Work: in the province of Cuneo 2.1 million vouchers sold in 2016 – TargatoCn.it

"With an increase in the forecast of 26.3% compared to 2015, it is estimated that in the year 2016 to close with a total of over 145 million vouchers sold". Are the data of the 3rd Report of the ILO Employment Service. It is an analysis that covers all years of the effective application of this institute, photographing and the quantity of the good-work sold to the territory, is the consistency of use in the various activities of the use, with a projection of the data for the year 2016.

the distribution on The territory sees the 64% of the good-work sold in the North (93.2 million), and the remaining 36% is divided almost equally between the Centre (26.3 million) and the south (25.8 million vouchers).

At the regional level, on the basis of estimates of Uil, one of the top 5 Regions for the quantity highest of vouchers sold in 2016 are: – Lombardy (27 million), the Veneto region (18.5 million), the Emilia-Romagna region (18.2 million), Piedmont (11.9 million) and Tuscany (10.6 million). Other than the regional perspective if we look at the increase compared to 2015 the increase is the highest in Campania (+43,7%), followed by Sicily (+39.1%) and from Tuscany (+32,1%).

From an estimate made at the provincial level, in the top 10, the most number of vouchers sold in 2016 are: Milan (9.8 million), followed by Turin (5.6 million), Rome (5.1 million), Brescia, italy (4.2 million), Bologna, italy (3.9 million), Verona (3.8 million), Bolzano (3.6 million), Venice, and Padua (3.3 million) and Treviso (3.2 million). In the ranking of the provincial Cuneo is in 22nd place with 2.181.391 voucher sold in 2016. of The 10 provinces less "voucherizzate" are all in the south, with the exception of Rieti (about 214 thousand vouchers).

The analysis conducted for activities of use, over 50% of the voucher-2016 (€73 million) are estimated to sold for services performed in the activity to which the Reform of 2012 has extended the scope of application (industry, building, transport, etc.). Continuing, after that, there is the tourism sector, with a forecast of approximately 21 million good-work sold in 2016, trade (18.4 million) and services (€14.9 million).

r.g.

Banks, so the level-3 accelerate the rate of risk – The Sun 24 Hours

the effect of The amplifier of the risk to the banks investment in securities Level3 – i.e. those securities, such as many derivative instruments that do not have a reference market to determine the value – is much more high compared to the banks that concentrate their investments in loans to customers (firms and households). For each percentage point of increase in the activity of securities in Level 3, the rate of risk increases by 2.1 percentage points. The same increase in loans to customers has an effect even inversely proportional, with a risk reduction of 0.2 percentage points. Is the conclusion that an analysis of the office for the study of Abi, in the context of the necklace the Themes of Economy and F inance, which required several months of work and that it has been made known yesterday. The output is not random, and coincides with a delicate moment for the Italian banks, in particular to Mps, put the destination to the needs of strengthening the assets related to the outcome of the stress tests. Test the rules of which are inflected by the Ecb and by the Eba and which are particularly severe, in terms of capital absorption for the banks that grant credit to businesses and households and are significantly less for those who invest in derivatives.

The analysis of Abi, in truth, it is not the first to arrive at these conclusions. Since the Enron collapse (2001) it was found that the greater the exposure of an enterprise, also not banking on instruments the value of which is entrusted to internal valuation models, and therefore leave us with a relative margin of discretion, the greater the risk assumed. A study that was conducted in 2015 on the 737 international banks just referring to the asset Level 3 has arrived at similar findings. The choice of Abi was to focus on a panel of 124 european banks, of which 94 subject to european supervision (Ssm). And again, the research department of the banking Association has made use of an indicator accounting, the Z score, which refers to balance sheet items, to measure the credit risk, and the lower this indicator, the higher the probability of failure of the enterprise. The indicator is used in a template that takes a reference variable bank – drawn from the balance sheets of t he european banks in the period 2013-2014 – and macro data related, for example, of the Gdp, and the sovereign risk of the countries. The study demonstrated the existence of a negative relationship between the increase of the Level3 and the Z score of the individual bank, for which more increases the proportion invested in the asset illiquid, the lower the Z score.

If to this evidence we add the fact that the banks with the less traditionally have a higher share of instruments illiquid in their budgets you can imagine, if the equation calculated from the Abi reveals to be well-founded, where he focused the credit risk in Europe. The relationship between activity level 3, and capital is equal to 20.5 percent for the French banks, to 34.5% for the German ones, to 25.4 per cent for the british, and 15.1% for the Italian ones.

“The study intends to be a contribution to the debate at european level on the stress test, view next appointments for the revision of the Basel rules and european rules on banks, including the directive Brrd – explains Gianfranco Torriero, vice-general director of the Abi -. The model adopted for the stress tests leaves open, as is well known, many doubts. The result can vary significantly depending on the way in which is introduced an element of stress in the base scenario. The hope is that you will have a different balance in the context of evaluation systems. The assessment of risk is a factor that conditions in the competitive european, because if it is required, the capital requirement increased for loans to the customers with respect to instruments that are not liquids, it poses a constraint to increased profitability for the institute that supports the economy and encourages the activities on the derivatives, which, however, should not be required because it ha s an important function in the financial system”. Our want to be a tip, concludes Torriero, “to the regulator for calculations in depth the multiple effects that the assumption of risk, and its costs, can result in systems are now very complex”.

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Mps, the answers to which there are many – The Republic

WE put the security of savings”. Also Paolo Gentiloni follows in the footsteps of Matteo Renzi. Even the new premier, having launched the decree to save-Mps, breathing a sigh of relief, as did the old premier on the 22nd of November 2015, after having launched the decree to save Etruria. Relief misplaced. Then, as today. The saving of the oldest bank in the world will have a huge cost, is still incalculable.

I20 BILLION earmarked are new public debts.

next year will weigh on the pockets of all taxpayers. It is right to sacrifice for Siena. But provided that you face the light on the endless chain of errors committed in these years (perhaps with the famous commission of inquiry that Renzi launched a blunder on the 23rd of December 2015). And provided that you fixed at least one fixed point: those who have done wrong, for once, take away the disturbance. To pay the final bill can not be always and only the Pants. The pants are us. We would like to at least know, with some question, who do we “thank”.

THE TREASURY.
In a long interview with the Sole 24 Ore, the minister Padoan, and retraces his way to the calvary of the Mps. Nothing is still clear about the ways in which they will be “covered” bondholders of the bank, and which will be, in this case, too, the drowned and the saved. For the rest, the minister says: “I am Not at all repentant to have incurred, in respect of the role of all, the operation of the market”. But was it not already clear in July that the “private road” would have led to a blind alley? You can consider the dismissal of a chief executive officer Fabrizio Viola, was decided with a phone call made “for account” then-premier Renzi on September 7, a move “in respect of the role of all”? Or here there is perhaps a glaring invasion of the field of politics, that instead of saving the bank when the conditions allowed the journey to an unlikely “market operation”? Padoan adds: do the “full support for the current management of the bank, including the ceo Marco Morelli. Considering that in these years the Mps has burned 17 billion of assets, is not the time to implement in Italy the method to Obama, who in 2009 launched the “Tarp”, a plan of State intervention in banks $ 700 billion, which had as a condition of the zero total of all the vertices, and the appointment of a manager pro tempore chosen by the State? Padoan complains that “in our Country are not punished enough, then the responsibility of individual managers that have produced significant damage to the investors, shareholders, savers”. Right, but then why has not a law introducing and strengthening these sanctions? He is the government has the obligation political and moral talk and act as the secretary to the Treasury, not as an ordinary citizen.

THE ECB.
The european central Bank has played a crucial role, does his job. But his “therapeutic obstinacy” towards Siena deserves some clarification. After the stress test on 23 June, the european Supervisory wizard from the French Danièle Nouy requires recapitalisation, 5 billion by 31 December. On the basis of what criterion, only 4 days ago, the Ecb asks for the letter to the Mount to increase the recapitalisation 8.8 billion? What has changed in the meantime? And what is the principle of the Frankfurt forces Mps of the same capital (Cet1 capital, set at 8%) in 2015, applied to the Greek banks, while at the same time reduces from 10.7 to 9.5% to the similar parameter required at the Deutsche Bank (the european bank with the portfolio more “dragged down” by the weight of the toxic assets)? Mario Draghi, rightly, made of the so-called “accountability” to his religion. But the need to “take account ” of their work, to Frankfurt, which must apply to all.

THE BANK Of ITALY.
Via Nazionale has played an important role. Not so much for what he has done, as for what I did. On the front “outside”: the governor Visco sits on the board of Frankfurt, and the Italian Ignazio Angeloni sits in one of the european Supervision. Why are missed communications punctually between the Eurotower and the Palazzo Koch? On the domestic front: the directive on the bail-in (which will download the costs of bank failures on shareholders, bondholders and depositors over 100 thousand euro) is approved by the Eu in 2014, and in Italy is introduced for the first time a year after with the “decree of termination” of the investment in Banca Etruria, Brands, Cariferrara and Carichieti. Because the bank of Italy (that declare the contrary in those rules, applied retroactively on all savers is a campaign to raise public awareness and convince governments to change it? And then , more specifically on the deal Mps: why is the governor repeated from January 2013 that the bank has “no leaks “, while in the two subsequent years, Viola is forced to ask for increases in capital to 8 billion? Because in the summer is not opposed to the expulsion of the same Purple, decided by Renzi on July 6, after a breakfast meeting at Palazzo Chigi with the president of Jp Morgan, Jamie Dimon? Why in the fall do not oppose the postponement of the increase from 5 billion, that Renzi decided to move in after the constitutional referendum of December 4, to avoid having to put the face on a safe failure? These responses would be necessary. To the contrary of what happens with the inspections (on which also there would be so many questions) do not violate any professional secrecy.

THE CONSOB.
The committee that supervises the company and the Stock exchange may not be called out from responsibility. We spread a veil on the derivatives of the Alexandria and Santorini, which five years ago no one saw and no one stopped. Even in the last few months, Mps have happened and anomalies that a Supervision serious could and should have intercept. At least two of the bond issues at risk (“Lower Tier 2″, to the maturity date 2020) are sold to retail customers of the bank during the management of Giuseppe Vegas. If this is true, because the Consob has not evaluated and are not blocked? And if this is not true, because it does not contradict and does not clarify exactly who and when authorized by what?

THE VERTICES of the MPS.
The “tangle harmonious”, in Siena, has ancient roots. The beginning of the end, as is well known, begins with Giuseppe Mussari, who buy Antonveneta from Santander for more than 9 billion, the crazy figure that blows up accounts. This is now history. The chronicle of these last months has shade zones which are not less disturbing. By September, after the infamous “call of redundancy” Padoan, senior Mps sits Marco Morelli, former director of the bank at the time of Mussari. Together with Jp Morgan and Mediobanca (so far curiously has remained “protected” from criticism) is Morelli to be the guarantor of the so-called operation “market”, i.e. the retrieval of the 5 billion of private capital. And it is precisely Morelli to ventilate until the last the possibility that large foreign funds to intervene in the recapitalisation, in the role of “anchor investor”, by convincing the Treasury to postpone until the last public action on the Mps who could and should do at least six months ago.

Therefore: when, and with whom he spoke Morelli, between the representatives of the sovereign wealth fund of Qatar? What were his interlocutors in the fund managed by George Soros? And what concrete offers had in his hand, when on 7 December the board of directors of the bank has asked the Ecb for an extension to January 20, 2017, for the closing of the operation? It’s the least you can ask of a manager that has a fixed fee of 1.4 million, higher than its peers Bnp Paribas. To manage the worst of the major european banks, earns most of what’s driving the better. As they say a Death or a Flaiano: ah, les italiens…

Daniel Gros: “the Right evaluations the Ecb, and remains, the node suffering” – The Republic

ROME - “I don’t understand why so much irritation from the Italian to the Ecb: in the end, what he said? The need to set aside another fund as a precautionary three-billion addition to the capital increase, to be used only in the extreme case of a recession is frightening that overwhelms once again everything and everyone. Where is the scandal given the “books” which has made us accustomed to the Mps?” Daniel Gros, economist and German but not so German as Weidmann or Schaeuble, this time down in the field in favour of the “hawks” in Frankfurt, those against, on the other hand, lance in rest of the Italian govern ment.

She ranks with those who believe that behind this uprising lies in the embarrassment of the lack of checks on the Mps and the other banks in the defeat?
“Let’s be clear: there is good reason to believe the Italian premier when he says that is was caught, and also to a Novel when he asks the Ecb to explain the criteria that have led to the request of “ipercapitalizzazione”, as it is called in the minister, and indeed yesterday the bank has started to do. The substance remains that the Ecb has focused an hypothesis very remote. Our analysis (of the Center for economic policy studies of Brussels, Gros directs, ed.), coincide with the conclusions of the Eurotower. If the Italian authorities are convinced that the Montepaschi once capitalized, will be a solid bank and unassailable, what does their predict another fund to which 99% will not be necessary to draw from? It is not a loss or an additional debt for the State. Coming to your questio n, the government, the Consob and bank of Italy, should do an examination of conscience more thoroughly. Not is investigated on the past nor correct the present”.

namely?
“for two years, from the directive on bail-in, have not been able to explain to investors that their bonds had become more risky. And in the present, you use formulas such as the refund, after transformation into actions of their securities, the holders of subordinated retail of Mps, without considering that among these there are hedge funds that then would be reimbursed by the State.”

There are among the “refundable” customer “sensitive” that you should be unhappy?
“Nah, it’s just that it was considered inopportune to politically enlarge the audience of those who lose money. The way to resolve at least part of the problem there is, only that it is complicated: go to fish and to distinguish the bondholders of more ancient date, the real savers who may have been in some measure deceived by speculators who have entered the last. In an efficient system should be possible. But the basic problem is not this”.

let me guess, are the Npl?
“of Course. You need a system solution. Now it is out of the game, for the Mps, even the Atlas. It is seen that the selling in tranches is totally inadequate. We must return to the discourse of the bad bank where it was interrupted: and that is, in the claim of Italy to give excessive values to the suffering. It is here that Brussels was the opposite, because there were State aid. But if it drops to more realistic assessments, will not be enough twenty years to resolve the issue. And meanwhile, the losses are added to losses “.

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Starring:

Daniel Gros

Npl, the Mps are studying the ” bad bank “opened” – The Sun 24 Hours

Liquidity and Npl. The present and immediate future on the table of a session, the "virtual" board that yesterday afternoon he saw connected almost all of the directors of Monte dei Paschi. Ceo Mark Morelli and cfo Francesco Mele have up-to-date, the board of directors on the work carried out here and on the next steps waiting for the bank: the starting point, therefore, the liquidity indicator to be monitored carefully in view of the escape of the deposits of the past few weeks, and the ambition to recirculate the 15 billion lost in the last year.

yesterday, the bank of government guarantees on future emissions, a permit that will be used very soon just after the holidays, certainly not suitable to place a bond, the Mount has to place first bond, which should follow a second in the month of February. Features and amount would be in phase of the study, it is certain that for the bank it’s return on a market where the most recent noteworthy transaction dates back to November 2015, when the Rocca Salimbeni, taking advantage of the conditions (at the time) the optimal credit market had placed two bond in a month. The last of which, a covered initially by 750 million euro, picked up a question of how not if seen in time for 1.6 billion, so as to convince the institute to raise the offer to a billion euros. Other times, for the Monte and not only that: now the air is much heavier and, therefore, is studying the return on the market with extreme caution.

Supervision of the Ecb, need a change of direction

But yesterday, according to The Sun 24 Hours, you would have made the point also on the industrial plan, which will be negotiated first with the Ecb – which does not exclude to have a discount on the demand of 8.8 billion – and then with the european Commission, which has the last word about the intervention of the State. The final version, in the substance of a review and more incisive plan of October, will be ready in a couple of months, but the first drafts are expected for the beginning of January: this is the document that should start the dialogue with Frankfurt, where the ceo Mark Morelli is expected to be in a date yet to be determined.

the central Point, of course, the Npl. Skipped the securitisation of the private floor, jumped – in fact – the contribution of the Atlas, at least to the extent provided in the summer), the Mount has to start from the beginning. Knowing that you can take advantage of a capital much higher than expected, due to the 8.8 billion that will go into the belly, but at the same time will have to move with determination on the road to profitability, in order to allow a permanence of the State is limited to what is strictly necessary. As mentioned in the past few days, the possible solutions on the Npl are different, ranging from the supply packages to the self-securitisation, up to the internal management.

Ecb ready to accelerate on the level of Mps

In this area, but, according to what is learned, is now considering another schema, scope is potentially much wider. The summit of the bank, in substance, is reportedly studying the creation of a bad bank in which to sell the Npl in exchange for shares to allocate to their shareholders (largely the State); in practice, a vehicle that in the later stages might then be open to other banks, which in turn could contribute by making the Npl and receiving in exchange shares of the vehicle.

A picture that definitely could find the support of the Treasury, because it is located half-way between a private solution (which, moreover, had studied the Fairness in a report of April) and the old project, bad bank "system" for months, the subject of a negotiation with Brussels landed and then only to the Gacs. In this case, we think, between Siena and Via XX Settembre, it would be, however, of the project of a bank, the control of which the public – at the time – would not be a determining element.

Yesterday, the board of directors has taken note of resignation of director Christian Whamond.

@marcoferrando77

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Piazza Affari closes the ‘annus horribilis’ with a rise of 0.2% – Milano Finanza

For the Ftse Mib index in the last session of 2016, has closed with a rise of 0.2% 19.234 points: beginning of the year, the main index in milan she then left on the ground to 10.2%.

the day was characterised by volumes scarce, with the few data releases that have not had a great impact on the price. The index, the Napm Chicago is based on a survey conducted on the directors of purchasing in the manufacturing sector fell in December 54,6 points from 57,6 November.

At piazza Affari in light Salvatore Ferragamo (+0.8% 22,43 euro) thanks to the agreement with the Revenue Agency, which defines the method of calculation of the share of income that is exempt from Ires and Irap for the purposes of the so-called Patent Box for the direct use of the intangible. Well the Unipol (+2.1% to 3,424€), while UnipolSai has marked a 0.4% 2,03 euros. Banca Imi reiterated on the title of the recommendation in the hold and the target price to 1.60 euros. In progress Fca (+0.3% to 8,665 euro): Banca Akros has confirmed on the title the buy recommendation and the target price to 10 euros.

On the rest of the list is noted Parmalat (+1% to 2,962 euro), which is still above the price of the bid by Lactalis to 2.8 euros. Some analysts do not exclude an improvement of the offer by Lactalis. Very well LVenture (+2.9% 0,5575 euro) Mediobanca Securities, which confirmed the title of the recommendation outperform, bringing the target price 0.68 euro 0,84 euro.

the rally Ternienergia (+16.6 percent to 0,899 euro) that has signed a partnership agreement with JuicePower for the development and construction of generation plants, renewable energy and infrastructure energy management, including the central on-site and off-site, and storage systems for the energy, and to support JuicePower in the management of its portfolio-customers with intelligent systems for energy management.

The 2017 will still be the year of the policy and of central Banks. Since January, in fact, will be full of catalysts on these two fronts. From 20 January to begin the Presidency of Donald Trump, with the market so far have bet on, even against the expectations of pre-election that they wanted the victory of the republican as a risk factor for Scholarships, the positive effect that the policies of Trump will have on the U.s. economy.

Wall Street is arriivata to the appointment with the new year with a Dow Jones close to 20,000 points, a euphoria that not even the first rate hike by the Fed in December (which is very expected) and a ‘hawk’ of the central Bank of the Usa have been nicked. Danske Bank estimates four other rate increases, up to 2018 (2 in 2017 and 2 in 2018). Also in January there will also be the first event of the year with the Ecb (meeting of 19), after the announcements of December on the extension of QE. Deutsche Bank expects that “the Ecb announces a third extension of QE at some point in the second half of 2017″.

Andrea De Gaetano, Senior Analyst at Olympia Wealth Management, among the five surprises that have materialised in the second half of 2016 mentions the “generous Christmas gifts” of the Ecb. The market expected that the December 8″ the Institute “to extend the plan of purchases at the rate of 80 billion for another 6 months after march 2017, or about 60 billion per month, the extent of the stimulus plan monetary but protraendoli for the other 9 months.
The Ecb has chosen the second solution, more full-bodied, surprising, however, in the mode”.

“With cunning, machiavellian, the Ecb has revealed the change of some parameters of the program of stimulus money. From a side, has expanded the universe of securities that can be purchased by lowering from two years to one year the minimum maturity of the securities purchased. On the other hand, has determined that it may purchase securities with a yield lower than the deposit rate the Ecb (currently at 0.4% as)”, notes the Senior Analyst.

The other 4 surprises, continues the expert, were the following: “the euphoria after the Italian referendum”, with the market “and went in the diametrically opposite direction to what might have been expected”; Federal Reserve, “much more ‘hawk’ than expected”; Bank of Japan, which, for the first time in march 2015 has revised upwards the prospects of the economy of the Sol Levante; the team of which you are surrounding Trump.

According to Danske Bank, “even if the referendum on Brexit and the american presidential elections are past, the high political uncertainty “will continue to be a big theme of the market in 2017″. The next year there are several events political as the elections in France and Germany”.

In 2017, Stephanie Flanders, Managing Director and Chief Market Strategist for Europe and the UK by J. P. Morgan Asset Management, believes that “political events and policy measures are highly likely to continue to dominate the scene, in the course of which they will begin the negotiations for the Brexit and will be important elections in Europe. We believe, however, that for investors the real economy will continue to be the most important factor, especially with regard to the dynamics on the supply side in the United States, the resilience of the Eurozone and the recovery in the United Kingdom in a climate of uncertainty, as well as the pace and magnitude of a possible further appreciation of the dollar”.

The experts of Union Bancaire Privee (UBP) are expected “volatility and nervousness, but the opportunities will not be lacking. Among the developed economies, we look with favour to the United States, supported by macroeconomic data, robust, and growth prospects”. Europe, and continue to experts, “might disappoint, thanks to an uncertainty that could limit the already low potential growth and trigger the brief market corrections”.

Equita Sim remains cautious on the stock, but the tip on 10 best pick of piazza Affari, in 2017, 5 large cap and 5 small and mid-caps: Eni , FinecoBank , Ferrari , Luxottica, , Telecom Italia resp. among the blue chips, and Soul H., Brembo , Interpump , Ovs , We between the small and mid-caps. On all the selected actions to the analysts of the sim have confirmed a ” buy ” recommendation.

Piazza Affari -10% in 2016. St the best, the Counter-Bpm worse – The Sun 24 Hours

It’s been a 2016 difficult for Piazza Affari, even if the strong recovery achieved in December has made less bitter by the outcome. The Ftse All Share fell by 9.9% in 2016, while the index of securities with the highest capitalization, the Ftse Mib index has lost 10.2%. In contrast, the Star rose by 4.2%. The prices have been affected by the decline of the first part of the year which was only partially recovered in recent months with the FTSE MIB index, which, by the end of June, clocked a growth of 27%.

Most of the listed companies, but it drops the weight of the Square Business on the economy
The number of listed companies amounted to 387: 244 on the main board (Mta of which 71 are on Star, 66 on the Global Equity Market and the 77 on the Aim Italia. The figure is higher compared to the 356 companies surveyed in 2015. However, the total market capitalisation of listed companies amounted to 524,9 billion, a decrease of 7.5% compared to the 567,7 billion disclosed at the end of 2015. The relationship between market capitalization and Gdp is, therefore, dropped to 31.8% of Gdp to 34.8% of a year ago, although it remains higher than the level of 2014, when he was at 29.1% of Gdp. The lower weight of the Square Business on the gross domestic Product is not only a reflection of the decline in prices, but also a braking of the quotations. In the last year were recorded 14 land at Piazza Affari, compared to 27 in 2015 and, of these, only three relate to the main board Mta: Technogym, Coima Res and Enav.

UniCredit reveals the plan to 2019: increase from 13 billion, 14 thousand outputs and maxi-provisions on Npls

On the Italian market, collected 6.1 billion
The 387 companies listed in Piazza Affari, have gathered on the market a total of € 6.1 billion. Of these, 1.4 billion have arrived from the new reality that has landed at Piazza Affari. Capital increases accounted for 4.6 billion, a figure that seems set to rise dramatically next year when they come on the market, the recapitalization of Unicredite Mps.

Lactalis and the half own-goal on the value of Parmalat

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From Parmalat, Rcs, has been the year of the Takeover bid
In Front of a relatively small number of new listings, 2016 will perhaps be remembered for the many Takeover bids that have occurred. In total, 16 Opa – never so many from 2011 for a total amount of 2.5 billion euro. The most recent is that of Lactalis on Parmalat, but the year was also marked by a battle for the Rcs , from the one Italcementi(the richest, with a value of approximately € 2 billion) and climbing to Ansaldo Sts and Pininfarina.

StMicroelectronics queen of Piazza Affari, the Counter-Bpm worse
StMicroelectronics ‘ the queen of the 2016 in the big Piazza Affari. According to the official data disseminated by Borsa Italiana, the title of the group’s technology has earned the overall 70,99% in the last twelve months making the best of the Ftse Mib with Tenaris (+54,48%) and Buzzi Unicem (+37,4%). In the top 5 also Cnh Industrial (+29.6%) and Moncler(+27,4%).
All bank titles that have lost the most on the Ftse Mib in the last year Banco Popular has sold 75.8% and Banca Popolare di Milano the figure of 60.8%. Bad Ubi (-58%) and Unicredit (-46,9%). Outside of the credit industry, Saipem is a set back of over 43%. The ranking does not consider the Mps who has been suspended from trading before the Christmas holidays, when the performance from the beginning of the year was -87%.

(Il Sole 24 Ore Radiocor Plus)

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Layoffs for profit, the experts in labour law: “The judgment of the Supreme court gives new tools to the companies and dishonest” – Il fatto Quotidiano

On the causes legitimating the dismissal the Supreme court continues to split. The last judgment, in the order of time, 25201, December 7 last year, widens the scope of the layoff to objective justified reason. According to this ruling of the Employment section does not need to be economic hardship or crisis, but it is sufficient will on the part of the employer to increase the profits. The verdict refers to a judgment of the Court of Appeal in Florence, 29 may 2015, reversing the judgment of first instance, has considered unlawful in the dismissal of an employee in the resort luxury for objective justified reason. The Supreme court has confirmed the first judgment of the legitimacy of the dismissal. A signal anything positive for the workers. But the association of labour lawyers consulted by he helped.en remember that a few years ago, the Supreme Court alternates sentences that combine two different strands: the first, in the majority, which configures the dismissal as a last resort, the other more liberalizzante according to which it is not necessary to an unfavourable economic climate because the employer can dismiss. "The judgment of 7 December last, explains to he helped.en Vincenzo Martino, vice-president of the Lawyers Italian association of labour lawyers (Reuters) – the bride in this tradition: it is not the first that follows this address, but it is also true that on the face of layoffs we can expect future pronouncement s contrast with this latest verdict, which reflects a general climate unfavourable for the workers". According to Umberto Romagnoli, professor emeritus of labour Law at the University of Bologna, it is good to emphasize that "it remains the majority the interpretation according to which the dismissal is the extreme ratio", but that "at some point the Supreme court will have to resolve the question of orientation different than you came to create".

The last judgment: no judgment of merit on the decisions of the company – The judgment 25201, therefore, is not an absolute novelty. "But as this is not a verdict that is issued to joined sections – explains Martino – and there are signs that are discordant in the various pronouncements that have occurred over the last few days, I’d say that the game is still open, even if it is not a step towards the workers". In the judgment there is reference to some standards. With the reference to thearticle 41 of the Constitution, the stoats reaffirm the principle "that the entrepreneurial that has resulted in the suppression of the place of work non-criticized in its profiles of appropriateness and opportunities" with the limits prescribed by the same article and "always that is the effectivity and not speciousness rehabilitation the organizational work". For Martino, the novelty lies, rather, in the arguments and in the use of a rule so far neglected and now enhanced, namely article 30, paragraph 1, of law 183 of 2010 (Related work), according to which "in all cases in which the provisions of the law in matters of private business and the public contain general terms and conditions, including the rules regarding (…) withdrawal, the judicial control is limited only in accordance with the general principles of the legal order, the assessment of the assumption of the legitimacy and not extended the union of merit on technical evaluation, organization and production that are the responsibility of the employer". Which translated means: my company, I organize how I want. "Music to the ears of entrepreneurs," explains Martino.

On the other hand, an account is put on the table the numbers of a company in crisis or in economic difficulty, another is to demonstrate that a dismissal may benefit the accounts. But there is the risk that, following this address, anyone who can dismiss without limits? A reflection legitimate after the substantial liberalisation of dismissals unjustified brought by the Jobs Act, with the elimination of the right to the elasticity in the place of work. For Romagnoli, "it is not true that anyone can fire anyone, because the same Supreme court stresses the need to ensure certain requirements".

"If you take the foot, this leaves the employer the dishonest will be favourites," – the employment lawyers ‘ stress as well as the same instruction provides the tools to protect workers – by providing that the employer can prove that the suppression of the place of work is necessary and is not instrumental or built in the art – it is also true that they both admit how easy it is, for an employer little honest who wants to dismiss, demonstrate that this will increase the profit of his company. "Could do so while remaining within the law, ” explains Martino – the moment you accept the assumption that the dismissal is not the most extreme ratio, but a free choice of the entrepreneurial sole in court". You can entrust the same tasks that were previously performed by the dismissed employee is a new hire, "nor can you hire an employee that performs the same functions, but 'it costs less', but the organization and division of work with other colleagues stayed in the staff can offer several trick to work around the obstacle. For Romagnoli although it is still an orientation minority compared to the one that limits the power of the company, made possible thanks to a law general, "the rise of this genre that puts the business centre compared to workers, so how did the Jobs Act, runs the risk of facilitating the'increase in cases to the limit and provide tools to employers dishonest."

“The leading indicator of economic activity recorded a recovery, outlining a positive outlook on the pace of growth of the economy in the coming months.” This is reported by Istat in the short-term prospects contained in the Note, the December monthly on the performance of the Italian economy. “In the manufacturing industry – explains: the uk has recorded an increase in orders in October (+0.9% compared to the previous month) both an improvement in confidence in December. Consumers showed an improvement in confidence in the month of December.”

The international framework
in general – according to Istat – looking at the macroeconomic framework international, continues the growth of the u.s. economy in the presence of a reduction of international trade and a rise in oil prices. While in the euro area, the increase of the pace of production continues on the tones moderate, in Italy you consolidate the positive signs: the increase in orders in the manufacturing sector is associated with the widespread improvement of the consumer reviews. The leading indicator back to positive by outlining the continuation of the current expansionary phase.

Istat, in November, prices, production – 0,1%, – 03% 2015

positive Trend in manufacturing, salt trust companies
with regard To the situation for Italian companies, in October the industrial production net of construction has marked a zero change compared to the previous month, while the trend of the turnover of the industry confirms the positive evolution of the manufacturing sector: the increase recorded in October (+0,8%) is accompanied by the positive variation of the quarter August-October compared to the previous three months (+2,3%, +2.1% for domestic turnover and +2.6% for the foreign one). In December there was an improvement in the business confidence of the manufacturing driven by reviews on orders and expectations on the production. Negative signals came from the construction sector.

After the strong decline recorded in September, in October the index of the seasonally adjusted production in construction recorded a further decrease (by 0.9%). The prospects for the sector remain uncertain. In December decreased the business confidence with a deterioration in both of the reviews on orders and expectations on employment.

foreign Trade
The data on foreign trade “show conflicting signals,” warns Istat. In October, recorded a positive change of imports compared to the previous month (+2.7%), and a stationarity for exports. In November, the trade flows with non-Eu countries, are results in the improvement, with the increase more marked for exports (+3.4%) and lower for imports (+1.4 percent). Sales to countries outside the Eu have marked, compared to the previous month, a marked increase in the energy (+21.1 percent) and capital goods (+4.7 percent).

higher pay in the Lombardy region, the lowest in Basilicata, Apulia and Calabria
With 15.7 euro Lombardy has the hourly wage the highest, while Basilicata, Puglia, and Calabria are the regions with the hourly wages are lower. Detect the Istat, in the note on pay differentials in the private sector relating to 2014, explaining that the average gross wage or salary hourly was equal to 14.1 euros in 2014. The 10% of the jobs with hourly pay is higher, too (the ninth decile of the distribution) perceive at least 12,7 euro more for each hour paid compared to 10% of the positions with hourly wage low (first decile).

Among the sectors of economic activity, the hourly salary average highest is detected in the sector of Activity financial and insurance activities (by 25.4 euro), while the lowest, equal to 9.8 euro, reported in the sector Other service activities.
The pay differential between women and men is negative and equal to 12.2%: the disadvantage of women increases with the growth of hourly wages both at the local level and sectoral.

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Via free of the Cdm to the decree milleproroghe – Milano Finanza

The Council of ministers has approved the decree Milleproroghe, and has completed the governance team with the appointment of the secretaries. Saving therefore, for 40,000 precarious workers of the public administration. From the first of January in fact, because of a provision contained in the jobs act, it will be forbidden the renewal of fixed-term contracts and collaborations with the public administration and is thus an urgent need for an extension of their contracts, sought yesterday to handsfree from the Cgil.

the Line is also shared by Marianna Madia, Public service minister, that he had recently secured the intention of the government to get to a reasonable extension of precarious, at least until the launch of the “single Text” of the public use which will open the way for competitions on the basis of a new policy: no more assumptions based on the organic but on the actual need. The decree of today, at least in the version that comes in the Council of ministers, provides for an intervention in favour of the two categories of “disadvantaged” to the winners of competitions (about 4,500), and of those that have been declared “suitable” in a competition (about 150 thousand): both categories will be “extended” for the whole of 2017.

The “milleproroghe” is the first decretone omnibus of the new government and comes after a Budget law that the conduct of the port in a hurry, because of the crisis, and so has set aside many problems. The eve is marked by an atmosphere of classic “assault on the diligence” from banks to the League of anti-vivisection, the transmission of invoices telematics at the stop sign at the rate for the mortgage loans in the earthquake area.

In the balance the delicate issue of slot machines: postpone the requirement of a super remote control or not? To adopt the 30% cut of the machine, already slipped from the budget law, or to resort to another decree? In the draft of the decree is also softened the anti-evasion, which forces the transmission of all the data of the invoices to the revenue Agency.

warm Front is also one of the banks. The law imposes the transformation into a spa by the end of the year of the most popular with over 8 billion of assets. Almost all have adopted the new corporate form except Bari to Sondrio, which was established by the assemblies in December, when an ordinance of the Council of State has blocked the implementation of regulations.

consequently, the meetings have been postponed, because on that question hangs a judgment of the constitutional Court. So you think to an extend, perhaps of six months, pending a regulatory framework more certain. In fact, the extension had to enter in the decree to save the banks in the past few days, and until the last moment was in the text, but within the government there are also those who would like to raise the roof, which imposes the transformation in spa 8 to 30 billion of assets, “saving” the two banks.

Ecb ready to accelerate on the level of Mps – The Sun 24 Hours

FRANKFURT – No official comment from the european central Bank on the statements of the minister of Economy, Pier Carlo Padoan to the “Sun 24 Hours”, according to which the communication supervision of Monte dei Paschi di Siena said, ” the sin of opacity (five rows and three numbers,” said Padoan), and the attitude of the supervisors is in the times is in the evaluation was “very hard”. The expectation of Frankfurt, according to sources who have closely followed the dossier to Mps, is that it starts now in a very short time an intensive dialogue on the new plan, in the hopes of the supervisors, is expected to bring a good part of the positive elements contained in the previous one, on whi ch it was based, the failed recapitalization private, in particular the cleaning of the balance sheet assets, with the elimination of non-performing loans. The theme of transparency, to admission of many also in Frankfurt, however, remains problematic for the supervision of the Ecb.

Padoan: just with the opacity of the supervision of the Ecb. Mps, full refund only on the bond 2008

The communication on Mps to look at the same sources, is a necessary act in the presence of a required recapitalisation of precaution with the intervention of the Government. In this, the supervision is limited to detect that the bank is insolvent, one of the requirements for the recapitalisation of precaution, and how much is the shortage of capital compared to stress-test against, which was published last July, and in which the Mps was the only one of the 50 banks surveyed at the end with a capital negative. However, it is not to be considered a formal request of capital, to € 8.8 billion (that would be the capital Cet1 capital of the Mps to be above 8%, as was the case last year for the Greek banks, in the face of the adverse scenario), but only a calculation based on the elements of the stress test and which will then have to take account of the results of the new plan. It is not, therefore, comparable, they say in Frankfurt, with € 5 billion of new capital provided by the bank in the plan now fallen, and which included the total elimination of the Npl. This is obviously not the only element, which remains one of the keys in the final evaluation of supervision.

Germany: the Eu and the Ecb to ensure the respect of the rules on Mps

Formally, the restructuring plan must pass the scrutiny of the european Commission, with which the Italian Government has already begun to face, but will then be notified to the Ssm, the european supervision of the Ecb, and the law and the supervisory authorities to determine the capital requirements. However, it will be the discussion with Brussels to take on the connotations of the more "political", and in part this has already happened with a number of positions especially from the German side. With accents similar to one another, stressing the rigour of the interpretation of the new rules for banks in crisis, you are pronounced in the last hours, the ministry of Finance, the German president of the Bundesbank, Jens Weidmann, and Isabel Schnabel, one of the five "wise men", the economic advisers of the Government of Berlin.

“the Ecb will keep the point”

If, on the merits of the recapitalisation, the match is still all to play, with different actors involved, the problem of opacity raised by Padoan is a sore point for the supervision of the Ecb, and not today. Even if in Frankfurt note that in the supervisory Board that took all the decisions is represented by the Bank of Italy, and that this should facilitate through with the Government, some sources admit that there is a lack of communication of the assessment made, and in this case of explanation of how we got to the "three numbers". The theme of the rest came even publicly, in the open, and reflects the divergence of views between different members of the european supervision. Ignazio Angeloni, a member of the board appointed by the Ecb, for example, has argued in several speeches the need that the Ssm adopt the standard of transparency and communication more advanced. The other, starting from the chairman of the supervisory Board, Danièle Nouy, appear to be of a differen t opinion. The fact remains that, in cases such as that of the Mps, the opacity reported by Padoan and "surprises" are likely to contribute to the continuation of the crisis.

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Mps, yes the Eu to the State guarantee, The bank is ready to new issues – Corriere della Sera

The Monte dei Paschi di Siena is preparing to return in a very short time to do with on the market, taking advantage of the guarantee granted by the State and, therefore, the rating of the Italian Republic, and to replenish liquidity, that with the escape of the deposits triggered by the difficulties of the recapitalization plan, has fallen drastically in the last few months. To December 21, according to the institute, the one that is available a month it had fallen to just 7.7 billion euros. The bank’s objective of siena is to recover within the year at least 15 billion, in order to bring the liquid media to the level of the end of 2015, and to reassure the network and the depositors. The return of Monte Paschi on the market, from which it is absent from very long time because of a credit very low, it should be done in the first days of the next year.

The plan on the board

Already, the project will be discussed by the Board of directors of the institute, even though it will still take a few days before the resolutions. The authorization of the government guarantee for new issues of the Mount, the request from the government to the Eu Commission, arrived yesterday afternoon, along with the go-ahead for the extension up to June of the general scheme of the public guarantee on the liquidity of the banks, provided for in the decree of Christmas. The public coverage on the issues the Mps was notified and authorized separately, as provided for in the Eu rules, because the institute suffers from a lack of capital understood of the stress test.

Warranty expensive

The guarantee is against payment for the institutions that may request it (in 2017 expire bank bonds to 112 billion by renew to maintain the liquidity of the system on the current levels) may be granted on debt instruments, fixed rate and non-subordinated repayment. The secured notes will be used by the institutions as collateral to obtain liquidity from the Ecb.

Gentiloni: the Ecb work together

On the case the Mps returned yesterday the chairman of the Board, Paolo Gentiloni, confirming the wonder of the Ecb’s decision to seek a capital increase of 8.8 billion, of which 6.6 to load the State, has explained yesterday the bank of Italy, to bring the capital ratio to 11.5%. “It was a news former-dismiss, and it is not a story that can only be resolved with communication. We rely on the cooperation and constructive as possible: in the coming weeks – said Gentiloni – keep to the point. It is important that there are assessments shared”.

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December 29, 2016 (edit, December 29, 2016 | 22:57)

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Milleproroghe, save for a year the 40 thousand precarious workers of public bodies. Sled 6 months out of the obligation of the termovalvole – Il fatto Quotidiano

From the extension (by way of derogation from Jobs Act) approximately 40 thousand precarious work contracts activated by the public administration to the extension of the validity of the rankings of the public competitions. Moving to a new rent paid for by public bodies, the authority and the Consob and to the postponement of six months, Brussels permitting, the deadline for the installation in the apartments of thermostatic radiator valves with which to adjust the temperature. While the populations affected by the earthquake in the Cen ter of Italy will also continue in the next 12 months to be able to not pay the rate loans and. Are some of the main measures envisaged by the 15 articles of the decree “Milleproroghe” launched on Thursday by the Council of ministers. This year, the measure was the most awaited of the is usually seen that the approval by the flash of the Budget in the Senate, made necessary by the crisis of government after the referendum, he did stay out of control, many of the interventions that are fundamental for local authorities and workers. In the final version, however, there is no trace of a postponement of the deadline for the transformation of the banks largest in the spa (at the time the reform is frozen by the suspension of the Council of State, which will meet again in the council chamber on the 12th of January to confirm whether or not the decision) nor the hoped-for changes to the tax decree with regard to the communications quarterly Vat.

Save for a year, cococo of the public administration – very satisfied that the minister of public administration Marianna Madia, that immediately after the meeting chaired by Paolo Gentiloni tweeted: "# “milleproroghe” 2017 extension for cococo, times certain #PA and all the results of the competitions". Cooperation contracts saved about 40 thousand, according to estimates by the trade union. The surgery removes the expiration of the first of January 2017 as the limit (included in the Jobs act), after which the public authorities would be prohibited from resorting to the cococo: please refer to the single Text on public employment provided by the reform of the public administration and waited for February. Then there are about 2 thousand contracts, a specific time that are stretched to the next year. Extended to one year the validity of the final pass lists, of the p ublic competitions: the decision concerns 4.471 winners and 151.378 suitable for. Are extended to 31 December 2017, then, the outstanding contracts of limited time researchers of type B.

Wages still stuck for administrators of public agencies and members of authority– Also in 2017, the amount of rents paid by public administrations, authority and Consob for the property to "institutional purposes" will not be updated to the inflation: in fact the canons will remain locked. It is then extended to 31 December 2017 the block of the salary paid for by public authorities and authority components of the organs of address, direction, and control board of directors and corporate bodies. The freeze, which has been going on since 2011, is also expected for the commissioners of government, and the extraordinary commissioners. For one year the salaries, allowances and compensation will not be higher than 90% of what is perceived as at 30 April 2010.

Mortgage frozen for victims of the earthquake. More time to Municipalities for budgets – is extended to December 31, 2017 the term of the suspension of payments of instalments of loans and other financing in the Municipalities affected by the earthquake and is extended for a further 6 months, the temporary suspension of the payment terms of the invoices (gas, electricity, water, insurance, telephony, canone Rai) for those who have suffered damages such as to make unusable the home, the company or the professional studio. Is then expanded, in the context of a balanced budget, the spending agencies to the earthquake victims for interventions that aimed to tackle the seismic events and the reconstruction. To the Municipalities concerned will reach an extraordinary contribution to cover the additional expenditure and lower revenue for a total of 32 million euros. For all the Municipalit ies has been postponed to march 31, 2017, the deadline for the resolution of the budget annual forecast.

Time until June to install the termovalvole. But Brussels may have to say – The window of six months to comply with the obligation to install in condos termovalvole and heat metering systems has been provided in the decree, despite the deadline of 31 December 2016 is set by a european directive. it remains to be seen, therefore, if the Commission does not have objections. For now, the owners dribblano the penalties from 500 to 2,500 euro for each apartment. Rejoices Confedilizia, according to which the government has "remedied, even with the difficulties arising from the constraints of europe, to a problem that had created a strong alarm in families. The six months available will allow many owners and condominium administrators in difficulties through no fault of their chargeable, to take action right now to carry out the complex process necessary for the application of the law".

New referral for the obligation of the traceability of sales of newspapers – For the fourth time is delayed by one year, to December 31, 2017, the term – fixed by a decree of 2012, which will take theobligation of traceability of sales and yields of the newspapers. This "to promote the implementation of the modernisation Plan of the distribution network and the sale of the daily and periodical press" and to "actually make available to the companies tax credit therein", that will be granted to network operators, distributors, and edicolanti for the intervention of "technological adaptation" made up to 31 December 2017. In addition, until the adoption of the new discounted rates postal for shipments of the editorial products are extended to those in force, as laid down by the ministry of Development in October 2010. For the same period are extending the tariff concession s of promotional prints and propaganda shipped by postal subscription, carried out by associations and non profit organizations, associations weapon and veterans.

Fourth extension for the control system of waste Sistri – Extended up to the takeover of the new dealer, and in any case until December 31, 2017, the period in which they continue to apply the requirements and obligations relating to the waste management prior to the Silver, the discipline in the system of control of the traceability. Extended until the takeover of the new dealer and still get up to 31 December 2017 the halving the number of penalties for companies that do not join the Sistri and payment of the fee for the registration.

The Rome headquarters of the call center Almaviva Contact closes, and the letters of dismissal of the 1666 employees are already all matches.

According to sources in the ministry of economic Development, the last attempt with the re-opening of the table is failed. The meeting held in the last Thursday to the ministry of economic Development between the company call center, and the trade unions, in fact, has not produced any results. After a restricted meeting between minister Carlo Calenda, the vice-Teresa Bellanova, the company and the union representatives of the category – targeted to understand if there was still the possibility of extending the agreement last week, also to the see of Rome, the company has the opposite reasoning jurisdictional stringent and inevitable.

The mobility procedure is in fact completed just last December 22, 1666 letters of dismissal have already been sent out, and a forcing could trigger a complex legal dispute. The Rome headquarters of Almaviva Contact, already inactive for a week, is thus bound to the closure. “Profonda bitterness. Despite a last attempt on Rome, does not revoke the layoffs. The workers had to be heard before the”, writes on Twitter, the deputy minister of Economic Development, Teresa Bellanova.

While Marco Miccoli, deputatao romand Pd he writes in a note: “The definitive closure of the dispute, Almaviva Contact, which took place today at the Put, with 1 666 layoffs, it is a defeat of all. It is not enough to put in the field resources for social safety nets, most stringent standards for relocation and the social clause to change the contract. The company has not wanted to reopen the negotiation, in spite of the referendum that was held a few days ago among the workers and that he had seen to prevail, the yes to the agreement. I think it is ungenerous and unfair to now blame all the blame to the rsu, which had decided not to sign the agreement. Not to mention the total lack of social responsibility on the part of the company. The things put in the field by the Government and the Parliament, were, in fact, been requested by the entrepreneurs of the sector, and Almaviva. Perhaps the win was just the arrogance of those who did not want to take no te of these efforts, which were related to avert layoffs. For this reason, the responsibility of Almaviva, in our opinion, are obvious and serious. Rome pays a high price, I pay especially innocent workers and their families, they deserve our solidarity and our concern. Today, their anger is also ours.”

Bills, taking increases for electricity and gas – The Republic

the MILAN Taking the increases in the prices of the end of the year for the light and gas bills for the next three months, on the market that is to be protected, the families and the Vat will pay 0.9% more for their electricity, while the supply of methane, the increase is more substantial, equal to 4.7 percent.

The increases annaunciati yesterday (which add up to the increase of the gas that had already occurred in September), reduce the savings accumulated in the previous quarters. So in the last year, the expenditure for electricity and gas on the part of the family has remained virtually unchanged. Considering the period from 1 April 2016 to 31 march 2017 (when it will end the quarter for which they have been just announced the prices), the expenditure for the electricity to the load of the family type will be around 498 euro, a decrease of 1.5% compared to a year earlier, with a saving tip 8 euro. While for the gas (by comparing the same periods), the total cost will be equal to 1.022 euro, with a decrease of 6.5% and a savings of 71 euro.

due To the fault of France. what are due to the increases? On the bills of the light, they begin to feel the effects of what is next on the electricity market in europe. A couple of months, France has stopped more than a third of its nuclear power plants (21 out of 58) controls the stretture that protect the noccio of the reactors. France has started to import energy from neighbouring countries, including Italy, driving up the prices

For the gas, the increases are linked to the growth of the component ‘raw material’, that is, the increase in the price of gas expected in the wholesale markets in the next quarter, also due to the increased demand of the winter months”, as stated in the press release of the Authority for electricity and gas, the body responsible for fixing prices every three months.

Consumers in the attack. Negative comment of the associations of the consumers and could not be otherwise. The national consumers Union has calculated the increases by taking into consideration only the 2017, for a family it means to pay 4,5 euro more than for the light, and 48 euros for the gas. The Codacons asking the government to lower the tax burden of the bills: only for the gas – calculated the Codacons – the weight of the taxes reached 53.5% in the consumption class, intermediate (525-5.254 cubic metres), and even comes to 71,9% in the class higher (over 5.254 cubic metres, for the more’ central heating systems), against an Eu average, respectively, 39.5% and 45.1%.

Get the free market. It is well to remember that from the first of January 2018, this system of calculation of the tariffs will be retiring. Because all consumers will be obliged to leave the protected market and go to the free market. In practice, choosing a manager according to the offers that are most convenient. Exactly how it works already for telephony.

The transitional regime. In anticipation of this step, the regulatory Authority for energy has thought of an offer so to speak transient. In January, part of the discount offer “Similar Protection” to the families and the small businesses still in a regime of greater protection. How does it work? You can choose the new transitory mechanism set up by the Authority of the Energy that allows you to join, only through the dedicated website, to an offer of the free market, but with a contractual structure, in truth, quite complicated, differentiated only in price, equal to the greater protection granted to the “bonus” one-off” that the different actors have proposed.

there Are about 30 suppliers admitted to Similar Protection, which offer a discount on annual average for domestic customers of around 50 euros (for a possible reduction of about 10% of the annual expenditure gross of taxes, of the family type). The average discount for non-home instead is around 80 euro.

Condos, postponement to June. In the field of energy, another the news that affects families comes from the Government. The Council of ministers has ordered the postponement to 30 June 2017 of the term previously fixed to the 31st of December – by which in the condos, you need to install temperature control systems and heat metering, subject to verification that this installation to determine cost efficiency and energy savings. Satisfaction on the part of Confedilizia that a few days ago had launched an appeal to report that “in many buildings it was not possible to comply with what is imposed by law because of the delay with which it was approved the decree that changed the rules applicable, and of the impossibility of material, for enterprises, to meet the many demands”. With the resulting risk of application of penalties – from 500 to 2,500 euro for each real estate unit in respect of the owners of the house.

The government: “On the Mps, the Ecb is to clarify” the Wrath of Palazzo Chigi: “lack of transparency” – Corriere della Sera

ROME, The government is still waiting to understand what criteria have been used by the supervision of the Ecb, to secure to 8.8 billion in the capital of the Monte dei Paschi di Siena with the recapitalization as a precautionary Status. From Frankfurt, so far, has reached only the formal communication of the bill to be paid. And the lack of explanations, both official and unofficial, to get upset the Palazzo Chigi and the ministry of the Economy, already surprised by the amount of recapitalisation required for the bank with public funds, which is almost double compared to the amount, 5 billion, of the capital increase on the market, then failed.

The new parameters that are used by the Ecb the government has an idea of the maximum, and in an indirect way. But would appreciate that Frankfurt was in the open, giving the appropriate information to the market, therefore investors and to the banks themselves, who may have recourse to the recapitalization. Without clarity on the rules the decisions remain within the scope of a discretion that is deemed inappropriate. And it is, it is noted in the rooms of the executive, decisions are irrevocable and cannot be modified, if only marginally: for the Mps will need 8.8 billion, a 6.5 of which by the State.

Even the parliamentary Pd are asking for the Ecb to explain its decision and announced a question to the ministers of Economy and Foreign affairs. All of it accompanied by strong criticism of the declarations of the president of the Bundesbank, Jens Weidmann, who had invited the Ecb and the Eu Commission to carefully assess the recapitalization of the public. Declarations doubled yesterday by a spokesman of the ministry of Finance in Berlin. Brussels and Frankfurt, he said, must “verify and ensure that the Italian authorities abide by the rules,” which “must not be evaded”.

The minister of Justice, Andrea Orlando, for its part, has not ruled out the hypothesis of a commission of inquiry on Monte Paschi, stressing that the decision rests with the Parliament. The Chamber, meanwhile, arrived the text of the decree with the bottom 20 billion for increases in the banks. Money that will eventually weigh on the debt, but also on the deficit because of the interest on the securities that may be issued: € 430 million a year scheme, also covered with cuts to the ministries of Health and of the Environment, while the least (4 million a year). For a case that is complicated, another seems to take a positive turn. The banks ended up in the resolution are now close on the sale of the sufferings to Atlas: Etruria, Brands and CariChieti might switch soon to the Bank Ubi, CariFerrara to Bper.

December 28, 2016 (change on December 28, 2016 | 22:39)

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Monte dei Paschi, the request Schäuble: “please check carefully that Rome respects the rules” – Il fatto Quotidiano

"The Ecb and european Commission need to check and make sure that the Italian authorities comply with the european rules". The request, which clearly refers to public intervention on the Monte dei Paschi di Siena in these hours to the screening community, comes directly from the German ministry of Finance. The ministry of Wolfgang Schäuble, refer to Bloomberg and Reuters, commented in a note to the plan Salvarisparmio launched by the government Gentiloni, explaining that the recapitalisation measure of the banks through the intervention of the State can contribute to the solution of the problems "only in exceptional circumstances" and "within the framework of stringent rules" that "must not be evaded". And that require preconditions strict, such as the fact that shareholders and creditors are the first to suffer losses. "The bank must also be solvent, and the state funds must not be used to cover losses in the financial statements," notes the German ministry, pointing out that "there must be no circumvention of the rules" and that "shareholders and subordinated creditors should be the first to be called in due to" to cope with the loss.

An unambiguous message that follows and elaborates on the statements issued Tuesday by the number one of the Bundesbank to the newspaper Bild. And arriving in a few hours by a very hard editorial of the Frankfurter Allgemeine Zeitung the signature of Tobias Piller, the corresponding statement from the Peninsula in the daily life of Frankfurt, the city headquarters of the European Central Bank. "Those who give in to too many temptations in the end pay dear", is the central point of the comment. That refers to the risk, according to the newspaper, the underlying State aid: what of those who is relief there is the temptation to "continue to operate as it has done so far." That is, it reads, "use carefree the deposits of the customers, the loans of those who have bought its bonds and the share capital of the shareholders". A behavior that, pointed the finger at the columnist, has resulted in the accumula tion of about 28 billion of non-recoverable, and of which the bank must now get rid of penalty-suffocation already in progress. This is what happens "when the manager count on the fact that the State will pay the bill," says Piller.

Now, however, "Italian politicians are afraid of the apply the new rules" european on the bank bailouts, the bail, according to which in the event of a crisis they have to pay shareholders and bondholders senior. This is because, as is well known, "not only professional investors, but also 40 thousand small savers they will suffer losses". Looming so the "wrath" of the italians, and, says the correspondent of the Faz, "is certainly easier to knock at the purse". Sin, in this way, indeed, for Mps to remain unchanged, the temptation to continue as before". And the shortcut was endorsed by government Customers – Frankfurt and Brussels permitting – it will also "other banks Italian affected by the crisis, do not be shy in asking the generous support of the public. Covered "only through theissuance of new debt" by a Country that debt is already ball asted. And by calling so the taxpayers have to pay for the malagestione.

"The european guarantees represented by the fund Save States Esm and by the program of purchase of government securities in the Ecb mean that the government will not face problems in raising a little' the level of debt, since this does not translate into negative reactions in financial markets". In short: the temptation is there, and apparently, in the short term, there are negative consequences in view. But the final bill, which sooner or later will come, reiterates Piller, and will be salted.

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Christmas beats the crisis of government and brings optimism among consumers, but not businesses – The Republic

the MILAN - A December with such high temperatures it also heats the confidence of Italian consumers, who snub the government crisis, while the same cannot be said of the companies.

According to Istat, the consumer confidence improves (with the index rising from 108,1 to 111,1) returning to its level of July 2016. It is an unexpected increase by the forecasters, the economic, encouraging after a long trend of decline, and that, according to Paolo Mameli of Intesa Sanpaolo could have predicted a “marginal acceleration of the Gdp at the beginning of 2017″: meanwhile, “the outcome of the constitutional referendum (the data are collected by Istat in the first twelve days of the month, ed), as well as the subsequent crisis of government, however, resolved in a very short time – does not seem to have had impact on the confidence of economic operators”. But it is a trend that is repeated from the index of climate of business confidence, which descends from 101,4 to 100,3 points with trends that are diversified in the sectors. The numbers that emerge while economists of the Abi, the association of banks, branch out their forecas ts on the economy of the tricolor, who, as often happens in these times is the yes to growth, but only at the “slow pace”.

“as far as the consumer“, recorded by the Istat, “the improvement is widespread to all components of the climate of trust”: the economic climate, which measures the expectations of the performance of the Country, passes by 127,6 to e133.8. Unlike often in the past, the climate and the current rise (for the second month in a row), passing, respectively, from 101,3 at 102,7, and 103,7 106.2. The component of the future returns to increase in the month of December (113,8 to 116,2), from the higher level by June 2016.

“the opinions of The consumers regarding the economic situation of the Country improves decisively the remaining balance goes from -53 to -40) as well as the expectations, the balance returns to increase (from -20 to -16) after seven consecutive months of decline”. Analyzing the opinions on the trend of consumer prices, however, is still the prevailing opinions and expectations, oriented to the decrease of prices: for the reviews, the balance passes by ?34 to -36 and the expectations from -28 to -34. Finally, a decrease for the second consecutive month the expectations for the unemployment (from 28 to 20).

from the enterprises, as we said, the dynamics changes from case to case. Worsens the confidence in the services (the index fell from 105,0 to 102,5) and construction (124,2 to 120,4); however, in manufacturing and in retail trade the index rises, respectively, to 102,2 to 103.5 and 106.5 to eur 107.4.

Coming to the estimates of the Abi, for 2016 and for 2017 it is expected a positive change of the Italian Gdp to 9-tenths of a point, 2 tenths higher than the year 2015; by 2018 we can see a strengthening of growth to 1.2%. Looking at the sun banks, cleaning up balance sheets and the improvement of the quality of the loans granted: the stock of net non-performing loans should decline by more than 16 billion euros between 2015 and 2018. Also the profitability is seen in the recovery, “but still insufficient to remunerate adequately the capital invested”.