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Parmalat Bankruptcy Timeline
In 2003, multinational Italian dairy and food corporation Parmalat collapsed with a €14 billion ($20bn; £13bn) hole in its accounts, in what remains Europe's biggest bankruptcy. The Parmalat bankruptcy greatly affected football team AC Parma, in which Parmalat was the major shareholder. 2003 December 2003 December 19 – Bank of America states that Parmalat does not hold nearly $5B in liquid assets for the company as Parmalat reported in September 2003. Bank of America disavows the document released by Parmalat's Bonlat Financing Corp unit claiming over €4B are being stored by an affiliate of the company in the Cayman Islands. The bank promptly notifies Grant Thornton that no such account exists. The Milan Stock Exchange halts trading of Parmalat shares. December 23 – Bank of America lawyers claim the document proclaiming Bank of America holds Parmalat assets is a forgery. December 24 – Parmalat files bankruptcy. S&P rates Bank of America's exposure as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multinational Corporation
A multinational corporation (MNC; also called a multinational enterprise (MNE), transnational enterprise (TNE), transnational corporation (TNC), international corporation, or stateless corporation, is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC to distinguish it from international portfolio investment organizations, such as some international mutual funds that invest in corporations abroad solely to diversify financial risks. Most of the current largest and most influential companies are Public company, publicly traded multinational corporations, including Forbes Global 2000, ''Forbes'' Global 2000 companies. History Colonialism The history of multinational corporations began with the history of colonialism. The first multinational corporations were founded to set up colonial "factories" or port cities. The two main examples were the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Claw Back
A claw is a curved, pointed appendage found at the end of a toe or finger in most amniotes (mammals, reptiles, birds). Some invertebrates such as beetles and spiders have somewhat similar fine, hooked structures at the end of the leg or Arthropod leg, tarsus for gripping a surface as they walk. The pincers of crabs, lobsters and scorpions, more formally known as their chelae, are sometimes called claws. A true claw is made of a hard protein called keratin. Claws are used to catch and hold prey in carnivorous mammals such as cats and dogs, but may also be used for such purposes as digging, climbing trees, self-defense and Personal grooming, grooming, in those and other species. Similar appendages that are flat and do not come to a sharp point are called nail (anatomy), nails instead. Claw-like projections that do not form at the end of digits but spring from other parts of the foot are properly named Spur (zoology), spurs. Tetrapods In tetrapods, claws are made of keratin and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lactalis
Groupe Lactalis S.A. (doing business as Lactalis) is a French multinational dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. The company's former name was Besnier S.A. Lactalis is the largest dairy products group in the world, and is the second largest food products group in France, behind Danone. It owns brands such as Parmalat, Président, Kraft Natural Cheese, Siggi's Dairy, Skånemejerier, Rachel's Organic, and Stonyfield Farm. History André Besnier started a small cheesemaking company in 1933 and launched its '' Président'' brand of Camembert in 1968. In 1990, it acquired Group Bridel (2,300 employees, 10 factories, fourth-largest French dairy group) with a presence in 60 countries. In 1992, it acquired United States cheese company Sorrento. In 1999, ''la société Besnier'' became ''le groupe Lactalis'' owned by Belgian holding company BSA International SA. In 2006, they bought Italian group Galbani, and in 2008, bough ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milan
Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nearly 1.4 million, while its Metropolitan City of Milan, metropolitan city has 3.2 million residents. Within Europe, Milan is the fourth-most-populous List of urban areas in the European Union, urban area of the EU with 6.17 million inhabitants. According to national sources, the population within the wider Milan metropolitan area (also known as Greater Milan) is estimated between 7.5 million and 8.2 million, making it by far the List of metropolitan areas of Italy, largest metropolitan area in Italy and List of metropolitan areas in Europe, one of the largest in the EU.* * * * Milan is the economic capital of Italy, one of the economic capitals of Europe and a global centre for business, fashion and finance. Milan is reco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deloitte Touche Tohmatsu
Deloitte is a Multinational corporation, multinational professional services network based in London, United Kingdom. It is the largest professional services network in the world by revenue and number of employees, and is one of the Big Four accounting firms, along with Ernst & Young, EY, KPMG, and PwC. The Deloitte network is composed of member firms of Deloitte Touche Tohmatsu Limited ( ) a private company limited by guarantee incorporated in England and Wales. The firm was founded by accountant William Welch Deloitte in London, England in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte. In 2002, Arthur Andersen's practice in the UK as well as several of that firm's practices in Europe and North and South America agreed to merge with Deloit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cayman Islands
The Cayman Islands () is a self-governing British Overseas Territories, British Overseas Territory, and the largest by population. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located south of Cuba and north-east of Honduras, between Jamaica and Mexico's Yucatán Peninsula. The capital city is George Town, Cayman Islands, George Town on Grand Cayman, which is the most populous of the three islands. The Cayman Islands is considered to be part of the geographic Western Caribbean zone as well as the Greater Antilles. The territory is a major offshore financial centre for international businesses and High-net-worth individual, the rich mainly due to the state charging no tax on income earned or stored. With a GDP per capita of US$97,750 in 2023, the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world. Immigrants from over 140 countries and territories reside in the Cayman I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse First Boston
Credit Suisse First Boston (also known as CSFB and CS First Boston) was the investment banking affiliate of Credit Suisse headquartered in New York. The company was created by the merger of First Boston Corporation and Credit Suisse Group in 1988 and was active in investment banking, capital markets and financial services. In 2006, Credit Suisse reorganized and merged CS First Boston into the parent company and retired use of the "First Boston" brand. In 2022, as part of a major restructuring, Credit Suisse began the process of spinning out the investment bank into an independent company and revived the brand. The process ultimately failed, and Credit Suisse was merged into rival Swiss bank UBS. History Credit Suisse / First Boston 50 / 50 Joint Venture (1978–1988) ''Main Article First Boston'' In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called ''Financière Crédit Suisse-First Boston''. This joint ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banca Nazionale Del Lavoro
Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. Established in 1913, the bank has been a subsidiary of BNP Paribas since 2006. Integration process was concluded in 2008, BNL with its group oversees the commercial banking activity in Italy. History Istituto Nazionale di Credito per la Cooperazione (1913–1929) Founded in 1913 by royal decree, under the influence of Luigi Luzzatti, the Istituto was intended to provide cooperative workers’ organizations with credit facilities comparable to commercial banks. It pioneered special credit lines for agriculture, cinema, and fishing sectors in which Italy was undergoing gradual modernization while remaining largely rural. The bank was initially overseen by the Banca d'Italia under Bonaldo Stringher and funded by public bodies, savings banks, Monte dei Paschi di Siena, Cassa di Previdenza and the Istituto di Credito per le Cooperative of Milan.Napoleone Colajanni, ''Storia della banca italiana'', ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deloitte
Deloitte is a multinational professional services network based in London, United Kingdom. It is the largest professional services network in the world by revenue and number of employees, and is one of the Big Four accounting firms, along with EY, KPMG, and PwC. The Deloitte network is composed of member firms of Deloitte Touche Tohmatsu Limited ( ) a private company limited by guarantee incorporated in England and Wales. The firm was founded by accountant William Welch Deloitte in London, England in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte. In 2002, Arthur Andersen's practice in the UK as well as several of that firm's practices in Europe and North and South America agreed to merge with Deloitte. Subsequent acquisitions have inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UBS AG
UBS Group AG (stylized simply as UBS) is a multinational Investment banking, investment bank and financial services firm founded and based in Switzerland, with headquarters in both Zurich and Basel. It holds a strong foothold in all major financial centres as the List of largest banks, largest Swiss banking institution and the Private banking, world's largest private bank. UBS manages the largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients, with over US$6 trillion in assets (AUM). Based on international deal flow and political influence, the firm is considered one of the "biggest, most powerful financial institutions in the world". UBS is also a leading market maker and one of the eight global 'Bulge bracket, Bulge Bracket' banks. Due to its large presence across the Americas, Europe, the Middle East and Africa, EMEA and Asia–Pacific markets, the Financial Stability Board considers it a Systemically importa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parmalat
Parmalat S.p.A. is an Italian dairy and food corporation which is a subsidiary of French multinational company Lactalis. It was founded by Calisto Tanzi in 1961. Having become the leading global company in the production of long-life milk using ultra-high-temperature processing, the company collapsed in 2003 with €14bn ($20bn; £13bn) of debt in what remains Europe's biggest bankruptcy. Since 2011, it has been a subsidiary of French group Lactalis (with fuller control since 2019). Today, Parmalat is a company with a global presence, having operations in Europe, North America, South America, Australia, China, and South Africa. Still specializing in UHT milk and milk derivatives (varieties of yogurt, cheese, butter, ice cream, etc.), the group also sells fruit juices distributed under the brand names Lactis, Santal, Malù, and Kyr. Its worldwide operations include almost 140 production centres and some 16,000 employees, with 5,000 Italian dairy farms supplying it. Its share ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
