Nainggolan: I don't regret Chelsea and Man Utd snubs

November 22, 2018, 10:45 am

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The Belgian has reiterated that he is content staying in Italy after leaving Roma for Inter this summer, and has no plans to move to England Reported by Goal.com 9 hours ago.

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USD/JPY: Waiting for further developments on the political front, Brexit remains critical

November 22, 2018, 10:35 am

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· *USD/JPY has been pretty much flat since an early Asia spike to 113,24 yesterday, morphing into a sideways drift between there and 122.88 in European markets.*
· *Currently, USD/JPY is stationary at 112.95 in closed Thanksgiving US markets waiting for outcomes from this weekend's Brexit showdown.*

USD/JPY has been performing of late correcting the safe haven driven sell-off from upon the 114 handle that marked out a low of around 112.30 as recent as this week, 20th Nov. However, the yen has been retracing a good portion of the gains made on the back of political angst over Brexit and is likely to continue unwinding on further progress between the UK and EU's negotiations.

The latest is that a twenty-six-page political declaration, which sketches out the future relationship between the EU and Britain for decades to come - like a roadmap basically, will be reviewed by EU leaders this weekend. If this passes their approvals, then that will be another task completed in PM May's pursuit towards finalising all that is needed before starting the process of getting MPs to back the deal. So far so good, and risk positive, yen negative. However, her biggest challenge lies ahead which has the potential to upset risk appetite on the street. Most MPs are currently against the deal that PM May is proposing to take to Parliament, but if she can somehow get it approved, it will still then need to be ratified by the European Parliament.

*Broader developments continue to dominate*

Meanwhile, from a domestic point, the latest Japanese CPI figures were in line with expectations, with a 1.4% y/y print on headline and 0.4% y/y print on ex-food/energy. But as per usual, there was no impact on the Yen. Instead, as analysts at Scotiabank note, broader developments continue to dominate and the easing in Brexit/ trade/Italy tensions should maintain pressure on JPY and deliver a continued unwind of its recent strength. 

*USD/JPY levels*

· Support levels: 112.80 112.55 112.10
· Resistance levels: 113.10 113.35 113.70

The analysts at Scotiabank argued that USD/JPY short-term technicals are bearish-neutral:



"Bearish momentum indicators are fading and the DMI’s are converging in a manner that hints to a shift in the balance of risk. Recent congestion has been observed around the 50 day MA and we note that the recent decline in USDJPY failed to reach the 100 day MA. We look to near-term gains toward the mid/upper-113s."



Meanwhile, Valeria Bednarik, Chief Analyst at FXStreet argues that the technical readings in the 4 hours chart present a neutral-to-bullish stance as the pair is trading between directionless 100 and 200 SMA, with the shortest providing a short-term support around 112.80:



"Technical indicators hold within positive ground, with the Momentum advancing, but without breaking its previous high, and the RSI barely at 51, reflecting the little interest around the pair today."
 

Reported by FXstreet.com 10 hours ago.

EUR/JPY bullish constructive within ascending triangle, upside target 150 pip breakout

November 22, 2018, 12:31 pm

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· *EUR/JPY has been consolidating in Thanksgiving holiday markets within an ascending triangle formed from lows made on the 12th Nov lows and 14th Nov highs with a build-up of higher lows, capped by a familiar support line around 129.10/20.*

EUR/JPY broke out of the descending channel to the upside at the start of the month, reaching a high of 130.15 before buckling and reversing down to 128.03 where the price has been bullish constrictive throughout November, but weighed upon by a lack of risk appetite in markets and falling stock prices. 

For today, the price has been contained in a narrow sideways range between 128.70 and 129.10, both of which were made in slightly more active time zones overnight, while in the US, Thanksgiving holidays mean North American markets are closed and the price action muted on minimal flows. This was leaving the attention on Europe and the UK. 

*Attention on Europe and the UK*

Share prices there were in the red, down 0.8-1.3% on low volumes despite encouraging progress in the political arena where Brexit uncertainty, the Italian budget saga weighed in investor sentiment. 

"The Italian yield curve steepened with 2-year down 11bps following some more encouraging noises from Italy’s politicians. Both Salvini and Di Maio indicated they were prepared to talk to the EU following Wednesday’s criticism that the budget was in serious breach of the fiscal rules. Italy will want to avoid excessive deficit procedures against its budget given the negative market and growth implications. However, the 10-year Italian BTP-German bund spread was little changed at 307bps, indicating the market still remains sceptical," analysts at ANZ Bank New Zealand Limited explained.  

As for data, Eurozone consumer confidence fell to -3.9 vs the prior -2.7, and consensus -3.0. This was the lowest reading since March 2017 and reasserting 2018’s downward trend after October posted a small rise, leaving the euro vulnerable just as markets had started to price out some of the advantages that the dollar has on interest rate differentials and the divergence between the Fed and ECB.  

"The real test will be whether this translates into a further (and significant) weakening in consumer spending going forward," analysts at ANZ explained:

"Indeed, minutes from the ECB’s October meeting suggested policymakers see risks to the outlook as skewed to the downside: “It was important to emphasize that the incoming information, while somewhat weaker than expected, remained overall consistent with an ongoing broad-based expansion of the euro area economy and gradually rising inflation”. Guidance around policy normalisation (the winding up of its bond purchasing programme at the end of the year and eventual lifting of interest rates) was broadly unchanged." 

*EUR/JPY levels*

EUR/JPY has been unable to get over the 2-month resistance line at 129.15, but the ascending triangle is a constructive pattern that is bullish A break out with volume increasing would target R3 initially, but with the base of the triangle at around 150 pips, there would be potential to 130.80.

To the downside, analysts at Commerzbank said the focus is on the current November low at 127.50 below which the four-month support line can be spotted at 127.27: "Further down lies the October trough at 126.64. While above here longer term scope remains on the topside Initial resistance is the November 14 high at 129.23. Above it meanders the 55- and 200-day moving averages at 129.74/95. To reassert upside pressure the market will need to overcome the 130.15 7 th November high."
  Reported by FXstreet.com 8 hours ago.

Forex today: Thanksgiving holidays made for quiet price action

November 22, 2018, 3:08 pm

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· *Forex today was slow, and most currencies quiet given the Thanksgiving holiday in North America, and instead, the focus stayed on the European markets.*

There was a risk-off tone due to the political angst despite some positive developments the Brexit saga. As analysts at Westpac explained, EU and UK negotiators completed amendments to the initial draft withdrawal agreement faster than expected. 

"Although Spain voiced concerns over Gibraltar, EU spokesmen stated that there would be an additional document to cover Gibraltar and fishing rights (French concerns) so that the EU leaders can meet on Sunday to support the withdrawal agreement. UK PM May also stated that she and Spanish PM Sanchez had reached agreement," the analysts explained. 

However, the risk mood had been soured on Wednesday with the European Commission's new rejection of the Italian budget which is the first step in disciplinary procedures that may lead to hefty fines. The Commission said Italy has "seriously violated" EU budget rules.

*Currency action*

EUR/USD rose from 1.1400 to 1.1434 but retraced, falling back from the European highs of 1.1434 where the pair made a low of 1.1391 at the start of the North American time zone. Today's Euro-area consumer confidence slipped to -3.9 (last:-2.7, mkt: -3.0), its lowest reading since March 2017 and reasserting 2018’s downward trend after October posted a small rise. The outperformer was the pound, rallying on positive Brexit progress, spiking from 1.2780 to 1.2927 and closing around 1.2881. EUR/GBP dropped heavily from 0.8923 to a low of 0.8841 before with some choppy price action morphing into a sideways drift. USD/JPY was also a sideways drift between 112.92 and 112.98. AUD/USD managed to maintain form despite the risk-off session in Europea markets, ranging between 0.7240 and 0.7260. 

 

  Reported by FXstreet.com 5 hours ago.

USD/JPY stationary in slow Thanksgiving markets, awaiting a half-day open on Wall Street

November 22, 2018, 5:00 pm

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· *USD/JPY was in a sideways drift between 112.92 and 112.98.*
· *USD/JPY is currently trading at 112.97, with a high of 113.00 and a low of 112.91. *

USD/JPY was quiet overnight due to the US being out for Thanksgiving. However, US index futures were negative and marking fresh lows which leaves the downside potential for the pair apparent, especially when considering the recent shift n Fed expectations which have tightened the yield spread between Japan and US. The US 10yr treasury market was closed for the holiday but futures did trade, implied yields stuck around 3.07% to 3.09%. Fed fund futures price the chance of the next rate hike on 19 December at 75%.

Much of the focus was on Europe and the UK and European bourses were in the red, down 0.8-1.3% with trading volumes low. With respect to Italy, Both Salvini and Di Maio indicated they were prepared to talk to the EU following Wednesday’s criticism that the budget was in serious breach of the fiscal rules. Analysts at ANZ Bank explained that Italy will want to avoid excessive deficit procedures against its budget given the negative market and growth implications. "However, the 10-year Italian BTP-German bund spread was little changed at 307bps, indicating the market still remains sceptical."

* **Brexit progress/optimism*

With respect to Brexit, there was an upbeat tone, there is now a twenty-six-page political declaration which sketches out the future relationship between the EU and Britain for decades to come which will be hopefully approved on Sunday by EU leaders before PM May seeks approval on both the draft agreement and political declaration in parliament. 

*In an extract from an article in the BBC, it outlines the next steps for Brexit as follows:*

· Theresa May goes back to Brussels on Saturday for more talks with European Commission president Jean-Claude Juncker
· Negotiators try to get an agreement with Spain over Gibraltar
· EU leaders meet on Sunday to sign off on the withdrawal agreement and the political declaration
· If that is agreed Mrs May starts the process of getting MPs to back the deal - most are currently against it
· If MPs back the deal it then has to be ratified by the European Parliament
· The UK leaves the EU on 29 March - and trade talks on the future relationship start

*USD/JPY levels*

· Support levels: 112.80 112.55 112.10.
· Resistance levels: 113.10 113.35 113.70. 

Valeria Bednarik, Chief Analyst at FXStreet explained that the higher high and higher low for the day keeps the risk skewed to the upside for the pair:

"Furthermore considering that it has continued advancing beyond its 100 DMA, this last now at 112.10. Technical readings in the 4 hours chart present a neutral-to-bullish stance as the pair is trading between directionless 100 and 200 SMA, with the shortest providing a short-term support around 112.80. Technical indicators hold within positive ground, with the Momentum advancing, but without breaking its previous high, and the RSI barely at 51, reflecting the little interest around the pair today."

  Reported by FXstreet.com 3 hours ago.

Leaning Tower of Pisa continues long path towards vertical

November 22, 2018, 7:54 pm

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The Leaning Tower of Pisa (Torre di Pisa) is noticed at proper subsequent to the medieval cathedral of Pisa, in Piazza dei Miracoli Sq., in Pisa, Italy, Sunday, Jan. 2, 2012. On Thursday, Nov. 22, 2018, after greater than 20 years of efforts to straighten it, engineers say the famed Tuscan bell tower has recovered … Reported by The News Articles 17 minutes ago.

Italy's Siri: Budget framework cannot be touched

November 22, 2018, 10:57 pm

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Reuters reports the latest comments by the Italian ruling party, La Lega, Economic Adviser Armando Siri on the nation’s infamous Budget debate.

The budget framework cannot be touched.

But some budget measures can be improved. Reported by FXstreet.com 21 hours ago.

Italian Deputy PM Di Maio: Italy will not change the pillars of 2019 budget

November 22, 2018, 11:05 pm

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*Additional comments* hitting the wires from Italy's Deputy Prime Minister, Luigi Di Maio, are found below.

The government does not want to leave the Euro.

Italy will not change the pillars of 2019 budget.

Financial markets will be reassured in the coming days.

Italy will show the highest of willingness to negotiate with the EU.

But cannot betray Italian citizens. Reported by FXstreet.com 21 hours ago.

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Italy's EU affairs minister Savona considers resigning - Corriere

November 22, 2018, 11:12 pm

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According to Corriere Della Sera Newspaper, Italy's EU affairs minister Paolo Savona - a known Euro-skeptic, was reportedly considers to resign over the budget standoff. This was seen as a sign of dissent with the government's strategy to challenge EU budget rules. Reported by FXstreet.com 21 hours ago.

10 things in tech you need to know today

November 22, 2018, 11:55 pm

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Good morning! This is the tech news you need to know this Friday.

1. *Amazon workers across Europe will protest "inhuman" warehouse working conditions on Black Friday. *Protests will take the form of demonstrations in the UK, while workers in Spain and Italy are planning a 24-hour strike.
2. *Facebook COO Sheryl Sandberg admitted that she received emails about the PR firm Facebook hired to disparage its critics.* Previously Sandberg said she did not know Facebook had hired Definers Public Affairs.
3. *Alexa's getting a news anchor speaking voice so it can read headlines to you.* Amazon trained Alexa's new voice by using text-to-speech technology on audio recordings of real newsreaders to pick up on their inflections and nuances.
4. *Apple has reportedly slashed the price of its iPhone XR in Japan.* Apple is granting subsidies to carriers in an attempt to get more people buying the phone, The Wall Street Journal reports.
5. *A group of price comparison websites have written an open letter accusing Google of flouting an EU ruling from June 2017.* The EU fined Google €2.14 billion for abusing the dominance of its shopping platform. Google said it has complied with the order.
6. *The US government is trying to convince its allies to stop using Huawei phones.* US officials briefed their counterparts in countries where Huawei is commonly used to inform them of what they view as a cybersecurity risk, The Wall Street Journal reports.
7. *Google is tightening up its political ad application procedure ahead of EU elections in May 2019.* Google will require advertisers to submit an application and wait for verification before they can place a political ad.
8. *Tesla is cutting Model X and Model S prices by up to 26% in China to compensate for trade war tariffs.* "We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China," Tesla said in a statement sent to Reuters.
9. *California fire conspiracies have started to proliferate on YouTube**. *An investigation by Motherboard found YouTube's autocomplete was pushing videos blaming the fire on a government conspiracy.
10. *The president of George Soros's philanthropic organisation called for Facebook to be investigated by Congress.* Patrick Gaspard, president of Soros's Open Society Foundations, also criticised the tech giant for revealing what it knew about Definers PR on the eve of Thanksgiving.

Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

Join the conversation about this story »

NOW WATCH: Why autocorrect makes so many mistakes, according to the former Apple engineer who helped create it Reported by Business Insider 20 hours ago.

Biordi Art Imports Celebrates the Grand Brand Opening of the Iconic North Beach Store

November 23, 2018, 12:03 am

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After 72 years in business, Biordi Art Imports transitions ownership to the Baldini Family, the third Italian family to own the iconic retailer.

SAN FRANCISCO (PRWEB) November 23, 2018

“We will unveil our new Biordi branded experience and exciting new artisan collections at the celebration to be held on November 24th and 25th from 12:00 – 5:00 at 412 Columbus Avenue in San Francisco, California. Stop in to meet us, greet your Biordi friends, and immerse yourself in the joy of the Italian culture at holiday. Come and celebrate the Biordi Legacy.” said Deborah Baldini, owner. Special holiday offers will be available in store during the celebration. Enter to win a $500 gift certificate and enjoy free gift wrapping and free ground shipping on purchases over $100.

The Biordi Legacy
In 1946, Emilio Biordi a native of the Abruzzi region of Italy, opened Biordi Artigianato Italiano, on Columbus Avenue in San Francisco’s North Beach neighborhood. North Beach, an Italian village within the City limits of San Francisco became home to Emilio’s store at 412 Columbus Avenue, where You will find us today. Emilio featured a broad range of Italian Handicrafts and Products including espresso machines, ravioli cutters, rolling pins and pasta machines -- ceramics were tucked away in every corner. Locals and Visitors came from far and wide on the spreading word of the beautiful Italian Majolica Ceramics available at Biordi. Chuck Williams of Williams- Sonoma was known to purchase items from Biordi’s, including the famed Etruscan Chicken pitcher.

While Emilio was building Biordi as a business, Gianfranco Savio, who would eventually become Emilio’s successor, was absorbing the glorious Renaissance art and architecture of his native City. Arriving in San Francisco in his early 30’s, Gianfranco taught Italian at Holy Names University in Oakland and worked for an Italian bank as He longed for a career that connected more intimately with Italian culture. Hearing that Emilio’s Biordi Art Imports business was for sale in 1977, Gianfranco met Emilio who was then 75 and ready to retire. He discovered a kindred spirit in Emilio leading to Gianfranco’s 42-year ownership of Biordi Art Imports. Emilio, for a full year following Gianfranco’s purchase, mentored and guided Gianfranco in every aspect of the business and His place in the North Beach neighborhood.

Gianfranco traveled throughout Italy in search of the finest artisans establishing long-lasting relationships with many artisan families represented in the store today. After a lifelong dedication to Italian Arts and Culture, successfully establishing Biordi Art Imports as the premiere retailer for high quality, original Majolica in the United States, Gianfranco now slowly retiring, has placed the future of Biordi in the hands of Michael and Deborah Baldini, ensuring that the Biordi legacy continues. Like Emilio Biordi in the past, you will many days find Gianfranco at the store, welcoming customer friends and visitors alike.

The Baldini Family passionately accepts the tremendous honor leading Biordi Art Imports into the future! Gianfranco Savio and Emilio Biordi before him, have built the Biordi brand into an internationally-renowned retail business. We have been so touched by your love for Biordi and your support for us as we embark as curators of the Biordi retail legacy. There is nothing better than hearing the ooohh’s and ahhh’s as you are enveloped in the beauty of our featured Italian artisan’s creations.

Long-time Biordi customers, we, are the third Italian family to hold the Biordi passion for Italy and Italian majolica ceramics. Our Families, of Italian descent are of the Earth -- Agriculture and Viticulture. We have an appreciation of the Italian clay earth from which emerges Italian Majolica, Wine and Culinary delights, soothing our soul, warming our hearts and teasing our sensibilities… A visit to Italy; a step through the open door of Biordi, strolling through our North Beach neighborhood and you will find yourself inquiring of your parents, checking family histories to confirm what you feel is true – “Sono Italiano!”

Biordi is about Family! Valeria Hall is one of the Family – joining us as owner and contributor, she is Italian in every way, passionate and welcoming! Come in and say “Ciao, Ciao”, as you recognize the familiar faces of the knowledgeable and helpful team at Biordi as you explore your inner Italian. We are grateful to our many employees that share our passion -- We are so fortunate to have Igor Bertolucci, a tremendous asset to the business, continuing as General Manager.

Our hopes are to increase the awareness of Biordi Art Imports to a broader audience ensuring that collectively we can sustainably support the incredible Italian artisan families that create the art Biordi presents, ensuring this century’s old handcrafted Art legacy continues for the generations to come.

Thank you for your enthusiasm and support! We look forward to meeting you soon when you are in North Beach of San Francisco! Grazie mille. A presto a Biordi Art Imports! Michael and Deborah Baldini Reported by PRWeb 20 hours ago.

Italy’s EU Affairs Min Savona: Denies report that he is quitting

November 23, 2018, 12:24 am

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According to the latest headlines floating on the wires, Italy's EU affairs minister Paolo Savona denied earlier reports that he is quitting. 

Earlier Corriere Della Sera Newspaper reported that Savona considers resigning in a sign of dissent with the government's strategy to challenge EU budget rules. Reported by FXstreet.com 20 hours ago.

German flash manufacturing PMI slumps to 51.6 in Nov, near 4-year lows

November 23, 2018, 12:39 am

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German business activity grew at the weakest pace in thirty-two months this month, the latest manufacturing activity report from IHS/Markit research showed.

German manufacturing purchasing managers index (PMI) dropped in November, arriving at 51.6 while services PMI also fell to six-month lows of 53.3 versus 54.7 last.

The IHS Markit Flash Germany Composite Output Index hit forty-seven-month lows at 52.2 in November, from October’s 53.4.

*Key comments from Phil Smith, Principal Economist at IHS Markit:*

“The Germany PMI continued to trend downwards in November, pointing to a sustained loss of underlying growth momentum in the euro area’s largest member state.”

“The survey data revealed that weakness in external markets continued to act as a restraining factor on performances across the private sector economy. Amid reports of falling sales to China, Italy and Turkey, manufacturers recorded the steepest monthly drop in new exports orders for almost six years, while service providers also noted a reduction in demand from non-domestic-based clients.”

“A solid rate of job creation was one of few bright spots, though even here the data are showing a lesser appetite for hiring new staff amid weaker business confidence and signs of less pressure on capacity.” Reported by FXstreet.com 20 hours ago.

EUR/USD tumbles back closer to weekly lows on dismal Euro-zone PMIs

November 23, 2018, 1:20 am

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*   •  German manufacturing PMI plunges to a 32-month low, composite output index at 47-month lows.
   •  Euro-zone manufacturing/services PMI does little to lend any support to the Euro.*

After an initial uptick to 1.1420 region, the EUR/USD pair met with some aggressive supply and tumbled to the lower end of its weekly trading range. 

The shared currency's sudden collapse of over 50-pips during the early European session coincided with the disappointing release of German flash manufacturing PMI, which plunged to a 32-month low level of 51.6 in Nov.

Adding to this, the flash German Composite Output Index hit a 47-month low level of 52.2 in Nov., down from Oct.'s 53.4 and pointed to a sustained loss of underlying growth momentum in the Euro-zone's largest economy.

The selling pressure remained unabated after another disappointment from the flash Euro-zone manufacturing/services PMI prints, falling to 51.5 (30-month low) and 53.1 (47-month low) in Nov. from previous month's 52.0 and 53.7 respectively.

Despite the latest leg of downfall, the pair remains within a broader trading range held over the past three trading session and seemed to find some support from narrowing Italy-German bond yield spread, which temporarily dipped below 300 basis points this Friday.

*Technical levels to watch*

A follow-through selling has the potential to drag the pair towards the 1.1310-1.1300 support area, below which the downfall could further get extended back towards YTD lows, around the 1.1215 region.

On the flip side, the 1.1400 handle now becomes immediate resistance and is followed by the 1.1425-35 heavy supply zone, which if cleared might prompt a short-covering move towards the key 1.1500 psychological mark.
  Reported by FXstreet.com 19 hours ago.

Italy Trade Balance non-EU rose from previous €0.08B to €3.05B in September

November 23, 2018, 1:27 am

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Reported by FXstreet.com 19 hours ago.

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Freedom threatened by poverty, technology, consumerism, Pope says in video message (Vatican News)

November 23, 2018, 2:53 am

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Pope Francis addressed the 8th Festival of the Social Doctrine of the Church (video)”>Italian-language link), which is taking place in Verona, Italy. The festival’s theme is “the risk of freedom.” Reported by Catholic Culture 17 hours ago.

Ecumenical Patriarch: the ecological crisis is primarily a theological and spiritual crisis (Ecumenical Patriarchate)

November 23, 2018, 4:25 am

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Ecumenical Patriarch Bartholomew, who holds a primacy of honor among the Orthodox churches, told Italy’s Catholic bishops that “we have ignored creation as a sacred gift from God and abused our relationship to creation ... This is why we have worked closely with our beloved brother Pope Francis to address the impact and implications of climate change.” Reported by Catholic Culture 16 hours ago.

Italy’s Deputy PM Salvini: Italy will be in a better place in a year's time

November 23, 2018, 4:25 am

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Italy's Deputy Prime Minister Salvini, speaking in a Sky TV interview, said that he does not believe reports that said that Italy's EU affairs minister Paolo Savona was considering to resign.

   •  Says that Savona is a key figure in the government.
   •  Notes that Italy will be in a better place in a year's time.
   •  Wants respect from the European Commission/Juncker. Reported by FXstreet.com 16 hours ago.

'We are not robots': Thousands of Amazon workers across Europe are striking on Black Friday over poor warehouse working conditions

November 23, 2018, 5:09 am

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· *Thousands of Amazon staff across Europe are striking and protesting on Black Friday in anger at the company's warehouse working conditions.*
· *Strikes are taking place across Amazon sites in Italy, Spain, Germany, and France. Italian press reported managers having to pack boxes to meet demand.*
· *In the UK, the GMB trade union and off-shift Amazon workers are demonstrating outside warehouses.*
· *UK politicians voiced their support for the protest, with the deputy leader of the opposition calling on Amazon management to listen to staff concerns.*
· * An Amazon spokesman said: "All of our sites are safe places to work and reports to the contrary are simply wrong."*

Thousands of Amazon staff across Europe are protesting on Black Friday over how the company treats its warehouse workers.

A coalition of unions across Europe coordinated the action, and the British trade union GMB published a video of staff telling Amazon CEO Jeff Bezos "we are not robots" in five different languages.



These amazon workers from around the globe have come together with one message for Jeff Bezos. We are not robots, treat us with dignity and respect.

Share their message far and wide 👇#AmazonWeAreNotRobots pic.twitter.com/YBdaLjIHKT

— GMB UNION (@GMB_union) November 22, 2018

In Italy, Spain, Germany, and France, workers are striking for 24 hours or more. Italian publication Corriere Della Sera reported that managers were having to step in and package items to deal with demand.

UNI Global, the trade union helping coordinate the walkout, said roughly 2,400 staff are on strike in Europe, but people on the ground are reporting higher numbers of protestors. 

Amazon Germany told Reuters that 620 employees participated in the strike across two of its warehouses, while German union Verdi told Business Insider that 1,000 workers are walking out.

In Spain, unions said 1,600 employees have downed tools for the day.

In the UK, protestors, including off-shift Amazon workers, started demonstrating outside company warehouses in the early hours of the morning.



#GMBUnion4Amazon @GMBunionAmazon @GMBactivistAmazon @GMB_union Early start for @GMBLondonRegion members demonstrating @amazon Milton Keynes warehouse.Loads of support from the #AmazonWeAreNotRobots workers - less so from management. Now there’s a surprise! pic.twitter.com/0H0zpR0G37

— tony warr (@twgmb) November 23, 2018

A GMB spokesman told Business Insider on Thursday that the purpose of the UK protests was not to disrupt Amazon's Black Friday sales but to raise awareness. "All we want is to get Amazon around the table," he said.

In a press release sent to Business Insider, the GMB said it was protesting "inhuman conditions" at the warehouses. It cited figures from a Freedom of Information request, showing a single Amazon warehouse in Britain had called ambulances to the site 115 times over a three-year period.

*Read more: * Amazon is paying people to tweet nice things about warehouse working conditions after horror stories of staff peeing in bottles

The protests garnered support from UK politicians. Tom Watson, the deputy leader of the Labour party, tweeted a video calling for Amazon UK management to come to the table. Shadow Digital Minister Liam Byrne also voiced his support for the protest.

"Your employees need better conditions and better recognition," Watson said.



Ahead of tomorrow's protest at Amazon Rugeley, I’m calling on the company to sit down with @GMB_union to talk about union recognition and decent conditions for Amazon workers. Do the decent thing, or wait for a Labour govt to do it for you. #AmazonWeAreNotRobots @GMBWestMidlands pic.twitter.com/FoU6EgcncK

— Tom Watson (@tom_watson) November 22, 2018

Amazon said it had nothing to add to a statement issued ahead of the protest on Thursday. A spokesman said:

"All of our sites are safe places to work and reports to the contrary are simply wrong. According to the UK Government's Health and Safety Executive, Amazon has over 40% fewer injuries on average than other transportation and warehousing companies in the UK.

"We encourage everyone to compare our pay, benefits, and working conditions to others and come see for yourself on one of the public tours we offer every day at our centers across the UK."

Ruqayyah Moynihan, INSIDER's Associate Translation Editor, also contributed to this report.

*SEE ALSO: 'They treat us like disposable parts': An Amazon warehouse worker is waging war on working conditions in a new anonymous newspaper column*

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Bank of Italy: Risks to financial stability posed by developments in the world economy are increasing

November 23, 2018, 6:22 am

≫ Next: Bank of Italy sounds alarm over banks’ stability

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Below are some key takeaways from the Bank of Italy's recently published Financial Stability report.

· The risks to financial stability posed by developments in the world economy are increasing.
· Protracted trade tensions are escalating uncertainty and could have negative repercussions on growth. 
· The ending of monetary stimulus in the United States has tightened global financial conditions. 
· In Italy, the main risks to financial stability stem from low growth and high public debt.
· Large and lasting increases in risk premiums on government securities affect the value of household wealth, curb lending to the private sector, and worsen the liquidity and capital positions of banks and insurance companies.
· In the banking sector credit quality has continued to improve as has profitability. Reported by FXstreet.com 14 hours ago.