Esselunga, a benchmark of large european distribution – The Sun 24 Hours

Crossing the benchmark of the Italian large-scale distribution, but also a big at the european level in sales per square meter. Esselunga is not only a supply chain but a device that is almost perfect, where businesses of production of ready meals and confectionary the group of milan, integrating the commercial network (and with the real estate).

According to the Report 2014 of the area studi Mediobanca, the company built by Bernardo Caprotti has the highest index of sales per square meter, 16 thousand euro, against 8.150 euro average of the panel. The other groups lie between the 6.940 euro/sqm of the Coop and the 4.870 € /sq m Carrefour. The company is second to Roe (after the discount chain’eurospin), 13.6% and net profits of 4.9 sales. The profit accumulated in the period 2011-2014 has touched 1.1 milliard, as against a paltry booty of the "hate" Coop 53 million (which, however, operate in all Italy, and not only to the North, and with a logic very different).

Dead Bernardo Caprotti, the patron of Esselunga

in Short, Esselunga has become a cash cow thanks to the total dedication, since 1957, its founder marvel comics, which has formed its own management. Marvel comics also has the merit of not being caduro in the trap of the hypermarket, a format that excludes the crisis years of sales.

Operation renew

But also an almost perfect machine as Esselunga has undergone in recent years an erosion of profitability: has reacted by renewing a completely commercial network (at the points of sale, the floor is made of marble), has never detached the foot from the accelerator, promotions and established brand of its own.

The FULL ARTICLE ON the SUN 24 HOURS OF SATURDAY the 1ST of OCTOBER

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Farewell to the entrepreneur Caprotti, mister Esselunga – Milano Weekend

Bernardo Caprotti, photo © Panorama (YouTube)

Goodbye to the milanese businessman Bernardo Caprotti, founder in 1957 of the supermarket chain Crossing (then "Supermarkets Italiani Spa, whose first store opened in viale Regina Giovanna Porta Venezia area) have become an institution in the daily life of the citizens of milan for the quality and variety of the points of sale. The owner passed away in the evening in Milan, a week before he’s 91 years old. Remains open the future of the company. these days is in the course of the financial assessment: likely sale to a fund of foreign investment.

The funeral Caprotti will be private and for the will of the deceased should not be published obituaries. In a debate organised in 2015 by the Rotary at the Teatro Manzoni, Caprotti, stressed the difference between two ways of doing business: as the "enterprise" (taken advisedly), or as "venture" (close to the concept of gambling). One of his dreams was a new airport in Lombardy, in the area of brescia Montichiari and at the same time bocciava Malpensa as less accessible, unsuitable to take off the large production capacity of lombardy.

Dead marvel comics: the struggle for judicial

Born in the city from industrial textile brianza, the king of the large-scale distribution Italian became famous for the eternal struggle with the Coop: the book "the Sickle and the Cart" he advanced a harsh indictment, claiming that the commercial expansion of Esselunga was impeded in the regions of greater influence of the so-called "coop rosse". The judicial battle, which is currently in the Court of appeal, has had good results mixed.

In summary: after some initial successes in the legal scored by marvel comics, in September 2011, the lawsuit won by Coop Italia at the Milan Court, led to the temporary withdrawal of the book; finally, the reissue of the volume, after a judgment of the Court of appeal of Milan, in December of the same year received the suspension request. The Coop Estense was later condemned by theAntitrust to pay a fine of 4.6 million. In the story the court of the patron, also, a director in 1996 and a conviction for defamation in 2016.

Dead Caprotti: reactions

"He tried to sell Esselunga not to leave it to the children, but did not at the time. The mystery about what is going to happen now: this is the tweet in the evening to the director of the Republic, Mario Calabresi. "A great Italian, of the head extremely tough – writes Oscar Giannino in the social network, will open a retail chain in the afterlife,saying, 'so the Coop is going to hell’". The journalist Marta Ottaviani has launched an appeal to the Municipality of Milan to place the corpse of marvel comics, in the memorial chapel, the honor of the monumental Cemetery.

"With Bernardo Caprotti dies the symbol, the representative of the Italian generation are enormous," writes Jacopo Tondelli on The General States, calling it "the first true master ” made in Brianza": "the life of Caprotti, like that of so many champions of the Twentieth century, has been many things together. It was talent and it was power and daring. It was a charity 'the old way', and was in control even brutal reputation, and power, always the old-fashioned way".

Bills: electricity, cala, gas increases. How to save on your bills – Techcrunch.it

Bills: cala electricity increases gas. In the fourth quarter back down the cost of the bills of light for families and small consumers that have not chosen the free market, and still turn to the market to be protected: rat of about 20 million users. There has been an increase, even if only slightly, the bills for gas. It is important as it provides the regulatory Authority for Energy, stating that in 2016, the family type will be, between light and gas, a savings of 96 euro, compared to 2015. Saving mainly due to the gas (91 euro). Specifically, from the first of October, the cost of electricity’ will’ dell’1,1%, while that of the gas increases by 1.7%. For electricity, the expense for the family-type in the year sliding (i.e. between 1 January 2016 and 31 December 2016) will be of 499 euro, with a decrease of 1.1% compared to the equivalent 12-month of the previous year (1 January 2015 – 31 December 2015), corresponding to a saving of 5 euro. For the gas the expenditure of the family type in the same period will be about 1.033 euro, with a reduction of 8.1%, corresponding to a saving of 91 euro compared to the year sliding. The fall in the cost of bill electric – explain from the Authorities – and was determined mainly from the drop in component to cover the costs of supply on the wholesale markets, and in important ways from the reduction of the cost of dispatch (i.e. the costs incurred by the network Operator – Terna – for the maintenance of balance and into the safety of the electric system), also thanks to the first effects of the measures of the Authorities “to stop and pursue the possible anomalous of the past months held by the operators of the supply and demand in the wholesale markets of electricity”.

These measures – emphasizes the Authority of the Energy – might determine to be a part of sanctions for those who has put in place anomalous and “refunds in fee in compensation for consumers” and As to the recent rulings of the administrative courts on the price of your energy bills, these – precise, always to the regulatory Authority for Energy – have not had any effect on the prices just updated. “Today’s update does not take into account the possible effects arising from the various decisions of the administrative courts in regard to the updating of the III quarter of 2016, which remains a case by itself and that does not “propagate” their effect on fourth quarter or on the next 2017,” reads the note of’ Authority’. In short, with a next measure, as required of the regional administrative court of Lombardy, The regulatory Authority for Energy will be the mode which will adjust automatically any refunds to the users. In recent months, the administrative judges have first locked the rate increases of July and then have admitted, by imposing, however,’ the Authority’ of the Energy, in the expectation of an intervention on the merits scheduled for February, to create a fund for any refunds.

Vivendi ready to find a new agreement with the Mediaset – The Republic

MILAN – We are confident on Mediaset Premium". With these words, Arnaud de Puyfontaine, ceo of Vivendi, has reiterated that it is ready to formulate the Mediaset an alternative proposal on pay tv. The agreement signed last 8 April, predicted that by march 30, the two companies would have had to perfect the agreement. The date, however, may be reviewed by the parties, and now you would work to find a solution in the next few weeks, negotiating it and announce it by October 30. Postpone would not be possible, because Mediast Premium must be programmed schedules and bids, and prepare for the auction of the rights of football of serie A and the Champions League, which will begin in January 2017.

According to reports, Mediobanca and the financier Tarak Ben Ammar are working to find a solution that is close to the positions of the two groups and, above all, sees light at the end of a long and violent legal battle. Last August 19, Mediaset has in fact filed a civil lawsuit closing at Vivendi 50 million of damages per month, to date from July 25, when the group began to challenge unilaterally the contract for the purchase of 100% of the Premium, and the damages quantified in no less than 1.5 billion. But also the parent company Fininvest is associated with the group of tv commercial asking the French 570 million in damage.

And so Vivendi, to avoid a long legal battle – which puts you in a position of weakness – is trying to involve new members in order not to consolidate the Premium and to keep to the agreement with Mediaset. However, the group of Cologno seems determined not to allow too many discounts to the French, confident of the legal validity of the contract signed with the French.

Topics:

Mediaset

Vivendi

mediaset premium

Starring:

PIer Silvio Berlusconi

Passed the shock of Deutsche Bank Piazza Affari closes +or 38% – Corriere della Sera

Closing with a bang for Deutsche Bank, the Frankfurt Stock exchange. The title of the German bank has earned 6,39% 11,57 euro, after a session of ups and downs, with an opening loss of about 9%. Brilliant performance of the title in New York, where the rise is the 13,34% 13,01 dollars. To push the German bank contribute to the rumors about an agreement in the arrival in the Us to reduce from 14 to 5.4 billion dollars, the fine for the story of the subprime.

Piazza Affari, after the opening with the sign “minus” (-2,5%) has closed higher of 0,38%. And the main lists of the european line up in the new climate of new-found serenity. Closing a little below par for the Ftse 100 of London (at-0.29% to 6.899,33 points) and the Ibex of Madrid (-0,19% 8.779,4), a slight plus for the Cac40 in Paris (+0.1% 4.448,26) and percentage point increase for the Dax of Frankfurt (+1,01% 10.511,02). But the spotlight is also on Commerzbank, down 1,33%. The supervisory board of the second German bank will decide on the restructuring plan announced Thursday by ceo Martin Zielke, who provides 9.600 cuts, the suspension of the dividend and the reorganization of its divisions that will go down from 4 to 2. In Milan, after the early exchanges, the FTSE Mib is arrived to lose 2.5% and then recover and contain the losses of 1.3% and stabilize in the afternoon on a drop-0.4%.

The Deutsche Bank

In the night the title Deutsche Bank had sold 6.7% on Wall Street. The continuing collapse in the Stock of the first bank in germany to reflect the fears of the market that believes more and more inevitable that a bailout by the German government, as repeatedly denied, both from Berlin, from the institute of Frankfurt. In a year the actions Deutsche Bank have lost more than 60% in the Stock market. The institute led by John Cryan was involved in all the recent financial scandals (the manipulation of the indices, Libor, Forex, subprime mortgages) and, therefore, is at the center of thousands of causes around the world, with claims and fines of record, including the request for 14 billion by the Us authorities.

on Friday, after the Stock market crash caused by the news of the escape some of the hedge fund capital of the Deutsche Bank, Cryan stepped in to reassure the employees, ribandendo that the bank is solid and has over 20 million customers. “There are forces currently underway in the market that want to undermine the confidence in us,” wrote the Ceo in an internal letter. “Our task now is to ensure that this distorted perception does not influence so strongly our everyday activities”, he added.

The case for commerzbank

on Thursday, Commerzbank, the number two, has announced that it will cut about 9,600 jobs, or one out of five, about 45 thousand of employees in total and will suspend the dividend, which had begun to pay only last year, for the first time since 2007, after the stop result of the financial crisis and rescue the public, when the government of Berlin, injected 18 billion of capital in the institute, becoming a shareholder (and still today, is the first shareholder with 15%). The restructuring plan announced by Martin Zielke, ceo of Commerzbank in may, will be analyzed Friday by the Supervisory board. The reorganization, which will extend until 2020 and will cost in the complex 1.1 billion of costs, provides for the simplification of the structure, with the merger of the 4 most important activities in the two divisions, and the movement online of 80% of operations and processes. And the hiring of 2,300 people in areas with the greatest growth.

September 30, 2016 (change to the September 30, 2016 | 18:44)

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Italy’s exit from deflation – Milano Finanza

on the rise again, at least on an annual basis, inflation in September. According to the preliminary estimates of Istat, the national index of consumer prices for the entire community, inclusive of tobacco, recorded a decrease of 0.2% on a monthly basis and an increase of 0.1% compared to September 2015 (was-0.1% in August).

this Is the first positive development, “though little”, after the seven decreases in trends, reports and Istat. This reversal of the trend, says the institute of statistics, is mainly due to the sharp downsizing of the decline in prices of energy goods is not regulated (-2,7% -7,0% in August), both regulated (-4,1% -5,9%) and, to a lesser extent, to the resumption of the growth trend of prices of services related to transport (+1,1%; the change was nothing the previous month).

net of food products and of energy goods, the core inflation rises to +0.5% (from +0,4% in August); net of just energy goods amounted to +0.5% recording, compared to the previous month (+0,6%), a slow minor. Inflation gained for 2016 is thus equal to -0,1% (was nothing the previous month).

Compared to September 2015, prices of goods have registered a decline equal to-0.2% (-0,5% in August), while the growth rate of prices of services drops to +0.4% (from +0.5% in the previous month). Accordingly, compared to August 2016, the differential of inflation between goods and services is reduced by four-tenths of a percentage point.

The decrease on monthly basis of the general index of consumer prices is mainly attributable to declines in the short term, in large part due to seasonal factors, of prices of transport services (by 3.0%) and services recreational, cultural and for the care of the person (by 0.9%). The prices of food goods, for the care of the house and of the person decrease of 0.1% on a monthly basis and recorded a zero change on an annual basis (+0,6% in August).

the prices of The products, high purchase frequency increase of 0.1% in terms of economic and 0.2% y / y (was +0,1% in August). According to preliminary estimates, the index harmonized consumer price increases of 1.9% on a monthly basis and by 0.1% on an annual basis, with a reversal of trend from down by 0.1% in August.

But it is too early to claim victory. “The exit from deflation is still extremely shy and price growth of 0.1% is not enough to declare victory,” said Codacons. “The limited growth of prices increased just 0.1% on an annual basis may not reassure the Country,” says the president Carlo Rienzi.

“this step, in fact, and without relapse of the lists, it will take about 15 years to return to levels of inflation that are acceptable and useful to the economy. Deflation first, and the recovery slow and prices now, are caused by low consumption of the families: for this reason, we ask now for months, measures to support domestic demand, because only if the purchases are resumed, the prices can finally continue, with benefits for the economy as a whole,” concludes Rienzi.

Rosario Trefiletti and Elio Lannutti slow down any enthusiasm: “the growth, shy and contained, it will stop at +0,1%. Was still extremely feeble and uncertain, but that is a small step forward”, keep the presidents of Federconsumatori and Adusbef, according to which is the government, now, to take advantage of this positive signal to initiate the measures necessary for growth. “It is time to trigger a new phase of development, which points on research, innovation, modernisation and the creation of infrastructure, the enhancement of the tourist offer”, specify.

this Is “operations priority” that rimetterebbero in motion the labour market and domestic demand (from 2012 to 2015 has seen a decline a fall of 10.2%, equal to approximately 72,2 billion euros. “But, to help the recovery of domestic demand, it is necessary to also support to lower incomes and a greater control on the rates: how is it possible that, for example, just to mention one of the most extraordinary cases, in the period 2013-2016, the increase of the Tari was 20 times more than inflation?”, conclude Trefiletti and Competitors.

Inflation in the recovery in the Eurozone, but core below expectations

inflation in the euro area in September, according to the preliminary reading, grew by 0.4% at the annual level, compared to +0.2% in August, in line with the expectations of the consensus. Instead, core inflation preliminary, up 0.8% year-on-year, has disappointed slightly the expectations of+0.9% year-on-year). “The data core has disappointed the expectations, and for this reason the euro has slightly weakened, even if not so significant,” says Filippo Diodovich, strategist at Ig, requested by the agency MF-dow jones.

The expert believes that inflation should continue to recover in the coming months, as anticipated by the president of the Ecb, Mario Draghi. However, “the crisis in the financial sector could weigh on confidence.” Therefore, “if the crisis were to persist, or even worsen, the outlook on inflation may change,” warns Diodovich. At the moment the euro-dollar exchange traveling to 1,1171. Weigh on the single currency the concerns related to the state of health of the Deutsche Bank (-3,86% 10,45 euros on the Frankfurt stock exchange).

However, the numbers today on prices, along with the positive ones yesterday from Germany and Spain, confirm an improvement of the framework of the global inflation in the euro area: an element that is interpreted as a first confirmation of the effectiveness of the action of the Ecb, and which in perspective could loosen the pressure on Frankfurt to adopt new initiatives of the stimulus.

Deutsche Bank in the storm, to Berlin and Frankfurt, inaction is not an option – The Sun 24 Hours

FRANKFURT am main. By our correspondent
For the third time from the beginning of 2016, Deutsche Bank is hit by the violent turbulence of the market. The first was at the turn of January and February, when markets were even placed in doubt the capacity of the largest German bank to pay the coupons on its subordinated debt, the second in July, the third in these hours. The reason behind this last storm is the request of the Department of Justice of the United States a fine of $ 14 billion for misconduct in the sale of securities securitized, which has raised many doubts on the adequacy of provisions, and then of the share capital of Deutsche Bank. Many hedge funds have taken short positions on shares, and others have suspended or reduced their activities with the bank.

the Deutsche Bank, the ten hedge funds in retreat. The Sell-off on Wall Street

The deeper causes of the malaise of the bank must however be looked for elsewhere. The latest legal tussle in the United States is not yet another of a long series of legal disputes and scandals, which have not yet seen the end, nor is it possible to quantify fully the scope for the accounts of Deutsche Bank. More fundamentally, investors today are very skeptical on the future of the bank, also because they do not see a defined strategy to take her out of the ford. The chief executive officer John Cryan, who took office more than a year ago with the hunger of the cutter of costs, not yet managed to convince the markets. Even this morning, its assurances in a letter to employees that the bank is solid under the equity profile and liquidity, and that the whole is the product of a "wrong perception", may not be enough.

cds Deutsche Bank flywheel to the record of 550 points

beyond that, which will make the summit of the bank, there are concerns now about what role you could play the German policy. A year before the elections, any public aid to banks could prove to be toxic for the chancellor Angela Merkel, and this limits the options. An opinion poll just released reveals that 70% of the respondents is contrary to put public money into the banks. It should not be forgotten that Germany was the Country that has mostly used taxpayers ‘ money to bring fuoi by the crisis, their banks in 2008-2009. On the other hand, the Government can hardly afford to see slip into the disaster or the collapse of the largest institute of the Country, that over all, as it has supported recently the international monetary Fund, is what the potential systemic impact greatest in the world for its interconnection.
The problem may then go beyond Deutsche Bank, and involve the financial stability of Germany and of Europe. For Berlin and Frankfurt, inaction is not an option.

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Bills, they come back to rise of 1.7% the rates of the gas, but electricity goes down by 1,1% – The Republic

MILAN After the leap last June, when there was registered an increase of 4.3 percent, return to get off the electric energy bills. With the quarterly review, as communicated by the regulatory Authority for energy, consumers will spend 1.1 percent less. The savings is negated by an increase in the gas bill, and in the next three months, the natural gas for domestic use and for heating will cost 1.7 per cent more.

The percentages can also be translated into euros spent on average in a year by Italian families: for electricity, the expense for the family-type in the year between the first of January, and 31 December 2016, will be of 499 euro, with a decrease of 1.1% compared to the equivalent 12-month in the previous year, which means that there have been great changes, since it corresponds to a saving of 5 euro.
it Goes a little better for the gas: in this case, the saving on the expenditure of the family type in the same period will be approximately 1.033 Euro, with a reduction of 8.1%, corresponding to a saving of 91 euro.

How to explain the changes announced by the Authority for electricity? In the case of gas, with a seasonal effect: with the approach of the cold season, the prices of raw materials are bound to rise after the drop in summer. This is because the operators have sought to buy the methane in the months when the prices go down and now that rises the question you resell it at a higher price. The rates that come into force from here to the end of the year to take account of this mechanism.

For electricity, the explanation is more complex. In the previous quarter and increase of 4.3 percent was due mainly to an unexpected increase in costs for the “dispatching”, which purchases energy wholesale from Terna (the company that has the responsibility of bringing the energy along the entire peninsula through its network of high voltage). Following a report by Confindustria, the Authority has opened a survey to understand why some operators had not put in function the electric power plants, and if not they had to raise their prices and force the Triad to buy at a price higher than average. To prevent the recurrence of these episodes, the Authority has already taken some measures “to stop and pursue the possible anomalous keep it in the past few months by operators in the wholesale markets investigate to electricity”. These early measures, waiting for you to finish the investigation that may result in compensation to consumers, have produced the first results. Bringing down the bill for the next three months.

Topics:

utility bills

gas

electricity

rates

Starring:

the energy Authority

triad

The shot of the Joints, Bompiani is his: we will be the protagonists of the narrative – Corriere della Sera

another stage in the prestigious history of Bompiani. The publishing house established in milan in 1929 — which have collaborated in the time figures such as Cesare Zavattini, Antonio Banfi, Umberto Eco — passes to the florentines of the Joints. Already a leader in the field boys, in school, in the manuals, the publisher tuscan detects Bompiani, Mondadori for 16.5 million euro. “You confirm and increase our interest in the narrative,” says Sergio Giunti, president of the group. And ensure “the commitment to maintain and develop a brand so important to his readers, to whom we bear a great deal of respect”.

L’the publisher Sergio Giunti (1937), president of the Giunti group

The sale by Mondadori is to comply with the requirements of the Antitrust on the acquisition of Rcs Libri. Last march the competition Authority and the market had in fact given away for free as long as Mondadori had complied with the ten “corrective measures”, including the sale of Bompiani and Marsilio. This is back in July in the hands of the family De Michelis. And, yesterday, came the signing of the contract of cession of the milanese brand to the Joints, in a race which, before the summer, he had seen affected a dozen publishers, including Amazon, and HarperCollins. In addition to The ship of Theseus, founded by Eco, with Elisabetta Sgarbi, and other historical figures Bompiani, with the dream — now gone — to be able to bring together the catalog.

Martino Montanarini (1964), managing director of Giunti group

Also the transaction announced yesterday will have to be approved by the Antitrust authority. in More detail, we read in the press Mondadori, of the 16.5 million that the Joints will shed, 5,3 are “related to assets transferred to the buyer”. “It is, in most relevant part, of the books in the warehouse Bompiani, they will pass that on to us, and of the advances paid to the authors for titles already published or to be published”, explains the ceo of the Joints, Martino Montanarini. The other 11.2 million are instead the Joints has the estimated Bompiani.

The writer Sandro Veronesi (1959), has left Bompiani at the time of the merger Mondadori-Rcs Libri

At June 30, the milanese publishing house has a share of 1.8% of the market, trade. Joints of about 7.5, then come over 9%. “Bompiani combines excellence and the ability to speak to a large audience. For this — add Tendencies — the opportunity was missed”. As to the next steps, the editorial plan will be unveiled in some time, but the ceo assures that it will respect the nature of the brand and that will be shown at the top, after the stalemate of the last few months waiting for the sale. “While determined to maintain our leadership in the other sectors where we are strong, for example, the book illustrates — continues — Bompiani, which will allow us to grow in the field of fiction and non-fiction, about which we already for some years, as demonstrated by the assumptions of the editor Donatella Minute and Anthony Franchini”. The latter is in the Joints, from October 2015, after 29 years in Mondadori and the launching of bestsellers such as The solitude of prime numbers and Gomorrah. Then, one of the authors Arrived are arrived writers such as Antonio Moresco, the first of the excluded from five of the Witch 2016 with goodbye; Mark Ferrante, released in August, with Gin and tonic with your eyes closed; Andrea De Carlo, in the library today with The imperfect wonder; Andrea Piva, which will publish in January nocturnal animal.

“it is a Shame, because for the acquisition of Bompiani on the part of The ship of Theseus had been found an availability for a significant sum of figures ex novo would be revenue in the publishing market. Now that money will not arrive,” says Sandro Veronesi, historical author Bompiani that, in the moment in which it prefigured the fusion Mondadori-Rcs Libri, has left for the emergence of The ship of Theseus. “We are in the midst of our catalogs azzoppati,” notes, for example “the name of The rose , and other books of Eco are Bompiani while others who had returned in his willingness to belong to The ship of Theseus”, but acknowledges “I’m still in good hands. It was made a race, and Joints is a publisher important. Could happen to any foreign investor and then we would have been able to raise the alarm. Amazon would have been a problem.” Finally raises a question to be verified: “The dominant position may reoccur in the school, in which Joints and Bompiani, are both strong. But if this problem turned up, there is always the referee. That has been shown to be present.”

September 29, 2016 (change to September 29, 2016 | 22:13)

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The markets fly with the Opec agreement to cut oil production – The Republic

the MILAN - 14:45. The price lists of european treat in the sharp rise even if the oil price retrace below the level of 47 dollars (for the Wti) after the leap seen yesterday in the wake of the Opec agreement to cut production quotas. An agreement that does not leave operators in no doubt.

Milan swap in progress dell’1%, with the titles of the energy industry, such as Saipem and Eni in the big sweep. Well also the other european stock Exchanges: Frankfurt add 0.45 per cent, London rises of 0.9%, while Paris adds 0.8%. Crude oil Wti is traded to 46.9 us dollars per barrel, slightly down from yesterday evening when he was jumped by 6%. Brent North sea flexes in the 48,45 usd. That arrived from Algiers, where they met the producers, it was a decision all in all unexpected: already since the last G20 the chinese had arrived for a rapprochement between the great powers (Russia and Saudi Arabia, in that case), but analysts – haunted by the many “did nothing” of the recent past – they did not believe that the agreement arrived already during these hours. A cut agreed at the time of production, on the other hand, was missing since 2008.

The growth of the petroleum in conjunction with the news coming in from Algiers

Already in the morning the effects of the announcement of the Opec have made the fly the index Nikkei of the Tokyo Stock exchange, which closed in the rise of’1,39%, reversing a first part of the session in the negative. Gains between 7 and 10% were recorded by titles such as Inpex and Japan Petroleum Exploration. Strong growth In the shares of Tepco, the utility of the Fukushima nuclear plant, after the news that Hitachi, Toshiba and Mitsubishi Heavy are in an advanced stage of negotiations to merge their activities in the nuclear sector. In general, stresses, Bloomberg, were obviously the actions of the energy sector to the rise in the index Msci Asia Pacific. “The energy sector will be the leading advocate in the rally stock that we expect after the announcement of the Opec,” explained the agency Uses the strategist Tony Farnham of Patersons Securities in Sydney, who then warned: “what we have so far is a statement of intent, but I would like to see something more concrete: they must follow this plan, but it’s still something.”

READ more. The Opec agreement could be worth $ 10 per barrel. Risk increases at the pump

The Treasury auction of Ccteu and Btps was completed with the placement total $ 8.5 billion of Btp in 5 and 10 years, and Arrears to 7 years, with rates on the rise. In detail, were placed 4 billion of Btp 5 years, with a yield to +0,28%, up 10 points. The demand, amounting to 5.2 billion, is found to 1,30 times the offer. Placed 2.5 billion of the Btp to 10 years with a rate of 1,21%, up 7 points. The demand, amounting to 3.6 billion, was as high as 1.43 times the offer. Finally sold 2 billion of Arrears to 7 years with a yield of 0.33% (the anointed one more than the previous auction). Trends little moved on the face of the bond: the yield of the Btp to 10 years is stable at 1.18% and the spreads with the German Bund was unchanged at 131 points.

From Germany come in from the data on unemployment (stable at 6,1% in September), while the economic institutes to improve the estimate of Gdp by 2016 from the +1,6 +1,9%. The German inflation reported a growth of 0.1% monthly in September, up +0.7% per annum. In Europe, the index of economic confidence improves in September from 103,5 to 104,9 points, the consumer registers a small ascent to -8,2 points. In Usa toward the end of the positive trend of the economy, rose in the second quarter of 1.4% (according to the revisiione final) after +0.8% in the first period of the year and against expectations for a rise to 1.3%. An indication that planerà on the table of the Fed, faced with the choice of raising rates by the end of the year. The best of the estimates that also the initial requirements of unemployment benefits, which fell by 3 thousand units in the last week surveyed. In Japan, in the morning, the retail sales recorded in August a decline of 1.1% compared to July. L’euro: is the recovery on the dollar in the area 1,222, while against the yen is close to quota 114.

positive Close yesterday for Wall Street - to the Opec agreement acquired – with the Dow Jones index up 0.6% to 18.337 points, the Nasdaq gained 0.24% to 5.318 and the S&P 500 has finished the trade in the rise of 0.53%. Also the price of thegold is in the growth of the asian markets: the metal with immediate delivery, salt 0.3%, to 1325 dollars per ounce, hand in hand with the weakening of the us currency, influenced in turn by the Opec agreement on oil production.

The shot of the Joints: Bompiani is his – Corriere della Sera

another stage in the prestigious history of Bompiani. The publishing house established in milan in 1929 — which have collaborated in the time figures such as Cesare Zavattini, Antonio Banfi, Umberto Eco — passes to the florentines of the Joints. Already a leader in the field boys, in school, in the manuals, the publisher tuscan detects Bompiani, Mondadori for 16.5 million euro. “You confirm and increase our interest in the narrative,” says Sergio Giunti, president of the group. And ensure “the commitment to maintain and develop a brand so important to his readers, to whom we bear a great deal of respect”.

L’the publisher Sergio Giunti (1937), president of the Giunti group

The sale by Mondadori is to comply with the requirements of the Antitrust on the acquisition of Rcs Libri. Last march the competition Authority and the market had in fact given away for free as long as Mondadori had complied with the ten “corrective measures”, including the sale of Bompiani and Marsilio. This is back in July in the hands of the family De Michelis. And, yesterday, came the signing of the contract of cession of the milanese brand to the Joints, in a race which, before the summer, he had seen affected a dozen publishers, including Amazon, and HarperCollins. In addition to The ship of Theseus, founded by Eco, with Elisabetta Sgarbi, and other historical figures Bompiani, with the dream — now gone — to be able to bring together the catalog.

Martino Montanarini (1964), managing director of Giunti group

Also the transaction announced yesterday will have to be approved by the Antitrust authority. in More detail, we read in the press Mondadori, of the 16.5 million that the Joints will shed, 5,3 are “related to assets transferred to the buyer”. “It is, in most relevant part, of the books in the warehouse Bompiani, they will pass that on to us, and of the advances paid to the authors for titles already published or to be published”, explains the ceo of the Joints, Martino Montanarini. The other 11.2 million are instead the Joints has the estimated Bompiani.

The writer Sandro Veronesi (1959), has left Bompiani at the time of the merger Mondadori-Rcs Libri

At June 30, the milanese publishing house has a share of 1.8% of the market, trade. Joints of about 7.5, then come over 9%. “Bompiani combines excellence and the ability to speak to a large audience. For this — add Tendencies — the opportunity was missed”. As to the next steps, the editorial plan will be unveiled in some time, but the ceo assures that it will respect the nature of the brand and that will be shown at the top, after the stalemate of the last few months waiting for the sale. “While determined to maintain our leadership in the other sectors where we are strong, for example, the book illustrates — continues — Bompiani, which will allow us to grow in the field of fiction and non-fiction, about which we already for some years, as demonstrated by the assumptions of the editor Donatella Minute and Anthony Franchini”. The latter is in the Joints, from October 2015, after 29 years in Mondadori and the launching of bestsellers such as The solitude of prime numbers and Gomorrah. Then, one of the authors Arrived are arrived writers such as Antonio Moresco, the first of the excluded from five of the Witch 2016 with goodbye; Mark Ferrante, released in August, with Gin and tonic with your eyes closed; Andrea De Carlo, in the library today with The imperfect wonder; Andrea Piva, which will publish in January nocturnal animal.

“it is a Shame, because for the acquisition of Bompiani on the part of The ship of Theseus had been found an availability for a significant sum of figures ex novo would be revenue in the publishing market. Now that money will not arrive,” says Sandro Veronesi, historical author Bompiani that, in the moment in which it prefigured the fusion Mondadori-Rcs Libri, has left for the emergence of The ship of Theseus. “We are in the midst of our catalogs azzoppati,” notes, for example “the name of The rose , and other books of Eco are Bompiani while others who had returned in his willingness to belong to The ship of Theseus”, but acknowledges “I’m still in good hands. It was made a race, and Joints is a publisher important. Could happen to any foreign investor and then we would have been able to raise the alarm. Amazon would have been a problem.” Finally raises a question to be verified: “The dominant position may reoccur in the school, in which Joints and Bompiani, are both strong. But if this problem turned up, there is always the referee. That has been shown to be present.”

September 29, 2016 (change to September 29, 2016 | 22:13)

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Sergio Arrived: “With Bompiani, we will resume our long tradition in fiction” – The Sun 24 Hours

The florentine publishing house, Giunti Editore has won the race for the conquest of Bompiani, sold by the Mondadori group in the framework of the Rcs Books. The publishing house was founded in 1929 by Valentino Bompiani, therefore must be in addition to all other trademarks of property of the Joints: Dami, De Vecchi, Demetra, Giunti Junior, Giunti Kids, Motta Junior; license: Disney, Lucas, Marvel; to controlled Editions of the Village, Editoriale Scienza, Edizioni Pon Pon, publishing house fatatrac in collaboration, in addition to the participants, Giorgio Nada editore, Slow Food editore. Soon the Joints will be to shape the business strategy and the imprints that will be a result of the acquisition. “You confirm and increase our interest in the narrative,” said president Sergio Couplings – which now, for some time, we devote resources and commitment, taking up a long-standing tradition and important part of our history.”

The Group Giunti Editore, present on the Italian market since 1841, has a catalog of over 8,000 titles active with 500 new annual. The turnover 2015 register 198 million euros, over 1,000 employees, 188 libraries come to the Point where on the whole national territory. It is active in book publishing, both on paper and digital, through a wide range of editorial products for children and for childhood, which segment is the leader for number of copies sold, with a domestic market share of 23%. Also specialises in educational publishing, fiction and non-fiction, manuals, tourism, art, and periodicals (art, archaeology, and psychology).

(Il Sole 24 Ore Radiocor Plus)

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“Germany has saved 28 billion” – The Sun 24 Hours

berlin

in Front of the audience is not always well-disposed of the German parliamentary representatives, the president of the european central Bank, Mario Draghi has launched yesterday in a robust defence of the Ecb’s monetary policy, remembering that it brings benefits to Germany, And argued that the problems of the banks, which his German critics attribute it to the low interest rate policy of the institute to Frankfurt, have other causes, as deficiencies in the business model and risk management. No direct comment on the case, Deutsche Bank.

Exactly four years ago, Draghi was presented for the first time to the Bundestag in the most acute of the crisis in the euro area, shortly after his dichiarazuione that he would do “everything you need”, “whatever it takes” to save the euro. Since then, many things have changed, and the central banker, the Italian has claimed the role of the Ecb in mitigating the risk of a new "Great Depression". Our policies are working, he claimed, adding that will continue until the goal is reached, a position that didn’t please his questioners yesterday. The atmosphere of the meeting with the parliamentarians (yesterday it was members of the Commission of european affairs) was, however, not as tight in 2012, according to a participant at both meetings, even if the dissent of a part of the political establishment and the German financial remains deep.

Draghi has tended above all to demonstrate that Germany, which, according to his critics is a "victim" of the policy of the Ecb, has brought important benefits. “Through our efforts to bring back inflation to the 2% – said in his introductory speech – we have contributed to the higher growth and the creation of more jobs. In Germany, exports are benefiting from the recovery in the euro area, the unemployment is at the lowest level since the reunification, the wages have increased considerably and the venture capital is pouring on the Silicon Alley of Berlin”.

The argument most common in Germany against the Ecb is that the rates to zero to penalize the savers. Dragons, although they call themselves “sensitive” to the concerns of the investors, has argued that the real interest rates, i.e., net of inflation, have been negative in the past, as shows a study by the Bundesbank, and that the lowest interest spending of German households is higher than to the lower revenues in the period between 2008 and 2015. But the effect on the citizens extends to other areas: as taxpayers, for example, they benefit from the fact that the Government has saved money due to lower interest on the public debt of 28 billion euros only in 2015.

The deal will ascend when there will be economic recovery. “We need lower rates today to get them higher in the future,” he observed.

But the president of the Ecb, he also wanted to refute the accusations of the financial world, German that the low rates hurt banks, accusations which have made the echo yesterday a number of members. The banks, he said Dragons, if on the one hand, suffer a compression of the interest margin, the other, you have the advantage of lower collection costs, the increase in the volume of credit and lower the risk of the loan portfolio. Not are the rates low at the base of the problems of some banks, he explained, but their business model or risk management. Draghi has avoided mentioning Deutsche Bank, whose case has erupted again in recent days with the fall of the title in the Bag and the voices of public aid arrival, repeatedly denied, even yesterday, from the Government, explaining that it does not comment on individual institutions. “If a bank poses risks to the system of the euro area – he said – this is not dependent on low interest rates”.

the Dragons took advantage of the meeting with the parliamentary germans to reiterate the line that he has repeated incessantly over the last few months, and that is, that monetary policy needs to be accompanied by other measures to achieve sustainable growth: structural reforms (and in this he has found to agree yesterday, the German Finance minister, Wolfgang Schaeuble, often one of her harshest critics), and fiscal policy. And here the president of the Ecb wanted to mention that when he claimed, recently, that Germany has the space in the accounts for a fiscal stimulus, did not want to say that Berlin has to give the increase “irresponsible” of public expenditure, but to use this space in a way “carefully aimed”. A reminder of more nuanced in short, that came several times in recent times, including from the Fund.

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Pensions, measures to 6 billion in 3 years – The Sun 24 Hours

Advance pension an experimental basis for two years with the mechanism of the bank loan insured. No-tax area for retirees to 8.125 euro. Fourteenth for the other 1.2 million workers and average increase of 30% of the bonus for the 2.1 million individuals that are already benefiting from it. Ricongiunzioni free. And easier access to a pension for "early" and "demanding". These five points of the package of welfare that will enter in the Budget law for the effect of the report signed yesterday by the government and the trade unions, although with many caveats and with more than one node is still to be dissolved, at the end of the round that has seen the protagonists of the minister of Labour Giuliano Poletti and the undersecretary to the Presidency, Tommaso Nannicini, with the leader of the Cgil, Cisl and Uil.

The starting open

The government has put on the plate 6 billion in three years, with a progressive way: in 2017 the funding package will be more content (probably between 1.5 and 1.7 billion) and then grow gradually. But that the real level of resources available for the next year is only one of the issues still open. For this reason, the Government and trade unions will come back to see you before the launch of the Budget law expected in mid-October. “When you retrieve a climate of fair comparison between the Government and the social partners is of great value to the Country”, said the president of Confindustria, Vincenzo Boccia. “The hope – he added – is that there will be solutions in a logic of confrontation with an attention to inequality and poverty, without making the mistake of not looking at the factors of competitiveness of the Country”.

us Yesterday, you are limited to sign a protocol, because on some points you have recorded convergence with the trade unions (equation no-tax area to that of the employee’s work is the fourteenth of pensions up to one thousand euro, the pile free of the different periods), other remain to do technical insights (Bee social, demanding jobs, early), other issues trade unions, however, remain cold (Epas voluntary and renovations). Among the issues still to be resolved are the definition of the audience of the Ape social and of the categories of workers that will be able to access this tool. The government has proposed to the Epa at zero cost (with tax bonuses) for workers in disadvantaged groups – in the state of unemployment; for the heaviness of the work for which the age, the higher the risk of injury or occupational disease; for health; for the presence of family members with severe disabilities – with a gross pension of up to 1,500 euros (1,200 to I, net), but for the trade unions, the bar should be placed at least at the altitude of 1.650 euros gross (1,300 euros net). The Cgil, Cisl and Uil ask that you widen the pelvis to work hard to which to ensure the Bee social. “The amount of the income bridge facilitated and the audience will be identified after comparing with the unions,” he explained Nannicini, which he judged to be “plausible” a 30% increase in the allowance for those who already receive the fourteenth. To not raise costs too much the government is inclined to grant an enlargement of the audience split: ok for some categories (machinists and workers in the construction sector), at-risk other (nurses and primary school teachers). Here, the decision not to write digits, at least for the moment.

On the face of "premature", it is assumed that an intervention soft, with benefits targeted for the under-16. Too little for the Cgil, Cisl and Uil. The report provides for the elimination of the current penalties provided for early access before 62 years of age and the guarantee of the output with 41 years of contributions for the unemployed without social safety nets, and persons with disabilities. The minister Poletti is confident that she will “bring the agreement into law of the budget with the continuation of the confrontation”. In the "phase 2" will address the topic of pensions of young workers.

“has done a good job – said Susanna Camusso (Cgil) – but it is not concluded. If we think of the expectation that there is in the Country, would have needed more resources. There will be sharing, on our part, in the basis of the replies of the government on the issues that are still open”. Also for Annamaria Furlan (Cisl) “the work is not finished”, however, “we must not forget that we have recovered some of the iniquities of the law Fornero, in the direction of social cohesion”. For Carmelo Barbagallo (Uil) “six billion, are still insufficient, but this time they were put of the money for pensions, unlike the past when you were”.

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Def: the debt begins to be reduced in 2017, privatization impact of 0.1% of Gdp in 2016 – Sun 24 Hours

“waste must be systematically reducing but there are still margins appreciable further increase the efficiency of the services provided by public Administrations. The recent reform of the State budget will make it even more sustainable, effective and transparent expenditure planning”. This was stated by the minister of Economy, Pier Carlo Padoan, in the introduction to the update Note of the Def published in the evening on the website of the Ministry of Finance, which revised down from 0.5 to 0.1% of Gdp, the revenue of the privatisation to the end of 2016 (while maintaining the forecast of proceeds from privatization for the next three years).

The unemployment will amount to 11.5% in 2016 and then decline to 10.8% in 2017 and to 10.3% in 2018. Only in 2019 will drop below 10% (9,9%).

Def, 9-10 billion of new “flexibility”. Deficit of 2% target of Gdp +1%

Padoan: the debt begins to go down in 2017
The public debt this year will not drop. “As a result of the lower intensity of the recovery and the weak trend in prices, the debt/Gdp ratio will begin to decline from 2017,” he writes a Novel. In 2016, the debt will amount to the 132,8% to start to decrease by 2017 when it is expected to get to and 132.5%. The structural deficit will remain at 1.2% this year, to start to decline from 2018 to 0.7% and to get to 0.2%, essentially a tie, in 2019. “The dynamics of public investment is expected to grow also in 2016 and in the coming years, settling at around 2.3 percent on average over the period 2016-2019: in essence, in these years the debt is used to finance fixed investment, good practice to raise potential growth,” writes still Padoan.

The boost of investments

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Def: the target is Gdp +1% in 2017
the data contained in the update note of the Def approved in an exceedingly great evening yesterday by the Council of ministers this year, the Gdp will grow by only 0.8%, that is, four decimal points less than the 1.2% expected in the Document of April, while next year the “trend”, that is precisely the result that the economy would be without new interventions, is indicated by the government at 0.6%: touch precisely to the stimuli of the manoeuvre to do it go up to +1%, the new target set for 2017 in place of the 1.4% assumed in April. To allow this push within the new budget law, which should accordingly be worth between 22 and 25 billion (15 are needed for the stop to the safeguard clauses that would increase the Vat), is the additional space that the government aims to achieve in the course of the difficult in comparison with Europe, is intended to lead to the middle of November, in the judgment of the official.

Productivity the only compass that counts

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Def.: deficit of 2% of maneuver 0,5% Gdp in 2017
the update to The Def fixed at 2% the ratio between deficit and Gdp for the next year, against 2.4% which closes the end of 2016. Tables approved yesterday, however, add a further 0.4%, is attributable to the exceptional circumstances for the earthquake and migrants. The new target of net debt to programmatic by 2017 set at 2% compared to 1.8% previously estimated in the spring “requires a maneuver to 2017, equal to 0.5% of Gdp” by detailing in the budget law.

fiscal Pressure is a slight increase in
In 2016, the fiscal pressure of the current legislation cala of 0.8 percentage points compared to the year 2015, placing it at the 42.6 percent. The tax burden is falling to the 42.6% this year, but is set to rise to 42.8% in 2017 and to remain at 42.7% in both 2018 and 2019. Net of the bonus of 80 euro, the fiscal pressure, 42.1% this year, up one-tenth of a point in the 2017 to 42.2%. Confirmed value in 2018 and 2019.

Padoan: with the fight evasion down taxes, stop clauses
In 2017 there will be new measures to cut taxes with the stop to the safeguard clauses and “additional measures of relief for businesses that
will be supported by the “strategy to combat evasion, that emphasizes activities that stimulate the fulfilment of tax obligations and to encourage the emergence of” spontaneous”. As the minister of the Economy Pier Carlo Padoan in his introduction to the update note of the Def.

Upb: ok the framework 2016-17 risk estimates 2018-19
Meanwhile, the parliamentary Office of the budget has validated the positive macroeconomic trend 2016-17 inserted by the Mef in the update note of the Def, however, the Office points out in the estimates for the two-year period
the next “the presence of relevant risk factors and negative” both on growth and on inflation. “This leads to concern about the actual feasibility of the forecasts themselves”, adds the Upb.

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Padoan, the deficit on the descent in each case – Milano Finanza

In the next manoeuvre, the government will focus resources in support of growth and in favour of the weaker sections but also for businesses, for public and private investment and productivity. He stated today the minister of Economy, Pier Carlo Padoan, referring to the comparison with Europe to increase in the next year the deficit of up to 0.4% to fund exceptional events. “Meanwhile,” he said, “we will ask the Parliament to bring the deficit from 2% to 2.4% in order to finance the costs linked to exceptional events such as the consequences of the earthquake and the immigration. We will do this in agreement with the european authorities”.

“we don’t have to worry about,” continued the minister, “for the largest increase in the expected public deficit in 2017″. One must therefore not focus too much on the deterioration of the data with respect to those of last spring. “The important fact is that the deficit continues to come down compared to previous years and will continue to do so,” he observed.

to the minister For the revision of the estimates on growth and the public finance balances is the result of the international situation deteriorated with lower growth and lower inflation. Yesterday the government has cut gdp estimates for this year from 1.2% to 0.8%, and in 2017 from 1.4% to 1%. The deficit/gdp ratio will amount to 2.4% this year and down 2% the next, with a possible extension of a further 0,4%.

“there Remains uncertainty on the roof”, stressed today, economists at Intesa Sanpaolo , “in view of the necessity to cover the safeguard clauses, as well as fund the new measures. In addition, the balances of the manoeuvre must still be agreed with the european union”. The experts have then remembered that on the 12th of July had been asked to Italy a correction of 0.6% of gdp in 2017, as well as timely implementation of the program of privatisation, the transfer of the tax burden from production factors to consumption and assets. The Commission had also suggested the reduction of the fiscal incentives and the completion of the reform of the cadastre in the first half of 2017. “In summary, the margins for fiscal policy to remain tight”, concluded the expert.

Draghi: “With Qe, Germany has saved 28 billion” – The Sun 24 Hours

BERLIN. From our correspondent
in Front of the audience is not always well-disposed of the German parliamentary representatives, the president of the european central Bank, Mario Draghi has launched yesterday in a robust defence of the Ecb’s monetary policy, remembering that it brings benefits to Germany. And he has argued that the problems of the banks, which his German critics attribute it to the low interest rate policy of the institute to Frankfurt, have other causes, such as deficiencies in the business model and risk management. No direct comment on the case, Deutsche Bank.

Dragons in the German Bundestag: from Eq savings of 28 billion for Germany

Exactly four years ago, Draghi was presented for the first time to the Bundestag in the most acute of the crisis in the euro area, shortly after his declaration that he would do "everything you need", "whatever it takes" to save the euro. Since then, many things have changed, and the central banker, the Italian has claimed the role of the Ecb in mitigating the risk of a new "Great Depression". Our policies are working, he claimed, adding that will continue until the goal is reached, a position that didn’t please his questioners yesterday. The atmosphere of the meeting with the parliamentarians (yesterday it was members of the Commission of european affairs) was, however, not as tight in 2012, according to a participant at both meetings, even if the dissent of a part of the political establishment and the German financial remains deep.

Draghi has tended above all to demonstrate that Germany, which, according to his critics is a "victim" of the policy of the Ecb, has brought important benefits. “Through our efforts to bring back inflation to the 2% – said in his introductory speech – we have contributed to the higher growth and the creation of more jobs. In Germany, exports are benefiting from the recovery in the euro area, the unemployment is at the lowest level since the reunification, the wages have increased considerably and the venture capital is pouring on the Silicon Alley of Berlin”.

Dragons: there are too many banks in Europe, reduce the profitability

The argument most common in Germany against the Ecb is that the rates to zero to penalize the savers. Dragons, although they call themselves "sensitive" to the concerns of the investors, has argued that the real interest rates, i.e., net of inflation, have been negative in the past, as shows a study by the Bundesbank, and that the lowest interest spending of German households is higher than to the lower revenues in the period between 2008 and 2015. But the effect on the citizens extends to other areas: as taxpayers, for example, they benefit from the fact that the Government has saved money due to lower interest on the public debt of 28 billion euros only in 2015.

Die Zeit: Berlin studies of rescue plan for Deutsche Bank. The government denies

The deal will ascend when there will be economic recovery. “We need lower rates today to get them higher in the future,” he observed.
But the Ecb president has also wanted to refute the accusations of the financial world, German that the low rates hurt banks, accusations which have made the echo yesterday a number of members. The banks, he said Dragons, if on the one hand, suffer a compression of the interest margin, the other, you have the advantage of lower collection costs, the increase in the volume of credit and lower the risk of the loan portfolio. Not are the rates low at the base of the problems of some banks, he explained, but their business model or risk management. Draghi has avoided mentioning Deutsche Bank, whose case has erupted again in recent days with the fall of the title in the Bag and the voices of public aid arrival, repeatedly denied, even yesterday, from the Government, explaining that it does not comment on individual institutions. “If a bank poses risks to the system of the euro area – he said – this is not dependent on low interest rates”.

Draghi: moderate recovery it’s up to the Governments to “unleash growth”

the Dragons took advantage of the meeting with the parliamentary germans to reiterate the line that he has repeated incessantly over the last few months, and that is, that monetary policy needs to be accompanied by other measures to achieve sustainable growth: structural reforms (and in this he has found to agree yesterday, the German Finance minister, Wolfgang Schaeuble, often one of her harshest critics), and fiscal policy. And here the president of the Ecb wanted to mention that when he claimed, recently, that Germany has the space in the accounts for a fiscal stimulus, did not want to say that Berlin has to give the increase "irresponsible" of public expenditure, but to use this space in a way "carefully aimed". A reminder of more nuanced in short, that came several times in recent times, including from the Fund.

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Renzi and Padoan, guns from Bratislava to St. Prudentius – The Republic

At the crucial of the update of the estimates of growth and of the trend of the public accounts, Renzi and his government have arrived with a state of increasing concern. The general framework of the economy, marked by the slowdown of world trade, is reflected on a situation in Italy that is struggling to regain momentum and continue to achieve growth rates that are halved with respect to Europe. Accept to grow in the next year below 1 percent, also in view of the deadlines in the policies of the executive, starting with the referendum, it would have been a defeat at the start. So that figure, the fixed Tuesday night in the anguished note of the update to the Def, is a sort of a line of the Piave ideal: keep it will not be easy, because already the Oecd estimate of 0.8 percent and is the condition that has the effect of the stimulus package on the companies for investment and technology, Industry 4.0, which many believe, but that is to be measured on the facts.

it is clear that in a situation such as this new dose of rigour, if not of austerity, they would have broken the legs of the convoy, the Italian tiring journey towards a ritovata normal economic and financial. No one denies that the excessive cuts killed each pick-up and the summit of Athens, a few days ago and between the mediterranean countries of the european Union has expressed the thesis that even the Imf could share. For us, on the occasion of the Def and the new "budget", it was quite simply to be able to have more margins of the budget and the deficit-to-Gdp ratio higher to overcome the obstacle of sterilization of the increase in the Vat, tearing up the old "draft" of the safeguard clause and to be able to do a bit of economic policy (pensions, consumption, investment) and the hands free.

Renzi has played its game with presence and boldness suited to the times. The cannonade began in Bratislava, 16 September, on the occasion of the european summit: hit so the punches that Merkel and Hollande keep him out of the final press conference. In compensation, said: "austerity does more harm than good", sticks to the Fiscal compact that we have introduced in the Constitution in the form of a balanced budget, remember rightly, Germany that has a trade surplus, that is inguaiando Europe. Tsipras and Stiglitz could subscribe to. And is it true, Angela Merkel, and an old fox like Juncker are convinced in the depths between populism, elections in France and Germany, new consultations in Austria, it is good that Italy did not exist as a new problem, even at the cost of a few decimal places in most of the defcit. However, there are forms and then there is so and so.

Juncker before the european Parliament, the 22nd of September, can not but recall to the Italy that has already had the flexibility to 19 billion in 2016, and that there is no flexibility bis, therefore it can replicate. Padoan knows and specifies that there is a request in this sense, however, in the heat of the Italian players it is difficult to distinguish the road technique that you want to cover, even you come to think that the government wants to put the Eu facing a fait accompli and force independently, the defcit to 2.4 or 2.5 percent. Anyway, the ice-cold shower of Junker complicates the games, because you have to find alternative ways: so much so that in those time there he begins to worry about the consequences of a lack of flexibility: a sting in the Vat or a manoeuvre fierce.

Between the stress and sweaty the negotiation remained open until yesterday evening. Significant that a few minutes before 21, now set for the beginning of the council of ministers, sources in Brussels were a sort of ultimatum to Italy: put the amount of money that you want, but not vendetela as the result of a negotiation. So Italy has had to withdraw due to the increase of the ratio of deficit-to-Gdp ratio at 2.3-2.4% by entering the round number in the official table of the Def that goes to Parliament. It is, however, found a solution, the byzantine and the taste of the political: the number will be a realistic and more robust 2 percent (a 0.2 in more due to the fact that the tendency to 2017 salt from 1.4 to 1.6 for the economic slowdown). This 2 you add the 0.4 extra-deficiency due to the dolorse situations of migrants and of the earthquake, approximately 6.4 billion. But the extra deficit is contingent: the "compromise" will have to be approved by Parliament and from Brussels. There are no new negotiations and a new arm of iron, also because the Commission will want to understand the extent of the costs of the earthquake and migrants, as was the case last year, the address is to grant the "discount" only for the increase of expenditure, and not for the entire stock.

the outcome of The trattattiva is not indifferent, because already today, taking for granted the approval of 2.4 percent, the maneuver real, between cuts and new revenue, is likely to reach 10 billion. If, unfortunately, there was one stop and we were forced to 2, the maneuver would increase. It is obvious that everyone is now considered old-fashioned the old stability Pact, and especially the muzzle inserted with the Fiscal compact. We "we respect the rules even if you don’t share it", as he said the presidiente of the Council in the press conference. And, in fact, it is precisely those rules that have the facility to maximum the trick of the extra deficit of 0.4 beyond which the minister of Economy Padoan can still boast a formal commitment of Italy to contain the deficit at 2 percent. And, above all, at least according what has been said in the press conference, and are awaiting confirmation from the complete tables, the path to a balanced budget remains confirmed to 2019 and the structural deficit is expected to remain with the plus sign. After the guns of Bratislava has prevailed in St. Prudentius, also if Pier Carlo Padoan must have had yesterday a day very tiring.