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66-513: HCL Technologies Limited ( d/b/a HCLTech ) is an Indian multinational information technology (IT) consulting company headquartered in Noida , Uttar Pradesh . Founded by Shiv Nadar , it was spun out in 1991 when HCL entered into the software services business. The company has offices in 59 countries and over 220,000 employees. In 1976, a group of eight engineers, all former employees of Delhi Cloth & General Mills , led by Shiv Nadar , started

132-676: A RDBMS , networking OS and client-server architecture in 1983. HCL Technologies began as the R&;D division of HCL Enterprise. The company originally was focused on hardware but, via HCL Technologies, software and services became the main focus. On 12 November 1991, HCL Technologies was spun off as a separate unit, being incorporated as HCL Overseas Limited, a provider of software and technology development services. In 1993, HCL also started providing enterprise IT infrastructure management services, winning an order to establish India's first floorless, electronic stock exchange for NSE . In July 1994,

198-628: A software product division called HCLSoftware, after completing the acquisition of IBM 's software tools. Notable products under HCLSoftware include HCL AppScan , HCL BigFix , HCL Connections , HCL Commerce Cloud , HCL Digital Experience , HCL Sametime , HCL Notes , iNotes , and Unica . As for Actian , their data & analytics division, notable products include HCL Informix , Actian Data Platform , Actian Ingres , Actian Zen , and Actian NoSQL . HCLSoftware division had revenue of ₹ 11,692 crore (US$ 1.4 billion) in fiscal year 2023–24. HCLTech has had four CEOs since its inception: HCLTech

264-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

330-433: A company that would make personal computers. Initially floated as Microcomp Limited , Nadar and his team (which also included Arjun Malhotra, Ajai Chowdhry , D.S. Puri, Yogesh Vaidya and Subhash Arora) started selling teledigital calculators to gather capital for their main product. On 11 August 1976, the company was renamed Hindustan Computers Limited (HCL). HCL Enterprise developed an indigenous microcomputer in 1978, and

396-595: A configuration wizard. In addition, some editions of WebSphere Portal include limited entitlements to Lotus Web Content Management, Lotus Quickr document management, Lotus Sametime instant messaging, and Lotus Forms electronic forms. For WebSphere Portal Enable for z/OS, WebSphere Application Server and IBM DB2 database must be purchased separately. IBM announced that WebSphere Portal package will be included in IBM Customer Experience Suite. The WebSphere Portal software suite adheres to industry standards:

462-498: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

528-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

594-554: A joint venture with Deutsche Bank by acquiring a 51% stake in the latter's Indian subsidiary Deutsche Software (later renamed DSL Software). In 2004, HCL bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division. In 2003, HCL won a contract to develop embedded software for Airbus A340 's flight warning system. That same year, HCL sold its entire stake in HCL Perot Systems,

660-487: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

726-619: A seven-year old IT services company, to joint venture partner Perot Systems for over $ 105 million. In 2005, HCL expanded its operations in Northern Ireland. At the 2006 UK Trade and Investment India Business Awards in New Delhi, the then UK Prime Minister Tony Blair announced the expansion. In 2008, HCL acquired the UK-based consultancy Axon Group for £440 million and merged HCL's enterprise application services (EAS) division into Axon. In

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792-486: Is better integrated, and IBM Lotus Web Content Management itself has large user interface and functionality improvements. IBM WebSphere Portal and IBM Lotus Web Content Manager Version 8.0 enabled the 'Managed Pages' feature, whereby pages within the portal can be managed within IBM Lotus Web Content Management, allowing them to be syndicated between servers, as well as allowing workflow and versioning of

858-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

924-573: Is the flagship company of the HCL Group. Another HCL Group company, HCL Infosystems, was formed in 1976 to produce calculators. HCL Infosystems later became one of the leading manufacturers of personal computers and laptops in India, but it eventually lost market share to foreign competitors like HP and Dell , and shut down its manufacturing division. In February 2014, HCL Group launched HCL Healthcare, which provides corporate health services. HCL TalentCare

990-484: Is the fourth venture of HCL Group, which provided skilling and staffing services. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

1056-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

1122-882: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

1188-563: The Software and Information Industry Association 's 2003 Codie award for "Best Enterprise Portal Platform". The WebSphere Portal package is available in five editions: WebSphere Portal Server, WebSphere Portal Enable, WebSphere Portal Enable for z/OS, WebSphere Portal Extend, and WebSphere Portal Express. The basic package includes a web server , WebSphere Application Server , LDAP directory, IBM DB2 database, development tools, web site templates and other essential site management tools such as

1254-752: The World Wide Web Consortium (W3C). WebSphere Portal's JavaScript is ECMA-compliant. IBM first announced WebSphere Portal Server for AIX in 2001. Since then, IBM has released versions that run on Linux , Microsoft Windows , HP-UX , Solaris , IBM i , and z/OS . In April 2006 version 6.0 was announced. The new features included Workflow (introduced a new workflow builder), Content Management (unveiled IBM Workplace Web Content Management Version 6.0, now IBM Web Content Management), Electronic Forms (incorporated IBM Workplace Forms, now IBM Lotus Forms) and Alignment with Bowstreet Portlet Factory (Now WebSphere Portlet Factory) In March 2009, WebSphere Portal

1320-650: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

1386-546: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

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1452-557: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

1518-702: The Java Portlet Definition Standard (both JSR 168/v1 and JSR 286/v2 specifications) defined by the Java Community Process , as well as the Web Services for Remote Portlets (both WSRP 1.0 and 2.0) specifications defined by the Web Services for Remote Portlets OASIS Technical Committee. The markup delivered to clients (i.e. to web browsers ) adheres to the XHTML and CSS standards as defined by

1584-561: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1650-545: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

1716-458: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

1782-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

1848-572: The United Arab Emirates, Qatar, Morocco and Sri Lanka. In Europe, it covers Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Romania, Finland, France, Germany, Italy, Lithuania, Netherlands, Norway, Poland, Sweden, Switzerland, Portugal, and United Kingdom. In the Americas, the company has offices in Brazil, Canada, Mexico, Puerto Rico, Guatemala, and United States. In 2019, HCL Technologies started

1914-527: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

1980-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

2046-609: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

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2112-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

2178-610: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2244-738: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

2310-498: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

2376-779: The acquisition of select assets of Communications Technology Group, a business division of Hewlett Packard Enterprise (HPE), for $ 225 million. In August 2024, HCLSoftware announced its intent to acquire the French metadata management platform startup Zeenea for €24 million. After the completion of the acquisition, Zeenea is expected to continue operating as an independent unit under Actian , HCLSoftware's data & analytics division. HCLTech operates in 60 countries, including its headquarters in Noida , India. It has establishments in Australia, China, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, Saudi Arabia, Singapore, South Africa,

2442-462: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

2508-728: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

2574-650: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

2640-554: The company name was changed to HCL Consulting Limited. On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities." Between 1991 and 1999, the company expanded its software development capacities to US, European and APAC markets. HCL went public on 10 November 1999, with an issue of 14.2 million shares. By the early-2000s, its wholly-owned subsidiary HCL Comnet had expanded its offerings from VSAT to include network security and IT infrastructure services. In 2001, HCL formed

2706-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

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2772-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

2838-529: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). WebSphere Portal HCL Digital Experience is an enterprise software used to build and manage web portals . It provides access to web content and applications, while delivering personalized experiences for users. The WebSphere Portal package is a component of WebSphere application software. Like WebSphere, WebSphere Portal

2904-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

2970-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

3036-566: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

3102-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

3168-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

3234-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

3300-488: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

3366-531: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

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3432-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

3498-595: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

3564-546: The remaining 19.6% stake in Actian for $ 100.2 million in 2021, making Actian the data & analytics division of HCLSoftware, but keeping it an independent company. In 2019, HCL Technologies acquired products of IBM including AppScan , BigFix , Commerce , Connections , Digital Experience ( Portal and Content Manager), Notes/Domino , and Unica . In 2021, the company reached $ 10 billion in revenue. In 2022, HCL Technologies rebranded as HCLTech. In May 2024, HCLTech announced

3630-495: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

3696-512: The three years following the acquisition, the EAS division's revenue share within HCL increased from 9% to 22%. In October 2017, IBM and HCL announced a strategic partnership, with the latter taking over the development of IBM Lotus Software 's Notes, Domino, Sametime and Verse collaboration tools. In 2018, US-based Actian was acquired by HCL and Sumeru Equity Partners for $ 330 million. HCL America acquired

3762-484: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

3828-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

3894-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

3960-681: Was announced. WebSphere Portal version 8.0 was released in May 2012. WebSphere Portal 8.5 was announced May 2014 and included enhancements for mobile web users as well as enhancements for Web Content Management (WCM). In 2019, IBM announced that it was selling Websphere Portal, IBM Bigfix, IBM Appscan, IBM Unica, and IBM Websphere Commerce to HCL Technologies . HCL will continue to develop Websphere Portal. Continued leadership and development of important portal open standards, such as Java Specification Request (JSR) 286 and Web Services for Remote Portlets (WSRP) 2.0 standards. IBM Lotus Web Content Management

4026-523: Was at version 6.1 was announced, an upgrade that enhanced Web 2.0 capabilities, support for REST-based services, and improved Atom and RSS consumption. In November 2009, IBM then released WebSphere Portal Feature Pack Version 6.1.5, with new features that can be added to the version 6.1 platform, including new page builder and template capabilities, platform startup optimization, and expanded Enterprise Content Management (ECM) and Web analytics integration support. In September 2010, WebSphere Portal version 7.0

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4092-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

4158-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

4224-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

4290-572: Was originally developed and marketed by IBM . Portal has been released since 2001, and is now sold in five editions. In July 2019, IBM completed the sale of WebSphere Portal (along with several other IBM products) to HCL Technologies . WebSphere Portal software has been reviewed numerous times in the IT industry press, and honors include eWeek Magazine's 2004 Excellence Award in the category "Portals and Knowledge Management", Java Pro Magazine's 2003 Reader's Choice Award for "Best Team Development Tool", and

4356-503: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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