Pallacanestro Olimpia Milano
Pallacanestro Olimpia Milano known as AX Armani Exchange Olimpia Milan after its title sponsor, is an LBA Italian professional basketball team, based in Milan, Italy. Its colors are red and white, the team is sometimes referred as "Scarpette Rosse" because team officials imported red Converse All-Star shoes for players from the United States; the tag line stuck, the nickname is still used by many fans today. As per custom in the Italian league, sponsorship has kept the team name changing frequently. From 1936 until 1955, it was called Borletti Milano. From 1956 to 1973, it was renamed Simmenthal. Other famous sponsorship names were Billy, Simac and Philips, in the 1980s. For past club sponsorship names, see the list below. Olimpia is the most titled basketball club in Italy, having won 28 Italian League championships, 6 Italian National Cups, 3 Italian Super Cups, 3 EuroLeague, 1 FIBA Intercontinental Cup, 3 FIBA Saporta Cups, 2 FIBA Korać Cups and many junior titles. Olimpia was founded by Milan businessman Adolfo Bogoncelli.
The team won the LEGA Basket Serie A championship of Italian basketball in the 1950s and the 1960s, with players including Gabriele Vianello, Sandro Riminucci, Gianfranco Pieri, Bill Bradley. In the 1970s, three teams were fighting across Europe for supremacy: Olimpia Milano, Ignis Varese, Real Madrid. Pallacanestro Varese and Olimpia Milano were arch-rivals. While Milano was a frequent Italian League champion, they were unable to win the prestigious FIBA European Champions Cup. Late in the 1970s, the quality of the club declined, but Olimpia Milano still managed to win a FIBA Cup Winners' Cup. In the second half of the 1970s, the team signed several good players, including the Boselli twins, Mike Sylvester, Chas Menatti, Dino Meneghin, Mike D'Antoni, John Gianelli, Roberto Premier. Bob McAdoo, Joe Barry Carroll, Russ Schoene, Antoine Carr, Mike Brown. American head coach Dan Peterson led the team back to prominence. In the 1980s, the team was sold to the Gabetti family. During this time, they qualified for nine Serie A championships finals, winning five, with the 1987 team winning the Serie A title, the 1986–87 FIBA European Champions Cup, the Italian Cup and the 1987 FIBA Club World Cup.
This gave the club the coveted "Triple Crown" and the rarer "Quadruple Crown". Led by point guard Sasha Djordjević, the team won another FIBA Korać Cup in 1993. Bepi Stefanel purchased the team franchise in 1994, signed-up notable European players like Dejan Bodiroga, Gregor Fučka, Sandro De Pol, Nando Gentile. In 1996, the team won the Italian Cup and its 25th Italian National Championship, celebrating the 60th anniversary of the club. Team management was inconsistent, as ownership groups from 1998 to 2004. Players of the team included Hugo Sconochini, Claudio Coldebella and Petar Naumoski. In 2005, owner Corbelli, which bought the club in 2002, from Sergio Tacchini, was flanked by Adriano Galliani, Massimo Moratti, NBA star Kobe Bryant, stylist Giorgio Armani, as sponsor with the Armani Jeans brand. After difficult years, led by coach Lino Lardo, Olimpia reached the national championship Finals being beaten by Climamio Bologna. On January 25, 2006, in the midst of a disappointing season in the EuroLeague and domestically, Djordjevic was named as the team's new coach.
He left as coach after the 2006–07 season, but not before securing Olimpia a berth in the 2007–08 Euroleague. In 2008, Giorgio Armani bought the team from Giorgio Corbelli, standing as the only owner changing the management structure, naming Livio Proli as President, Lucio Zanca as general manager. Piero Bucchi was chosen to coach the new team, leading Olimpia twice to second place in LEGA Basket, being defeated by Montepaschi Siena in both cases. On January 2011, after 23 years, glorious coach Dan Peterson came back from retirement to replace Piero Bucchi as head coach. However, his stint at Olimpia Milano this time was quite short: after failing to reach the championship Finals, on June 9, Olimpia Milano announced Sergio Scariolo as new head coach for the 2011–12 season; the first player signed for the 2011–12 season was Omar Cook, an American-born play maker, who had played the previous season with Power Electronics Valencia. Due to the NBA lockout, Danilo Gallinari went back to his Alma Mater, playing 15 games: he left the team in December.
Sergio Scariolo was replaced by Luca Banchi at the beginning of the 2013–14 season, the team brought from Montepaschi Siena: David Moss, Kristjan Kangur, Daniel Hackett. The team reached the quarterfinals of EuroLeague, 16 years after its last appearance, but the team lost against the eventual league champions, Maccabi Electra; the team finished in the 1st position the LEGA Basket regular season, in the 7th game of the playoff's finals, Olimpia won its 26th Italian League championship title, its first after 18 years. Alessandro Gentile, the captain of Olimpia, was named MVP of the finals. On 29th of June 2017 Simone Pianigiani was hired as the new head coach and in June 15, 2018, Milano went to win his 28th title by beating Dolomiti Energia Trento in game 6 of the 2018 LBA Finals. Olimpia Milano used the OND Borletti outdoor court for 20 years in Via Costanza. In the mid-1940s, they moved to the PalaFiera Milano, which had a seating capacity of 18,000 people, was the largest indoor sports arena in Europe, second only to the Madison Square Garden in New York City.
At the end of the 1960s, the PalaFiera was abandoned, Olimpia moved into the origi
Rome is the capital city and a special comune of Italy. Rome serves as the capital of the Lazio region. With 2,872,800 residents in 1,285 km2, it is the country's most populated comune, it is the fourth most populous city in the European Union by population within city limits. It is the centre of the Metropolitan City of Rome, which has a population of 4,355,725 residents, thus making it the most populous metropolitan city in Italy. Rome is located in the central-western portion of the Italian Peninsula, within Lazio, along the shores of the Tiber; the Vatican City is an independent country inside the city boundaries of Rome, the only existing example of a country within a city: for this reason Rome has been defined as capital of two states. Rome's history spans 28 centuries. While Roman mythology dates the founding of Rome at around 753 BC, the site has been inhabited for much longer, making it one of the oldest continuously occupied sites in Europe; the city's early population originated from a mix of Latins and Sabines.
The city successively became the capital of the Roman Kingdom, the Roman Republic and the Roman Empire, is regarded by some as the first metropolis. It was first called The Eternal City by the Roman poet Tibullus in the 1st century BC, the expression was taken up by Ovid and Livy. Rome is called the "Caput Mundi". After the fall of the Western Empire, which marked the beginning of the Middle Ages, Rome fell under the political control of the Papacy, in the 8th century it became the capital of the Papal States, which lasted until 1870. Beginning with the Renaissance all the popes since Nicholas V pursued over four hundred years a coherent architectural and urban programme aimed at making the city the artistic and cultural centre of the world. In this way, Rome became first one of the major centres of the Italian Renaissance, the birthplace of both the Baroque style and Neoclassicism. Famous artists, painters and architects made Rome the centre of their activity, creating masterpieces throughout the city.
In 1871, Rome became the capital of the Kingdom of Italy, which, in 1946, became the Italian Republic. Rome has the status of a global city. In 2016, Rome ranked as the 14th-most-visited city in the world, 3rd most visited in the European Union, the most popular tourist attraction in Italy, its historic centre is listed by UNESCO as a World Heritage Site. The famous Vatican Museums are among the world's most visited museums while the Colosseum was the most popular tourist attraction in world with 7.4 million visitors in 2018. Host city for the 1960 Summer Olympics, Rome is the seat of several specialized agencies of the United Nations, such as the Food and Agriculture Organization, the World Food Programme and the International Fund for Agricultural Development; the city hosts the Secretariat of the Parliamentary Assembly of the Union for the Mediterranean as well as the headquarters of many international business companies such as Eni, Enel, TIM, Leonardo S.p. A. and national and international banks such as Unicredit and BNL.
Its business district, called EUR, is the base of many companies involved in the oil industry, the pharmaceutical industry, financial services. Rome is an important fashion and design centre thanks to renowned international brands centered in the city. Rome's Cinecittà Studios have been the set of many Academy Award–winning movies. According to the founding myth of the city by the Ancient Romans themselves, the long-held tradition of the origin of the name Roma is believed to have come from the city's founder and first king, Romulus. However, it is a possibility that the name Romulus was derived from Rome itself; as early as the 4th century, there have been alternative theories proposed on the origin of the name Roma. Several hypotheses have been advanced focusing on its linguistic roots which however remain uncertain: from Rumon or Rumen, archaic name of the Tiber, which in turn has the same root as the Greek verb ῥέω and the Latin verb ruo, which both mean "flow". There is archaeological evidence of human occupation of the Rome area from 14,000 years ago, but the dense layer of much younger debris obscures Palaeolithic and Neolithic sites.
Evidence of stone tools and stone weapons attest to about 10,000 years of human presence. Several excavations support the view that Rome grew from pastoral settlements on the Palatine Hill built above the area of the future Roman Forum. Between the end of the bronze age and the beginning of the Iron age, each hill between the sea and the Capitol was topped by a village. However, none of them had yet an urban quality. Nowadays, there is a wide consensus that the city developed through the aggregation of several villages around the largest one, placed above the Palatine; this aggregation was facilitated by the increase of agricultural productivity above the subsistence level, which allowed the establishment of secondary and tertiary activities. These in turn boosted the development of trade with the Greek colonies of southern Italy; these developments, which according to archaeological ev
Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
Poste Italiane S.p. A. is the Italian postal service provider. Besides providing postal services, Gruppo Poste Italiane offers integrated communication, postal savings products and financial services throughout Italy; the n.604 national law of 5 May 1862, created a national and centralized organization for postal service by the introduction of a unique general fee to pay for services, the postal stamps, among the whole territory of the newly formed kingdom of Italy. Subsequently, with the Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus turned into the Ministry of Posts and Telegraphs, it was commissioned to create a network of offices in Italy to forward and receive mail and telegrams, to make and receive telephone calls, to carry out financial transactions and assets management. It worked as branch offices for the nascent electric services for a time; the giro service, was founded in 1917. In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications becoming an important center of power.
The services network was expanded with the acquisition and implementation of new logistics facilities. New buildings in Functionalist style were built in the major cities. With the development of telephony and radio communication, the Ministry incorporated the State Company for Telephone Services and the nascent EIAR. In the early 90s, the Italian public administration and postal service were deemed irrecoverable in efficiency and profitability; the budget deficit increased personnel costs, which in 1986 absorbed about 93% of the current revenue. From 1970 to 1985 employees’ productivity was reduced by 24% at the expense of the quality of services provided, generating an more critical deficit situation. In 1994, in, the regular average of the delivered daily mail after dispatch was 80%, while in Italy the comparable statistic was less than 20%. In 1989, the average time for mail delivery was 8.5 days. They tried to contain the obvious gap in the quality of Italian postal service compared to the rest of Europe, with the n.487 Decree-Law of 1 December 1993, converted by n.71 law of 29 January 1994.
This led to a transformation of the Italian Post Office from an independent company to a public business, by achieving an additional step in SpA by 1996. The transformation process required the adoption of the production efficiency principle, the recovery of the quality of services and the economic and financial recovery by the management of the Italian Post Office; this led to the gradual reduction of the 4,500 billion lira deficit, in 1993, through specific policies to reduce production costs, through the increase in revenues from the sale of services to the PA and by a reordering of the tariff system, reaching in 2001 a net profit. In February 1998, the Ministry of the Treasury appointed Corrado Passera, as the CEO of the newly formed Italian Poste SpA; the business plan made by Corrado Passera from 1998 to 2002, created a staff cutting of 22,000 units. On the other hand, according to some trade union leaders, there was a casualization of contracts for new recruits, cases of widespread harassment and resignation for workload due to the excess of staff cuts.
The Solidarity Fund was used for saving on labor costs as well as lowering the average age of the staff. The last two years of missing contribution of the early-retired employees were paid by a deduction in payroll of the new employees for 10 years; the company offsets these losses replacing them by the recruitment of many under-24-years-old young workers, giving them a three-year apprenticeship contracts. In 2000, the Italian Post Office, through its subsidiary SDA Express Courier, acquired 20% of the share capital of the Bartolini company, making the Consortium Logistics and Parcels with the three major companies for the sorting of parcels in the country; this agreement was the subject of a challenge by the rival companies in court, but it ended in favor of the Consortium. Poste Italiane has adopted a control system to monitoring in real time all the post offices, the logistics network and the security of digital communications and transactions working with the Italian government, international agencies and research centers.
The importance of financial products and services such as the Postepay prepaid card, have been increasing in the last few years. Postepay, introduced first in 2003, achieved a great success among the youngest and maintaining first position at European level among pre-paid cards sector. In 2011, Poste Italiane acquired UniCredit MedioCredito Centrale for €136 million. On 16 May 2014, the Italian government approved the stakes sale of up to 40 percent in Poste Italiane; the company was forced to close 455 offices in 2015 due low profit, according to the Poste Italiane Spa CEO Francesco Caio’s decision. There would have been a total amount of 13000 postal offices in Italy in 2015. Ministry of Economy and Finance, which now owns 64.696% of Poste Italiane Spa, shared about 35% to Borsa Italiana. On 25 May 2016, a further 35% stake was transferred from the ministry to Cassa Depositi e Prestiti, making the minority shareholder of the national investment bank; this has given equity in stakes for Poste Italiane, but has diluted its voting rights in CDP.
One of the main business of the company was BancoPosta, a division within Poste italiane S.p. A. which provides postal savings services. Poste Vita and Poste A
The Ford Puma is a name designated to two cars. The first is the compact coupé, produced by Ford Europe from September 1997 to July 2002 and the second is an subcompact crossover SUV produced by Ford Motor Company and was launched in 2019; the Ford Puma is a name designated to two cars. The first is the compact coupé, produced by Ford Europe from September 1997 to July 2002; the Puma was built at Ford's Niehl plant in Cologne, Germany. The Ford Puma follows common design cues with other Ford cars at the time, is in the New Edge family of vehicles. All Pumas are front-engined, front-wheel-drive, three-door coupés with four seats, they came with 15-inch alloy wheels with front disc and rear drum brakes. The car was based on the Mark 4 Ford Fiesta, with new engines, a new body, stiffer suspension, wider track and close-ratio gearbox, among other changes; the Puma was available with four engine options: 1.4-litre, 1.6-litre, 1.7-litre VCT, the Tickford-tuned 1.7-litre VCT, each of which used Ford's 16-v Sigma engines branded as Zetec-SE.
Additionally, the 1.7-litre engines used Nikasil cylinder plating, which required a specific grade of oil to minimise mechanical wear. All 1.7-litre-engined Pumas were equipped with low-speed traction antilock brakes. The antilock braking system was optional in the 1.4-litre Puma. During the short production run, there was an approximate total of 133,000 Pumas built. At its peak there were 52,950 registered with the DVLA in the UK, which has since reduced to 13,319 as of Q4 2017. Years available: 1999 to 2000 Quantity produced: 1000 Peak quantity registered with DVLA: 899 Quantity remaining registered with DVLA: 394 as of Q4 2017The Ford Millennium Edition cars were produced to commemorate the Millennium Products Award from the Design Council in 1999 for being'The first Ford in Britain designed on computer and in record time.' The Millennium Edition Puma featured eye-catching Zinc Yellow paintwork, an Alchemy Blue leather interior with Recaro seats. A numbered badge and keyring were available upon purchase from Ford, but the cars were not automatically numbered.
The Ford Ka & Focus received the same award, were produced in the same quantity and paintwork, but with black leather interiors. Years available: 2000 to 2001 Quantity produced: 1600 Peak quantity registered with DVLA: 1579 Quantity remaining registered with DVLA: 519 as of Q4 2017The Puma Black featured a Midnight Black leather interior, Panther Black paintwork, Ford's F1-style alloy wheels; the original quantity of the Puma Black was meant to be only 1000, but as the edition proved to be popular, an additional 600 were produced. Years available: 2000 to 2002 Quantity produced: 2000 Peak quantity registered with DVLA: 1908 Quantity remaining registered with DVLA: 976 as of Q4 2017These were among the final 2000 Pumas produced. Although Moondust Silver was available throughout the whole of the production run, Magnum Grey was only available on the Thunder Edition. All of the Thunder Editions featured a Midnight Black leather interior, a six-disc CD changer and multispoke alloy wheels similar to those featured on the Fiesta Zetec-S.
Years available: 1999 to 2001 Quantity produced: 500 The Ford Racing Puma was the name given to Ford's concept Puma, the Puma RS, first unveiled to the public at the 1999 Geneva Motor Show. At the time, Ford were keen to stress that this was no mere styling job and the idea was to transfer the know-how and technology learned directly from Ford Puma race and rally programmes to a road car, it was created by the Ford Rally specialist team at Boreham. The limited production run was pencilled to run for 1000 units, with 500 destined for the German market, 500 for the UK. All conversions were carried out by Tickford, Daventry UK. In the end, only the 500 destined for the UK market were sold. Less than half of the 500 cars were sold directly to customers, with the vehicle's high price cited as a reason, as rival performance cars such as the Subaru Impreza were being offered for a maximum of £21,000 with the optional Pro Drive pack; the lower than anticipated demand had Ford offering Racing Pumas to senior managers through their MRC scheme, which enabled cars to continue being registered and converted.
The lack of demand when brand new has allowed it to maintain an increased value over the standard Puma due to its rarity. For the Racing Puma, Ford partnered with Alcon Design to produce a 4-Piston Motorsport braking system; the Alcon Racing Front Brake calipers use 295 mm x 28mm discs. These brakes are one of the defining attributes of the Racing Puma and they contribute to enabling the standard 1,174 kg car to pull a substantial 1.1g+ of braking force in the dry. This compares well to the normal Puma's ability to achieve 0.7g on regular, smaller, 258 mm x 22 mm brake discs and calipers. The brake calipers themselves, being derived from a racing set-up, do not come fitted with any protective rubber boots which pre
Promotion and relegation
In sports leagues and relegation is a process where teams are transferred between multiple divisions based on their performance for the completed season. The best-ranked team in the lower division are promoted to the higher division for the next season, the worst-ranked team in the higher division are relegated to the lower division for the next season. In some leagues, playoffs or qualifying rounds are used to determine rankings; this process can continue through several levels of divisions, with teams being exchanged between levels 1 and 2, levels 2 and 3, levels 3 and 4, so on. During the season, teams that are high enough in the league table that they would qualify for promotion are sometimes said to be in the promotion zone, those at the bottom are in the relegation zone. An alternate system of league organisation, used in the US and Canada is a closed model based on licensing or franchises; this maintains the same teams from year to year, with occasional admission of expansion teams and relocation of existing teams, with no team movement between the major league and minor leagues.
The number of teams exchanged between the divisions is always identical. Exceptions occur when the higher division wishes to change the size of its membership, or has lost one or more of its clubs and wishes to restore its previous membership size, in which case fewer teams are relegated from that division, or more teams are accepted for promotion from the division below; such variations cause a "knock-on" effect through the lower divisions. For example, in 1995 the Premier League voted to reduce its numbers by two and achieved the desired change by relegating four teams instead of the usual three, whilst allowing only two promotions from Football League Division One. In the absence of such extraordinary circumstances, the pyramid-like nature of most European sports league systems can still create knock-on effects at the regional level. For example, in a higher league with a large geographical footprint and multiple feeder leagues each representing smaller geographical regions, should most or all of the relegated teams in the higher division come from one particular region the number of teams to be promoted or relegated from each of the feeder leagues may have to be adjusted, or one or more teams playing near the boundary between the feeder leagues may have to transfer from one feeder league to another to maintain numerical balance.
The system is said to be the defining characteristic of the "European" form of professional sports league organization. Promotion and relegation have the effect of allowing the maintenance of a hierarchy of leagues and divisions, according to the relative strength of their teams, they maintain the importance of games played by many low-ranked teams near the end of the season, which may be at risk of relegation. In contrast, a low-ranked US or Canadian team's final games serve little purpose, in fact losing may be beneficial to such teams, yielding a better position in the next year's draft. Although not intrinsic to the system, problems can occur due to the differing monetary payouts and revenue-generating potential that different divisions provide to their clubs. For example, financial hardship has sometimes occurred in leagues where clubs do not reduce their wage bill once relegated; this occurs for one of two reasons: first, the club can't move underperforming players on, or second, the club is gambling on being promoted back straight away and is prepared to take a financial loss for one or two seasons to do so.
Some leagues offer "parachute payments" to its relegated teams for the following year. The payouts are higher than the prize money received by some non-relegated teams and are designed to soften the financial hit that clubs take whilst dropping out of the Premier League. However, in many cases these parachute payments just serve to inflate the costs of competing for promotion among the lower division clubs as newly relegated teams retain a financial advantage. In some countries and at certain levels, teams in line for promotion may have to satisfy certain non-playing conditions in order to be accepted by the higher league, such as financial solvency, stadium capacity, facilities. If these are not satisfied, a lower-ranked team may be promoted in their place, or a team in the league above may be saved from relegation. While the primary purpose of the promotion/relegation system is to maintain competitive balance, it may be used as a disciplinary tool in special cases. On several occasions, the Italian Football Federation has relegated clubs found to have been involved in match-fixing.
This occurred most in 2006, when the season's initial champions Juventus were relegated to Serie B, two other teams were relegated but restored to Serie A after appeal. In some Communist nations several in Europe after World War II, clubs were promoted and relegated for political reasons rather than performance; this was made evident in the late eighties by teams such as Romanian Steaua București and Yugoslav Red Star Belgrade, both winners of the European Champions League despite the rampant level of corruption in their Communist local leagues. Promotion and relegation may be used in international sports tournaments. In tennis, the Davis Cup and Fed Cup have promotion and relegation, with a'World Group' (split into two divisions in the Fe
Banca Monte dei Paschi di Siena
Banca Monte dei Paschi di Siena S.p. A. known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 and founded in its present form in 1624, it is the world's oldest or second oldest bank, depending on the definition, the fourth largest Italian commercial and retail bank. In 1995 the bank known as Monte dei Paschi di Siena, was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena; the Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder. Today Banca MPS has 2,000 branches, 26,000 employees and 5.1 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking. According to a research by Mediobanca and a press release by Banco BPM, Banco BPM overtook BMPS as the third largest commercial bank in terms of total assets on 31 December 2016, after Banco BPM formal formation on 1 January 2017.
In 2016–17, BMPS was struggling to avoid a collapse, was bailed out again by the Italian government in July 2017. On 5 October, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio to a company participated by funds managed by Warburg Pincus; the sale price was set at €42 million, subject to an adjustment mechanism. Banca Monte dei Paschi di Siena traces its history to a mount of piety founded by order of the Magistrature of the Republic of Siena on 4 March 1472, when its statute was approved, it is therefore regarded the oldest bank in the world still operating. The basis of its foundation is the Statuto dei Paschi, written in 1419, a law that regulated all activities related to agriculture and pastoralism in Maremma, its current form dates from 1624, when Siena was incorporated into the Grand Duchy of Tuscany and Grand Duke Ferdinando II granted to depositors of Monte, in their warranty, the income of the state-owned pastures of Maremma. The bank increased its banking activity during the 17th and 18th centuries.
With the unification of Italy, the bank expanded its business throughout the Italian peninsula, initiating new activities, including mortgage loans, the first experience in Italy. MPS was involved in the bail-out of Cassa di Risparmio di Prato, becoming the major shareholder. In 1995, a decree of the Ministry of the Treasury of the Italian Republic dated 8 August 1995, gave rise to two institutions: Banca Monte dei Paschi di Siena S.p. A. and Fondazione Monte dei Paschi di Siena, a non-profit organization with the statutory purpose of providing assistance and social utility in the fields of education, science and art with reference to the city and the province of Siena. On 25 June 1999, Banca Monte dei Paschi di Siena was listed on the Italian Stock Exchange. After its debut on the Italian Stock Exchange, the bank began an intense phase of commercial and operational expansion; the bank acquired some regional banks: Banca Agricola Mantovana and Banca del Salento, while subsidiary Banca Toscana was absorbed.
In 2003, the controlling interests of Cassa di Risparmio di Prato was sold to Banca Popolare di Vicenza in March 2003 for €411.2 million. The bank had started a process to reinforce the structures of production in strategic market segments through the development of product companies: Consum.it in the sector of consumer credit MPS Leasing and Factoring in the parabanking sector MPS Finance in investment banking MP Asset Management SGR in managed savings MPS Bsersonale in financial promotion MPS Banca per l'Impresa in credit for businesses and corporate finance servicesAt the same time, the bank upgraded its commercial productivity, with the aim of improving the level of assistance and consultancy to investors and businesses, updated its activities in private banking and in private pension plans. At the conclusion of this plan of expansion, the bank implemented a vast program of opening new branches of the Group, with more than 2,000 branches. In order to finance this expansion model, the bank entered into some derivatives that were hidden: operations Santorini in 2002 and Alexandria in 2006.
On 8 November 2007, Monte dei Paschi di Siena announced that it had reached an agreement with Banco Santander to buy Banca Antonveneta for €9 billion excluding the subsidiary Interbanca, owned by the Spanish bank. Antonveneta is the bank that after the Bancopoli scandal was acquired by ABN AMRO and was supposed to go to Banco Santander after the purchase of the Dutch bank by the consortium of RBS, Fortis. From February 2007 to June 2008 Banca MPS sold all the shares in Finsoe, an intermediate holding company of Unipol Group, for €584.8 million. In 2008, Quadrifoglio Vita, a joint venture insurance company of Unipol and Banca Agricola Mantovana, was acquired by AXA from Unipol via Banca MPS, Banca Agricola Mantovana was absorbed into Banca MPS. Banca MPS acquired regional bank Cassa di Risparmio di Biella e Vercelli from Intesa Sanpaolo in December 2007 for about €399 million. In the wake of rising yields and declining valuations on Italian government debt in the European sovereign-debt crisis, MPS lost over $2 billion in the first half of 2012, had to recapitalize, faced restructuring or worse.
The majority owner until the recapitalization, the Fondazione Monte dei Paschi di Siena, long resisted issuing new capital which would dilute its holding. In September 2012 after the dilution, the bank "appear poised" to give the national gov