1.
Porta Nuova (Milan)
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Porta Nuova is the main business district of Milan, Italy. It is named after the well-preserved Napoleonic gate built in 1810–13 on this site, the gates of Porta Nuova were built in 1810–1813 from a design of the poet Giuseppe Zanoia. Stylistically, it is a Neoclassic triumphal arch of Corinthian influence and it was built in friable sandstone, and as a consequence its decorations have decayed over time. After a long period of decay, the Porta Nuova district is now undergoing a massive renewal. The project, which has been under construction since the late 2000s, includes several high rise buildings, cultural centres. This project effects areas from the neighborhoods of Isola, Varesine, construction started in 2009, with completion planned in 2014. The project involves the work of noted architects such as Cesar Pelli, Stefano Boeri, the redevelopment area extends from Porta Garibaldi station to piazza della Repubblica and from Porta Nuova gate to Palazzo Lombardia
2.
Milan
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Milan is a city in Italy, capital of the Lombardy region, and the most populous metropolitan area and the second most populous comune in Italy. The population of the city proper is 1,351,000, Milan has a population of about 8,500,000 people. It is the industrial and financial centre of Italy and one of global significance. In terms of GDP, it has the largest economy among European non-capital cities, Milan is considered part of the Blue Banana and lies at the heart of one of the Four Motors for Europe. Milan is an Alpha leading global city, with strengths in the arts, commerce, design, education, entertainment, fashion, finance, healthcare, media, services, research, and tourism. Its business district hosts Italys Stock Exchange and the headquarters of the largest national and international banks, the city is a major world fashion and design capital, well known for several international events and fairs, including Milan Fashion Week and the Milan Furniture Fair. The city hosts numerous cultural institutions, academies and universities, with 11% of the national total enrolled students, Milans museums, theatres and landmarks attract over 9 million visitors annually. Milan – after Naples – is the second Italian city with the highest number of accredited stars from the Michelin Guide, the city hosted the Universal Exposition in 1906 and 2015. Milan is home to two of Europes major football teams, A. C. Milan and F. C. Internazionale, the etymology of Milan is uncertain. One theory holds that the Latin name Mediolanum comes from the Latin words medio, however, some scholars believe lanum comes from the Celtic root lan, meaning an enclosure or demarcated territory in which Celtic communities used to build shrines. Hence, Mediolanum could signify the central town or sanctuary of a Celtic tribe, indeed, the name Mediolanum is borne by about sixty Gallo-Roman sites in France, e. g. Saintes and Évreux. Alciato credits Ambrose for his account, around 400 BC, the Celtic Insubres settled Milan and the surrounding region. In 222 BC, the Romans conquered the settlement, renaming it Mediolanum, Milan was eventually declared the capital of the Western Roman Empire by Emperor Diocletian in 286 AD. Diocletian chose to stay in the Eastern Roman Empire and his colleague Maximianus ruled the Western one, immediately Maximian built several monuments, such as a large circus 470 m ×85 m, the Thermae Herculeae, a large complex of imperial palaces and several other buildings. With the Edict of Milan of 313, Emperor Constantine I guaranteed freedom of religion for Christians, after the city was besieged by the Visigoths in 402, the imperial residence was moved to Ravenna. In 452, the Huns overran the city, in 539, the Ostrogoths conquered and destroyed Milan during the Gothic War against Byzantine Emperor Justinian I. In the summer of 569, a Teutonic tribe, the Lombards, conquered Milan, some Roman structures remained in use in Milan under Lombard rule. Milan surrendered to the Franks in 774 when Charlemagne took the title of King of the Lombards, the Iron Crown of Lombardy dates from this period
3.
Ticker symbol
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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 letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and 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, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. 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 often used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBCs 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 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 particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully 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 often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally 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 ISO6166, Securities for which ISINs are issued include bonds, commercial paper, stocks, and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can also be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
4.
Borsa Italiana
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Borsa Italiana S. p. A. based in Milan, is Italys stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries, following exchange privatisation in 1997, the Company was established and became effective since January 2,1998. It is now a subsidiary of the London Stock Exchange Group plc since June 23,2007, in 2015, overall capitalisation for listed company on Borsa Italiana was worth €465Bln, representing % of Italian GDP. Borsa Italiana is also 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, moreover, are also both members of the Board of Directors of London Stock Exchange Group. The Borsa di commercio di Milano was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, in March 2016, the London Stock Exchange Group announced it had agree to merge in an all-stock deal with Deutsche Borse. Borsa Italiana acts as a management firm operating with autonomy. It organises and manages the domestic market along with Italian. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings, major trading markets for Borsa Italiana are, MTA, the leading equity market, which is devoted to mid and large-size companies
5.
Frankfurt Stock Exchange
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The Frankfurt Stock Exchange is the worlds 10th largest stock exchange by market capitalization. Located in Frankfurt, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse AG and it is located in the district of Innenstadt and within the central business district known as Bankenviertel. The trading indices are DAX, DAXplus, CDAX, DivDAX, LDAX, MDAX, SDAX, TecDAX, VDAX, through its Deutsche Börse Cash Market business section, Deutsche Börse AG now operates two trading venues at the Frankfurt Stock Exchange. Xetra is the market for exchange trading in German equities. In 2015,90 per cent of all trading in shares at all German exchanges was transacted through the Xetra, with regard to DAX listings, Xetra has 60 per cent market share throughout Europe. Trading times on trading days are from 9.00 a. m. to 5.30 p. m, the prices on Xetra serve as the basis for calculating the DAX, the best-known German share index. Over 200 trading participants from 16 European countries, plus Hong Kong, Börse Frankfurt is the trading venue for mainly private investors with more than one million securities of German and international issuers. So named Specialists on the trading floor attend to the trading of the securities, trading at the Frankfurt Stock Exchange is governed by clear rules, which apply equally for all trading participants. With a view to improving the continuity of prices and to avoid mistrades, several mechanisms are in place for the trading venues Xetra. These include volatility interruption, market order interruption, and liquidity interruption measures, the origins of the Frankfurt Stock Exchange go back to medieval trade fairs in the 11th century. By the 16th century Frankfurt developed into a wealthy and busy city with a based on trade. In 1585 a bourse was established to set up fixed currency exchange rates, during the following centuries Frankfurt developed into one of the worlds first stock exchanges - next to London and Paris. Bankers like Mayer Amschel Rothschild and Max Warburg had substantial influence on Frankfurts financial trade, in 1879 Frankfurt Stock Exchange moved into its new building at Börsenplatz. During the 1990s the Frankfurt Stock Exchange was also bourse for the Neuer Markt as part of the worldwide dot-com boom, in 1993 the Frankfurter Wertpapierbörse became Deutsche Börse AG, operating businesses for the exchange. Since then the profits from the presence of the European Central Bank in Frankfurt. In 2002 and 2004 Deutsche Börse was in advanced negotiations to take over London Stock Exchange, financial Market Integration in a Wider European Union International financial centres, rivals or partner
6.
Warsaw Stock Exchange
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The Warsaw Stock Exchange, Polish, Giełda Papierów Wartościowych w Warszawie, is a stock exchange located in Warsaw, Poland. It has a capitalization of PLN1123 bln, the WSE is a member of the World Federation of Exchanges and the Federation of European Securities Exchanges. On 17 December 2013, the WSE also joined the United Nations Sustainable Stock Exchanges initiative, Warsaw became the capital and financial center of Poland in the early 17th century. In the Middle Ages other Polish towns, most of members of the Hanse, were the leading economic centers of Poland. Merchants from western and southern Europe settled in Poland since the beginning of Polish statehood and they brought the system of organized exchange trading in securities, mostly bills and currencies, to Poland. The oldest Polish bill was issued in 1243 by the Cuyavien bishop Sambor, the main centers of securities tradings were at the lower Vistula, in the 14th century occupied by the Teutonic Knights. The first marcantile exchanges emerged in Gdańsk, Toruń, Malbork, Kraków, Poznań, Zamość, Królewiec, mediaeval mercantile exchanges might have also existed for a short period in Chełmno, Grudziądz and Braniewo. Early mercantile trade in securities emerged in Warsaw in the 15th and 16th century and was based on privileges by the Masovian Dukes, the original privileges are lost, but they have been mentioned and affirmed by King John II Casimir in 1658. An archetype of the Warsaw Exchange was first mentioned in 1624/1625, in 1643 Adam Zarzebski, the chief architect of King Władysław IV, mentioned a stone building on the Old Market Square as the seat of the Exchange, probabely a part of the Old Town Hall. The securities trading minutes of the Warsaw merchants in the Old Town Hall have been recorded since 1757, the legal framework for the trading in securities was first codified by the Polish Sejm in 1775. As one of the first Polish corporations Kompania Manufaktur Welnianych issued its first 120 shares in 1768, the first Polish bonds were issued in 1782 by King Stanisław August. In 1808 the Duchy of Warsaw adopted the Napoleonic code including the Code de Commerce, the Code de Commerce also regulated stock exchange law and there were efforts made to establish a state-organized exchange on the basis of this code in Warsaw. However, due to the Napoleonic Wars and the Congress of Vienna, the first state-organized exchange in Poland, the Warsaw Mercantile Exchange, was established in Warsaw by a decree of viceregent Grand Duke Constantine Romanov dated 12 May 1817. The first trading took place in the Old Town Hall on 16 May 1817, the Warsaw Mercantile Exchange grew rapidly. The number of brokers doubled between 1817 and 1822, in the first half of the 19th century mainly bills, debentures and bonds were traded, while share trading on a broader scale developed in the second half of that century. The first public security to be traded on the Warsaw Mercantile Exchange was the debentures of Towarzystwo Kredytowe Ziemskie issued in 1826, the first shares admitted to trading were issued by railroad companies in the 1840s. Until 1853 trading sessions were twice a week between 1pm and 2pm, in 1873 a new, more liberal, stock exchange act was passed, separating the trade in securities and commodities. A separate Warsaw Commodities Exchange was founded in 1874, central Europe was subject to a big bull market after the Prussian-Franco War of 1870-1871, followed by a harsh crash starting at the Vienna Stock Exchange in the later 1870s
7.
Italy
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Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal climate and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
8.
Fabrizio Saccomanni
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Fabrizio Saccomanni is an Italian economist, civil servant and the former deputy governor of the Bank of Italy. He served as Italys minister of economy and finances between April 2013 and February 2014, Saccomanni was born in Rome on 22 November 1942. He holds a degree in economics and business, which he received from the Bocconi University in 1966. He also took courses in monetary and international economics at Princeton University. Saccomanni worked at the Bank of Italy most of his career and he also served as the chairman of the foreign exchange policy committee of the European Monetary Institute from 1991 to 1997 in addition to his post at the Bank of Italy. He was the general of the Bank of Italy where he started his career in June 1967. He was appointed director general on 2 October 2006 and reappointed in 2012 and he was also a board member of the Bank for International Settlements and an alternate to the governor of the Bank of Italy in the Governing Council of the European Central Bank. On 27 April 2013, prime minister-designate Enrico Letta announced that Saccomanni would serve as minister of economy and his term began on 28 April and he replaced Vittorio Grilli in the post. Saccomanni was one of the technocrats in the Letta cabinet, Saccomanni was replaced by Pier Carlo Padoan as minister of economy and finances on 22 February 2014 when the government led by Matteo Renzi was formed. In October 2014 Saccomanni was appointed advisor to the OMFIF. Saccomanni published a book in 2008 about financial crisis experienced, Managing international financial stability, Saccomanni was named by his alma mater, Bocconi University, as the alumnus of the year in 2011 for his professionalism, entrepreneurial spirit, integrity, responsibility and open-mindedness
9.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
10.
UniCredit
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UniCredit S. p. A. is an Italian global banking and financial services company. Its network spans 50 markets in 17 countries, with more than 8,500 branches and its strategic position in Western and Eastern Europe gives the group one of the regions highest market shares. The company is a component of the Euro Stoxx 50 stock market index, the company has its registered office in Rome and general management in Milan. UniCredits core markets are Italy, Austria, Russia, Southern Germany, the UniCredit Group has investment banking divisions in New York City, London, Hong Kong, Milan, Munich, Vienna, Budapest and Warsaw. UniCredit Group was the outcome of the 1998 merger of several Italian banks, Credito Italiano issued about 38. 46% new shares to the owners of Unicredito, and renamed itself to Unicredito Italiano. Other banks such as Banca dellUmbria, Cassa di Risparmio di Carpi, Cassa di Risparmio di Trento e Rovereto, a new subsidiary was also created in December 1999 which was named after the original Credito Italiano. In 1999, UniCredito Italiano, as it was then known, UniCredit Private Banking and UniCredit Banca dImpresa was spin off from it in 2003. In 2005, UniCredit merged with the German group HVB, which is formed in 1998 by the combination of two Bavarian banks, Bayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bank. Integration with the HVB Group was reinforced by the merger with Bank Austria Creditanstalt in the year 2000, however, this merger was only marginally profitable. Additionally, Bank Austria Creditanstalt was a shareholder in Bank Medici AG. Bank Medici was Thema Funds investment manager, in return for finding investors, Bank Medici collected fees of 4.6 million euros from Thema International Fund in 2007. On 30 June 2005 Banca dellUmbria and Cassa di Risparmio di Carpi were absorbed into the parent company, in 2006 the securities services business of UniCredit was sold to Société Générale for €579.3 million. In 2006, minority interests in Bra, Fossano, Saluzzo, in 2007, in combination with the Capitalia Group, the fourth-largest Italian banking group, UniCredit Group consolidated and strengthened its position, but added considerably to its overhead costs. The registered office of the bank was relocated from Genoa to 17 via Minghetti. In the same year, two acquisitions were carried out, ATF Bank, which ranks fifth out of domestic banks in Kazakhstan with 154 branches, and Ukrsotsbank. With these two banks the Group extended its operations in area to 19 countries. However, in November 2012, Kazakh government sources declared UniCredit is in talks with Kazakh investors over the sale of a stake in ATF Bank. In 2010, UniCredit S. p. A. absorbed its Italian banking subsidiaries, UniCredit Banca, Banca di Roma, in 2013 UniCredit Finance informed that they would no longer provide banking services in Latvia
11.
Retail banking
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Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, the term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking. It may also be used to refer to a division or department of a bank dealing with retail customers, in the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. This separation was repealed in the 1990s, commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public. S. Private banks manage the assets of high-net-worth individuals, offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks, postal savings banks are savings banks associated with national postal systems
12.
Finance lease
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Thus in case of finance lease we can say that notional ownership is passed to the lessee. The amount paid as interest during lease period is shown in P/l DR side of lessee its not cancel-able the lessor may or may not bear the cost of insurance, repair, usually the lessee has to bear all cost. Following the GAAP accounting point of view, such a lease is classified as essentially equivalent to a purchase by the lessee and is capitalized on the balance sheet. See Statement of Financial Accounting Standards No.13 for more details of classification, the term sometimes means a special case of lease defined by Article 2A of the Uniform Commercial Code. Under a UCC 2A finance lease, the lessee pays the payments to the lessor, UCC 2A finance leases are usually easy to identify because they commonly contain a clause specifically declaring that the lease is to be considered a finance lease under UCC 2A. In the over 100 countries that govern accounting using International Financial Reporting Standards, while similar in many respects to FAS13 in the U. S. IAS17 avoids the bright line tests on the lease term and present value of the rents. Instead, IAS17 has the five tests. The leased assets are of a nature such that only the lessee can use them without major modifications being made. IAS17 is currently undergoing a revision, as a joint project with the U. S. lease accounting standard, current plans are for the revision to be finalized in late 2014, with implementation expected in 2017. For more details, see Accounting for leases in the United States, the leased assets are of a specialised nature such that only the lessee can use them without major modifications being made. In Australia the accounting standard pertaining to lease is AASB117 Leases, AASB117 was released in July 2004. A lease is classified as a finance lease if it transfers all the risks. There are no guidelines as to what constitutes a finance lease. Since a finance lease is capitalized, both assets and liabilities in the balance sheet increase, as a consequence, working capital decreases, but the debt/equity ratio increases, creating additional leverage. Under operating lease conditions, lease obligations are not recognized, therefore, leverage ratios are understated, the key IFRS criterion is, If substantially all the risks and rewards of ownership are transferred to the lessee then it is a finance lease. If it is not a finance lease then it is an operating lease, the transfer of risk to the lessee may be shown by lease terms such as an option for the lessee to buy the asset at a low price at the end of the lease. The nature of the asset, the length of the term. IFRS does not provide a set of rules for classifying leases
13.
Earnings before interest and taxes
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In accounting and finance, earnings before interest and taxes, is a measure of a firms profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses, when a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit. To calculate EBIT, expenses are subtracted from revenues, net income is later obtained by subtracting interest and taxes from the result
14.
1,000,000,000
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1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001. One billion can also be written as b or bn, in scientific notation, it is written as 1 ×109. The SI prefix giga indicates 1,000,000,000 times the base unit, one billion years may be called eon in astronomy and geology. Previously in British English, the word billion referred exclusively to a million millions, however, this is no longer as common as earlier, and the word has been used to mean one thousand million for some time. The alternative term one thousand million is used in the U. K. or countries such as Spain that uses one thousand million as one million million constitutes a billion. The worded figure, as opposed to the figure is used to differentiate between one thousand million or one billion. The term milliard can also be used to refer to 1,000,000,000, whereas milliard is seldom used in English, in the South Asian numbering system, it is known as 100 crore or 1 Arab. 1000000007 – smallest prime number with 10 digits,1023456789 – smallest pandigital number in base 10. 1026753849 – smallest pandigital square that includes 0,1073741824 –2301073807359 – 14th Kynea number. 1162261467 –3191220703125 –513 1232922769- 35113^2 Centered hexagonal number,1234567890 – pandigital number with the digits in order. 1882341361 – The least prime whose reversal is both square and triangular,1977326743 –7112147483647 – 8th Mersenne prime and the largest signed 32-bit integer. 2147483648 –2312176782336 –6122214502422 – 6th primary pseudoperfect number,2357947691 –1192971215073 – 11th Fibonacci prime. 3405691582 – hexadecimal CAFEBABE, used as a placeholder in programming,3405697037 – hexadecimal CAFED00D, used as a placeholder in programming. 3735928559 – hexadecimal DEADBEEF, used as a placeholder in programming,3486784401 –3204294836223 – 16th Carol number. 4294967291 – Largest prime 32-bit unsigned integer,4294967295 – Maximum 32-bit unsigned integer, perfect totient number, product of the five prime Fermat numbers. 4294967296 –2324294967297 – the first composite Fermat number,6103515625 –5146210001000 – only self-descriptive number in base 10. 6975757441 –1786983776800 – 15th colossally abundant number, 15th superior highly composite number 7645370045 – 27th Pell number,8589934592 –2339043402501 – 25th Motzkin number. 9814072356 – largest square pandigital number, largest pandigital pure power,9876543210 – largest number without redundant digits
15.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
16.
Euro
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Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 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. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, 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 value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. 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 used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
17.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
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Equity (finance)
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In accounting, equity is the difference between the value of the assets and the value of the liabilities of something owed. Equity can be negative if liabilities exceeds assets, shareholders equity represents the equity of a company as divided among shareholders of common or preferred stock. Negative shareholders equity is often referred to as a shareholders deficit, alternatively, equity can also refer to the capital stock of a corporation. The value of the stock depends on the future economic prospects. For a company in liquidation proceedings, the equity is that which remains after all liabilities have been paid, when starting a business, the owners fund the business to finance various operations. Throughout the businesss existence, the equity of the business will be the difference between its assets and debt liabilities, this is the accounting equation, when a business liquidates during bankruptcy, the proceeds from the assets are used to reimburse creditors. The creditors are ranked by priority, with secured creditors being paid first, other creditors being paid next, owners equity is this remaining or residual claim against assets, which is paid only after all other creditors are paid. In such cases where even creditors could not get money to pay their bills. In financial accounting, owners equity consists of the net assets of an entity, net assets is the difference between the total assets and total liabilities. Equity appears on the sheet, one of the four primary financial statements. The assets of an entity can be tangible and intangible items. Intangible assets include such as brand names, copyrights or goodwill. Tangible assets include land, equipment, and cash, issue of new equity in which the firm obtains new capital increases the total shareholders equity. Share repurchases, in which a firm returns money to investors, reducing on the side its financial assets. For practical purposes, share repurchasing is similar to a dividend payment, rather than giving money to all shareholders immediately in the form of a dividend payment, a share repurchase reduces the number of shares outstanding. Dividends paid out to preferred stock owners are considered an expense to be subtracted from net income, sometimes assets bought and held in other countries get translated back into the reporting currency at different exchange rates, resulting in a changed value. When the owners are shareholders, the interest can be called shareholders equity, the remains the same. If all shareholders are in one and the class, they share equally in ownership equity from all perspectives
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Cassa di Risparmio di Torino
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Banca Cassa di Risparmio di Torino S. p. A. known as Banca CRT, or Caritorino, was an Italian regional bank based in Turin, Piedmont. In 1997, the bank joined Unicredito Group, as well as in 1998 followed the group to merge with Credito Italiano to form UniCredito Italiano, in 2002 the bank was absorbed into the parent company. The former owner of Banca CRT, Fondazione Cassa di Risparmio di Torino, as of 31 December 2013, still owned 2. 506% voting rights of UniCredit, as 7th largest shareholder. On 31 December 1999, Fondazione CRT was the second largest shareholder of UniCredit with 14. 228% of the ordinary shares. Cassa di Risparmio di Torino was founded in 1827 with a philanthropic ideals, before 1950s, the bank already acquired the local banks in Casale Monferrato, Pinerolo and Ivrea. In 1991, due to Legge Amato, the daily operation, charity and ownership were split into a Società per Azioni. Banca CRT also sold the minority interests in Cassa di Risparmio di Calabria e Lucania to a consortium of Cassa di Risparmio delle Provincie Lombarde, the minority interests in Cassa di Risparmio di Città di Castello was also sold in 1993. On 30 September 1997 Banca CRT joined Unicredito, which already had Cariverona Banca and Cassamarca as members, on 15 October 1998 UniCredito merged with Credito Italiano, to form UniCredito Italiano, which was the parent company of Banca CRT with 100% ownership until 2002. The former subsidiaries of Banca CRT were Banca Mediocredito di Torino, on 31 December 2001, Banca CRT had a shareholders equity of €1.591 billion. On 1 July 2002, Banca CRT was absorbed into Credito Italiano along with Cariverona, Cassamarca, Caritro, C. R. Trieste, at the same time Credito Italiano was renamed into UniCredit Banca
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Bank Pekao
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Bank Polska Kasa Opieki Spółka Akcyjna, commonly using the shorter name Bank Pekao S. A. is a universal bank with its headquarters in Warsaw, Poland. The Italian bank UniCredit owns 59% of the company, the bank was founded in 1929 by the Ministry of Treasury as a national bank, mainly to provide financial services to Poles living abroad. In 1939 the bank had branches in every capital city of countries where Poles lived. The full name Polska Kasa Opieki may be translated literally as Polish Bank of Aid, Polska Kasa Opieki can also be translated Polish Health Fund Pekao Banks website About history page Bon PeKaO Ukrsotsbank Media related to Pekao at Wikimedia Commons
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HypoVereinsbank
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Its registered office is in Munich and it is a member of the Cash Group. Since 2005, UniCredit Bank AG has been a subsidiary of UniCredit S. p. A. an Italian financial service provider with its office in Rome. HVB thus became a subsidiary and has not been listed on the stock exchange since this time. Operating in Germany, HVB mainly focuses on private business and corporate banking, customer-related capital market activities. As a mixed mortgage bank, it performs banking operations as a bank within the meaning of the Mortgage Banking Act and. UniCredit AG comprises three business segments, UniCredit Bank AG is hence orientated towards the structure of UniCredit S. p. A. The business segments are in charge of the business and service units allocated to them, the oldest roots of UniCredit Bank AG go back to Bayerische Staatsbank, which was founded during the second half of the 18th century. The margrave resorted to this plan for economic reasons as he wanted to avoid the fees charged by the foreign banks, the war between England and France in North America had led England to conclude contracts with German counts and request troops from them in exchange for aid funds. After the Napoleonic wars, the margravates Ansbach and Bayreuth came to Kingdom of Bavaria, the end of the monarchy in Bavaria 1918 finally saw the renaming of the bank to Bayerische Staatsbank. In 1971, the Bayerische Bank merged with Bayerische Vereinsbank, the Bayerische Vereinsbank was the result of a private initiative by Munich-based and Augsburg-based court bankers, members of the nobility as well as common merchants in 1869. The fairy-tale king Ludwig II granted the initiative the concession to set up a company limited by shares under the name Bayerische Vereinsbank. Two years ago, it received permission for land-financing transactions and thus became a mixed institution, unlike most banks, Bayerische Vereinsbank was then allowed to carry out mortgage banking business operations in addition to the banking business. After the beginning of the 1950s, Bayerische Vereinsbank opened its first branch offices abroad, through the merger with the Bavarian Statebank, one of the largest banks in Germany emerged. Bayerische Vereinsbank also included Bayerische Handelsbank AG, Süddeutsche Bodencreditbank AG, the expansion of the banking group resulted from, amongst others, the merger with the Bankhaus Röchling and, in 1991, with Simonbank. During the 1960s, Bayerische Vereinsbank started to expand throughout Germany and abroad, Bayerische Hypotheken- und Wechsel-Bank was founded in 1835 on the initiative of King Ludwig I of Bavaria. It was an institution from the very beginning, had the right to issue Pfandbriefs since 1864. Hypo-Bank also began to expand throughout Germany and internationally in the 1960s, in 1998, Bayerische Hypo- und Vereinsbank and Bayerische Vereinsbank, two institutions which were steeped in tradition, were merged to form Bayerische Hypo- und Vereinsbank Aktiengesellschaft. Following the merger, Bayerische Hypo- und Vereinsbank followed the Bank of the Regions strategy and it expanded its network into the promising markets of Central and Eastern Europe
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Bank Austria Creditanstalt
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UniCredit Bank Austria AG, better known as Bank Austria, is an Austria bank,96. 35% owned by UniCredit Group. The bank maintains a network in Austria, with about 7,700 employees serving customers in some 300 branches. However, all the CEE subsidiaries were transferred to the parent company in September 2016, as per 2008, 85% of Bank Austrias total workforce is employed out of Austria. Since 2007, Bank Austria is also responsible for all UniCredit affiliates in the European Union, thus, Bank Austria inherited operation in 20 countries it had no representation before, of which even UniCredit had no activity. However, Bank Austria could not retrieve its business in Poland, the 2000s saw the bank in the middle of substantial litigation around trustee Rudolfine Steindlings transfer of former East German, now German, money to her own accounts. Total assets of Bank Austria as at 31 December 2011 were EUR199.2 billion, BA-CAs history goes as far back as 1855, the year the Creditanstalt was founded. Current corporation was established in 1996 and German WestLB took a 9. 1% share, the same year, the government announced the privatization of Creditanstalt, of which it held a 51% stake. In January 1997 Bank Austria finally managed to buy the stake for about 1.25 billion euros, in turn, Bank Austria sold a majority stake in GiroCredit 8.24 billion schillings to Erste Bank. In February 1998, the state sold its last shares and the shares on the market were exchanged with shares in Bank Austria. In 2000, HVB Group took over Bank Austria through a share exchange procedure, an assets exchange procedure led to the transfert of HVBs assets in central and eastern Europe to Bank Austria, and reversely. In March 2003, Bank Austrias merger with CreditAnstalt being fully effective, in June 2005 Italian group UniCredit disclosed the acquisition of Hypovereinsbank, along with BA-CA. In order to respect cartel restriction, BA-CAs affiliate Splitska banka had to be sold to Société Générale, for UniCredit already owned Zagrebačka banka, BA-CA acquired Koç Finansal Hizmetler, Zagrebačka banka, Bulbank, Živnostenska banka, UniBanka and UniCredit Romania from UniCredit in that operation. In 2006 BA-CA continued its expansion in Russia by acquiring remaining shares in International Moscow Bank, moreover, Kazakh bank ATFBank was acquired in 2007. Since 31 March 2008 the bank has been operating under the brand name Bank Austria and they have got a new logo to show the connection to the UniCredit Group. It has the strongest capital base among the banks in Austria, its Core Tier 1 ratio amounted to 10. 55%. As of 2016 Bank Austria is managed by CEO Robert Zadrazil, Bank Austria has a long tradition of operations in central and eastern Europe. After outbreak of World War I, foreign affiliates of the Creditanstalt, in 1975 Creditanstalt became the first Western bank to open an office in Budapest. In 1997, the activities of Creditanstalt and Bank Austria in the region were brought under the umbrella of a new holding company and it was expanded to all foreign activities, with the exception of the Russian banks, a year later
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Bernard Madoff
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Bernard Lawrence Bernie Madoff is an American fraudster and a former stockbroker, investment advisor, and financier. He is the former chairman of the NASDAQ stock market. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, the firm was one of the top market maker businesses on Wall Street, which bypassed specialist firms by directly executing orders over the counter from retail brokers. Peter has since been sentenced to 10 years in prison and Mark committed suicide by hanging exactly two years after his fathers arrest, Andrew died of lymphoma on September 3,2014. The following day, FBI agents arrested Madoff and charged him with one count of securities fraud, the U. S. Securities and Exchange Commission had previously conducted multiple investigations into Madoffs business practices, but had not uncovered the massive fraud. On March 12,2009, Madoff pleaded guilty to 11 federal felonies, the Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s, however, federal investigators believe the fraud began as early as the mid-1980s and may have begun as far back as the 1970s. Those charged with recovering the missing money believe the investment operation may never have been legitimate, the amount missing from client accounts, including fabricated gains, was almost $65 billion. The Securities Investor Protection Corporation trustee estimated actual losses to investors of $18 billion, on June 29,2009, Madoff was sentenced to 150 years in prison, the maximum allowed. Madoff was born on April 29,1938, in Queens, New York, the son of Jewish parents Ralph Madoff, a plumber and stockbroker, Madoffs grandparents were emigrants from Poland, Romania, and Austria. He is the second of three children, his siblings are Sondra Weiner and Peter Madoff, Madoff graduated from Far Rockaway High School in 1956. Madoff briefly attended Brooklyn Law School, but founded the Wall Street firm Bernard L. Madoff Investment Securities LLC, Madoff was chairman of Bernard L. Madoff Investment Securities LLC from its startup in 1960 until his arrest on December 11,2008. The firm started as a stock trader with $5,000 that Madoff earned from working as a lifeguard. He further secured a loan of $50,000 from his father-in-law which he used to set up Bernard L. Madoff Investment Securities LLC. His business grew with the assistance of his father-in-law, accountant Saul Alpern, initially, the firm made markets via the National Quotation Bureaus Pink Sheets. After a trial run, the technology that the firm helped to develop became the NASDAQ, the firm functioned as a third-market provider, bypassing exchange specialist firms by directly executing orders over the counter from retail brokers. At one point, Madoff Securities was the largest market maker at the NASDAQ, the firm also had an investment management and advisory division, which it did not publicize, that was the focus of the fraud investigation. Madoff was the first prominent practitioner of payment for order flow and this has been called a legal kickback
€18.801 billion (2016)
€859.533 billion (2016)
Insurance companies of Italy