dedication. “

What do you expect from the stock exchange today?
“I feel a deep sorrow in the face of large losses of our shareholders, and I confess that this sorrow is not mitigated by the knowledge that even investors around the banking sector, in Italy and in Europe, have not had a lot of satisfaction. Now, the program announced last Friday sees Mps present a new budget structure, very different from the previous. All that I am convinced will be very rewarding for our shareholders. In addition, our plan is for the junior tranche of the suffering, is distributed pro rata to existing shareholders. Another way to share the path of recovery of Mps. “

So you wait a value of up title today?
“the markets are difficult to predict. But eight large international banks have expressed confidence in the plan approved Friday by signing a pre-underwriting commitment to the capital increase. “

last Thursday, at the last moment, came the proposal by Corrado Passera and UBS. Proposal, says the former minister, she fed only to bocciarla. Why this about-face?
“I have been contacted in recent weeks by Corrado Passera, who has informed me that you have to study a project of Mps. In light of the undoubted authority of Dr. Passera I invited him to pursue it and present it. When it came, last Thursday, in the meantime we were now coming, as in fact happened the next day, to a conclusive agreement and in the sign of discontinuity with the ECB, the fund Atlas and a consortium of high quality banks. The board of directors on Friday has scrutinized the draft presented by Dr. Passera and unanimously, apart from my abstention, considered that it was not necessary a meeting. “

it remains that the rescue of the Monte would not have been possible without government intervention .
“Do not rescue but speak of market operation that does not involve any state intervention. So as it has been fully transposed by the European authorities. IOC said the dialogue with the Government and the Bank of Italy was intense and very assiduous. The proximity of the Minister Padoan was important to me. Also there is no doubt that the guarantee on Gacs suffering is a central point in this plan. So how was decisive constructive relationship established with the Fund Atlas, marked by seriousness and rigor. He also contributed in a decisive way, the spirit of cooperation and support of the ECB in the days immediately preceding the announcement of our operation. “

July 31, 2016 (amendment July 31, 2016 | 23:00)

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“After the reorganization, a Monte healed and solid – Il Sole 24 Ore

“An immediate and permanent solution to the problem of the NPL, a capital plan that includes a capital increase of up to 5 billion already provided by a maxi-pool of international banks, increased coverage substandard loans to 40%. We are the real final breakthrough that will bring MPS to be among the strongest banks in Italy. This time the Italian system has teamed up and worked in the interest of all. An alliance with another bank? It is no longer a necessity, but a future option. ” The day after the approval of the maxi-group Monte Paschi recovery plan, approved at the last minute and before the negative outcome of the stress tests, the managing director of MPS Fabrizio Viola told Il Sole 24 Ore the last busy day and future perspective. Tracing also the years of detachment from the system-Siena, political but not only, denounced at the time by the ECB and the situation of near-default in which he had come to see the bank after the acquisition at crazy prices AntonVeneta.

with the maxi-plan approved yesterday, we can say that MPS comes from the long crisis that began in 2007 with the acquisition of Antonveneta overpaid?

the maxi-operation announced two days ago, with the increase of up to 5 billion and securitization of loans by 27 billion, it represents a fundamental turning point in the history of the last years. We are at the final stage of a long restructuring started in 2012.

How was it possible to accumulate so many bad debts (27 billion) over the years so as to require a new intervention of these extraordinary proportions ?

Certainly in the past have been made mistakes in lending and more. The data show that since 2012 there has been a reversal of trend management, as evidenced by the data on the risk profile drop in new loans which fell by over 30%. It must be said in fairness that the deep recession of recent years, with the decline in GDP and industrial production, hit particularly SMEs which are largely our corporate customers. To which even in the difficult years we have never failed to lend our support.

What from ‘evaluation of the proposal at the last minute arrived from UBS and Corrado Passera, who yesterday was rejected by the board?

the MPS board has assessed the proposal of UBS and Corrado Passera but considered that there were no sufficient grounds and especially the time for an appreciation of the proposal, especially in light of the obvious comparison that for weeks we had been held with the European Central Bank Watch on the plane which was then approved. Personally, I am very surprised that a former banker experience CEO of Intesa Sanpaolo has presented an alternative plan so in extremis. In any case, it is positive that it registers an interest in the Monte that until recently there was not.

The ECB has asked you went public with a letter to divest within Npl 2018. Why did you decide to accelerate and solve the problem quickly and permanently? The market would penalize you, after such a negative outcome of the stress test? There were no alternatives less penalizing for current members?

The letter of the ECB was a response to a proposal that MPS had submitted in May in which he shared our objectives of NPL disposal in three years . The negative outcome of the stress tests, which roughly knew in advance, led us to accelerate the timing of the maxi-cleaning budget to avoid an impact on the confidence of customers.

The plan it is detrimental to existing shareholders but revives the bank. Feel that the shareholders will approve it without problems?

The priority was to give a clear and definite future at the bank. obbigazionisti fully protecting each category, from those retail customers. It was not granted, but we did it. The shareholders, who invest in venture capital, are called to a new commitment. We got to go to them a partial future dining with free allocation of equity securities of the maxi-securitization of NPL. Any impairment recoveries that will come from the sale of non-performing loans, will remain the property of the current shareholders of MPS.

It ‘possible that the shareholders pass of October is mild. I think it will be decisive credibility of capital plan and business plan that will be presented before the meeting.

From the Government indications that you had?

In general I would say that our maxi-plan represents a great victory of the Italian system. The Government has played an important role both in discussions with the EU commission that with the activation of government guarantees (Gacs) on senior tranches of securitization. Bank of Italy has played a valuable role of dialogue with the ECB. The entire financial system has built the fund Atlas has detected the tranche “mezzanine” securitization. Believing in the future MPS perspective and asking was, in return, the warrant that can give a share of future MPS up to 7% of the capital.

you have achieved a cure drastic In the last four years which led to the cutting of costs for 800 million, to reduce the workforce by more than 5,000 people, to an even delevaerage assets with the sale of several assets. From the industry perspective, the MPS still has a viable business model?

The business model is certainly sustainable from an industrial point of view. We are a commercial bank that has already been renewed technologically and with our online channels with Widiba. But the real breakthrough will come from the sale of non-performing loans and increased coverage for impaired loans at 40%. A totally cleaned up the bank, I will pass the word, will have a much higher rating and a cost of funding among the best of the system. If we add to that we are over the focus on credit adjustments, it is clear that the profitability can become very important. I seem to have perceived an interest that until recently it was not noticeable.

ECB will asked on several occasions to proceed with an aggregation which so far has never realized. The cleaning of the accounts and the increase from 5 billion makes more palatable the bank for a partner? Or, on the contrary, it puts it in condition to proceed stably alone? In Siena, and not only that, we hope. What do you think?

To Mps aggregation is no longer a necessity but a voluntary option.

Compared to the current market capitalization, the ‘capital increase of 5 billion and’ almost an IPO. Also after the sale of NPL to some sort of bad bank, MPS appears as a new good bank. Also intends to manage this new phase, or considers its mission accomplished?

The sale of Npl we are protagonists of remedial action but also innovative and open-track for the entire system that stimulate and accelerate the modernization and transparency. Values ​​that have always guided, from the beginning of the consolidation path. In this sense, beyond the understandable technical definitions, I believe that you actually can not define a new MPS good bank, but a good Bank that in these four years has strenuously worked to be recognized as such. Mission accomplished? Certainly the one that has been accomplished is a phase of extraordinary importance, my mission continues unchanged.

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Messina: “Stop judging Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 31, 2016 | 13:19)

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Messina: “This is enough to judge Italy in the rearview mirror” – BBC

from the voice of Charles Messina with the satisfaction. It could not be otherwise. By the stress tests conducted by the EBA, the European Banking Authority, Intesa Sanpaolo has emerged not only as the most solid but also one that can boast a record of no small importance in the continent: it is the institution that in the event of economic scenarios particularly adverse, with strong and prolonged recessions, reacts better than all competitors. The managing directors of the major Italian banks not only seems to be the manager’s satisfaction that certified sees the goodness of strategies and actions. And then a business model certainly changed in recent years, more oriented to asset management, in the direction of a wealth management company . Also reflected that pride to have worked for a country that in spite of the many, many, clichés “can have problems like any other nation in Europe, but it sure is not” the “problem,” he says.

“We are very proud of the result of the stress tests . We are the strongest in Europe in terms of capital strength – explains Messina -. But beware that the rest of Italy, the banking system was not watching. If we put together the “problems” that we had, the four banks in the resolution, the two Venetian, to Monte dei Paschi, while we talk about something that all together makes the 10% of the market. But it is undeniable that this was the problems addressed and, you know, places off the table. The fund Atlas was a “game changer”. In comparison with Germany the reactive capacity of our system is obvious. ”

If Italy has in fact the problem of suffering , well, these are a fraction of gross domestic product, while the derivatives that are in significant quantities into the belly of some German banks , I am a multiple of the Berlin GDP. While the other major Italian banks, such as Ubi, Banco Popolare, Unicredit out well by the stress tests. “That does not mean they can not be turmoil in the markets still Messina- explains. Indeed, I am surprised me otherwise, after six months in which it was decided to outline Italy, by some hedge fund and commentators especially foreign, as a country in the grip of severe difficulties. But I must say that they have used, wrongly, the rearview mirror. ”

For the CEO of Intesa there is a link between being “the best the most solid European banks as well as to lower terms of leverage and excess liquid resources allocations to the requirements laid down in 2018, and the Italian economic situation. We must overcome the tendency, unfortunately sometimes very obvious, to underestimate or do not grasp the strengths such as being the second country manufacturing in Europe, have a savings from triple A. We get paralyzed by weaknesses that are there but elsewhere are treated for what they are: problems which come up with solutions. “

Even these stress test if not carefully analyzed can put us off the road. We often rely on medium accounting that does not fully describe the reality. The average capital requirements of Germany are at a height of 9.6 and France 9.8. Italy is below 8% but it is reality or a blurred photograph that does not “weigh” the strength of individual banks? Intesa has a market share of 20% and is the most solid in Europe between large. If there were similar argument to Paris and Berlin would be lowered when the average ones. And much. As well as changing scenario, trying to use as a mirror, as a proxy Intesa Sanpaolo with that market share is definitely an effective index, it would come out a picture of Italy in strong movement.

“The 24 billion medium-long term credit disbursements and thus for investment, are the children of a country that is strong and recovering. We were also solid stress test of 2014, but in the latter we did a jump, the result of our choices of a new successful business model, and at the same time a context where unemployment is falling, in which real estate transactions grew by 20%, loans Last year the 100% and 60% this year. With interventions to reduce the tax burden, with the spread back between 100 and 150, Italians have begun to regain confidence. The savings is also reallocating towards consumption. Companies are coming back to the bank and resume investing. signs of a recovery, more decimal or decimal are evident in the least. ”

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July 30, 2016 (amendment July 30, 2016 | 22:16)

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“Too soft Stress test The British and the most at risk in Germany” – BBC

L'economista Antonio Leaf

MILAN “I am absolutely light test. Because, in the worst case scenario, imagine a drop of only 2% of gross domestic product at the end of 2018. Compared to a growth trend of 5% over the next three years indicated in the baseline scenario. Here, the Italian banks in recent years have experienced worse. So if anything, the EBA analysis scares because certify that in case of systemic crisis are the German and British banks to be able to suffer more. ” Words and thoughts of Antonio Foglia, economist and banker, a director of the Bank of Lake Lugano, the private institution of family and headquartered in Lugano and branch offices in London and Milan.

have been soft ratings for not force many European banks to capital increases?
“I say that the authorities led by Enria has corrected the shot compared to two years ago. Imagine an adverse scenario very much in line with what Italy has lived for the past seven years. So nothing exceptional. Were stress tests that seem, on a superficial reading, penalize our banking system because it comes with a lower than average French coefficient of capitalization, Spanish, German and English. But this is because for these examinations we arrive at the end of a rough cycle, while for others all in all arrive at the end of a phase of growth. With nearly 200 billion euro of gross doubtful loans in the belly to our banks, because of lending policy rather generous, our institutions have already had to deal with capital increases and decreases in the Non-performing loans . Operations that are taking place on a large scale, with great speed and unavoidable losses in the financial statements. “

Montepaschi is burdened by non-performing loans, but it is not a report card too merciless?
“what I notice is that the MPS dossier is on the board of the European central Bank for a long time and therefore not dwell too much on the negative assessment of Cet 1. what I find surprising is the overall fall of 20% of the leverage ratio , the leverage of the banking sector, in case of an adverse scenario which, I repeat, it does not seem so unrealistic. “

How?
“I mean that some banks may not have the capital cushion needed to address major systemic shocks. Worse than the adverse scenario drawn by the EBA. The most worrying concerns the overall indebtedness of the European banking system. “

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July 30, 2016 (amendment July 30, 2016 | 21:42)

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Stress tests: banks hold But Italy suffered the most – BBC

Less than 2.44% in 2018. in the case of “adverse scenario”, configurable as a conjunction between the fall of the Italian GDP by almost 6% over the next three years, an overall depreciation of the home values ​​and a major rating downgrade on government bonds. Montepaschi is voted down, with a differential of more than 14 percentage points of the current value. Unicredit exceed the test (7.10%), Ubi (8.85%) and Banco Popolare (9.0%) than in the case of the financial crisis have a 2018 Cet 1 still below the European average of 9.4%, the ratio between the total capital and risky investments. Promoted Intesa Sanpaolo with a Cet 1 of 10.21% in 2018. MPS was the worst in Europe in trying under EBA effort that has monitored the whole 51 institutions, excluding those of Greece and Portugal are considered countries with a banking system still rather fragile. But the Tuscan bank was special un’osservata, as Spain’s Santander (with a 1 Cet in a crisis 8.2%), Germany’s Deutsche Bank (7.8%, but with the most marked deterioration compared to 2015 due to its exposure to derivatives), the French BNP Paribas (8.51%) and the British Barclays (7.3%). These, unlike the institute Siena, systemic defined for potential global effects on failure according to Sifi designation.

the report cards

a country level is Italy suffered the most with an average capital ratio of 7.7% in case of adverse worse scenario, Spain (8.6%), the UK (8.5%), Germany (9.5%) and France (9.7%). The results of stress tests carried out by the authority led by the Italian Andrea Enria, were released yesterday at 21 in the City, pending the closure of Wall Street to prevent overseas is registrassero kickbacks. Here from the 46th floor of ‘ One Canada Square , which is home to the EBA is not known yet as a result of the vote that sanctioned the release of Britain by the European Union is imposing the staglieranno buildings of the largest banks in the world. Opposite is the JPMorgan Chase skyscraper, side Citigroup, next to HSBC. The report cards EBA report – net of Montepaschi subject however to a rescue plan agreed with the European Central Bank – Performance of the tricolor institutions in line with the rest of Europe. Interested spectator yesterday was the Eurotower.

the picture of the health status

Just in Frankfurt every year, in autumn, are broadcast Srep requirements, the result of a review and evaluation process prudential ECB that puts under observation the balance sheet of the institutions and their risk management. The Eba assessments, obtained by extrapolating data over 20 thousand, this time will not be directly preparatory to subsequent recapitalizations. Photographing the banking system health, identifying elements of weakness, but without indicating the possible recipes. In the interests of transparency for investors, given the homogeneity of the parameters. They represent a good database to which the ECB will draw to encourage banks to undertake course corrections or, conversely, to lighten the constraints for the distribution of dividends to shareholders. In November, the European Supervisory had indicated to management of Montepaschi to maintain the minimum capital requirement of 1 Cet on a consolidated basis to 10.2% until the end of 2016 and raise it to 10.75% as of 2017.

the model for evaluating

At this time have affected the slightly uneven valuation model than the one used in the last stress test two years ago. With greater importance assigned to the burden of suffering, such as the 27 billion maturity claims no longer collectable in belly Mps. The match of the stress tests has actually affected other 80 banks under the supervision Ssm, for which the ECB has conducted independently a simplified examination, the results of which will remain for the most confidential. Mediobanca, one of the examined banks, has decided to communicate their Cet 1 in 2018, in case of a negative scenario, all’11,46%, higher than the Srep requirement now amounted to 8.75%. A choice of transparency towards the market. Awaiting the results of the stock market.

July 29, 2016 (amendment July 30, 2016 | 12:36)

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Increase the employed, they fall inactive. Work continues recovery – The Republic

MILAN – The unemployment rate in June rises again to 11.6%, but – after all – it is a positive fact: in absolute terms, in fact, the increase of the unemployed is lower than that of new jobs and above all to the decline of the inactive, those who are not working nor looking for work. The unemployment rate recorded by ISTAT, in fact, is given by ratio of unemployed to the total labor force (employed, of course, workers, and the unemployed, or those looking for work, but not located) . a drive up the rate was then the expansion of the workforce due to the fact that some inactive have started to look for a job, regardless of whether they found it or not. Well at June who has started looking for a job probably he has found: the new jobs were 71 thousand, 27 thousand unemployed and inactive fell by 51 thousand units. These numbers translate to an employment rate to 57.3% (one point more than last year). In absolute terms in the last twelve months, the new employees were 329mila, compared with a decline of 325mila inactive people and the unemployed reduction of 140 thousand units.

in short, after the start of the year braking, largely due to cut the recruitment incentives, the labor market shows signs of recovery of disproving those who spoke of the end of the honeymoon between Italy and jobs. In short, absorbed the drop in tax relief from 8 thousand to EUR 3,250 per year for each permanent employment, the number of unemployed has returned to fall, thanks to the effects of the Jobs Act that allow greater flexibility in and out. However, the growth of new labor concerns mainly the self-employed (+78 thousand) who after having bottomed out at the end of last year are in recovery, while employees remain substantially unchanged. A wake comes the turnaround on the type of assuzioni: in spite of incentives, in fact, in the last quarter have been more complete assuzioni (60 thousand) of the open-ended (+ 27 thousand). A diametrically opposite trend to that observed on an annual basis: permanent and 207 thousand compared to 39 thousand hired on. In the last six months of 2015, however, companies have benefited from tax reductions “filled.”

Satisfied with the Minister of Labour Giuliano Poletti defining “extraordinary” results because “the employment rate is at its highest level since 2009, while the rate of youth unemployment is still very high, is the lowest since October 2012. much remains to be done to the problem of unemployment but to Istat one indication that the direction is the right one and that it is consolidating the trend of improvement in the labor market. “

youth unemployment. In June, the unemployment rate of the aged 15-24, ie the share of unemployed youth in the total active ones (employed and unemployed), is 36.5%, down 0.3 percentage points from previous month. From the calculation it is by definition excluded young Inactive, because in most cases engaged in studies. Basically, the ratio of unemployed youth from 15 to 24 in the total of young people of the same age was 9.8% (ie less than a young man of 10 is unemployed).
In the remaining classes of the age employment rate in June increased for those over 35 (+0.1 percentage points), while falls in the class 25-34 years (-0.1 points). The unemployment rate remains unchanged among those over 35, while increasing by 0.2 points among 25-34 year olds. The inactivity rate falls among ultra35enni (-0.2 points in the class 35-49 years and 0.1 points in the 50-64 class) compared to a stability among the 25-34 year olds.

The artisans. “Artisans, micro and small companies confirmed the leading role for the world of work in Italy. In the first half of this year were up, continuous and solid, employment of about 2.5 per percent compared to the same period of 2015. With a difference not to be underestimated: in the first six months of employment growth last year was fueled by substantial de-contribution given to companies for new employment of indefinite duration, then greatly reduced in 2016 “. Detects the observatory of the labor market cna, cared for by the study center of the confederation, which monthly analyzes employment trends in a sample of 20,500 craft firms, micro and small with over 120 thousand employees.

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Trenitalia, “dated” and Daily: the news of the new regional ticket – Intelligonews

The regional Treaitalia tickets are inspired look. From Monday, August 1 will indeed be valid for a single journey and will be valid only on the date indicated on the ticket, and only for four hours after purchase time. The ticket in question will be sold only chat the day when you want to travel . It will buy, in fact, a note printed on the date of travel, and that can not be used on other dates. A small revolution, which was announced a few months ago, and now is about to enter into force.

The new regional ticket, remember Trenitalia, p otra be purchased with an advance of 4 months compared to the day when you’ll want to travel: it will be only usable within 23:59 of the date printed on, while the validity of the ticket, once obliterated, will be 4 hours. If the passenger is still traveling on the train at the expiration of the validity, you can still get to your destination. However, there is also the option to change your mind, and then change the date of the trip , but only once: you will have to do so within 23.59 the day before the date shown on the ticket . The change is free at the self-service machines and ticket Trenitalia, and provides a cost of 50 cents in the sale if required SisalPay points, LisPaga of Lottomatica and SIR Tobacconists. The date of the ticket can be changed in travel agency, if you bought it here, with a variable fee.

Instead Do not change the procedures for change of itinerary, and for refunds in case the ticket of renunciation: they must be carried out in any case by 23:59 pm the day before the date printed on the ticket. Regional tickets purchased on the website and the app Trenitalia had already adopted these innovations before.

“These innovations – explains Trenitalia – will allow us to increase the positive effects the anti-avoidance campaign launched in recent months, with a tightening of controls on the most sensitive lines, both on-board trains and in the stations: in 10 months, the anti-avoidance Pool has controlled more than 1 million people in Italy. the indications of source and destination stations and the date of the trip will also provide information on actual demand flows, valuable for a better programming. “

the novelty does not concern the other hand, of course, most of the commuters, who traveling with your subscription: expecting another new feature, which simplifies procedures, however, for them. In fact always from Monday August 1,, who bought a regional online subscription will no longer print copy : in case of control, will be sufficient to show the conductor in its electronic version subscription, from the screen of your smartphone , tablet or pC.

Banks, stress tests: Monte Paschi the worst in Europe. Unicredit also among the last 10 – Florence Post

FRANKFURT – Three of the five Italian banks pass easily the European stress tests, but Unicredit and MPS are among the 10 worst. And the Montepaschi receives Sting strongest among all the institutions of the Continent, a collapse at -2.44% capital ratio CET1 that resets the capital under the adverse scenario and explains the strong pressure in recent months, prior to the capital increase and the maxi-sale of bad loans announced today to run for shelter extremis. There is not only Italy under the lens of European “stress tests demonstrate the solidity of the Italian banking system as a whole,” say sources of the Treasury hot after the data, adding that recent government measures will help to dispose impaired loans.

Among the 51 banks surveyed by the European banking, the Irish Royal Bank of Scotland and Allied Irish Bank come out with a lot of damage, a better quality capital (the CET1, in fact) practically halved and just above 7%. Deutsche Bank, which also does not suffer the meltdown that someone assumed and does not see a blow on derivatives and market risk, go to 7.80% in the worst case scenario suggested by the EBA: penalized capital, but improving by 7% in 2014 . also improvement in the baseline scenario, to 12.1% from 10.5%.

MPS – But the Monte dei Paschi di Siena, after the exhausting European negotiations and the release led to the market solution which excludes state intervention, it receives a real slap in the face: the CET1 capital falls below zero to zero at -2.44% under the adverse scenario, for which in the 2015 tests was subject to a minimum of 5.5% threshold under who she was taking care of the ECB to be prepared immediately. Numbers that explain the stock market crash and the frenzy of negotiations between the ECB, the Bank of Italy, the Treasury and the Sienese institute council. Numbers, even if they do not speak of a case “Italian,” outlining a case “Siena” in Europe at the moment. And perhaps it is no coincidence that the ECB, in a note issued to warm after the EBA results, sees them as “with one exception, all banks show CET1 capital levels well above the 5.5% benchmark used in 2014 “. Introduce yourself to the markets on Monday morning, with these numbers without a plan already drawn up (and approved by the ECB) would have meant a bloodbath for Siena.

UNICREDIT – Different situation for Unicredit, that the adverse scenario is to 7.10%, to but still ranks fourth worst place among the 51 European institutions to the capital on a transitional basis, and the sixth worst in the adverse scenario. E ‘with an equally keen eye to “exchange trading on Monday that the institute, which has just appointed to Jean Pierre Mustier guide, tells you assess” whether further measures or capital plan changes “are needed. The voices speak of five billion increase and as many from divestments.

Bankitalia – Bank of Italy notes, however, that despite the severity of the stress test and the strains of the last year, four of the five major Italian banks in the sample Eba have suffered an impact on capital arising from adverse scenario by 3.2 percentage points, better than the European average (3.8 points), although including in Montepaschi Italian banks down by 4.1 points. Always Via Nazionale notes that the conditions of MPS, two public bailouts and so far 8 billion in two capital increases in two years that now he adds a third) “have long been to” focus “of European supervision.

INTESA SAN PAOLO – Dai of “Eba numbers comes out healthy Intesa Sanpaolo, which would respect the conditions of supervision even under the adverse scenario of 10.21% CET1) and even more so in that the base (12,80%).

BANCO pOPULAR aND UBI – He’s doing well, surprisingly after recent and discussed rumors, the People’s Bank (9.05% under the adverse scenario). It holds well Ubi (8.85% in the worst case scenario). All this in a context in which the risks of credit, particularly penalizing for Italy recently emerged from recession, weigh the adverse scenario well 349 billion on the balance sheets of 51 banks, with the worst suffering in Italy, in fact, Great Britain, Spain and France.

Note the Bank of Italy study on the results of the European stress tests of 2016 – La Stampa

European Bank of Italy on the 2016 test results of stress-depth Note

          

The stress test results were released today major European banks, including the top five Italian (UniCredit, Intesa Sanpaolo, Banca Monte dei Paschi di Siena, Banco Popolare and UBI Banca). The exercise was coordinated by the European Banking Authority (EBA), in cooperation with the ECB and the national supervisory authorities. It is a heavy duty service, which assesses the resilience of European banks in adverse economic and financial conditions, with low probability of realization.

Stress tests have come for years to be part of the instruments used by the banking supervisory authorities. They can be used to quantify the immediate needs of capital strengthening. On the contrary, in this case the results will be used to provide useful information to the Supervisory Board for the purpose of ordinary supervisory activities.

The methodology of the stress test exercises can vary greatly between countries and over time: the comparison between exercises carried out by other authorities or in different years must be made with caution.

the exercise now conducted is particularly heavy, both for the length of the time period in question – a three-year, well above to what was done in similar exercises in the US – and for some important methodological assumptions.

the features of the year

– Unlike the exercise-Depth Evaluation (Comprehensive Assessment) of 2014, the stress test this year is not the type “pass / fail”, because it does not establish a minimum capital to be met by immediate capital strengthening measures. The results represent, with no automatic modes, one of the elements for the quantification of the capital, second pillar (Pillar 2), in response to the review process and prudential supervision (Supervisory Review and Evaluation Process, SREP). Decisions on the outcomes of the SREP will be formally adopted at the end of 2016 and will become operational from the beginning of 2017.

– The stress test assumed for each country two scenarios: a baseline (baseline), taken from forecasts the European Commission made in autumn 2015, and one against (adverse). The simulation was carried out starting from the financial statements of banks by the end of 2015.

Data – In the adverse scenario, the outlook for Italy a fall in real GDP in the period 2016-18 by almost six percentage points compared to the baseline scenario forecasts. In 2018 the product level would be about 10 percentage points lower than that observed at the beginning of the financial crisis (2007); it would be an unprecedented loss by the last war. The adverse scenario also assumes an increase in the period of performance of Italian government bonds in the long term by about 100 basis points, which would result in a devaluation of 12 per cent of these securities.

– Despite the severity of ‘ exercise and the strains of the last years, four of the five major Italian banks included in the EBA sample showing a good seal. For these banks (UniCredit, Intesa Sanpaolo, Banco Popolare and UBI Banca) the weighted impact on capital (CET1) arising from the adverse scenario amounts to 3.2 percentage points compared with 3.8 percent of the average of the EBA sample. Also including the Monte dei Paschi, the impact would be, in weighted terms, of 4.1 percentage points.

– The Monte dei Paschi di Siena, which passes the test in the baseline scenario, the scenario shows against a negative result. The conditions of the Monte dei Paschi di Siena have long attention SSM. Since November 2013, the Group is subject to a restructuring plan approved by the European Commission, still in progress, during which were achieved remarkable results, in terms of organization and rationalization of fee reductions.

– About half of the overall reduction of registered capital from Monte dei Paschi is attributable to the decrease in net interest income; the rest was due to the increase in capital deductions and credit losses and write-downs on government bonds held in the AFS portfolio. Two thirds of the impact on the income statement is due to the reduction in net interest income. In particular, the magnitude of the shock idiosyncratic (equal to 220 basis points), commensurate with the departure of the bank rating (B-), is far superior to that provided by banks with the best rating (25 basis points for banks AAA) credit rating, especially if you consider that this shock is to take effect for three consecutive years.

– the Monte dei Paschi’s Board of Directors today approved a plan that calls for the sale of the entire portfolio of bad loans and a capital increase of up to 5 billion, which will significantly increase the allocations on remaining impaired loans. As a result of this transaction, the bank will hold non-performing loans – but not in pain – in line with the average values ​​of the Italian banking system. The bank’s regulatory capital will remain at current levels and profitability may be affected by improvements both in terms of funding costs and credit and on that of the asset yield and liquidity.

(AM)
         

Stress tests, vetoed Mps, Raiffeisen and Banco Popular. Enria: More 2014 system – Il Sole 24 Ore

“The EBA stress test shows that the benefits in the resistance of the capital strengthening performed to date are reflected in the European banking sector at a severe shock.” This is the comment of the European Banking Authority Chairman Andrea Enria. “The test is a vital tool to help supervisors to expedite the repair process of bank balance sheets, which is very important to restore credit to households and business.” The test, the EBA emphasized, “an exercise that promotes or bowl. Although we recognize the wide collection of capital as it is not a clean bill of health. Remains work to be done, that supervisors will launch as part of the review process and monitoring evaluation is not an exercise in which we measure those who passed and those who failed. “

 

The impact of the adverse economic scenario in 2018 would lead to a 380 basis point decline in the Cet 1 of 51 European banks subject to the EBA stress test, bringing its level to 9.4% at the end of that year . If one takes into account the regulatory measures on capital that have yet to get a force shortly loss would be 340 basis points.

The impact on CET1 would be driven mainly by the credit risk losses that would be of 349 billion: it comes to impaired loans and the reversal of the impairment of financial assets not measured at ‘fair value’ through profit or losses. The ratio of aggregate leverage would drop from 5.2% to 4.2%.

Unicredit will evaluate with ECB measures to offset the capital impact adverse scenario

The only bank with a net loss which would bring the CET1 by 2018 in a negative position and ‘Monte dei Paschi di Siena. All the other 50 banks are above the 5.5% threshold indicated in its time as a minimum threshold to ensure such a situation under control.

Among the ten banks among the 51 put under the EBA stress they see decline more significantly the CET1 due to the impact of an adverse economic scenario, there are two Italian: Mps, who heads the list, and Unicredit fourth. Apart from Raiffeisen and Banco Popular Espanol who are in second and third place, after Unicredit there are Barclays (Cet 1 in 2018 to 7.30% from 11.42% in 2015), Allied Irish Bank (7.39% from 15,86%), Commerzbank (7.42% from 13.77%), The Governor and Company of ther Bank of Ireland (7,69% from 13,30%), Deutsche Bank (7.80% 13 , 19%), Societe Generale (8.03% to 11.42%).

(Il Sole 24 Ore Thomson Plus)

THE “RANKING” EUROPEAN BANKING AUTHORITY
source: EBA

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B.Mps: in Stress Test Core Tier1 baseline scenario at 12%, against -2.2% – Milano Finanza

MILAN (Dow Jones) – In the baseline scenario of the stress test EBA Common Equity Tier 1 ratio of B.Mps stood at 12% while in the adverse falls to 2.2%. In particular, it said in a table of authority ‘European Banking, the fully loaded Common Equity Tier 1 ratio stood Sienese institute to 12.2% in the case of the baseline scenario and -2.4% assuming adverse . alb alberto.chimenti@mfdowjones.it (end) AFX NEWS

Trains, from August 1 the new regional ticket – The Republic

Even in Liguria will be valid 4 hours and will have the date of the day

As of August 1, the ticket for regional trains change : report information on the date in which you wish to travel and can be used within 23.59 of that specific day. The new regional ticket can be purchased with an advance of four months compared to the day when you’ll want to travel while the validity will be four hours after purchase time. If the passenger is still traveling on the train at the expiration of the validity, you can still get to your destination.
The travel date may be changed only once, by 23:59 the day before the specified date on the ticket. The change is free at the self-service and ticket Trenitalia, and provides a cost of € 0.50 if required in the sale SisalPay points, LisPaga of Lottomatica and SIR Tobacconists. Tickets can also be changed at the travel agency where it was purchased, with a variable fee, at the discretion of the agency.
The itinerary change and a ticket refund in case of cancellation journey, to be carried out always before the date specified in 23:59 the previous day on the ticket, remain unchanged. Regional tickets purchased on the website and the app Trenitalia had already adopted such innovations previously.
Explains a company statement that: “These innovations will allow Trenitalia to increase the positive effects of the anti-avoidance campaign launched in recent months, with a tightening of controls on the most sensitive lines, both on-board trains and in the stations: in 10 months, the anti-avoidance Pool has controlled more than 1 million people. “

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July 29, 2016 – Updated the 12:14

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Stress test: the banks hold the examination, but Italy suffered the most – BBC

Less than 2.44% in 2018. in the case of “adverse scenario”, configurable as a conjunction between the fall of the Italian GDP by almost 6% over the next three years, an overall depreciation of the home values ​​and a major rating downgrade on government bonds. Montepaschi is voted down, with a differential of more than 14 percentage points of the current value. Unicredit exceed the test (7.10%), Ubi (8.85%) and Banco Popolare (9.0%) than in the case of the financial crisis have a 2018 Cet 1 still below the European average of 9.4%, the ratio between the total capital and risky investments. Promoted Intesa Sanpaolo with a Cet 1 of 10.21% in 2018. MPS was the worst in Europe in trying under EBA effort that has monitored the whole 51 institutions, excluding those of Greece and Portugal are considered countries with a banking system still rather fragile. But the Tuscan bank was special un’osservata, as Spain’s Santander (with a 1 Cet in a crisis 8.2%), Germany’s Deutsche Bank (7.8%, but with the most marked deterioration compared to 2015 due to its exposure to derivatives), the French BNP Paribas (8.51%) and the British Barclays (7.3%). These, unlike the institute Siena, systemic defined for potential global effects on failure according to Sifi designation.

the report cards

a country level is Italy suffered the most with an average capital ratio of 7.7% in case of adverse scenario, worse than Spain (8.6%), the UK (8.5%), Germany (9.5%) and France (9.7%). The results of stress tests carried out by the authority led by the Italian Andrea Enria, were released yesterday at 21 in the City, pending the closure of Wall Street to prevent overseas is registrassero kickbacks. Here from the 46th floor of ‘ One Canada Square , which is home to the EBA is not known yet as a result of the vote that sanctioned the release of Britain by the European Union is imposing the staglieranno buildings of the largest banks in the world. Opposite is the JPMorgan Chase skyscraper, side Citigroup, next to HSBC. The report cards EBA report – net of Montepaschi subject however to a rescue plan agreed with the European Central Bank – Performance of the tricolor institutions in line with the rest of Europe. Interested spectator yesterday was the Eurotower.

the picture of the health status

Just in Frankfurt every year, in autumn, are broadcast Srep requirements, the result of a review and evaluation process prudential ECB that puts under observation the balance sheet of the institutions and their risk management. The Eba assessments, obtained by extrapolating data over 20 thousand, this time will not be directly preparatory to subsequent recapitalizations. Photographing the banking system health, identifying elements of weakness, but without indicating the possible recipes. In the interests of transparency for investors, given the homogeneity of the parameters. They represent a good database to which the ECB will draw to encourage banks to undertake course corrections or, conversely, to lighten the constraints for the distribution of dividends to shareholders. In November, the European Supervisory had indicated to management of Montepaschi to maintain the minimum capital requirement of 1 Cet on a consolidated basis to 10.2% until the end of 2016 and raise it to 10.75% as of 2017.

the model for evaluating

At this time have affected the slightly uneven valuation model than the one used in the last stress test two years ago. With greater importance assigned to the burden of suffering, such as the 27 billion maturity claims no longer collectable in belly Mps. The match of the stress tests has actually affected other 80 banks under the supervision Ssm, for which the ECB has conducted independently a simplified examination, the results of which will remain for the most confidential. Mediobanca, one of the examined banks, has decided to communicate their Cet 1 in 2018, in case of a negative scenario, all’11,46%, higher than the Srep requirement now amounted to 8.75%. A choice of transparency towards the market. Awaiting the results of the stock market.

July 29, 2016 (amendment July 29, 2016 | 22:43)

© ALL RIGHTS RESERVED

Stress test: the banks hold the examination, but Italy suffered the most – BBC

Less than 2.44% in 2018. in the case of “adverse scenario”, configurable as a conjunction between the fall of the Italian GDP by almost 6% over the next three years, an overall depreciation of the home values ​​and a major rating downgrade on government bonds. Montepaschi is voted down, with a differential of more than 14 percentage points of the current value. Unicredit exceed the test (7.10%), Ubi (8.85%) and Banco Popolare (9.0%) than in the case of the financial crisis have a 2018 Cet 1 still below the European average of 9.4%, the ratio between the total capital and risky investments. Promoted Intesa Sanpaolo with a Cet 1 of 10.21% in 2018. MPS was the worst in Europe in trying under EBA effort that has monitored the whole 51 institutions, excluding those of Greece and Portugal are considered countries with a banking system still rather fragile. But the Tuscan bank was special un’osservata, as Spain’s Santander (with a 1 Cet in a crisis 8.2%), Germany’s Deutsche Bank (7.8%, but with the most marked deterioration compared to 2015 due to its exposure to derivatives), the French BNP Paribas (8.51%) and the British Barclays (7.3%). These, unlike the institute Siena, systemic defined for potential global effects on failure according to Sifi designation.

the report cards

a country level is Italy suffered the most with an average capital ratio of 7.7% in case of adverse scenario, worse than Spain (8.6%), the UK (8.5%), Germany (9.5%) and France (9.7%). The results of stress tests carried out by the authority led by the Italian Andrea Enria, were released yesterday at 21 in the City, pending the closure of Wall Street to prevent overseas is registrassero kickbacks. Here from the 46th floor of ‘ One Canada Square , which is home to the EBA is not known yet as a result of the vote that sanctioned the release of Britain by the European Union is imposing the staglieranno buildings of the largest banks in the world. Opposite is the JPMorgan Chase skyscraper, side Citigroup, next to HSBC. The report cards EBA report – net of Montepaschi subject however to a rescue plan agreed with the European Central Bank – Performance of the tricolor institutions in line with the rest of Europe. Interested spectator yesterday was the Eurotower.

the picture of the health status

Just in Frankfurt every year, in autumn, are broadcast Srep requirements, the result of a review and evaluation process prudential ECB that puts under observation the balance sheet of the institutions and their risk management. The Eba assessments, obtained by extrapolating data over 20 thousand, this time will not be directly preparatory to subsequent recapitalizations. Photographing the banking system health, identifying elements of weakness, but without indicating the possible recipes. In the interests of transparency for investors, given the homogeneity of the parameters. They represent a good database to which the ECB will draw to encourage banks to undertake course corrections or, conversely, to lighten the constraints for the distribution of dividends to shareholders. In November, the European Supervisory had indicated to management of Montepaschi to maintain the minimum capital requirement of 1 Cet on a consolidated basis to 10.2% until the end of 2016 and raise it to 10.75% as of 2017.

the model for evaluating

At this time have affected the slightly uneven valuation model than the one used in the last stress test two years ago. With greater importance assigned to the burden of suffering, such as the 27 billion maturity claims no longer collectable in belly Mps. The match of the stress tests has actually affected other 80 banks under the supervision Ssm, for which the ECB has conducted independently a simplified examination, the results of which will remain for the most confidential. Mediobanca, one of the examined banks, has decided to communicate their Cet 1 in 2018, in case of a negative scenario, all’11,46%, higher than the Srep requirement now amounted to 8.75%. A choice of transparency towards the market. Awaiting the results of the stock market.

July 29, 2016 (amendment July 29, 2016 | 22:43)

© ALL RIGHTS RESERVED

Mps: green light ECB to plan on increasing and suffering – BBC

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Nikkei rising after violent swings: modest moves the BoJ – Il Sole 24 Ore

TOKYO – The Tokyo Stock Exchange has managed to close slightly up a day of violent swings, including the disappointment of many investors for the modest monetary easing decided by the central bank: the Nikkei index closed up 0.56% to 16,569.25 points, after having fallen to 16,174 immediately after the Bank of Japan (BoJ) has just announced an increase in purchases of Exchange-Traded Funds (ETFs), to an annual rate which rose from 3,300 to 6 trillion yen. The banks’ securities have driven back in the final list, as the BoJ did not bring the key interest rates further in negative territory (compared to -01% in February introduced), which – if implemented, as some feared – would have penalized banking sector. The institute led by Haruhiko Kuroda has also increased its purchases of government bonds, nor even introduced forms of “helicopter money”.

The BoJ also announced that it will strengthen the programs to make it easier for financial institutions to obtain dollars. He also confirmed his assessment that the Japanese economy remains on a moderate recovery trend, while inflation estimates for the fiscal years 2017 and 2018 are “roughly” unchanged from the initial forecasts. However, for the current year (to March 2017) the inflation projections have been reduced from + 0.5% to a lowly 0.1%. The central bank also recognizes that the timing to achieve its inflation target of 2% – indicated during the fiscal year 2017 – is subject to considerable uncertainty mainly due to international risk factors.

in recent days had intensified pressures – political and market – on the central bank ’cause with new measures of monetary easing would maximize the effect of the maneuver of fiscal stimulus to the economy – for a total valrer estimated at 28 thousand billion yen – that Prime Minister Shinzo Abe has announced in recent days. In fact, in today’s press release it emphasizes the BoJ to consider that “these monetary policy measures and the government’s efforts will produce synergistic effects on the economy.” Two members of the Board dissented, believing one has over the near-doubling of shopping ETFs: stated that it ‘doing the BoJ is exposed to the charge of stock market manipulation.

The stock market had positioned this morning on a slightly negative tone in anticipation of the BoJ’s decision, in the presence of a slight rise in the yen, with movements of certain individual titles from the communications of the quarterly financial statements or extraordinary operations: for example, with rises for Nomura after returning to ‘ quarterly profit and a share buyback, or Sony after news of an upcoming sale to Murata of the battery business.

Inflation and declining consumption – Today was also announced that prices at the “core” consumer Japan fell at the fastest pace since 2013, a decline of 0.5% in June compared with a year earlier representing the fourth consecutive month of contraction. Excluding not only fresh food but energy prices, the index shows a modest rise of 0.4%. For the Tokyo metropolitan area, which usually anticipates the national trend, it is reported that in July, the “core” prices were down by 0.4 percent. The declared objective of the central bank of a sustainable inflation at 2% seems increasingly distant.

Moreover, more and today it was announced that the total household spending in June fell by 2.2% from a year earlier, a worse performance of the average expectations of a decline limited to 0.3 %: in this case is the fourth consecutive month of decline, perhaps tied to a “sentiment” depressed by the news on the fall in the stock market and the rise of the yen.

Unemployment minimum – the labor market is still live: unemployment and ‘dropped to 3.1% compared to 3.2% in May, with a 137 job offers for every 100 requests representing the best value from ‘August 1991. industrial production is up 1.9% from the previous month (more than expected). Overall, the latest indicators signaled that the maneuver of fiscal stimulus to the economy coming from the Japanese government should focus on supporting consumption. But the “highlight” of the package – which should be formally announced next week in its lines – seems to be going in the direction of a privileged promotion of infrastructure investment.

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The Fed sees less risk to the economy, but remains cautious on rates. weak bags – The Republic

MILAN – 9:30. The Federal Reserve confirmed the cautious approach to raising interest rates, although he also acknowledged that the economy clouds have thinned, and the dollar has taken note of the still accommodative negotiating position downwards. European stocks in red, in the wake of the closure of weak Asian equities: Milan gives 1%, Paris moves back of 0.1%, Frankfurt 0.25% and London of 0.35%.

the US central Bank has used tones encouraging for the US economy, which is growing at pace “moderate” with a market work that has “strengthened.” According to the institute led by Janet Yellen , “the short-term economic risks have decreased to Outlook” sign that brexit no worries. Analysts remain divided, however, in determining whether the Fed has signaled or not a close future in September. Japan is waiting for tomorrow reviewing the monetary policy of the BoJ, which could be the second pillar to the prime minister Shinzo Abe recovery plan that is worth over 260 billion dollars.

The macroeconomic agenda presents important data Germany: inflation and unemployment. Comes the eurozone economic confidence index, the US requests for unemployment benefits and the June Preliminary trade balance. A Square Business the hot title remains MPS, now on the eve of the publication of stress tests by the EBA and the narrow end to approve the sale of 10 billion non-performing loans and a capital increase that could get to 5 billion.

spread between Bund and BTP dates back to 130 basis points, mainly because of the slope of the yield on German bonds. The ten-year Italian, in fact, makes less than 1.2% on the secondary market. Change euro-dollar are slightly up, with the currency of the old continent that is trading at 1.1066 greenbacks.

Closing down for the Tokyo Stock Exchange with the Nikkei index falling 1.13% to 16,476.84 points. Yesterday’s session at Wall Street is over countered in a day marked by a series of disappointing quarterly corporate such as Coca Cola (-3.3%). Only the Nasdaq managed to gain ground, supported by Apple (+ 6.5% to $ 102.95): The title of the iPhone manufacturer has filed the best seat for two years in the aftermath of a quarterly profits, revenue and smartphone sales down but less than expected. The Dow Jones lost 0.01%, to 18472.17 share. The S & amp; P 500 surrendered 0.12% and the technology price list has gained 0.58%.

Quotes of the ‘ Gold at the sharp rise in Asian markets, after the sitting Fed has not raised interest rates while leaving open the possibility of a rise later this year. Bullion for immediate delivery, changing hands at $ 1,338 an ounce, an increase of 1.5%. After strong sales of the last sessions, accentuated by the unexpected growth of US stocks, the oil is slight rise, with Brent at $ 43.57 a barrel, and WTI to $ 42 a barrel .

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Mediaset: Red 27.8 million in the first half – La Stampa

          

The Board of Directors of Mediaset, which met under the Chairmanship of Fedele Confalonieri, has been informed of the recent events resulted in the breach of contract of the Vivendi Group (press release dated July 25, 2016) and has reviewed an action plan at the company’s protection. The Council took note of the statement by management and voted to reject the alternative proposal of Vivendi considered inadmissible as incompatible with the binding agreement already signed. The Council therefore instructed the administrator to take appropriate actions that will achieve the fulfillment of the contract by Vivendi and, in the event of inaction by the latter, to take civil and possibly criminal in protection of interests of society.

The Council subsequently approved the report on the first half of 2016.

Key findings Mediaset Group Net revenues: 1,870,600,000 of EUR
Operating profit (EBIT): 97.3 million of euro
TV listen: leadership in the commercial target in Italy and in Spain

the Mediaset Group ended a semester, confirming the positive trend of sales growth in all major areas of activities of the group which previously occurred during the first three months of 2016. Despite a backdrop of persistent market volatility and extreme complexity of the economic situation in Italy Mediaset’s advertising sales remained positive for the fourth consecutive quarter. Even in Spain continued the phase of steady expansion in advertising revenues of Mediaset España. Given these positive trends, the consolidated financial results have improved compared to the budget forecast both in Italy and in Spain. And this despite the expected higher costs incurred in the third quarter of 2015 for the acquisition of valuable TV sports rights (including the three-year exclusive of the Champions League) for the 2015-2016 season. Rights which are ensuring the continued growth of the customer base and the average revenue of the premium in line with the expected trend in the three year plan drawn up to purchase the eve of those rights.
The Group’s performance is summarized as follows:
• Net revenues amounted to 1.8706 billion euro, strong growth compared to 1.7211 billion the first half of 2015. In Italy, revenues they reached 1.3497 billion euro, compared to 1.2437 billion euro in the same period last year. Spain reached 521.6 million, compared with EUR 478.5 million in 2015. Positive in both countries the trend in advertising sales. In Italy, the gross television advertising revenues reached 1.0488 billion, compared with EUR 1011.0000000 euro in the first six months of 2015 (+ 3.7%). The collection of performance was much supported in the second quarter with an increase of 4.6% over the same period of 2015. Based on the latest available data disclosed by Nielsen, in the first five months of the year Mediaset’s advertising revenues It grew by 4.5% over the same period of 2015 compared to an overall growth of 2.7% advertising market. In Spain, where the economic recovery is still firm, the gross television advertising revenues amounted to 508.0000000 compared to EUR 473.2 million the previous year (+ 7.3%).
• EBIT of the Group amounted to 97.3 million euro compared to 137.0 million the previous year. In Italy the EBIT amounted to -52.8 million euro compared to 26.5 million in 2015. In Spain the figure grows to 150.1 million euro compared with 111.0 million euros the previous year.
• The consolidated net profit amounted to 27.8 million euro compared to 24.2 million euro in the same period of 2015.
• Acquisition of one-off cash. In the second quarter 2016 cash expenditures were incurred one-off – resulting solely from the signing of the contract with Vivendi – amounted to 34.6 million euro.
• Net financial debt rose from 859.4 million euro at December 31 2015 to 959.1 million Euros as at 30 June 2016. The change has affected the investment for 91.4 million euro carried in the first quarter of the year due to the increase of the controlling interest in Mediaset España through the completion of the buy-back plan of own shares carried out by the company. To which are added the outputs for a total of EUR 106.1 million related to the distribution of dividends by Mediaset S.p.A. and Mediaset España and the aforementioned cash outlay for running the Vivendi contract. The free cash flow of operations in Italy and Spain was amounted to 152.8 million euro.
• TV ratings. In Mediaset first six months of 2016 confirm a clear leadership in the commercial target, both in Italy and in Spain. In Italy, Mediaset is the leader on the 15-64 age range with 33.7% share in the 24 hours. Channel 5 is the view of Italian channel in the commercial target, both in prime time (16.8%) in the 24 hours (16.5%). In Spain, television Mediaset España channels confirmed the absolute leadership in the 24 hours with 30.5% share. Telecinco is Spain’s most popular across the whole day with 14.6%.

OUTLOOK In Italy the trend of the Group’s advertising revenue is expected to remain positive in the third quarter, despite the months of July and August of major international sporting events (finals the European Football Championship in the first half of July and the Olympic Games in August) transmitted by the main competitors. In September, the trend in income should be positively supported from the start of the new fall television season providing for an offer editorial Mediaset further renewed and strengthened. In the second half of the year, the consolidated financial results should also highlight a trend in television costs more in line with the same period of 2015 due to the continuum of sporting Mediaset Premium compared to the same period last year, as well as benefit from further growth in core revenues and pay the positive contribution arising from the results of Mediaset España. On this positive trend could weigh the negative impacts resulting from both the decision-making delays on the operations of Mediaset Premium – caused dall’interim management due to the terms of the contract with Vivendi – both commercial and operational decisions taken by the Vivendi and not provided for in the original budget of Mediaset Premium. From July 1 will also be fully consolidated companies belonging to the RB1 / Finelco but this will not determine the remainder of the year a significant impact on the Group’s margins.

(RV)