tag:blogger.com,1999:blog-32936661133161693332024-02-20T13:04:02.029+01:00BookofLannesWaltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.comBlogger557125tag:blogger.com,1999:blog-3293666113316169333.post-47478685966346528692018-08-20T09:06:00.003+02:002018-09-04T04:43:45.517+02:00<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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MA SUI COLORS CONTINUA A PESARE UNA STORIA INFINITA.</div>
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L’azienda cerca ora un rilancio nel “prezzo medio” , ma è lontano lo slancio garantito dalla Leadership del primo Luciano. E due mesi senza CEO danno da pensare.</div>
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Prof. F. Jorio Fili <br />
IUM - International University of Monaco<br />
Borsa & Finanza , Sabato 6/01/2007</div>
<span style="background-color: white; color: rgba(0 , 0 , 0 , 0.75); font-family: "source serif pro" , serif; font-size: 20px;">Molto spesso le aziende soffrono di inerzia strategica. L’incapacità di una visione con prospettiva Esterna /interna, può’ creare seri guai a società modello non solo nella perdita quantitativa di quote di mercato ma soprattutto qualitativa .La moneta “cattiva" scaccia inevitabilmente quella buona.</span><br />
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Come se non bastasse l’impresa spesso non è in grado di “sostenere” i propri vantaggi competitivi: il che è proporzionale alla “pigrizia” nel rammentare da dove hanno origine e –soprattutto- nel processo di ridefinirli. Infatti l’impresa è un “organismo vivente” e come tale cerca la sopravvivenza attraverso l’adattamento ad un ambiente -il mercato- che inevitabilmente evolve .</div>
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Da qui nasce la necessità di ridefinizione dove molto spesso la chiave è nella semplicità : fare molto meglio a costi minori ciò che si sa fare bene cercando l’eccellenza.</div>
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Spesso accade che le imprese “non si riconoscano più” finendo in stallo.</div>
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Diciamo che nel percorso identificazione/ ridefinizione /stallo la Benetton Group è stata una illustre malata, più convalescente che totalmente rimessa.</div>
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Il gruppo di Ponzano è stata a lungo un modello di riferimento , un caso su cui si sono formati molti studenti. Il suo più profondo vantaggio era anche il suo punto debole prospettico.</div>
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Quando tutte le linee strategiche – ma anche molte operative- originano da un presidente che non solo “vede” realmente il futuro prima degli altri ma è maestro di pragmatismo nell'implementarle rapidamente e riesce a sostenerle nel tempo con strategie efficaci di disarmante semplicità, é facile intuire quali possono essere i rischi.</div>
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Benetton ha anticipato tutto quello che era anticipabile: performance prodotto/prezzo , presidio mondiale dei mercati, catena di comando operativo “corta”(pochissimi livelli gerarchici formali) quasi totale controllo della distribuzione (i pv. Benetton non sono in Franchisng), EDP avanzato , una logistica di marca COMAU che permetteva di girare il magazzino 32 volte l’anno- con ricadute positive sul CCN .</div>
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Per anni il risultato del Gruppo è a due cifre o nella crescita del fatturato Y/Y o nel ROS.</div>
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Un Benchmark per tutti : nel 1991 l’utile netto di 220 Md di lire superava quello della Banca Commerciale Italiana.</div>
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Unica azienda al mondo ad avere uno “Statement “ come marchio –United Colors Of Benetton- il gruppo “risparmiava “ in comunicazione:le campagne di Toscani davano la visibilità; per esempio il flight natalizio della Barilla di circa tre settimane con un testimonial di altissimo livello (Paul Newman) valeva lui da solo la metà del Budget annuale Benetton !</div>
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Il titolo,beta alto e bizzoso, si faceva perdonare con i dividendi. Il traino delle dot.com lo spinse sino a sfiorare i 20 € .</div>
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Ma il mercato cambia. Zara e H&M crescevano come competitori temibili. Con Zara fu creata nel 1995 una partnership con l’evidente intento di una strategia di “controllo”. La risposta ai nuovi entranti tuttavia non fu adeguata: defocalizzazione nella soluzione dall'operazione Sport System,attenzione spostata su altre intraprese in Edizione Holding, cambi di CEO, minor rilievo del tessile nella galassia di Edizione.</div>
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<span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Il percorso arriva allo stallo: 2002 annual report mostra per la prima volta un numero negativo all'ultimo rigo.La lettura delle altre poste non è edificante. Inizia –in ritardo- il turnaround.</span></div>
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Oggi sotto il profilo fondamentale i risultati sono incoraggianti, non convincenti . Il profitto è tornato da tempo e l’EBIT ancorché minore del 2005 e su perimetro diverso é per i 9 mesi al 10% e rispettato in consuntivo. Migliora la posizione Finanziaria netta cosi’ come il working capital.</div>
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Tuttavia anche se i tgt 2006 sono raggiunti è condivisibile l’entusiasmo? Il piano “elastico” triquadriennale é stato ridotto in corsa ? Ci si riavvicina ai 1.8 Md € di ricavi e ad un utile netto superiore ai 120M€ :<span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><u style="box-sizing: inherit;"> semplicisticamente è il livello del 1991</u></span>!</div>
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Tra gli elementi poco rassicuranti i quasi 2 mesi di vuoto al vertice. Fa riflettere la analisi dello slide show di dicembre in cui si esterna la “nuova Benetton” . Nulla di particolarmente innovativo, se non una bella esposizione dello “schedule” 12 stagioni ovvero un flusso di prodotti freschi in spedizione ogni mese.</div>
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Giustissimo, con un reminder pero’: <span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">ESPRIT a San Francisco lo utilizzava già nel 1981</span></div>
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Sicuramente ottimo il Progetto di intelligence Edp ATOMOS , per simulare scenari di medio e lungo e supportare le operations di supply chain integrata, ovvero un miglioramento di quanto già prima buono. Ma la vera dichiarazione di intenti sta nel provocatorio “materiale di riflessione” di cui cito la traduzione :<em style="background: 0px 0px; border: 0px; box-sizing: inherit; font-family: Georgia, "Source Serif Pro", serif; font-size: 0.975em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><u style="box-sizing: inherit;">” …la migliore opportunità nel mercato dell’abbigliamento sembra essere per quelle società che possono colmare il vuoto esistente oggi nella offerta di prodotti di medio prezzo”</u></em> .</div>
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Ovvero: uscire dalla tensione di prezzo per entrare in un area per nulla vuota, il mestiere che un colosso come<span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> <u style="box-sizing: inherit;">Max Mara fa estremamente bene potendo -se minacciata-</u> <u style="box-sizing: inherit;">declinare gamme prezzo verso il basso in modo imbattibile. E sbatter fuori mercato facilmente UCofB</u></span></div>
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In termini tecnici oggi il titolo batte 14.65 € ed è ancora assai caro pur avendo corretto da Novembre sino a 2 euro e avendo beneficiato come tutti del run up degli ultimi 4 mesi.</div>
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Le giornate odierne sono poco indicative sulle intenzioni , tuttavia nel mese di dicembre se voleva correre sino ai massimi ne aveva piena facoltà. Non lo ha fatto fermandosi ai livelli sensibili. Dunque i margini per entrare cheaper con tranquillità saranno intorno a 13.40/12.80 €.</div>
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Lusso sostenibile e Fast Fashion hanno una matrice Italiana con il GFT e Benetton. Capaci di comprendere visionariamente entrambi i bisogni, crearli, cavalcarli con successo per poi perderli a favore di sistemi industriali e imprese sostanzialmente meno dotati .</div>
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GFT (Gruppo Finaziario Tessile)vuol dire Marco Rivetti e una realtà industriale di 4500 persone , silenziosamente “liquidata” non venduta, <span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><u style="box-sizing: inherit;">liquidata</u></span> (<em style="background: 0px 0px; border: 0px; box-sizing: inherit; font-family: Georgia, "Source Serif Pro", serif; font-size: 0.975em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">da un "sig.re" che purtroppo porta il mio nome . Ndr</em>) <span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">a prezzi di saldo</span> (Valentino ceduto a Marzotto a livello dei debiti o gli spacci REVEDI acquistati con lungimiranza dalla MBFG )</div>
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Le indispensabili semplificazioni non giovano, ma basti pensare che Rivetti invento’ il PAP, permise a Giorgio Armani nel 1975 di esprimersi e di diventare cio’ che è attraverso una operazione straordinariamente innovativa per quei tempi, i non equity strategic agreements , in vulgata il licensing .</div>
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Rivetti fu un “visionary industrialist” non solo per dinastia: comprese prima di tutti che se la Francia aveva solo il “software” del lusso ( la creatività e la consuetudine con l’alto di gamma) l’Italia aveva anche e soprattutto l’ ”hardware”: ossia la capacità unica nella nobilitazione tessile e nella produzione industriale di abbigliamento di qualità.</div>
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Venderlo in tutto il mondo diventava a quel punto un divertimento.</div>
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Nel Settembre del 1984 anticipo’ gli scenari attuali in una intervista al settimanale Panorama: “<em style="background: 0px 0px; border: 0px; box-sizing: inherit; font-family: Georgia, "Source Serif Pro", serif; font-size: 0.975em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Anche l’operaia della Fiat fra vent'anni avrà la possibilità di vestire abiti e fiocchi di Valentino….</em>”</div>
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In quella intervista non vi era solo la definizione ufficiale le seconde linee- che troppo e malamente estremizzata non porto’ fortuna all'azienda appesantita da un portafoglio linee sbilanciato in termini di marchi capaci di contribuzioni nette , ma la sostanziale visione di un time to market più’ rapido. O meglio la consacrazione di quella pletora di piccole aziende che replicavano e vendevano in tempi rapidissimi i capi copiati dalle collezioni degli stilisti: <u style="box-sizing: inherit;">il “Pronto Moda” come futuro “competitore” di sistema</u>?</div>
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Ad oggi la struttura non è per nulla mutata: piu’ di 2/3 delle produzioni tessili e pelletteria di marchi Francesi sono Italiane.</div>
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L’azienda cerca ora un rilancio nel “prezzo medio” , ma è lontano lo slancio garantito dalla Leadership del primo Luciano. E due mesi senza CEO danno da pensare.</div>
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Nell'andamento dei prezzi di uno strumento finanziario il passato si ripete : i mercati sono fatti di uomini e grazie al cielo non sono perfetti. <span style="background: 0px 0px; border: 0px; box-sizing: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><u style="box-sizing: inherit;">Cosi’ è nella vita dell’impresa attraverso le sue diverse ere che spesso coincidono con un momento critico: il cambio generazionale e la sua gestione politica piu’ che di skills e di competenze contenute nella impresa.</u></span></div>
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Pedante premessa che pero’ tende a razionalizzare un ragionamento sul presente e sul futuro, sui i risultati e la CONCRETA creazione di valore ( intesa alla EVA Bennet Stewart ) o meglio - e assai pragmaticamente - secondo i semplici ed efficaci criteri esoposti nel rapporto ...di B&F qualche numero addietro di tre società apparentemente profondamente distanti tra loro: MBFG, Benetton Group, Geox.</div>
Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-18425091097897475892017-02-20T05:49:00.000+01:002017-02-20T05:49:30.584+01:00SPESA PUBBLICA MAGGIORI STATI EZ<<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyYbpHNtmM-QM7AUe3B9p8yNFaJ-8bHb1LjkC9c8o5NuoCK3gUa2Ni-aDievrfWPR0zbdKcIKR2GMnXnM3RALgVd5RR4rLoamnVK9GmSoPKaNQWEKMND6VCPhNcYvSY-9mIWIbPP-ifvGf/s1600/Cattura.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyYbpHNtmM-QM7AUe3B9p8yNFaJ-8bHb1LjkC9c8o5NuoCK3gUa2Ni-aDievrfWPR0zbdKcIKR2GMnXnM3RALgVd5RR4rLoamnVK9GmSoPKaNQWEKMND6VCPhNcYvSY-9mIWIbPP-ifvGf/s640/Cattura.JPG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">PUBBLIC GROSS EXPENDITURE RELEVANTS EZ COUNTRIES</td></tr>
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-67801100542337954922017-01-11T13:51:00.002+01:002017-01-11T13:53:23.164+01:00MPS E DEBITORI. REBLOGGED
Ecco i primi nomi dei grandi debitori che non restituiscono i soldi al Monte dei Paschi di Siena, obbligando noi italiani a ripianare i loro debiti con 10 miliardi di euro (di denaro pubblico).
Carlo De Benedetti è in Poll position con circa 2 miliardi di euro.
L'imprenditore di Ivrea con il suo quotidiano La Repubblica fu il primo ad alitare sul fuoco di Tangentopoli. Il suo giornale in quei giorni del '93 vomitava editoriali e cronache velenose sulla necessità di MORALIZZAZIONE del tessuto politico della società italiana.
Dalle colonne de La Repubblica Eugenio Scalfari ed i suoi giornalisti spingevano per roghi e ghigliottine (senza neanche processi sommari.....bastavano gli avvisi di garanzia) per tutti i grandi rappresentanti politici della Prima Repubblica (ad eccezione dei rappresentanti del PCI) che furono soltanto lambiti dall'inchiesta di Mani Pulite (ma Primo Greganti - a differenza di un qualsiasi Mario Chiesa - non spiffero' nulla a proposito del finanziamento illecito del PCI).
La gratitudine di ciò che si trasformo' dell'ex PCI e dei segmenti di Magistratura Democratica, ricambio' la cortesia e lo sforzo editoriale di De Benedetti, con la sentenza "scandalosa" nel processo sul Lodo Mondadori, in cui De Benedetti si vide premiato con un risarcimento miliardario del danno presunto subito da Berlusconi.
De Benedetti dopo aver ricevuto da Mediaset circa un miliardo di euro -per i danni derivanti dalla divisione di ciò che restava della Mondadori e Rete4 da L'Espresso e La Repubblica- usò quei denari per allungare le mani su Sorgenia (energia) e si fece prestare dal Monte dei Paschi altri due miliardi di euro per completare l'operazione.
Dopo essersi trovato in cattive acque pensò bene fi mettersi al riparo lasciando il cerino acceso del prestito mai restituito alla banca senese.
Questa è l'Italia di quelli che descrivevano questo paese come la culla di ogni immoralità - ma solo in campo politico....e solamente a carico di una sola parte politica....ai tempi di Tangentopoli.
Di seguito riporto l'articolo del Sole 24h con i primi nomi della lunga lista di BENEFICIATI del Monte Paschi di Siena.
Brilla anche il nome di Punzo....un affarista napoletano di lungo corso balzato alle cronache in quanto socio di Diego Della Valle nel treno Italo....era di tanti altri....
"Nella lista nera dei grandi debitori morosi, che hanno affossato Mps portandola a cumulare 47 miliardi di prestiti malati, ci sono nomi eccellenti dell’Italia che conta. Dai grandi imprenditori, agli immobiliaristi, al sistema delle coop rosse fino alla giungla delle partecipate pubbliche della Toscana. Il parterre è ecumenico sul piano politico. Centro-sinistra, Centro-destra pari sono. Del resto per una banca guidata per decenni da una Fondazione espressione della politica era quasi naturale l’arma del credito come strumento di consenso e di scambio.
Tra i protagonisti di spicco più emblematici, come ha ricostruito Il Sole24Ore, figura sicuramente la famiglia De Benedetti e la sua Sorgenia. Emblematica per dimensioni e per quel ruolo innaturale che ha svolto Mps. La Sorgenia si è indebitata per 1,8 miliardi con il sistema bancario. La sola Mps, chissà come, si è caricata di ben un terzo di quel fardello. Seicento milioni erano appannaggio del solo istituto senese che ha fatto lo sforzo più ingente rispetto al pool di 15 istituti che avevano finanziato la società elettrica finita a gambe all’aria. I De Benedetti capita l’antifona della crisi irreversibile non si sono resi disponibili a ricapitalizzare come da richiesta delle banche. Alla fine il «pacco» Sorgenia è finito tutto in mano alle banche che hanno convertito l'esposizione creditizia in azioni. E Mps si ritrova ora azionista della Nuova Sorgenia con il 17% del capitale. Per rientrare dal credito prima o poi, occorrerà risanare la società e venderla. Oggi Sorgenia è tra gli incagli di Mps. Non solo, nel 2015 la banca ha svalutato i titoli Sorgenia per 36 milioni di euro.
Ma Mps da anni si porta dietro (insieme ad altre banche) anche la fiducia accordata a Luigi Zunino. L’ex immobiliarista rampante cumulò debito con il sistema bancario per 3 miliardi. Tuttora la sua ex Risanamento è inadempiente con Mps che ha, sempre nel 2015, svalutato titoli in portafoglio per 11,6 milioni. Tra i grandi incagli di Siena ecco spuntare anche un altro nome di spicco.
È Gianni Punzo azionista di peso di Ntv e patron e ideatore dell’interporto di Nola, la grande infrastruttura logistica del meridione. Da tempo la Cisfi, la finanziaria che sta in cima al complesso reticolo societario è in affanno per l’ingente peso debitorio. Anche qui le banche Mps in testa hanno convertito parte dei prestiti in azioni. Mps è oggi il primo socio della Cisfi sopra il 7% (con Punzo al 6,1%).
Anche la Cisfi Spa che recepisce la crisi dell’interporto di Nola è un incaglio per Mps che ha titoli in pegno svalutati anch’essi per 11 milioni a fine del 2015. Ed ancora la ex banca di Mussari deve tuttora metabolizzare il disastro della BTp, il general contractor della ditta Bartolomei-Fusi, che aveva in Verdini un grande sponsor, protagonista più delle cronache giudiziarie recenti che di quelle economiche.
Dal dissesto del contractor delle grandi opere toscano è rinata la Fenice Holding. Anche qui Mps se la ritrova in portafoglio in virtù dei prestiti non ripagati. Tra gli immobiliaristi come non citare Statuto che ha visto pignorato il suo Danieli di Venezia su cui Mps (con altri) aveva ingenti finanziamenti.
E c’è il capitolo amaro della Impreme della famiglia di costruttori romani Mezzaroma che hanno portato i loro guai in casa Mps. E poi residua a bilancio dal 2007 il disastroso progetto immobiliare abortito di Casalboccone a Roma eredità dei Ligresti che vede Mps azionista (in cambio dei crediti non pagati) con il 22% del capitale. Il capitolo Coop vede Mps protagonista della ristrutturazione del debito di Unieco.
Tra i dossier immobiliari c’è il finanziamento di alcuni fondi andati in default: come un veicolo gestito da Cordea Savills, finanziato con eccessiva leva da Mps, che aveva in portafoglio gli ex-immobili del fondo dei pensionati Comit. Ma Mps ha finanziato anche alcuni dei fondi di Est Capital, società finita in liquidazione che gestiva il progetto del Lido di Venezia.
E infine c’è il capitolo della partecipate pubbliche. Mps è inguaiata con pegni o titoli in Scarlino Energia; Fidi Toscana; Bonifiche di Arezzo; l’Aeroporto di Siena e persino le Terme di Chianciano. La banca si ritrova a fare l’imprenditore di società in crisi quando avrebbe dovuto solo fare la bancaWaltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-42022914476004215812016-08-30T15:24:00.000+02:002016-08-31T19:52:19.599+02:00Central Banks= Welfare for the Wealthy<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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REBLOGGING<br />
PROPERTY OF OF TWO MINDS, CHARLES HUGH SMITH<br />
BOOKOFLANNES DOES NOT HOLD ANY RIGHT ON THIS POST, ALL RIGHTS BELONGING TO OF TWO MINDS<br />
IF REQUESTED WE WILL REMOVE <br />
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<i style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Central banks can only do one thing, and that's provide monetary welfare for the wealthy.</i></div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The fact that central banks provide welfare for the wealthy is now entering the mainstream.</b> The fact that all central bank policies since 2008 have dramatically increased wealth and income inequality is now grudgingly being accepted as reality by mainstream economists and the financial media.</div>
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The central banks' PR facade of noble omniscience on behalf of the great unwashed masses has cracked wide open. Even <i style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The Wall Street Journal</i> is publishing critiques of Federal Reserve policies that suggest the Fed has no idea how the U.S. economy actually works because their policies have failed to help the bottom 95%.</div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The grudging admission that central bank policies have enriched the rich while failing to benefit the bottom 95% is a breakthrough--the stone wall of denial has finally been pierced.</b> The mainstream media and the Establishment have resolutely clung to the self-serving fantasy that the Federal Reserve 1) knows what's it's doing and 2) is boosting a "recovery" that will soon achieve self-sustaining "escape velocity"--that is, the economy will generate its own growth and the Fed can dial back its zero-interest rate policy and all its other unprecedented monetary easing measures.</div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">But like a strung-out junkie that needs ever-stronger injections of smack just to stay alive, the U.S. economy is now totally and completely dependent on central bank heroin to keep from crashing.</b> Rather then wean the economy of central bank largesse, the Fed has made the entire economy dependent on zero interest rates, central bank asset purchases and quantitative easing.</div>
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At the mere hint that rates might rise or the Fed might cease buying assets and goosing liquidity, the stock market swoons and every sector that's dependent on cheap, abundant credit faints dead away.</div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">We now have the charade of Chief Heroin Pusher Janet Yellen claiming the addict is "recovering" while she shoves another needle of monetary smack into the comatose U.S. economy.</b> The Fed fantasy was that boosting the wealth of the obscenely wealthy would "trickle down" to the bottom 95% via "the wealth effect"--as stocks and bonds rose in value, households would feel wealthier and happily plunge deeper into debt.</div>
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Apparently the hordes of PhDs and "professional" economists in the Fed were incapable of observing that 3/4 of all financial wealth is held by the top 5%: the top 1% owns 43% and the next 4% own another 30%. The upper-middle class owns 15% and the bottom 80% own what little is left: "wealth" such household belongings and equity in homes that can no longer be extracted.</div>
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<img align="center" border="0" class="wide" src="http://www.oftwominds.com/photos2015/wealth-pyramid2.gif" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" /></div>
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Globally, the top .7% (less than 1%) own 45% of all wealth and the top 8% own 85% of all wealth:</div>
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<img align="center" border="0" class="wide" src="http://www.oftwominds.com/photos2015/WealthPyramid1a.png" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" /></div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">While the spending of the bottom 95% stagnates, spending by the top 5% that have benefited from the Fed's <i style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">welfare for the rich</i> has soared.</b></div>
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<img align="center" border="0" class="wide" src="http://www.oftwominds.com/photos2016/top5-spending2.png" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" /></div>
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If you glance at this chart, <b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">it's no longer a mystery why most of the new jobs in the "recovery" are low-paying service-sector jobs waiting on the top 5%:</b>bussing their dishes in fancy bistros, delivering meals to their luxe condos/homes, walking their dogs, etc.</div>
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As for "reforming" the central bank or the status quo--real reform is impossible, as I explain in my book <a href="http://www.amazon.com/gp/product/B01ELXQZGE/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01ELXQZGE&linkCode=as2&tag=charleshughsm-20&linkId=33DAOPEVGBNGBS37" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" target="resource"><span style="color: #004387;">Why Our Status Quo Failed and Is Beyond Reform</span></a>. All "reform" is just PR cover for more of the same.</div>
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<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Central banks can only do one thing, and that's provide monetary welfare for the wealthy.</b> Now that the central bank has enriched the obscenely wealthy, distorted markets globally and addicted the economy to cheap credit, the servile toadies and lackeys in the mainstream media and the Cargo Cult of economic "professionals" is finally admitting that it was all a fraud, a racket that favored the rich.</div>
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Wake up, America. The only way to stop widening wealth and income inequality and kick your smack addiction is to eliminate the pusher.<br />
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<i style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">My new book is #9 on Kindle short reads -> politics and social science: <a href="http://www.amazon.com/gp/product/B01ELXQZGE/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01ELXQZGE&linkCode=as2&tag=charleshughsm-20&linkId=33DAOPEVGBNGBS37" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" target="resource"><span style="color: #004387;">Why Our Status Quo Failed and Is Beyond Reform</span></a></b> ($3.95 Kindle ebook, $8.95 print edition)<b style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">For more, please visit the <a href="http://www.oftwominds.com/SQ-book.html" style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;" target="resource"><span style="color: #004387;">book's website</span></a>.</b></i><br />
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<span style="font-size: small;"><b><u>Posted by Charles Hugh Smith </u></b></span> <span class="post-timestamp"><span style="font-size: small;"><b><u> at </u></b></span><a class="timestamp-link" href="http://charleshughsmith.blogspot.it/2016/08/central-banks-welfare-for-wealthy.html" title="permanent link"><span style="font-size: small;"><b>6:00 PM</b></span></a><b><u> </u></b></span></div>
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-76770782703871942762016-04-02T18:06:00.001+02:002016-05-26T02:05:09.158+02:00FEW NOTES ON BMPS ( Fabrizio Jorio Fili)<script id="WolframAlphaScript" src="https://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="https://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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As CONSOB - the Italian Regulator- announces that none can " OPEN AND HOLD NET SHORT POSITIONS ON XYZ SHARE" states what follows:<br />
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-78299622453642334082016-04-02T17:59:00.004+02:002016-05-26T02:05:39.037+02:00Focus Certificates 3 Luglio 2015 Autore: Class CNBC negoziazioni intraday, Grecia referendum, trend laterale, tema Cina, Certificate, oro, Benchmark Open End, Bonus Cap, Cash Collect. In studio Paolo Dal Negro (UniCredit); in collegamento Fabrizio Jorio Fili (Trader) e Carlo Vallotto (Metali preziosi).<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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Focus Certificates 3 Luglio 2015
Autore: Class CNBC
negoziazioni intraday, Grecia referendum, trend laterale, tema Cina, Certificate, oro, Benchmark Open End, Bonus Cap, Cash Collect. In studio Paolo Dal Negro (UniCredit); in collegamento Fabrizio Jorio Fili (Trader) e Carlo Vallotto (Metali preziosi).
<a href="http://www.investimenti.unicredit.it/tlab2/it_IT/onemarkets/onemarketstv.jsp?idNode=5515&categoria=1&l=IT&mainVideo=21203"></a>Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-87861181897769374212016-01-11T17:27:00.004+01:002016-05-26T02:09:17.696+02:00LUXOTTICA, HERMES ,LVMH <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdfJvVxVFZ96Gx6HYPvgKTm5wRVJcSvkJF4ehhfccdbLxudQAeE2UIgfvPh146cjXbdrkS4ydlOZNFOpO5z0KCg2NYiFiVrBBF1fuN0uQf-qD2kY38aw3YVxX73W-MK2oGX9SPWqWwBICG/s1600/lux.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdfJvVxVFZ96Gx6HYPvgKTm5wRVJcSvkJF4ehhfccdbLxudQAeE2UIgfvPh146cjXbdrkS4ydlOZNFOpO5z0KCg2NYiFiVrBBF1fuN0uQf-qD2kY38aw3YVxX73W-MK2oGX9SPWqWwBICG/s640/lux.jpeg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">LUXOTTICA</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJt227gNqx-dyYqCVbxzcnlupkR6GAmG8WZxA_VOovLSCpC8xhEpYhwaoFOwUSfb_PofpB8C_a9_AEJkKUm5fbHgcgLvBH-o1etmHeyCBDb94V9HgY_rVSG7ywD-pHW8J6hcl1c4Usyu19/s1600/hermes.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJt227gNqx-dyYqCVbxzcnlupkR6GAmG8WZxA_VOovLSCpC8xhEpYhwaoFOwUSfb_PofpB8C_a9_AEJkKUm5fbHgcgLvBH-o1etmHeyCBDb94V9HgY_rVSG7ywD-pHW8J6hcl1c4Usyu19/s640/hermes.jpeg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">HERMES </td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7ehpJTicSQPKtqdjk-IgOG8I_dHBnV1VuxBgNbGrNSo4M8LOShPPP5UVJzKvRgU3bP59GVHu1LkA7uhYkTs15YXPtP1UUmcYyHPxf4oxpXjAu3ti-_MzDKahWFAr185Ni_JGY3xHplGUi/s1600/lvmh.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="330" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7ehpJTicSQPKtqdjk-IgOG8I_dHBnV1VuxBgNbGrNSo4M8LOShPPP5UVJzKvRgU3bP59GVHu1LkA7uhYkTs15YXPtP1UUmcYyHPxf4oxpXjAu3ti-_MzDKahWFAr185Ni_JGY3xHplGUi/s640/lvmh.jpeg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">LVMH</td></tr>
</tbody></table>
Fabizio Jorio FiliWaltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-34048485084303032352015-12-18T15:35:00.002+01:002016-05-26T02:06:10.170+02:00SPRINT COMM 9.00 15-NOV-2018 US852061AK63 and UNICREDIT 2.682 may 2025 IT0005087116 ANALISYS BY FABRIZIO JORIO FILI<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-37863168729058292452015-12-18T15:03:00.004+01:002016-05-26T02:07:41.411+02:00Oil Price Is More than A Major Problem, (fabrizio jorio fili)<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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System cannot "easily" survive to itself with Oil below 40 USD. It cannot really function.<br />
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<li>Saudi Arabia has set break even of its National Accounts with Oil at 80 USD. The daily bloodbath is clear</li>
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<li>US Shale gas producers have an opportunity to operate and research, at least in the "shale band" of 40-60 USD . Furthermore an appreciated USD will favour producers with weaker currency .</li>
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<li>Oil corporations are set to operate with Oil at least above 45 USD</li>
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-81518687498262431742015-12-15T16:05:00.003+01:002016-05-26T02:09:41.619+02:00SPRINT COMM 9.00 15-NOV-2018 US852061AK63 and UNICREDIT 2.682 may 2025 IT0005087116<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<span style="font-family: "courier new" , "courier" , monospace;">US852061AK63 SPRINT COMM 9.00 15-NOV-2018 SPRD OTR 628 YIELD 7.632 ISSUE DATE </span><span style="background-color: #402903; color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: 12px; text-align: -webkit-right;">09-Nov-2011 / 100 / 9 </span><span style="font-family: "courier new" , "courier" , monospace;">(HY 3MD USD)</span><span style="background-color: #402903; color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: 12px; text-align: -webkit-right;"> </span><br />
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<a href="http://bookoflannes.blogspot.it/2015/12/unicredit-2682-may-2025-it0005087116.html" style="color: #33aaff; text-decoration: none;">UNICREDIT 2.682 may 2025 IT0005087116</a> </h3>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-18859389775916828782015-12-15T12:35:00.001+01:002015-12-15T12:35:19.359+01:00FEDERAL RESERVE POLICY ALONG TIME<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-84400780969980272322015-12-15T12:25:00.000+01:002021-06-09T03:38:20.324+02:00EQUITIES RIGHT BEFORE FED : FTSE MIB (Italian Index)<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<b> Tanking. </b><br />
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<b> VS CAC and STXE</b><br />
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-35166437448394010952015-12-14T15:37:00.001+01:002015-12-14T15:37:49.561+01:00ITraxx Main + UniCredit S.p.A. + UBS AG<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-67929565763173115962015-12-13T14:50:00.001+01:002015-12-13T14:50:37.613+01:00BANACA POPOLARE DELL'ETRURIA E DEL LAZIO. REGOLAMENTO EMISSIONE PEL 4.150 16-FEB-2018 <script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-7870067080490273052015-12-12T17:40:00.000+01:002015-12-12T17:40:08.644+01:00UNICREDIT 2.682 may 2025 IT0005087116<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-58027708596659738682015-12-07T19:17:00.001+01:002015-12-07T19:17:13.161+01:00Asset performance This Month <script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<span style="font-family: Courier New, Courier, monospace;">Chart EIKON / V. Flasseur</span>Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-39751580540816406972015-12-03T14:48:00.000+01:002015-12-03T14:48:26.139+01:00Buzz: ECB keeps QE purchases unch....<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<br />Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-90316760377173195992015-12-03T14:30:00.000+01:002015-12-03T14:30:55.210+01:00FCA shareholders will vote spin-off of FerrariAt a meeting in Amsterdam, Fiat Chrysler
shareholders will vote on the spin-off of
Ferrari and the distribution of FCA's
remaining stake in the luxury unit among
the parent's investors. The vote will
formalize the separation of the unit, due to
happen at the start of 2016, and establish
Fiat's founding Agnelli family as Ferrari's
top shareholder. The separation will also
boost Fiat Chrysler's coffers as it seeks to
reduce its heavy debt pile before
attempting again to merge with bigger
U.S. rival GM. Both FCA CEO Sergio
Marchionne and Chairman John Elkann
will be in attendance, so investors will seek
fresh comments on merger plans, China
weakness, and product delays.Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-79153122804986619652015-12-03T14:29:00.003+01:002015-12-03T14:31:59.574+01:00German 2Yr yelds climb after Draghi's depo Cut<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<ul>
<li>Prevalent opinion in proximity of capital Increase announcement was of " a booming" share</li>
<li>Our opinion ex ante was strictly positive in proximity of the announcement , negative and worsening ex post. </li>
<li>Point was, ex ante: how much in price would had been discounted ? By no noticeable moves we infer a deep weakness and no interest. Simply because numbers vs the arena. </li>
<li>In terms of price action bids were not able to take out 9 eur. Alike, offers weren't able to wipe out the 7 eur base. We have No interest in the equity unless will move outside the 7 /9 eur range</li>
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-62037233781915539982015-11-28T13:48:00.001+01:002015-11-28T13:51:00.155+01:00ABENGOA CHAOS LEAVE YELDCO IN A FRAGILE POSITION (RTRS)ABENGOA CHAOS LEAVE YELDCO IN A FRAGILE POSITION
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<ul>
<li>Abengoa Yield's indipendence in spotlight</li>
<li>Cross default raise concern</li>
<li>Asset sales scruitinised</li>
</ul>
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-26251394148326498552015-11-26T16:10:00.000+01:002015-11-26T16:10:45.479+01:00Prospect of Dual ECB deposit Charges Send Short-term rates to new Lows<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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Overnight bank to Bank Eonia lending r dated for ECB Dec 3 meeting fell below - 0.28 % .
Expectations of a further cut of DEPO to a -0.35% are clearly priced in.
Eonia pricing could also imply market expects a two-tier deposit rate : -0.20 / - 0.50
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-62788809820831800632015-11-26T11:43:00.001+01:002015-11-26T11:44:43.337+01:00<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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AUD DOWNSIDE LIMITED DESPITE CAPEX MISS
Market Briefs
<b>• Japan PM Abe – Corporate tax to be cut more than planned next year – Reuters.
• Japan Keidanren – Y3 trln or 14% CAPEX growth over next three years if government adopts sweeping reform – Reuters.
• Japan Oct crude oil imports -3.7% y/y, LNG -12.8%, total coal -2.9%, copper-zinc exports up large.
• PBOC Sheng – Yuan appreciation trend intact in long run – MNI.
• Fed gives largest US banks extra year for debt rule calculation – Reuters.
• Europe’s central banks in quandary as Fed tightening nears – Reuters.
• Australia Q3 new CAPEX -9.2% q/q, record fall, -3.0% eyed, big miss, ‘15/16 estimate A$120.4 bln, Q3 bldg CAPEX -9.8% q/q, plant/machinery -8.2%.
• Australia APRA plans to simplify securitization rules – Reuters.
• NZ Oct trade deficit NZ$963 mln, annual deficit NZ$3.237 bln, imports NZ$4.79 bln, exports NZ$3.83 bln, NZ$937 mln/3.37 bln defs, NZ$5.01/4.02 bln eyed.</b>
Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-82862469963074150372015-11-26T10:18:00.000+01:002015-11-26T10:18:40.383+01:00<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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ABENGOA YIELD REPLACES BOARD CHAIR
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Waltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0tag:blogger.com,1999:blog-3293666113316169333.post-52846755239329189382015-05-07T14:14:00.000+02:002015-05-07T14:14:44.656+02:00EUR/USD Bear Trade? Easy money is in the past. Many yet unable to face it, jucy meat for bulls.<script id="WolframAlphaScript" src="http://www.wolframalpha.com/input/embed/?type=small" type="text/javascript"></script><a href="http://www.wikio.fr/" target="_blank"><script src="http://www.wikio.fr/getvote?style=squareblue" type="text/javascript"></script></a>
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<b>NO Rush To Jump back unto EUR/USD Bear Trade
</b>
Assign whatever reason you'd like for the ongoing European asset rout, but the fallout is going to change the nature of the EUR bear trade for the foreseeable future.
QE will go on but there's a lot of money now trapped at higher prices that is sure to dampen investors' enthusiasm for Euro stocks and bonds, and the torrential inflow seen in Q1 is unlikely to be repeated any time soon.
Likewise for the relentless supply from hedgers in the currency.
Fundamentals still, on balance, favor a lower EUR but the easy part of that trade is in the past.
With monetary 'policy divergence' now less distinct as the US economy slows and uncertainties over Brexit and Grexit in play, EURUSD will be a more difficult play now than was the case over the past yearWaltz Lanneshttp://www.blogger.com/profile/05256485559185859147noreply@blogger.com0