The state, the government and trade unions found the agreement – the Future.it

After seven years of waiting and yet another negotiation with no stop arrives, the framework agreement on the renewal of the contract of public employment. The document was signed by the unions and by the government after an eight-hour meeting at Palazzo Vidoni, between plenary meetings, restricted and pause to change the text. The increase in the average monthly is € 85, – , about five billion euros in three years. As required by the trade unions, and was the knot more difficult to untie, it was confirmed the tax bonus of 80 euros, with an increase from 85 euro, were to exceed the parameters set by the law. A point that concerns a number of workers not exceeding 200 thousand.

“we Act according to the principle of greater protection of the more vulnerable,” explains the minister of Marianna Madia – with a domino effect of positive redistribution to reduce the gap in wages. It is a beautiful day for the whole Country. Have we acted consistently with those that have been the commitments of the government since the first day, in a spirit of unity, not to divide the Country, but pull it out of the crisis by improving the quality of public administration services and the life of the citizens. The minister referred to the agreement reached with the trade unions, “innovative” and that “she is not pretending that there was a block of seven years in public employment.”

A worker the public on four, recalled the minister, has benefited from the tax bonus; then last summer, “there was agreement on the reduction of sectors from 11 to four.” Another step that of the Budget law, with the resources allocated to the public sector, which “we can open a new season of contract innovation, which allows us to do what we have always said: give the citizens a public administration of higher quality and do it together with the workers and to the workers”. With the agreement reached tonight, “give space to bargain, by insisting on the responsibility of the parties and the common goal of productivity. We pass explicitly the idea of the awards in the rain, handing out the incentives to those committed and more productive”. There are also specific points on “combating the phenomenon of absenteeism, and the conciliation of times of life-work, the overcoming of the locking of the assumptions and forms of precarious work in th e public administration, starting from the reconfirmation of the existing contracts and in maturity. There will be competitions with certain times and according to the needs of the administrative, on the model of what was done for the teachers of nursery schools”.

The agreement, he explained, Madia, shall be subject to a “a verification in the State-Regions conference regions because the single text of the Pa in the light of the judgment of the constitutional Court should be reviewed with the regions”. Then he adds, “you will go forward with the act of address”.

Satisfied that the agreement of the trade unions. “We did a good job and signed an agreement with which you start the season of contract – rejoices the secretary of the Cgil Susanna Camusso -. The government is committed to change the law to the Brunette, and the Good school, and to give space to the bargaining”. “A year ago this agreement between the ec and the dreamed of, now is the reality,” said the leader, Uil, Carmelo Barbagallo. “It was unlocked the bargaining and enforced the bargaining on the law. Now sbloccheremo the second-level bargaining, which will not only pay stubs, heavier, but also more quality of work and service, ” concludes the leader of the Cisl Annamaria Furlan -. In these years, the contract was stripped from legislative acts, finally we can open for all of the funds the tables contract.

Opec cut production, the oil takes flight (+9%) – Il Sole 24 Ore

VIENNA – Opec is back. After months of negotiations, the Organization of exporters of crude oil managed to put all agree – including Iran and Iraq to cut the production of 1.2 million barrels per day. Not only. The group claims he can already count on the collaboration of Russia (what can be immediately confirmed by Moscow), and other non-Opec countries for a further reduction of the other 600 thousand barrels.

On the altar of understanding has been sacrificed Indonesia: the country, which, moreover, is a net importer of oil, will be released by the Organization, which was erientrata after a long absence, only last year.”It would be difficult to participate in this unanimous decision, he explained, Mohammed Al Sada, minister of Qatar and president of the Opec – so have chosen to autosospendersi”. All right, then? Or is it a bluff? Who knows. Since the first rumors filtered on the agreement, the market has gone mad: the price of a barrel came to earn almost 9%, reaching a peak of over 51 dollars in the case of the Brent (here are the latest prices of Brent and Wti).

THE REBOUND OF CRUDE oil
Oil-Wti in dollars per barrel

History has taught us not to trust Opec and much less of the promises of collaboration to the cuts by Russia. It happened so often in the past that to huge announcements would not be following a consistent behavior, nor clear: the countries of the Organisation you are deceived countless times and also between them, in breach of unscrupulous the roofs of the production. Only Saudi Arabia and its allies in the Persian Gulf, have always kept faith with their commitments. As in Moscow, there is only one previous loyalty to Opec: on the contrary, every step back of the saudis has been used as an opportunity to win new customers.

Opec, the race against time for the understanding

The Opec this time he sought to prevent any mistrust: the production quotas of each member state have been published – something that had not happened more than ten years – and it has been established a monitoring committee that shall monitor the actual implementation of the cuts, and may also revoke them if there will not be the cooperation of countries outside the group. This committee will be part of the Algeria and Venezuela, which have contributed to the diplomatic efforts made to reach the agreement, the secretariat-general of Opec and two non-Opec countries, which will be shown shortly. On the 9th of December it will be a new meeting of the Opec-non-Opec, that Qatar has offered to host in Doha. Only at that point, you can do the math on the real external participation to the cuts. From Moscow, however the minister of Energy Alexander Novak has already confirmed yesterday evening that “Russia is ready to join the agreement” by cutting off the producti on of 300 thousand bg in the first half of 2017, albeit “gradually,” because of technical difficulties in the control of the flow from the wells. Novak – detail round the top of that negligible – has not even indicated what is the baseline for the cuts.

The choice for the Opec countries, and October 2016, and the figures are of a secondary source, as claimed by the saudis, who in the end are almost able to hold their own. Almost. Is the table with the data relating to the production and the cuts assigned to each country to raise concern. The accounts in fact do not come back, especially for Iran, which had been the most difficult country to convince: to Tehran is a base of well-3,975 million barrels a day, which is certainly not the production of October, and you can add – rather than cut – the other 90 bg, to get to 3,797 mbg. One hell of a mathematician, which, however, provide sources of Opec in the Sun 24 Hours – not a typo.

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Agreement state, the agreement to an average increase of 85 euros – The Sun 24 Hours

Government and trade unions have reached the agreement for the renewal of the contracts of the employees of the public sector, which is expected to be seven years, and be based on the average increase in payroll of 85 euro monthly average for about 3.3 million of the dependent public. On the basis of the agreement of four pages sigliata today the Government will find a legal solution in order not to penalise workers who today perceive the bonus of 80 euro and that are at risk of losing it with the wage increase.The deal is unlocked in the late afternoon, after a long day began this morning around 11 a.m. in the palazzo Vidoni. On the first lap of the table is followed by a long restricted meeting between the minister of the Pa, Marianna Madia, and the general secretaries of Cgil, Cisl and Uil, Susanna Camusso, Annamaria Furlan and Carmelo Barbagallo, to find the quadra on the release of contract renewals, dealing with a new text of the agreement.

Average: average increase of 85 euros, paying attention to low-income
In the press conference, when an agreement is closed, the minister of public administration, Marianna Madia, has explained that the palazzo Chigi is committed for the three years 2016-2018, providing therefore additional financial resources in the next Budget law), for a total amount equal to a little less than 5 billion euros. “The increase will be € 85, the average, we insisted on the fact that they are “average” to give “greater attention and greater support to low-income, those who have suffered most in the crisis and to block the contract”. In essence, “it is said that the increase is equal for all”, will be “more to those who have less,” he clarified Madia, insisting on the nature of the “innovative” of an agreement that has “coordinated space to the bargaining”. The agreement reached today, he added, Sideboard, &# 8221; is a beautiful day for the whole Country: we have acted consistent with the unifying spirit which from the beginning has moved the government, never to divide the Country but to improve the quality of life of the citizens.”

State, final negotiation on the average increase from 85 €

trade Unions met: “Now, you can renew the contracts”
Cautious but pleased with the comment to warm of the trade union representatives. “After years of blocking of the bargaining, of promise lost, of the sacrifices of the workers, you can see a real opportunity to renew their contracts,” explain the Cgil Fp Cgil and Flc Cgil to the signed agreement. Among the new elements, the forecast for each point of the agreement reached today in the headquarters of the ministry of public Function, “an instrument of implementation of the commitments made: the budget law, the act of address on bargaining, rewriting of the text only”. In this way, it will be possible to verify step by step if we’re on the streets for a renewal of the positive of the contracts.”

"After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”

Matteo Renzi, the president of the Council

Renzi: “After seven years at #lavoltabuona for idipendenti public”
Engaged in the electoral campaign ahead of a referendum of the 4 diecembre the premier Matteo Renzi rejoices, instead, via twitter: “After seven years at #lavoltabuona for idipendenti public. To recognize the merit, betting on the quality of services #passodopopasso”.

Faverin (Cisl-Fp): “Is the step change that we wanted”
the signing of The agreement is received tones of optimistic by the general secretary of Cisl Fp, Giovanni Faverin, who in a note published immediately after the go-ahead for the renewal of the contract highlights the “change of pace” on the negotiation obtained “thanks to the mobilisation, courageous and determined of millions of public employees”. Understanding that today, reads the note, opens the way for new and challenging towards the recognition of professional public employees”. To change are in fact the “rules of the game” of bargaining in Public employment: “From here forward, as in the private sector, will be the parties to decide the matters to be settled with the bargaining. That is to say, less law and more contracts to give more value to the skills of the workers in the organizational innovation that serves our bodies”.

nodes from the dissolve
Among the issues on which the Government is committed to finding a solution there are the increases of 85 euros that the government intends to average, and not minimum, as well as the tax bonus of 80 euro, as the Cgil, Cisl and Uil do not want the increase in the contract can invalidate the bonus for breaking through the ceiling of income for those who already make use of it. The node tax bonus of eighty euros would be about 800 thousand workers (250 thousand just in the school). A problem, this is also present for the contracts of the private sector and that in the new contract of the metalworkers has been resolved with the introduction of a welfare contract that you will act in the case of a deviation.

State: from Government 850 million euros for contracts in 2017
The executive would have unpacked the fund this in the budget for only the year 2017. For the renewal of the contracts would be set aside 850 million euros, 850-900 million of the forces of order, of which 480 for the extension of the bonus of 80 euro, 100/170 million for recruitment, 40 million for the forest service and 250 for the reorganisation of the careers. In total it is approximately 1.7 billion euro.

State, final negotiation on the average increase from 85 €

the Draft agreement: incentives related to rates attendance
In the latest draft of the agreement on the release of the contracts in the P. a speaks of incentives related to productivity. The parties, it is written, “undertake to identify, on an annual basis, criteria and indicators in order to measure the effectiveness of the performance of the government and their collective productivity with contractual measures that encourage higher average rates of presence”.

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The contract state, closed the agreement with the trade unions – The Republic

MILAN Closed the agreement between the trade unions and the government on the contract of the Public administration, after a day of discussion at Palazzo Vidoni. The contract of the public service was blocked for seven years. At the table were present the minister of public administration, Marianna Madia, the leader of the Cgil, Cisl and Uil, Susanna Camusso, Annamaria Furlan and Carmelo Barbagallo, and representatives of the categories. All have signed.

“The increase is € 85, – medium, we have insisted on the adjective ‘average’ in order to give a greater attention and greater support for low incomes, to those who have suffered most in the crisis is to block the contract”, said the minister Marianna Madia after the signing. “It is not said that the increases will be the same for all,” he added Cupboard which has a definitive agreement “innovative” and said that “today is a beautiful day for the whole country.”

The government “is committed to a total of 5 billion euros over a three year period 2016-2018″ for the contract renewals of the 4 sectors of the Pa. It is the statement of the secretary-general of the Cgil, Susanna Camusso at the end of the meeting. “New rules for the new contracts. It is the step change that we wanted and that we achieved thanks to the mobilisation, courageous and determined of millions of public employees. We have signed an agreement on public employment for a new season of public services, with workers in order to citizens. The marathon of the public work continues,” said John Faverin, general secretary of Cisl Fp, after the signature.

the Cgil, Cisl and Uil, with the respective categories of the industry, and the government have shared the guidelines that will oversee the opening of the negotiations for the renewal of labour contracts in public administrations. He writes in a footnote to the Cgil-Fp, which says: “After seven years of block of the bargaining is done by correcting the rules introduced by law Brunette and the good school that restricted the bargaining and restored the role and ownership”. You restore a system of labour relations in all sectors, based on the participation of workers and trade unions in the organization and working conditions, professional enhancement, which exceeds the practice of unilateral acts. Of particular value guarantee assumed by the government of the renew the contracts of precarious workers hired by the government are due, and the commitment to overcome with the appropriate rules of the insecurity within the law the framework that will shortly be launched.

also Important is the introduction in the public sector in welfare contract with measures that integrate the performance public.
The solutions wage as indicated in the guidelines refer to an increase in the contract 85 euro monthly averages for the period 2016-2018. It is, moreover, agreed to find a solution that protects the wages of workers by ensuring that the contractual increases effective for all without which can affect the bonus of 80 euro. On the possible plot between the average increase of 85 euros and the tax bonus of 80 euro, the Cupboard has reminded us that the bonus is currently perceived by the worker and the public on four (between 800 and 900 thousand employees). With respect to this audience, “there will be less than 200 thousand workers” who could not perceive the more the bonus effect of exceeding the income threshold. For these workers, he assured Them, it would be “a specific principle of greater suppo rt” to avoid being penalized. The solution will be found in the second-level bargaining in the individual segments.
After the signing of the framework agreement with the trade unions this evening “there will be a verification in the state-regions conference” in order to respect the recent ruling of the constitutional court. On the time madia has not indicated dates, but he pointed out that only after this verification will be the act of address to be able to give start to the season for negotiation in the individual segments (11) are passed to four).

For unions, after years of blocking of the bargaining, of promise lost, of the sacrifices of the workers, you can see a real opportunity to renew contracts. Each point of the agreement provides an instrument for the implementation of the commitments made: the budget law, the act of address on bargaining, rewriting of the text only that will allow us to verify step by step if we’re on the streets for a renewal of the positive of the contracts. “The text shared with the government”, says the Cgil – is an important result that rewards the mobilization of public employees in these years, and, if materialized, leaving behind a season of legislation punishing of public work and open the way to exploitation and contractualisation of public servants”.

On the table of the public work is sealed only a few days ago, the judgment of the council, which has rejected the heart of the reform Madia, judging it unconstitutional.

Topics:

the agreement state

– PA

public employment

unions

the Cgil, Cisl and Uil

Starring:

marianna madia

Susanna Camusso

Annamaria Furlan

Carmelo Barbagallo

Relaxing on the spread. Well the Us occupation. The oil flies on the Opec agreement – The Republic

the ROME – Growth, well above the forecast employment in the private sector, the american in November. The figure, which anticipates the employment report that will be published on Friday, shows continued progress in the labour market. Meanwhile, markets continued the recovery phase, thanks to the rally of oil on the agreement between the Opec Countries to cut production, given now for the fact. In Italy continues the beneficial effect born with the rumors according to which the Ecb is expected to fall in the field to counter the growth of the spread, in case of victory of the “no” in the referendum on Sunday.

According to the monthly report compiled by Macroeconomics Advisers, and by the agency that is responsible to prepare the payroll Automatic Data Processing, in the last month have been created 216.000 jobs, while the estimates were for a rise of 170,000. The small companies have added some 37,000 jobs, the average 89.000, the large 90.000. In the services sector, the new employees were 228.000 while in the sector for the production of goods workers declined by 11,000 units. A good performance of the labour market will definitively the Fed on track for an increase in the cost of the work, analysts say.

markets registers a trend of slight to the spreads between Btp and German Bunds in the aftermath of the drop-down Tuesday: the yield differential between ten-year Italian and German stable area 175 points, pushed yesterday to the downside from the rumors according to which the Ecb would be ready to increase purchases of our Btp if a possible victory of the No in the Referendum on 4 December caused a strong contracclpo in Italian securities. The yield of the bond ten-year tricolour on the secondary market remains below the threshold of 2 percent, at the height of 1,95%.

european markets closed positive with Milan in the recovery of 2.23%. The positive impact of the Monte dei Paschi, which confirms the recovery of the eve (+5,7%), while the banks in the complex treat in random order. From the point leap of Saipem (+9,6%), which benefited from the recovery of crude oil. the London add 0.17% final, Frankfurt 0.19% Paris sale of 0,59%. Is contrasty, Wall Street, which celebrates the indices of industrial lifts for oil and tap the new record: when the european markets start closing, the Dow Jones rises 0.4%, the S&P 500 gains 0.2% and the Nasdaq is instead weak by 0.3%.

From the macroeconomic front you record, the growth of inflation in France, with a +0.7% from annual, while concerned about the failure of Rbs stress test on banks by the central institute for the british. In Italy, according to the Centre for Studies of Confindustria, the trend is towards a setback to industrial production in November, with a down 0.4% after +0,7% in October. L’euro: stabilizes on the dollar in the area of 1,065. Again in the Usa, and registers the +0,3% of the consumption expenditure of the October, below estimates, while the personal income score +0,6%, above estimates.

Noted special of the day is the oil, the rally in the wake of the agreement – given, made by the international agencies – among the Opec countries on production levels. Prices are accelerating again after the official announcement of the agreement: the market of New York Wti crude oil rises 9% to 49.3 dollars per barrel. The Brent crude is advancing by 8% to 50.2 in dollars.

In blue, the collapse of oil prices, starting in the summer of 2014, which has not been followed by a cutting of the production of Opec (the white line)

November will be a month to forget for thegold, which is preparing to close with a deficit of 6.8%. The metal with immediate delivery, after the rise of the morning, back to suffer in the afternoon and lost 1.1% at the close of the Eu markets. In the month just past has suffered from the next rise in interest rates of the Fed and strengthening the dollar, which have reflowed investors verses the asset Usa not to mention the refuge assets.

In the morning, the index Nikkei of the Tokyo Stock exchange has closed in on levels absolutely stable (+0,01%) to 18.308,48 points, supported by a yen back to weaken over portion 112 against the dollar. The asian markets do not show a clear direction is that investors are awaiting today’s meeting of oil-producing Countries, and data Friday on employment in the Usa. Industrial production in japan in October rose by 0.1% compared to the previous month, increasing for the third consecutive month of increase. A slightly higher than expectations, linked to the recovery of exports. It happened, for example, for the export of vehicles increased by 1.7% compared to the year before (with a monthly production down 4%). The construction of new homes in japan has made a jump of 13.7 percent.

The Stock exchange of Seoul stands out is the sharp rise in the Samsung Electronics, whose shares touched a historical record after the promise of higher dividends to shareholders (eur 3.4 billion) and a corporate structure more rational (on the request of certain foreign shareholders). Negative closing for the chinese Exchanges of Shanghai and Shenzhen. The Shanghai Composite gives 1% to 3,250 points, the Shenzhen Component leaves on the ground 0.2% (11.012 points).

Istat, in November’s inflation – Milano Finanza

there’s inflation in Italy. In November, the Nic index of consumer prices recorded an increase of 0.1% compared to the same period of the previous year, beating expectations of a decline of the same amount, but showed a decline of 0.1% on a monthly basis against the estimate of the consensus by 0.3%.

According to Istat, the slight pick-up in inflation is mainly due to the trend in the prices of services, among which stand out those in the leisure sector and the cultural increase of 0.8% on an annual basis, but also the services related to transport rose by 1%. Contribute to the positive increase of inflation is the prices of energy goods non-regulated (by the by 0.9% in October to +0,3%) and those of the food is not processed (0.4% +0,2%). Slowing down, however, prices of durable goods +0.6% to +0,2%.

If inflation in November has seen a slight recovery, is the shopping cart, i.e. the prices of the products purchased with greater frequency, to have recorded the biggest increase supported. In fact, increased by 0.4% compared to the previous month, driven by vegetables (+4.9%) and fresh fruit (+2.8 per cent). Compared to October, rose 0.3%, prices on frozen fish, while it is down 0.8% and that of fresh fish. On an annual basis, the shopping cart is also rose 0.6% from 0.2% in October.

the core inflation, calculated net of food products and of energy goods, inflation net of energy goods, rose to +0.4% from +0.2% in October. Not so for the food goods in growth of 0.4% monthly, but in the bending of the -0,1% per annum, and for those with high purchase frequency, rising sharply. Worth mentioning, however, that according to Istat estimates, the inflation gained for this year amounted to -0,2% -0,1% in October, and the estimates today are preliminary since the definitive ones will be used the next 14th of December.

But for the Codacons and the exit from deflation is only an optical illusion. “In reality there has been no recovery in prices, and the positive sign is due solely to the portfolio of services, with transport increased by 1% and leisure services of 0.8%”, has today put in black and white the president of the association of consumers, Carlo Rienzi. “The price crisis is still being felt in Italy, and it is far from being exceeded; a crisis in consumption, stalled and retail sales that do not break down, and casts eerie shadows on the expenses of the families during the holiday season”. For this reason the association has asked the Regions to organize Black Friday american style every Friday of the month from here to Christmas.

Banca Etruria, absolution of a surprise to the former vertices – The Sun 24 Hours

In the investigation on the failure of the Banca Etruria also came the first sentence, surprise: three former managers were acquitted on the inside of the first dossier of the investigation, dedicated to the obstacle to supervision. He is former president Joseph Fornarsari, the former dg Luca Bronchi, and the central director David Baskets. For them, the gup Maryann Loprete has not recognized the prerequisites of guilt. The pm Roberto Rossi and Julia More asking for two years and 8 months for Fornasari and Bronchi, and two years for the Baskets. The bank of italy, the only civil party admitted, it asked for a compensation for 320 thousand euros – but in fact it is the thesis of Koch Palace on the paramete rs accounting used by Banca Etruria to be questioned.

there Were two issues taken into consideration: the sale of real estate of Palazzo della Fonte, considered fictitious to the prosecution, and the evaluation of impaired loans within the balance sheet for the period 2012-2013, already under scrutiny from three inspections of the bank of Italy (since 2010).

regarding the first question, the gup has ruled that the fact does not exist. On the matter of the sale of real estate the Palace to the Source, the judge ruled that it was not a sale dummy to a cooperative of ad hoc, supported with an indirect funding from the same bank, but it is an effective operation. Not a finance lease, therefore, but operating; not a tour accountant, but a sale of real whose capital gains could be included in the financial statements (for the bank of Italy, instead, it was not possible).

with regard To the second issue, namely the assessment of impaired loans, for the gup, the fact does not constitute a criminal offence. The same consultant of the prosecutor’s office of Arezzo had reached the same conclusions, considering the criteria used “reasonable”. For the gup, the classification of the losses requested by the investigators relates to how imposed by the Ecb later. The credits taken in the examination from the process amounted to 260 million approximately, for the prosecution, and the bank of Italy were to be considered as soon as suffering, and then written down. “The judgment acknowledges the correctness of the behaviour of Fornasari”, underlined the lawyer Antonio D Avirro.

The investigation of the investment in Banca Etruria, which had begun a year and a half ago, is now being extended to other strands, more burdensome, mainly the one on fraudulent bankruptcy, which started after the bankruptcy court ruled a year ago the state of insolvency of the credit institution, and one for aggravated fraud in connection with the sale of subordinated bonds to the account holders for a total of 120 million (and on this last point, there are more attorney’s offices that investigate, for example, to Civitavecchia (rome) and Perugia, that move on the basis of the exposed, moved by local customers). It is clear, therefore, that will be the next development to determine the outcomes of the maxi trial, which will involve probably other managers and ex managers. And here is yet to be seen.

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The Italian stock exchange on the rise: the Ftse Mib +0,81%. Money on banking and oil – Printing

the Italian Stock exchange on the rise: the Ftse Mib +0,81%. Money on the banking and oil

Borsa italiana on the rise: the Ftse Mib +0,81%. Money on banking and oil.

The Ftse Mib index marks +0,81%, the Ftse Italia All-Share +0,79%, the Ftse Italia Mid Cap +0,63%, the Ftse Italy Star +0,71%.

european stock Markets in the green. DAX UP 0.5%, CAC 40 UP 0.6%, FTSE 100 UP 0.3%, IBEX 35 +0,2%.

Futures on stock indexes the americans in rise of 0.1%. The closure of the previous session on Wall Street: S&P 500 +0,13%, Nasdaq Composite +0,21%, Dow Jones Industrial of +0.12%.

Tokyo stable, the Nikkei 225 has terminated +0,01%. Chinese exchanges uncertain: the index of CSI 300 in Shanghai and Shenzhen closed -0,73%, the Hang Seng of Hong Kong (+0,23%.

Euro stable against the dollar after the recovery yesterday afternoon from the minimum to 1,0565. EUR/USD is currently trading at 1,0640 about.

bond Markets, the eurozone and positive. The yield on the ten-year Bund falls to 3 bp to 0.20%, that of the BTP drops of 3 bp the 1.96% (-2 bp for Bono Spanish to 1.53%). The spread is stable at 176 bp.

Bank of Italy in the green after yesterday’s rally: the FTSE Italia Banks up +0.8%, EURO STOXX Banks +0,2%.

Banca MPS (+6.2%) to prolong the leap yesterday: according to rumors of MF in the next week-end should be signed the first binding agreements with some of the anchor investor, institutional investors willing to participate in a manner consistent with the capital increase from 5 billion euros and, then, to promote the success of the operation.

Undertone UniCredit (+0,7%) on the rumors about the end of the year 2016 at a loss to 7-8 billion (resulting mainly from the transfer of 20 billion euros of npl) and the departure of the capital increase in the second half of January.

the Good oil Saipem (+3,7%), Tenaris (+1,6%) and Eni (+1,5%) in the wake of the crude: today held the meeting of OPEC countries. In the last hours have made statements conciliatory on the part of Iran about the possibility of an agreement on the production.

Mondadori (+2.8%), which is in good shape after the news of the completion, successfully, of the process of admission to the STAR segment. The date of the commencement of trading on the segment is scheduled for Wednesday, December 7, 2016, Equita SIM will cover the role of the Specialist on the title.

with regard To the appointments macroeconomic on the agenda today, we report at 09:55 variation n° unemployed and unemployment rate, Germany, at 11:00 inflation in the eurozone, and Italy, to the 12:00 index, producer prices, Italy, at 13:45 intervention by Draghi (ECB).
In the US at 14:15 new employees (ADP), 14:30 consumption, income, and index prices, the PCE, at 15:45 PMI Chicago (manufacturing) at 16:00 index Pending Home Sales (real estate market), to 16:30 weekly stocks oil and derivatives, at 17:45 intervention by Powell (FOMC, Fed), at 20:00 Beige Book (Fed).

(Simone Ferradini)

Renzi-Dijsselbloem, lite on the rigour of the Eu – The Sun 24 Hours

ROME

BRUSSELS

the proposal from The european Commission to promote the public spending in the countries in surplus or balanced budget in order to support the economy in the euro zone has caused a reaction very sharp of the Italian Government and is causing in Europe a lively debate. Speaking yesterday before the european Parliament, the president of the Eurogroup, Jeroen Dijsselbloem has distanced itself from the initiative of the community, as he had said Monday the european central Bank. “It is necessary to safeguard the credibility of the Stability Pact and the european Commission has a key responsibility – he said, yesterday morning, here in Brussels the president Dijsselbloem, the Netherlands is also the minister of Finance: all financial statements must proceed towards the balance and if there is space in the budget (for expansionary policies, ed) in some Countries, you can use it, but this is a choice not compulsory, non-binding. It is the individual Country to decide̶ 1;.

The replication dry premier, Matteo Renzi, arrived in the course of the Tg2: “I Believe that Dijsselbloem is not aware of how things are going in Italy,” said Renzi, adding that “if Europe wants money the italians must begin to comply with the commitments: european leaders speak of this, instead of putting his mouth on things they do not know”. In an even stronger tone was taken away by the minister of economic Development, Carlo Calenda: “Dijsselbloem is taking a gigantic blunder, which it does quite regularly,” he said speaking at a conference organized by Unipol on the themes of Welfare. “He does not understand, he added, Calenda – that the issue is not the constraints of the budget, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”. Applies among other things to remember that according to the Oecd, in the next cique years, Italy would have scope for increasing public investment to 0.5% of Gdp; that is to say between 8 and 9 billion.

A confirmation of the clarity of the Government’s position on the european dynamic, the other evening the president of the Council, speaking of the management of migrants, had also announced that if the countries of eastern Europe do not fulfill their obligations, “on the 13th of December I’ll go to the Italian Parliament and ask permission to put the veto at the next european budget, and I hope that the other parties vote yes.”

on The 16th of last November, noting that the budgetary position of the euro area is neutral, as Brussels had announced that the fiscal stance must become moderately expansive, allowing for an increase in the deficit, the aggregate of 0.5% of Gdp (see Il Sole 24 Ore, November 17). According to a representative of the Dutch, “it is not wise to further stimulate the growth in a moment in which the output gap (i.e. the gap between real growth and potential growth, ed) is being reduced” in the various european countries.

the president of The Eurogroup has also noted that in urging countries to spend more Brussels could put at risk the correct application of the Pact. The reaction of the minister is not dissimilar from that of the president of the Ecb Mario Draghi (see The Sun 24 Hours yesterday). Speaking to Ansa, a spokesman for the Commission replied that the proposal of Brussels “takes full account of the requirements of the Covenant” and “signals the need to sustain the recovery in this moment.”

Behind the position of the president of the Eurogroup and Germany, also critical, you hide two considerations: the desire to avoid drifts to the accounts of the national public and the fear that the choice of the community may induce the countries with debts high-restrain their rehabilitation. Of the matter, the ministers will discuss on Monday in a ministerial meeting. The same monetary affairs commissioner Pierre Moscovici had said to predict a lively discussion.

Meanwhile, on the front of the vote on Sunday is intervened by the Berlin Finance minister Wolfgang Schäuble, the support of the Yes: “If I could vote in Italy, I would vote for Matteo Renzi, even if it is not part of my political family,” explained the politician, a christian democrat. “Has undertaken a number of reforms and transmits more confidence to be able to make the steps forward, which Italy urgently needs. For this I wish him every success”. Words that Renzi has obliged to minimize: “The votes that count are those of the italians” has cut short the leader Pd launched into a final battle because “the reform is all if he wins 50% plus one”.

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Fca, for the workers of 700 euro of prize benefits – The Republic

MILAN - The workers of Fca and Cnh Industrial are able to choose in 2017, to use a figure between 700 and 800 euros prize the company (which amounts to on the average 2,500 euros) in goods and services of welfare: good expenditure or fuel, expenses for education (school meals, school textbooks, summer camps), care services (assistance to family members, the elderly non self-sufficient), recreation (subscriptions to the gym, training courses), fringe benefit (membership and the public transport cards, pre-paid) and supplementary social security. The agreement, which affects approximately 83,000 workers, was signed at the Unione Industriale of Turin, the Fim, Uilm, Fismic, and Ugl and A ssociation Paintings.

Through the taxation and social-welfare contributions the provision of the new regulations of the law on the subject) and underline the trade unions – it is possible to increase the economic benefit of the worker. The company will pay an additional amount equal to 5% of the salary for that form of payment to those who choose the prize in welfare. “We have built a framework agreement – said Ferdinando Uliano, national secretary of the Fim – who will allow the workers of Fca and Cnh have tax advantages and contributions, but also to improve the odds of a prize through the use for the expenses of social character, which is normally a family has a clear economic advantage. It is the same setting used in the recent renewal of the contract of the metalworkers and in the agreement with Finmeccanica”.

“The agreement gives advantages to both workers and to the company and seeks to alleviate the weight of the tax wedge and social security contribution burden very heavy on the cost of the work. With this agreement also irrobustiamo the corporate welfare of Fca and Cnh, which already rests on the two pillars of the social security and supplementary healthcare”, said Gianluca ficco, in charge of the Car of the Uilm. For Roberto Di Maulo, secretary general of the union of autonomous Fismic, “is a good agreement. Finally, throughout the union, and not only the Fismic, and speaks of welfare additional to the benefit of workers, to allow a better approach to the problems of the public welfare, he has.” “With the agreement signed today – said the secretary general of the Ugl Metalworkers, Antonio Hopes – we wanted to put to regime the most effective way to manage the corporate welfare in Fca and Cnh Industrial that we have successfully tested thi s year. The agreement consolidates the regulatory requirements of the Ccsl, in the frame of the innovative model of industrial relations which is now an integral part of the groups Fca and Cnh”. “It’s an important agreement for workers who will have the freedom to choose. And’ the beginning of a path that can be expanded,” said Giovanni Serra of the Association Paintings.

Topics:

fca

Uilm

women

Starring:

Dijsselbloem wants the flexibility for Italy And Schäuble are “Yes,” – Corriere della Sera

The president of the Dutch of the Eurogroup Jeroen Dijsselbloem has frozen the expectations of premier Matteo Renzi and Economy minister Pier Carlo Padoan for more flexibility in the maneuver 2017 already by the Council of the 19 finance ministers of the next Monday. Dijsselbloem, eurosocialista, but in line with the minister of Finance europopolare germany’s Wolfgang Schäuble and the other colleagues of the North “rigorists” about the constraints the Eu budget, in a hearing in the european Parliament Brussels closed to the spending policies are more expansionary proposals by the european Commission.

replication Italian

“Dijsselbloem has no awareness of what is happening in Italy,” said Renzi, who, while he obtained from Schaeuble for a “if I was Italian I would vote “Yes” on the vote of the 4th of December. The day after the referendum, if things go well, I will ask Parliament to put the veto on the eu budget, if the Union does not change the attitude on the policy on migrants”. For the minister of economic Development Carlo Calenda “Dijsselbloem is taking a blunder, which it does quite regularly”. Padoan said he was “relatively optimistic” because “the debt is stabilising”. Dijsselbloem expressed in line with Schaeuble, who does not want to show himself to be soft with the Countries of the South with budget difficulties in view of the elections in Germany in 2017. “We are not stable enough to let go of this type of trajectory of the budget,” said the president of the Eurogroup. He speci fically rejected the proposal for a “fiscal stance” is made to pass painstakingly from the commissioner eurosocialista French Pierre Moscovici in a Commission split. The Countries with the greatest budgetary margins (such as Germany) should invest a 0.5% of gdp in the euro area to promote growth. Dijsselbloem has reminded Moscovici decisions to take “the 19 finance ministers”. The european Commission has made it known that it was within the limits of its mandate and to have made proposals in the context of the current rules. The maneuver is Italian for 2017 has already been assessed at risk of non-compliance with the constraints of the Eu by the Eu commissioners. But the decision was postponed until the Eurogroup of next Monday to pass the referendum on the 4th of December in Italy without raising concerns of interference in internal politics. Renzi and Padoan expect more availability from Brussels. Now Dijsselbloem has made it clear that the various Germany, the Netherlands and Finland do not intend to make too many concessions to Italy with a big debt, like Portugal, Spain and even France (in the excessive deficit). Meanwhile, the instability in the pre-referendum coincides with the strong ups and downs in the markets. The Milan Stock exchange climbed more than 2% driven by banks, which bounced after a heavy collapse (Mps + 17,4%, Carige, Ubi and Bper a 5%, Intesa, Bpm, Mediobanca and Banco Popolare above 4%, Unicredit +3,1%).

November 29, 2016 (change on 29 November 2016 | 22:01)

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The eurozone, Dijsselbloem brakes on easing of fiscal policies – The Sun 24 Hours

the president of The Eurogroup Jeroen Dijsselboem has frozen the “turning point” of the european Commission in favour of a supermanovra budget expansive 50 billion. Was this the meaning of his statements at the hearing of the commission economic and monetary affairs of the european Parliament.

in The Eurozone, he argued, “is not yet stable enough” to proceed on a path of expansion of the balance sheet, and such a path can be taken only by the Countries “that have a space budget to be able to do.” And in the first place, he argued Dijsselboem, the task of the Commission is to comply with the rules of the stability pact, “to hold together the euro zone.

The proposal of an expansive fiscal stance for the eurozone, and opinions with recommendations on the budgets of Countries constitute a “package” that “takes full account of the requirements of the stability and growth Pact and of broader concerns about the sustainability of the budget” and “signals the need to sustain the recovery in this moment.” A spokesman for the Commission Eu replication to the criticism expressed by the president of the Eurogroup.

The future of Europe in the hands of Angela

in all probability this is just a taste of the discussion that will have the finance ministers next Monday in Brussels. The “turning point” of the community has already been rejected by the German finance minister, Wolfgang Schaeuble. According to Dijsselbloem, “it is important that they are complied with the commitments in order to achieve a balance budget in structural terms”. For the president of the Eurogroup is the first duty of the Commission is “to enforce the stability pact,” and between this task and the proposal of a “turning point” expansive there may be “some tension”. Dijsselbloem has deliberately reminded that the Eurogroup is not only a minister, but there are 19. In contrast to direct with the commissioner for economic affairs Pierre Moscovici, presenting the proposal of an action in the expansive equal to 0.5% of gdp in the euro area, had said that the Commission is acting as a “minister” of t he euro zone.

the Eu, Renzi: Dijsselbloem does not know Italy. We’re going to change Italicum all together

“Dijsselbloem is taking a gigantic blunder, which it does fairly regularly”, said the minister of economic Development, Carlo Calenda. “Do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”.

Yesterday, the president of the Ecb Mario Draghi had not a mandate to the Commission encouraging signs on the turn of expansion in 2017 and 2018, even if he, himself, two and a half years ago, said that “it would be useful to have a discussion on the position of the balance sheet total (the fiscal stance) in the euro area, coordination is strong between the various national positions would also allow us, in principle, of having a budgetary position overall for the Eurozone is more favourable to growth”. In the european Parliament, Draghi emphasized more the element of compliance with the stability pact, adding that the directions of policy of active by the Commission “are not binding”.

Dragons: in the world of political uncertainty and significant economic

Dijsselbloem claimed today the same things with higher hardness (and skepticism). “I’m not a hard calvinist, I’m a catholic, but it is a fact that we have experience of how important it is to the credibility of the pact”, he annotated. In reality, the only people to have ability to maneuver are the countries that have the space of budget to be able to do that, however, cannot be forced by anyone.

That there are the necessary political conditions for Berlin to bow publicly to the evidence that they can do more for domestic growth and the euro area (Germany is in surplus in its budget in nominal terms by 2014, and in structural terms by 2013), it is evident: nothing will change, if the change to the elections next fall. And so in the Netherlands. It will then be interesting to see how the Eurogroup, if he follows the traditional line that excludes the activism of the budget over the practice of neutrality of the impact on growth, he baked the message. Pier Carlo Padoan wishes to support the turning point of the community is obvious, but the tones it will also depend on the outcome of the referendum, of course.

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Dijsselbloem against the enlargement of the cords of the financial statements in the Eu – The Republic

MILAN - The setting of fiscal policy in Europe is still a matter of discussion, frequently in very heated tones. After the hawk German Wolfgang Schaeuble, has been the president of the Eurogroup, Jeroen Dijsselboem, to freeze the ‘turning’ of the european Commission in favour of a setting of the budgets you post in favor of growth, with the indication of a “fiscal stance”, that is, an expansionary fiscal policy in the order of 0.5 percentage points of Gdp: a “manovrona” expansive 50 billion at the level of the monetary Union.

And this was the meaning of his statements at the hearing of the parliamentary committee on economic and monetary Affairs. The Eurozone, he argued, “is not yet stable enough” to proceed on a path of expansion of the balance sheet, and such a path can be taken only by the countries “that have a space budget to be able to do.” In the first place, the task of the commission is to comply with the rules of the stability pact, “to hold together the euro zone. It is only a taste of the discussion that will have the finance ministers next Monday in Brussels. And Italy is among the Countries in which the growth potential has not yet been expressed.
“Dijsselbloem has no awareness of the house happens in Italy,” was the dry response of the premier Matteo Renzi, interviewed by Tg2 Rai, answering a question about the statements of the president of the Eurogroup, according to ui, the Countries must respect what was agreed on the achievement of the s tructural balance of the budget

According to Dijsselbloem, however, “it is important that they are complied with the commitments in order to achieve a balance budget in structural terms”. Asked to explain if it was or not you agree with the assessment by the european commission on the need to ensure the economy a support to “moderately” expansive of the budget in aggregate terms, in the euro area, the Eurogroup chairman said that the space budget exists in the countries in which the gap between potential growth and actual growth in “closed”, but where there is still “this space is not there” (this is for example the case of Italy).

Before Renzi was also addressed by the minister for economic Development, Carlo Calenda: “Dijsselbloem is taking a gigantic blunder, which it does quite regularly”. According to the Italian minister, the president of the Eurogroup, “do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear alienation of the citizens and need to make a large investment plan to transform it and need a new deal at the european level”.

Dijsselbloem has deliberately reminded that the Eurogroup is not only a minister, but there are 19. In contrast to direct with the commissioner for economic Affairs, Pierre Moscovici, presenting the proposal of an action in the expansive equal to 0.5% of Gdp in the euro area had let slip that the Commission is acting as a ‘minister’ of the euro area.

Topics:

Eu budgets

austerity

rigor

Eurogroup

Starring:

Jeroen Dijsselbloem

Carlo Calenda

Dijsselbloem: no Eu “soft” Calenda: wrong, need new deal – Corriere della Sera

“we are Not yet stable enough to let go of this type of path tax”. With these words the president of the Eurogroup Jeroen Dijsselbloem has expressed its reservations on the proposal of the Eu Commission aimed to give more space for manoeuvre to fiscal policies to support growth. And the Italian minister of Economic Development replies: “Wrong. Europe is in the midst of difficult challenges, the question is not are the constraints of the financial statements.

criticism

“The Commission has the mandate to make recommendations but are not legally binding, he added,” the president of the Commission speaking before the commission on economic affairs of the european Parliament. Dijsselbloem, in front of meps has highlighted the risk of a possible “conflict” between the rules to stay in the stability Pact and the budgetary policy in the case where the latter is “expansionist”. A clear reference to the proposal submitted by the Brussels — coinciding with the assessments on the laws of the budget of the Eurozone Countries — to launch a policy of “expansionary”, i.e. allow a leeway of 0.5% in the public accounts for those structural investments designed to sustain and revive growth.

response

“Dijsselbloem is taking a gigantic blunder, which it does quite regularly”. As the minister of economic Development, Carlo Calenda, said the words of the president of the Eurogroup brakes on easing of fiscal policies. “Do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear disaffection of the citizens . There is the need to make a large investment plan to transform it. Serves a new deal at the european level”.

The specification

The proposal of an expansive fiscal stance for the eurozone, and opinions with recommendations on the budgets of Countries constitute a “package” that “takes full account of the requirements of the stability and growth Pact and of broader concerns about the sustainability of the budget””warns of the need to sustain the recovery in this moment.” A spokesman for the Eu Commission to the agency Ansa, after the criticism expressed by the president of the Eurogroup Jeroen Dijsselbloem in the european Parliament. “This — he added the spokesperson — that the Commission invited each member state to do its part by implementing the specific recommendations for each Country addressed to them by the Board.” For several years, in fact, that Brussels, in its recommendations, has indicated to those Countries that have fiscal space to increase investment, such as for example Germany and the Netherlands, and at the same time has asked the other Countries without the fiscal space to continue with reforms and consolidation. It is not therefore to be considered a surprise, the position expressed on the 16th of November by the Commission, nor the opposition of some Countries that so far have not yet fully implemented the recommendations. A governance that is more integrated eurozone, going to a minister of finance only for the Countries of the area, the rest is already planned by the Ratio of the 5 presidents on the future of economic and monetary Union (including the president of the Eurogroup Dijsselbloem). The proposal on the expansive fiscal stance of the eurozone as a whole, and the opinions on the budgets of individual Countries will be discussed at the Eurogroup and Ecofin on Monday and Tuesday next.

November 29, 2016 (change on 29 November 2016 | 16:03)

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Mps, the doubts about the plan: risk bail-in, the inspection, the Ecb and the need to “meet” the other banks – The Republic

MILAN – entry in vivo, the first phase of the recapitalisation/bailout of the Montepaschi, with the voluntary conversion (the new shares of the Mountain) 4,289 billion of the nominal bond: it is just one of the blocks and, to go in the port, at the end, the overall budget of the maneuver must bring into the coffers of the world’s oldest bank € 5 billion of means-fresh, also considering the increase of capital proper, and the surgery – for now, only the hoped – for investors, the strong, the so-called “anchor investor” (that should put hand to the wallet for important number s). From the conversion of the bond, the bank expects roughly a billion, could reach up to a billion and a half. In the meantime, the market continues to carry the title of the Mountain on a roller coaster: after strong sales on Monday, coinciding with the start of the conversion operation, the action of the Mps looks for the rebound.

The risk of bail-in. The uncertainties are not small, and remember the same Prospect of conversion of the bonds, addressed to the investors who over the years have subscribed for the subordinated bonds of the Mount. The main one is that if the entire maneuver is not successful, there is the risk that the bank is subject to resolution measures, the now infamous eu Directive that provides for the involvement of shareholders first and to follow of the bondholders in the settlement of the losses; the most severe of these measures is that the “bail in”. But it is not the only challenge: the warnings to investors remind us that it is still in the course of the inspection of the Ecb on the credits of the Mount. The conclusions will only arrive in the first half of 2017, for the capital increase already carried out, but depending on what certify Frankfurt am main, may still be “a significant impact on the balance sheet, economic and financial position of the bank”, even with “reflections on the continuity of the company.

The unknowns of the plan. Of the rest, also made the strengthening of the balance sheet, the bank must put into practice the next step and that is the realization of the industrial Plan (presented at the end of October). On which, by definition, there are no certainties, and indeed the Monte admits that “some assumptions are challenging compared to the results achieved by the group,” while other items are outside the control of the bank. That, in fact, has more than a few problem: the Ecb in June last, had stressed that the Mountain has lived through difficult times on the front of liquidity (“situations of liquidity stress”) in the early months of 2016; some measures were meanwhile taken, but he still remembers the Prospectus of the bonds, to 30 September, direct deposits was less than 14 billion compared with the end of 2015. The bank is subject to civil cases millionaire moguls: about 8.5 billion (a 3.9 for the cause promoted by Adusbef and Codacons) to which the Mps has shelved 627 million to the risk fund.

The uncertainties of the consortium. For now, as is well known, 13 banks have signed an agreement of pre-underwriting. To become a true consortium of guarantee it is necessary that there is another condition: that the three stages that make up the process of strengthening of the capital have had a “satisfactory” in the opinion of the banks that make up the consortium. Therefore, that is was “satisfactory” the conversion of the bonds into shares, and that, just as has been the task of marketing to investors, as well as that is well established, the activity of the deconsolidation of the non-performing loans. The Statement stresses that have not been listed parameters, qualitative or quantitative, to identify “the extent of the degree of satisfaction on the part of each of the members of the consortium.

protections to investors. Conscious of the delicacy of the operation – to ask the investors to turn bonds into shares – the bank has, however, adopted a series of safeguards details, including the inability to change your profile Mifid (faith is the completed questionnaire by 30 September, or the next, if it is more restrictive) and the fact that the Mountain has pledged to have “an attitude not proactive, and refrain from recommend or advise the acceptance of the Offer”.

Topics:

securitisation

montepaschi

prospectus

Mps

capital increase Mps

Starring:

Dragons: the Italian debt is sustainable – The Sun 24 Hours

brussels

less than a week by a delicate constitutional referendum in Italy, the european central Bank president Mario Draghi has wanted reassuring yesterday on the impact that the outcome of the vote could have in your Bag. The experience, she noted during a confirmation hearing, demonstrates how the financial markets are capable of absorbing any shocks geo-political, the more that the Italian public debt while high is considered “sustainable” by the monetary institute.

“geopolitical uncertainty has become the most important source of uncertainty for the months to come,” said Draghi, responding in general terms to a question on the impact on the financial stability of events such as the vote in Italy, or the election of Donald Trump to the United States. “We have, however, noticed a pattern that should be repeated. The markets are in a very short period a significant reaction, which then goes down. In this sense, the markets have proved to be stronger than they prevedessimo in the past.”

the president of the monetary institute did not want to say, even though he admitted that it is difficult to assess the impact in the medium term the geopolitical events. Analysts fear that a victory of the No in the vote on the reform of the Senate could lead to new uncertainty on the future of the fragile banking sector. In this regard, the central banker declined to comment on the case of Monte dei Paschi di Siena in search of money for the urgent operation of the recapitalization.

The Italian question has been in Parliament. Some members have inquired also about the high debt of the country. The president of the monetary institute, was heard to defend Italy, noting that “according to the country’s commitment and his ability to repay the debt”, the latter is “sustainable”. “The country has one of the highest surplus in the primary,” added the central banker, pointing out, however, that despite “measures encouraging” Italy “can not fall in complacency”.

“The idea of a budgetary position of the euro area (or the fiscal stance in English, ed) is a useful criterion, but it must be stressed that it may not be binding from a legal point of view – she later claimed the president of the monetary institute, responding to another question of a member during the hearing and taking in the facts, the parts of Germany -. The member countries of the euro area continue to be bound by the Pact of Stability and Growth”.

Noting that the budgetary position of the euro area is now neutral, the european Commission has announced in the middle of the month that the fiscal stance should become moderately expansive, allowing for an increase in the deficit, the aggregate of 0.5% of Gdp (see Il Sole 24 Ore, November 17). The idea is that the countries in surplus or balanced budget to spend more than they do, while supporting the local economy. The German government has criticized Brussels, underlining its growing levels of investment.

beyond his intervention in Italy, the central banker took the opportunity of the confirmation hearing here in Brussels, the second in a week after the last Monday to deal with two major issues: the situation of the economic situation in the euro area and the consequences of the decision of the british to leave the Union. On the first front, the economist stressed the need to continue to modernise the productive fabric of europe.

“The risk of a recovery is aborted is the biggest risk”, warned the economist, by scaling a question about the dangers of a bubble caused by very low interest rates. In regard to monetary policy, Draghi has repeated in two circumstances that “the December meeting” of the board of directors “will evaluate the various options that allow us to preserve a very substantial settlement money necessary to ensure that inflation is below but close to 2% over the medium term”.

Finally, on the matter of Brexit, Draghi explained that “it is imperative to preserve the integrity of the single market as well as the homogeneity and the application of its rules”. The Ecb has therefore taken a position in favor of a hard Brexit, rather than a soft Brexit. At the same time, Draghi has urged member countries to complete the single market, regardless of the choices the british. The United Kingdom, with seven other countries – not in Italy – has received a warning because of the rising real estate prices.

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Manoeuvre you get the ok of the Room. Renzi: from 30 to 50 euro more than the lowest pensions – the Giornale di Sicilia

the MILAN - Begins the week which is decisive in view of the constitutional referendum and the lists of the european deal with rain: London marks a decline of 0.6%, Paris moves back of 0,88%, while Frankfurt yields 1.09%. the Milan wearing the black jersey and lost 1.81 per cent the final, after having momentarily recovered the ground lost riallineandosi to the other. Monte dei Paschi accused of Piazza Affari, where yields more than 13 percentage points: the Consob has given the go-ahead to repurchase the bond or subordinate, with the conversion into shares, and the title is the most sold of the main board. Sign larg ely negative for the other big names in the industry such as Unicredit and Banco Popolare. The Financial Times has thrown gasoline on the fire, attempt dose on Italian banks and foreshadowing a scenario that directly connects the solvency of eight institutions in the victory of the “no” in the referendum. A position that is stigmatized by the minister Padoan during a press conference of presentation of the Manoeuvre: “The banks mentioned are well-known cases, there is no news. Are different cases to be treated with different perspectives” and there is “nothing strange about what is written.”

In a report in the morning, analysts at Barclays analyse the possible scenarios after the vote, in relation to the performance of the securities of the State: four hypotheses, two for yes (with high or low turnout) and two for ” no ” (always with high or low participation of voters. From the british bank show that a defeat of the line of Matteo Renzi could widen the spread (with different intensity according to the proportions of the victory of the “no” and the number of voters); the variable key would be, however, the Ecb, called the following Thursday to extend the Quantitative easing. With the umbrella of Mario Draghi strengthened, on the face of the securities Was not seen in the shock insurmountable inbox: enough tones from “dove” to the Eurotower to put on the yield differential binary acceptable. The spreads between Btp and Bunds widens to 187 points at the end of the session, after having reviewed 190, w ith a yield near 2.1 percent. The Treasury has placed all six billion euros of Bots at six months offered in the auction today, with rates on the rise: the average yield rose to -0,199% from the historic low of -0,295% of the placement of October.

The mayor has highlighted the weakness of confidence of consumers and businesses, the italians, while the Oecd has directly intervened in the political debate tricolor with a support that is open to constitutional reform. From the report, in the afternoon, the report of Mario Draghi to the european Parliament.

Is below par Wall Street, that retrace after the record of last week: the closing of the Exchanges in the Old continent, the Dow Jones lost 0.3%, while the Nasdaq and the S&P500 are aligned by 0.4%. The manufacturing index for the area of Dallas has accelerated greatly the pace in November, bringing in positive territory: 10,2 points.

international investors are worried by the fact that the intentions of cuts in the production of oil announced by the Opec at its meeting in Algiers, concluding with a stalemate: the fear is also expressed by Saudi Arabia in view of the Vienna summit of 30 November. The main puller of the cartel has diserterà the meeting with Russia and the other Countries producers, on the agenda today, because it asks that before there is a clear and unambiguous within the Opec, and then open the dialogue with non-participating Countries to the Organization. The Oil minister of iraq has tried to feed the trust saying that he is “optimistic” about the possibility of an agreement in Vienna. Indications that they have put back on track, the oil prices: at the close of the european markets, the Wti goes back to 47 dollars per barrel and the Brent crude recovers share $ 48.

foreign exchange marketeuro: closes substantially stable at 1,0586 dollars, after rising up to 1,0686 dollars. It is a recovery technician following the recent rally of the greenback, bolstered by the prospect of a rate hike in mid-December, now almost taken for granted. The advancing of the yen, which amounted to a quota from 112,30 on the dollar and to 118,90 on the common currency.

The chinese Exchanges have closed the session contrasted, while the yuan has weakened, still on the dollar with the chinese central Bank which set the central parity at an altitude 6,9042, 126 basis points lower than Friday, always around the minimum of the last 8 years and a half: Shanghai has gained the level of 0.46%, Shenzhen have you sold in the final of 0.14%. The Tokyo Stock exchange has terminto instead trade with a slight downside, breaking the streak of 7 consecutive meetings, after the appreciation of the yen: the Nikkei marked a decline of 0.13%.

Said of the oil, between the raw material salt for the second consecutive day the price of thegold after the splash of the past few days that had brought him to the lowest levels in nine months. At the close of the european markets, the lingotto with immediate delivery recovers to 0.7%, and passes from hand to 1.192 per ounce.

Offer Monte dei Paschi di Siena, the title transfers and is suspended – Rai News

Mps: Consob approved the prospectus on the offer for conversion of bonds into shares. The Bank of siena in the opening, loses 7% and is suspended, readmitted then comes to lose 14%

Share

November 28, 2016Part in the rescue operation of the Monte dei Paschi of Siena, with the start of the offer for the conversion of the bonds subordinated shares. But on the Milan Stock exchange, you cannot treat the Mps, in the wake of the thrust downward, while sinking the other bank: the Bank sells the 4,09%, Bpm, 3,89%, Unicredit 4,01%, Bper, the 3,68%, Intesa SanPaolo 2,97%. Mps has been suspended to Piazza Affari, after a short phase of bargaining. The title is entered in the auction of volatility, after having recorded a fall of 7.3% to 18,55 euro, the price of which reflects the grouping of shares in the ratio of one to one hundred which kicks off today.

The title was later readmitted in the trade, and has first lost the 12 and then 14 percent.

the Mps had made it known that the acceptance period for the conversion of the bond subordinate is between 28 November and 2 December, unless extended, and that Consob had approved its prospectus. The same bank has also declared not to have "intention to proceed for the moment” to make an offer of conversion into shares for the title hybrid Fresh from a 1 billion euros.

And, on the occasion of the capital increase of 5 billion euro Mps decided to adopt “measures for the strengthening of the deans” that must “ensure the correct fulfilment of the disclosure obligations and conduct, as provided for by the legislation of Mifid”, the legislation that protects investors at the door. It reads in a note of the bank. Among its commitments, to maintain “an attitude, not proactive, and refrain from recommend or advise the acceptance of the offer”.

The title in the pre-opening phase had already marked a decline in the price of the theoretical 5%. Under the weight of Mps Piazza Affari slips and, with it, in general, securities of credit institutions: the Banco gives 4,09%, Bpm, 3,89%, Unicredit 4,01%, Bper, the 3,68%, Intesa SanPaolo 2,97%.

Meanwhile, the Ceo of Mps, Marco Morelli, according to press reports, would be willing to “open the dances of the arab” with the sovereign wealth fund of Qatar is ready to become a member stable.

Dombrovskis: recapitalisation, in line the Eu rules
The recapitalisation of Mps is “an exercise undertaken fully in line with Eu rules,” under which “any further capital shall be raised in the market or by private actors, and this approach is being followed” from Italy. He said the vice-president of the Eu Commission Valdis Dombrovskis,
adding that the process of capital increase for Mps “is conducted by the supervisory authorities, therefore no comment at this stage”.

Finally, the referendum of 5 December, according to several analysts, is a factor of volatility in the markets and this would, according to the analysis, on the general trend of the financial transactions these days, including the Mps. the Financial Times dedicated just today, an article to credit risk in Italy, in the case of the ‘victory’ of the No, and there is now only six days to the vote on the constitutional referendum.

Referendum, and the Oecd: the reform will strengthen the governance. Italian gdp +0,8%
The Italian government is making “progress on structural reforms, including in the policies on the labour market, in public administration and in the school system. The constitutional reform, the subject of a constitutional referendum in December, will be a step forward in the reform process and strengthen the political and economic governance” of Italy, and that is what writes the Oecd in”economic Outlook in November, according to which the Gdp will grow by 0.8% in 2016, 0.9% in 2017 and by 1 percent in 2018. With respect to the economic outlook of September, but remains unchanged for 2016, while the estimate of 2017 is revised upward by 0.1 points.