News

10.05.2016

Eni will remain in Libya, assures CEO Descalzi

"Never thought to leave, even in the most critical moments", so Claudio Descalzi, CEO of Eni said in an interview with the Italian newspaper L'Avvenire, regarding a possible abandonment of Libya. "Eni provides 100% of the gas for electricity generation and 50% for domestic users," he added Descalzi. "We guarantee the energy to all parties, but especially to the entire population. If we left, we do a disservice to the country."

 
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10.05.2016

Unicredit: 406 million first quarter profit

Unicredit reports first quarter 2016 with a net profit of 406 million euro (-20.8% compared to the same period of 2015, + 165% on the fourth quarter 2015). The figure is above the expectations of analysts who had expected a profit of 379 million. "The realization of the strategic plan is on schedule: both are already tangible results related to reducing costs, both those related to the digital transformation of the bank".

 
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10.05.2016

Mega fire in Canada cuts deep oil production

The devastating fire broke out in Canada, last week, reduced the daily production capacity of over 1 million barrels per day, and continues to push forward oil prices. The contract expiring in June Light crude trading at $ 43.86 a barrel, up 0.97% while Brent gained 1.58% to $ 44.33. The huge fire broke out in the region of the wells, in the Province of Alberta and hit the city of Fort McMurray where more than 80,000 people were evacuated. Firefighters said that cooler temperatures are slowing the spread of the fires, but the situation is likely to last for weeks. Meanwhile, the oil companies have reported that the reduction of oil production is between 1 and 1.5 million barrels a day, out of a total of 2.5 million barrels.

 
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10.05.2016

Switzerland: Unemployment at 3.5% in April

At the end of April 2016 Swiss unemployment fell by 0.1% compared with March, to stand at 3.5%. With the regional employment offices (Urc), are enrolled 149'540 unemployed, 5'784 less than in the previous month. The data published today by the Secretariat for Economic Affairs (Seco), however, show that, compared with April of the previous year, the unemployment rate increased by 6% or 8'409 units. In Ticino, the unemployment rate at the end of April stood at 3.6% decreasing by 0.3 points from the previous month. In contrast to the general situation in Switzerland, this value is lower than that recorded last year (-0.1 percentage points). On average over the past 12 months were 6'041 registered unemployed amounted to a 3.8% rate, which is less than the annual average value for 2014 and equal to that of 2015.

 
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10.05.2016

Brazil: Chamber gives the ok to impeachment

The president of the Brazilian Chamber has backtracked on the decision, announced just twenty-four hours earlier, to suspend the impeachment process of President Dilma Rousseff. With a sensational turnaround, avoiding an institutional battle destined to end up before the Supreme Court, Waldir Maranhao, Acting President of the Chamber of Deputies, has said in a statement that "reconsider" the decision to cancel the vote of April 17, when MEPs approved the start of impeachment proceedings. The Senate President Renan Calheiros had already decided, however, that the impeachment process of President - accused had "adjusted" the Public Accounts to present the best to the voters that, in 2014, had to confirm it in the second mandato- would follow its course tomorrow in the plenum of the "upper house", ignoring the order of Maranhao.

 
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10.05.2016

Germany: growing trade surplus in March

Growing surplus of the German trade balance in March, thanks to the recovery in exports. The trade surplus stood at € 23.6 billion, revised from a surplus of 20 billion the previous month (19.8 billion the first reading) and increased slightly compared to the 23 billion in the same month of 2015. the expectations of analysts was for a 20.5 billion surplus. According to data published by the Federal Office of Statistics (Destatis), exports grew by 1.9% while imports fell by 2.3%.

 
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10.05.2016

Eurogroup: further postponement of the Greek aid

The Eurozone takes time on the subject of Greece, being the EU, subject to the test of the crisis of migrants and the risk of a 'Brexit' in late June. However, the situation is not simple: Greece is still lagging behind the partner requests and the extraordinary meeting ends with virtually a stalemate, by updating to May 24. But some progress there: after Athens approved the pension reform and a new round of cuts and taxes, the ministers begin formally to discuss the rescheduling of the Greek debt, while continuing to exclude a reduction and by subordinating everything to the completion of the measures provided for in the Memorandum.

 
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09.05.2016

Switzerland: first signs of inflation in April

Back to rise the price index in Switzerland, showing signs of recovery, also because of the recovery in oil prices. Inflation in April marked a clear recovery, reporting a monthly increase of 0.3%, as the previous month, surpassing expectations that indicated a more modest growth of 0.1%. The trend change stood at -0.4%, still indicating a deflationary trend, but best of -0.9% the previous month and 0.6% expected.

 
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09.05.2016

FOCUS ON: ZIRP, NIRP and DEBT (W. Snyder)

What is rather disturbing is that the central bankers have had no experience with the policies that they are following. Theoretically, according to them, consumers should spend more if saving produces no returns and companies should invest in capital expenditure instead of engaging in repurchase schemes. The hope is that growth will be stimulated by low or negative interest rates. Stagnation seems to be the result, and the cyclical nature of economics has apparently brought on a slowdown after the so-called recovery that followed the Great Recession of 2008.

 
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09.05.2016

China: negative data on imports / exports in April

China confirms in obvious economic difficulty, signaling a slowdown in foreign trade, which has not failed to have adverse impacts on the manufacturing conditions. The foreign trade data appears negative, with the collapse of exports and imports, due to the persistence of the international crisis, although the first quarter ended with a better than expected budget.

 
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