Banca Teatina S.p. A. known as Nuova Cassa di Risparmio di Chieti S.p. A. was an Italian savings bank headquartered in Chieti Scalo, Abruzzo region. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p. A., under special administration from 2014 to 2015. The bank was bought by UBI Banca on 18 January 2017 for a nominal fee. Cassa di Risparmio della Provincia di Chieti S.p. A. was the successor of the bank that known as "Cassa di Risparmio della Provincia di Chieti", under legal reconstruction in 1990s. The former legal entity of "Cassa di Risparmio della Provincia di Chieti" became Fondazione Cassa di Risparmio della Provincia di Chieti, the majority shareholder of the S.p. A. before its failure in 2015. Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina and Cassa di Risparmio di Guardiagrele. In 1992, Due to Legge Amato, the statutory corporation was split into a "company limited by shares" Cassa di Risparmio della Provincia di Chieti S.p.
A. and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti. The foundation was the owner of Carichieti S.p. A. for 80%, with Cariplo owned 20%. Cariplo owned 20% shares of Abruzzo savings banks Caripe and Tercas. Intesa Sanpaolo, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy; the company was under special administration from 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80% as at 31 December 2013. The administrator from the Bank of Italy had made asset quality review, forcing the bank to make more provision to their non-performing loans. In 2015 one of the two Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi had planned to bail-out CariChieti and 3 other banks that were under A. S. but they were bail-out by Italian National Resolution Fund instead, for a recapitalisation of €2 billion. European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention.
The Italian National Resolution Fund had injected a combined €1.7 billion to Banca Marche, Banca Etruria and CariChieti to cover the losses. After forming the good bank and the bank bank, the old bank would be liquidated, which the shareholders and subordinated bond holders of the old bank would receive nothing due to bail-in. After the bail-in, the banking foundation had a net assets of just €11 million at 31 December 2015, due to the total write-off of the value of the shares of the old bank. On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed; the decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank sold risky bond of themselves to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD. On 22 November 2015 the bank split into a "good" and "bad bank", the foundation lost the control on the company, which had no assets but share capital and subordinated debt.
The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%. While the bad loans were transferred to a single "bad bank" REV - Gestione Crediti, shared with Carife, Banca Etruria and Banca Marche; the transfer was completed in January 2016. The rescue of the four banks was in line with EU Bank Recovery and Resolution Directive, which the Bank of Italy was the national resolution authority of the Single Resolution Mechanism. At 31 December 2015, CariChieti had a net equity of €117 million and a CET1 ratio of 9.53%. On 12 January 2017, UBI Banca made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche; the banking group requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal as well as recapitalized the banks for an estimated €450 million. On 18 January the bid was accepted. On 10 May, the transaction was completed. On the same day, a plan to merge the 3 banks into UBI Banca was announced.
The former largest shareholder of the bank, which the bank was spin off from, now known as Fondazione Chieti – Abruzzo e Molise. It still operates as a charity organization. Due to the bail-in of all the equity investment in the bank, As of 31 December 2016 the foundation owned a net assets of €11 million, comparing to €89 million in 2014. Other savings banks from the provincial capital of Abruzzo Banca Tercas – absorbed by Banca Popolare di Bari Banca Caripe – absorbed by Banca Popolare di Bari Cassa di Risparmio della Provincia dell'Aquila – absorbed by BPER Banca Official website
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
The FTSE MIB is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 most-traded stock classes on the exchange; the index was administered by Standard & Poor's from its inception until June 2009, when this responsibility was passed to FTSE Group, 100% owned by the Borsa Italiana's parent company London Stock Exchange Group. Both intraday and closing high are 50,109.00 in 6 March 2000. As of 15 January 2019: FTSE Italia Mid Cap Yahoo Finance page for FTSE MIB Components of the MIB index from Borsa Italiana
Letizia Moratti is an Italian businesswoman and former politician. She is current chairwoman of the management board of UBI Banca. Moratti was born in Milan, she was married to the oil magnate Gianmarco Moratti and has two children and Gilda. She is the granddaughter of Mimina Brichetto Arnaboldi,an intellectual society lady who hosted an important salon in Milan in the years before the Second World War, and, an ardent anti-fascist, she is a businesswoman who has worked in telecommunications. Between 1994 and 1996 she was chairperson of the Italian state television company RAI. At the end of 1998, for about a year, Letizia Moratti became chairman of News Corp Europe, a company headed by Rupert Murdoch and owner of Stream TV. From 2001 to 2006 she was Minister of Education and Research in the second and third Berlusconi cabinet. During her administration reforms of the Italian school system and university teaching was passed, she ran as a candidate for Mayor of Milan in the 2006 municipal election as the House of Freedoms candidate.
She won the election, with over 52% of votes. She ran again in the 2011 municipal election, facing the left-wing candidate Giuliano Pisapia, but lost both first and second round and failed to be re-elected. Under Moratti, Milan was selected in 2007 as hosting city for the Expo 2015, its rival İzmir, lost for 61 votes against 86 in the Bureau des Expositions gather in the Palais des congrès of Paris. Moratti was Commissioner of the Expo until 2011, when after his electoral lost, resigned herself as Commissioner, for respect to the new administration; the Moratti Administration continued the Gabriele Albertini's parkings program, in 2006 created 64,000 underground parking spaces in neighborhoods like Naviglio Grande and Sant'Ambrogio's zone. In 2007 Moratti launched the "Cycle Mobiliting Plan", that foreseed 53 km of cycling infrastructures, 2,385 new racks in 1,174 different localities, with 5,000 bikes and 250 stations in all city within 2011. In 2008 Moratti created a road pricing, in the Milan Center.
This decision received several critics in his majority. In 2010 she launched the use of public electric car in various zones of her city. Moratti proposed unsuccessfully a park dedicated to Bettino Craxi, the controversial Socialist leader died in exile to Hammamet in 2000. In 2006 Moratti was accused of fire 10 dirigents of the city. For this spoils system, Moratti was convicted for office's abuse. However, the sentence was archivied, she served in the city council only 6 presences in 2008 and 3 in 2009. In 2007 Moratti intervened to prevent the opening of Art and Homosexuality - From von Gloeden to Pierre et Gilles at the Palazzo della Ragione in Milan. Curated by Eugenio Viola, promoted by Vittorio Sgarbi, Moratti backed objections to the exhibition from Catholic politicians insisted that it would only proceed if a blacklist of works were removed on the ground that they could be offensive for Catholics and unsuitable for children. Moratti appointed Lucio Stanca, a member of the Chamber of Deputies, as managing director for the Expo 2015, despite the vote of the city council against her decision.
In 2010, a civil court complainted against Moratti Administration, the Minister Roberto Maroni and the prefect of Milan Gan Valerio Lombardi for the lack appointment of popular houses to 10 Romani families, called it as "racist gesture". The accuseds justified themselves like the Romani are a nomadic people
The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, counts about 343 million citizens as of 2019; the euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents; the currency is used by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro; the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.
S. dollar. The name euro was adopted on 16 December 1995 in Madrid; the euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit at a ratio of 1:1. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, by March 2002 it had replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency; the euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem. As an independent central bank, the ECB has sole authority to set monetary policy; the Eurosystem participates in the printing and distribution of notes and coins in all member states, the operation of the eurozone payment systems.
The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 1 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated; the ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB; these liabilities carry interest at the main refinancing rate of the ECB.
The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union population and national share of EU GDP weighted. The euro is divided into 100 cents. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are sometimes used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway, Belarus, Russia or Turkey.
The 1-, 2- and 5-cent coins, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx; the coins have a national side showing an image chosen by the country that issued the coin. Euro coins from any member state may be used in any nation that has adopted the euro; the coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland and in Finland; this practice is discouraged by the Commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin; these include both issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, nationally i
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
Borsa Italiana S.p. A. based in Milan, is Italy's only stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies. Following exchange privatisation in 1997, the Company was established and became effective since 2 January 1998, it is now a subsidiary of the London Stock Exchange Group plc since 23 June 2007. In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP. Borsa Italiana is informally known as Piazza Affari, after the city square of Milan where its headquarters is located. Borsa Italiana is chaired by Andrea Sironi while Raffaele Jerusalmi serves as CEO; the two, members of the Board of Directors of London Stock Exchange Group. The correct trading in Borsa Italiana is controlled by the statal agency of the Ministry of Treasury Commissione Nazionale per le Società e la Borsa based in Rome; the Borsa di commercio di Milano was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.
It operated under public ownership until 1998. In Italy until 1997 operated other smaller stocks exchanges based in several cities of Italy such as Turin, Venice, Florence, Rome and Palermo. In 1991 the electronic exchanges were approved and in 1994 the market with grida was abolished. In Milan were the currencies exchange rates fixing and the commodities fixing. On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover, thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse. Borsa Italiana acts as a market management firm operating with flexibility, it organises and manages the domestic stock market along with Italian and international brokers through electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities; the exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays and holidays declared by the Exchange in advance.
Major trading markets for Borsa Italiana are: MTA, the leading equity market, devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, MTA International, on which shares from non-Italian issuers listed on other European markets are traded. Borsa Italiana's main indices are: FTSE Italia All Share FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009 FTSE Italia Mid Cap FTSE Italia Small Cap For a full list see Category:Companies listed on the Borsa Italiana. List of stock exchanges Economy of Italy Notes Borsa Italiana MIB30 index methodology AffariCliente