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
A merchant bank is a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities cloth merchants. Merchant banks' purpose was to facilitate and/or finance production and trade of commodities, hence the name "merchant". Few banks today restrict their activities to such a narrow scope. In modern usage in the United States, the term additionally has taken on a more narrow meaning, refers to a financial institution providing capital to companies in the form of share ownership instead of loans. A merchant bank provides advisory on corporate matters to the firms in which they invest. Merchant banks were in fact the first modern banks, they emerged in the Middle Ages from the Italian grain and cloth merchants community and started to develop in the 11th century during the large European fair of St. Giles at the Champagne fairs; as the Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains cereal crops, many displaced Jews fleeing Spanish persecution were attracted to the trade.
The Florentine merchant banking community was exceptionally active and propagated new finance practices all over Europe. Both Jews and Florentine merchants perfected ancient practices used in the Middle East trade routes and the Far East silk routes. Intended for the finance of long trading journeys, these methods were applied to finance the medieval "commercial revolution". In France during the 17th and 18th century, a merchant banker or marchand-banquier was not just considered a trader but received the status of being an entrepreneur par excellence. Merchant banks in the United Kingdom came into existence in the early 19th century, the oldest being Barings Bank; the Jews could not hold land in Italy, so they entered the great trading piazzas and halls of Lombardy, alongside the local traders, set up their benches to trade in crops. They had one great advantage over the locals. Christians were forbidden from any kind of lending at interest, since such activities were equated with the sin of usury.
The Jewish newcomers, on the other hand, could lend to farmers against crops in the field, a high-risk loan at what would have been considered usurious rates by the Church. In this way they could secure the grain-sale rights against the eventual harvest, they began to advance payment against the future delivery of grain shipped to distant ports. In both cases they made their profit from the present discount against the future price; this two-handed trade was time-consuming and soon there arose a class of merchants who were trading grain debt instead of grain. The buying of future crop and the trading of grain debt is analogous to the future contract market in modern finance; the court Jew performed underwriting functions. Financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to develop and manufacture his annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer a merchant wholesaler.
In addition, traders performed the merchant function by making arrangements to supply the buyer of the crop through alternative sources—grain stores or alternate markets, for instance—in the event of crop failure. He could keep the farmer in business during a drought or other crop failure, through the issuance of a crop insurance against the hazard of failure of his crop. Merchant banking progressed from financing trade on one's own behalf to settling trades for others and to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain, and so the merchant's "benches" in the great grain markets became centers for holding money against a bill. These deposited funds were intended to be held for the settlement of grain trades, but were used for the bench's own trades in the meantime; the term bankrupt is a corruption of the Italian banca rotta, or broken bench, what happened when someone lost his traders' deposits. Being "broke" has the same connotation.
A sensible manner of discounting interest to the depositors against what could be earned by employing their money in the trade of the bench soon developed. Once again this developed what was an ancient method of financing long-distance transport of goods; the medieval Italian markets were disrupted by wars and in any case were limited by the fractured nature of the Italian states. And so the next generation of bankers arose from migrant Jewish merchants in the great wheat-growing areas of Germany and Poland. Many of these merchants were from the same families, part of the development of the banking process in Italy, they had links with family members who had, centuries before, fled Spain for both Italy and England. As non-agricultural wealth expanded, many families of goldsmiths gradually moved into banking; this course of events set the stage for the rise of Jewish family banking firms whose names still resonate today, such as Warburgs and Rothschilds. The rise of Protestantism, freed many European Christians from Rome's dictates a
Bloomberg L. P. is a held financial, software and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, a 30% ownership investment by Merrill Lynch. Bloomberg L. P. provides financial software tools such as an analytics and equity trading platform, data services, news to financial companies and organizations through the Bloomberg Terminal, its core revenue-generating product. Bloomberg L. P. includes a wire service, a global television network, radio stations, subscription-only newsletters, two magazines: Bloomberg Businessweek and Bloomberg Markets. In 2014, Bloomberg L. P. launched Bloomberg Politics, a multiplatform media property that merged the company's political news teams, has recruited two veteran political journalists, Mark Halperin and John Heilemann, to run it. In 1981, Salomon Brothers was acquired, Michael Bloomberg, a general partner, was given a $10 million partnership settlement.
Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance cheque to start Innovative Market Systems. Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients. In 1986, the company was renamed Bloomberg L. P. and 5,000 terminals had been installed in subscribers' offices. Within a few years, ancillary products including Bloomberg Tradebook, the Bloomberg Messaging Service, the Bloomberg newswire were launched. Bloomberg launched its news services division in 1990. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets, currency conversion and events, Bloomberg Terminal subscriptions. In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200 million, valuing the company at $9 billion.
In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg Inc. majority-owned by Michael Bloomberg, for a reported $4.43 billion, valuing Bloomberg L. P. at $22.5 billion. Bloomberg L. P. has remained a private company since its founding. To run for the position of Mayor of New York against Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead. Peter Grauer is the chairman. In 2008, Fenwick became the CEO of a new venture capital division. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, serves as president and CEO. In September 2014, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, chief executive of Bloomberg for the past six years after his term as deputy mayor. In September 2014, Bloomberg sold its Bloomberg Sports analysis division to the data analysis firm STATS LLC for a fee rumored to be between $15 million and $20 million.
Since its founding, Bloomberg L. P. has made several acquisitions including the radio station WNEW, BusinessWeek magazine, research company New Energy Finance, the Bureau of National Affairs and the financial software company Bloomberg PolarLake. On July 9, 2014, Bloomberg L. P. acquired RTS Realtime Systems, a global provider of low-latency connectivity and trading support services. In 1992, Bloomberg L. P. purchased New York Radio station WNEW for $13.5 million. The station was converted into an all-news format, known as Bloomberg Radio, the call letters were changed to WBBR. Bloomberg L. P. bought a weekly business magazine, BusinessWeek, from McGraw-Hill in 2009. The company acquired the magazine—which was suffering from declining advertising revenue and limited circulation numbers—to attract general business to its media audience composed of terminal subscribers. Following the acquisition, BusinessWeek was renamed Bloomberg Businessweek. Joel Weber edits the magazine. In 2010, Bloomberg L. P. acquired Eagle Eye Publishing, a Fairfax, Virginia-based company that publishes data about procurement by the Federal Government.
This acquisition became part of Bloomberg Government, launched in early 2011. In 2009, Bloomberg L. P. purchased New Energy Finance, a data company focused on energy investment and carbon markets research based in the United Kingdom. New Energy Finance was created by Michael Liebreich in 2004, to provide news and analysis on carbon and clean energy markets. Bloomberg L. P. acquired the company to become an industry resource for information to support low-carbon energy solutions. It was renamed to BNEF for short. Liebreich continued to lead the company, serving as the chief executive officer until 2014, when he stepped down as CEO but remained involved as Chairman of the Advisory Board. Bloomberg L. P. purchased Arlington, Virginia-based Bureau of National Affairs in August 2011, for $990 million to bolster its existing Bloomberg Government and Bloomberg Law services. BNA publishes specialized online and print news and information for professionals in business and government; the company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits and labor law, environment and safety, health care, human resources, intellectual property and tax and acco
Unipol Tower, is a 33-story skyscraper located at Via Larga in Bologna, Italy. Rising to a height of 127 metres, the building serve as the new headquarters of Unipol Bank includes office and retail space in its 13,000 m2 square meter of floor area. Construction was completed in 2012. Designed by architectural firm OpenProject of Bologna, Unipol Tower incorporates various environmental innovations that achieved the prestigious gold certification; the building is the tallest construction in Bologna and the 9th in Italy. The tallest building in Bologna was the condominium located at Via Cellini with a height of 90 metres, holding that title since 1958; the main project includes a mall with fitness center, a movie theater and a luxury hotel under construction. List of tallest buildings in Bologna
Union Carbide Corporation is a wholly owned subsidiary of Dow Chemical Company. It employs more than 2,400 people. Union Carbide produces chemicals and polymers that undergo one or more further conversions by customers before reaching consumers; some are high-volume commodities and others are specialty products meeting the needs of smaller markets. Markets served include paints and coatings, packaging and cable, household products, personal care, automotive, textiles and oil and gas; the company is a former component of the Dow Jones Industrial Average. Union Carbide was 50.9% stakeholder in Union Carbide India Limited, the company responsible for the Bhopal disaster. Founded in 1917 as the Union Carbide and Carbon Corporation, from a merger with National Carbon Company, the company's researchers developed an economical way to make ethylene from natural gas liquids, such as ethane and propane, giving birth to the modern petrochemical industry. Before divesting them, the chemical giant owned consumer products Eveready and Energizer batteries, Glad bags and wraps, Simoniz car wax, Prestone antifreeze.
The company divested other businesses before being acquired by Dow Chemical on February 6, 2001, including electronic chemicals, polyurethane intermediates, industrial gases and carbon products. The Union Carbide and Carbon Corporation was formed on November 1, 1917, from the merger of the Union Carbide Company founded in 1898, the National Carbon Company founded in 1886, Linde Air Products Company, maker of liquid oxygen, the Prest-O-Lite company, manufacturer of calcium carbide. In 1920, the company set up a chemicals division which manufactured ethylene glycol for use as automotive antifreeze; the company continued to acquire related chemical producers, including the Bakelite Corporation in 1939. The company changed its name to "Union Carbide Corporation" in 1957 and was referred to as Carbide, it operated Oak Ridge National Laboratory from 1947 until the late 1970s. During the Cold war era, the company was active in the field of rocket propulsion research & development for aerospace and guided missile applications in the field of chemicals and plastics, solid rocket motors, storable liquid fuels.
R&D activities has been centered at the Technical Center near West Virginia. The Aerospace Materials Department was established for the mentioned purposes within the company's Carbon Products Division. Ucar batteries was Carbide's industrial and consumer zinc chloride battery business; the business, including Energizer alkaline batteries, was sold to Ralston Purina in 1986, following a hostile takeover operation. After the Bhopal disaster, Union Carbide was the subject of repeated takeover attempts. In order to pay off its debt, Carbide sold many of its most familiar brands such as Glad Trashbags and Eveready Batteries. Dow Chemical announced the purchase of Carbide in 1999 for $8.89 billion in stock. The Hawks Nest Tunnel disaster took place between 1927 and 1932 in a West Virginia tunnel project led by Union Carbide. During the construction of the tunnel, workers found the mineral silica and were asked to mine it for use in electroprocessing steel; the workers were not given masks or breathing equipment to use while mining.
Due to silica dust exposure, many workers developed a debilitating lung disease. According to a marker on site, there were 109 admitted deaths. A congressional hearing placed the death toll at 476. In the early 1960s, Union Carbide Corporation began mining a newly identified outcrop of chrysotile asbestos fibers near King City and New Idria, California; these fibers were sold under the brand name "Calidria", a combination of "Cal" and "Idria," and sold in large quantities for a wide variety of purposes, including addition into joint compound or drywall accessory products. Union Carbide sold the mine to its employees under the name KCAC in the 1980s, but it only operated for a few more years. Union Carbide India Limited, owned by Union Carbide and Indian investors, operated a pesticide plant in the Indian city of Bhopal. Around midnight on 3 December 1984, methyl isocyanate gas was accidentally released from the plant, exposing more than 500,000 people to MIC and other chemicals; the government of Madhya Pradesh confirmed a total of 3,787 deaths related to the gas release.
It left an estimated 40,000 individuals permanently disabled, maimed, or suffering from serious illness, making it one of the world's worst industrial disasters. Union Carbide was sued by the Government of India and agreed to an out-of-court settlement of US$470 million in 1989; the plant site has not yet been cleaned up. Warren Anderson, CEO at the time of the disaster, Carbide refused to answer to homicide charges and remained fugitives from India's courts; the U. S. denied several extradition requests. Anderson died on 29 September 2014 in Florida. Seven Indian employees of Union Carbide were convicted of criminal negligence in 2010 and fined $2,000 each. In 1982, Carbide's auditors warned of a possible'runaway reaction'. Carbide didn't supply an antidote, maintaining that MIC was "nothing more than a potent tear gas". Carbide insisted. Union Carbide's operations in Australia commenced in 1957, when it purchased the plant of the Australian-owned company Timbrol Ltd; the Timbrol factory was on the shore of Homebush Bay in the Sydney suburb of Rhodes.
Homebush Bay is on the Parramatta River. Tibrol produced phenol, the insecticides chlorobenzene/chlorophenol/DDT, the herbicides 2,4-D and 2,4,5-T. Union Carbide continued the production of the 2,4-D and 2,4,5-T until 1976 and chlorobenzene/chlorophenol/DDT until 1983. Union Carbide commenced the pr
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