92-458: Hinduja Group is an Indian conglomerate . The group is present in eleven sectors including automotive , oil and specialty chemicals , banking and finance , IT and ITeS, cyber security , healthcare , trading , infrastructure project development, media and entertainment , power, and real estate . The net worth of the Hinduja brothers was estimated to be US$ 32 billion in 2022, making them
184-563: A Member of Parliament refers to a member of the Parliament of Sri Lanka (since 1978), the National State Assembly (1972–78) and the House of Representatives of Ceylon (1947–72), the lower house of the Parliament of Ceylon . Members are elected in a general elections or appointed from the national lists allocated to parties (and independent groups) in proportion to their share of
276-669: A legal fiction allows voluntary resignation between elections; as MPs are forbidden from holding an " office of profit under the Crown", an MP wishing to resign will apply for the Stewardship of the Chiltern Hundreds or the Stewardship of the Manor of Northstead which are nominally such paid offices and thus result in the MP vacating their seat. (Accepting a salaried ministerial office does not amount to
368-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
460-490: A proportional basis . After an election, the Election Commission allocates reserved seats to parties based on the number of general seats they won. A party then presents a list of candidates, each requiring a presenter and a seconder. If the number of candidates presented and seats allocated is equal, then there is no election and the reserved seats are filled in accordance with the candidate lists prepared by parties. In
552-507: A simple majority in Parliament. Since Bangladesh's independence, the prime minister has concurrently held the position of Leader of the House . The Parliament of Barbados is the legislative branch of the government of Barbados. It is a bicameral body, composed of an appointed Senate and an elected House of Assembly. The Senate (upper house), the direct successor of a pre-Independence body known as
644-502: A decision on their application for citizenship could be expected. On 25 January, Vaz became the focus of Opposition questions about the Hinduja affair and many parliamentary questions were tabled, demanding that he fully disclose his role. Vaz said via a Foreign Office spokesman that he would be "fully prepared" to answer questions put to him by Sir Anthony Hammond QC who had been asked by the Prime Minister to carry out an inquiry into
736-480: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
828-569: A first-past-the-post basis in single-seat constituencies. The Parliament of Canada consists of the monarch , the Senate and the House of Commons . Only members of the House of Commons are referred to as members of Parliament ( French : député ); members of the Senate are called Senators (French: sénateur ). There are currently 105 seats in the Senate and 338 in the House of Commons. Members of Parliament are elected, while senators are appointed by
920-540: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
1012-406: A general election for a three-year term. There are 72 electorate MPs, of which seven are elected only by Māori who have chosen to be registered on a separate Māori electoral roll. The remaining members are elected by proportional representation from published party lists . Since 1907, members of the House of Representatives have been referred to as 'Member of Parliament', abbreviated MP. From
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#17328560552551104-638: A global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
1196-468: A lack of evidence and saying that documents central to the prosecution case were "useless and dubious" since their provenance could not be verified. Judge RS Sodhi said: "I must express my disapproval that 14 years of trial and ₹ 2.5 billion (US$ 30 million) of public money was spent on the case. It has caused huge economical, emotional, professional and personal loss to the Hindujas." In January 2001, it
1288-440: A lawyer representing the family. It was also claimed that the family spent more on pets than they paid a servant. The Swiss court dismissed the human trafficking charges, but found them guilty of exploiting the staff; it sentenced Prakash Hinduja , wife Kamal, son Ajay and daughter-in-law Namrata to four and a half years of imprisonment. Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / )
1380-496: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Member of Parliament A member of parliament ( MP )
1472-409: A member of Parliament. Members of Parliament are styled Yang Berhormat ("Honourable") with the initials Y.B. appended prenominally . A prince who is a member of Parliament is styled Yang Berhormat Mulia . The prime minister, deputy prime minister and Tuns who are members of Parliament are styled Yang Amat Berhormat ("Most Honourable"), abbreviated Y.A.B. The Parliament of Malta consists of
1564-480: A paid office under the Crown for these purposes.) The House of Lords is a legislative chamber that is part of the Parliament of the United Kingdom. Although they are part of the parliament, its members are referred to as peers , more formally as Lords of Parliament , not MPs. Lords Temporal sit for life, Lords Spiritual while they occupy their ecclesiastical positions. Hereditary peers may no longer pass on
1656-535: A seat in the House of Lords to their heir automatically. The 92 who remain have been elected from among their own number, following the House of Lords Act 1999 and are the only elected members of the Lords. Members of the National Assembly , the lower house of Parliament , are styled "members of Parliament", while members of the Senate , the upper house, are referred to as "senators". Member of Parliament can be
1748-625: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1840-667: Is a member of either of the two chambers of the Parliament of Austria ( Österreichisches Parlament ). The members of the Nationalrat are called Abgeordnete zum Nationalrat . The members of the Bundesrat , elected by the provincial diets ( Landtage ) of the nine federal States of Austria , are known as Mitglieder des Bundesrats . In Bulgaria there are 240 members of Parliament ( Bulgarian : Народно събрание / Парламент ; transliteration Narodno sabranie / Parlament), which are called 'Deputati' (singular Deputat). Moreover, there are 240 MPs in
1932-402: Is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have
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#17328560552552024-480: Is also sometimes used for members of parliament, but this may also be used to refer to unelected government officials with specific roles in a parliament and other expert advisers on parliamentary procedure such as the Senate parliamentarian in the United States. The term is aMembers of parliament typically form parliamentary groups , sometimes called caucuses , with members of the same political party .lso used to
2116-470: Is clear to me there has been deliberate collusion over many months between Mr Vaz and his wife to conceal this fact and to prevent me from obtaining accurate information about his possible financial relationship with the Hinduja family". In February 2005 Ashok Leyland , the flagship company of Hinduja Group, announced an agreement to supply 100 army vehicles to the Sudanese Defence Ministry. It
2208-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
2300-500: Is not subject to dissolution, and one third of the members retire every two years. Vacancies in both houses, whether because of death or resignation of a member, must be filled by using a bypoll within six months of the vacancy; the newly elected member then only serves the remainder of the term of the seat to which they are elected. The number of seats in both houses is regulated by the Constitution and parliamentary statutes . Since
2392-513: Is the representative in parliament of the people who live in their electoral district . Members of parliament typically form parliamentary groups , sometimes called caucuses , with members of the same political party . Many countries with bicameral parliaments, this term refers only to members of the lower house since upper house members often have a different title. The terms congressman / congresswoman or deputy are equivalent terms used in other jurisdictions. The term parliamentarian
2484-555: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
2576-546: The Hinduja brothers ' applications for British citizenship while a backbench MP. Tony Blair also admitted that Vaz had "made representations" on behalf of other Asians. On 11 June 2001 Vaz was dismissed from his post as Europe Minister, to be replaced by Peter Hain . The Prime Minister's office said that Vaz had written to Tony Blair stating he wished to stand down for health reasons. In December 2001, Elizabeth Filkin cleared Vaz of failing to register payments to his wife's law firm by
2668-656: The Islamabad Capital Territory is represented by four senators. A member of the Senate of Pakistan (a senator) has a tenure of six years. Member of Parliament refers to elected members of the Parliament of Singapore , the appointed Non-constituency Member of Parliament from the opposition, as well as the Nominated Members of Parliament , who may be appointed from members of the public who have no connection to any political party in Singapore. In Sri Lanka ,
2760-641: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
2852-647: The Yang di-Pertuan Agong (King) and two houses, the Dewan Rakyat (the House of Representatives ) and Dewan Negara (the Senate ). The term "members of Parliament" only refers to members of the Dewan Rakyat . In Malay , a member of Parliament is called Ahli Parlimen , or less formally wakil rakyat (people's representative). Members of Parliament are elected from population-based single-seat constituencies using first-past-the-post voting . The prime minister must be
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2944-444: The counties and 12 members are nominated representatives. Kenya also has 47 elected senators from 47 counties; who sit in the Senate parliament. The senators oversee the counties, which are run by governors- also democratically elected. There are also members of county assembly. They are elected from each ward, and seat in county assemblies to oversee and make laws for their respective counties. The Parliament of Malaysia consists of
3036-531: The governor general on behalf of the sovereign at the direction of the prime minister . Retirement is mandatory for senators upon reaching the age of 75 years. Each province (and territory) has its own legislature, with each member usually known as a Member of the Legislative Assembly (MLA). In certain provinces, legislators carry other titles: Member of Provincial Parliament (MPP) in Ontario , Member of
3128-516: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
3220-668: The "Legislative Council"—comprises 21 senators appointed by the president. The President appoints 12 Senators on the advice of the Prime Minister and two on the advice of the Leader of the Opposition.The remaining seven Senators are nominated by the President at their discretion (that is, the President is not bound by other political leaders' advice in these appointments) to represent various religious, social, economic, or other interests in Barbados. In
3312-529: The 1860s until 1907 they were designated as 'Member of the House of Representatives', abbreviated 'MHR'. Between the first general election, in 1853 , and the 1860s, the designation was "Member of the General Assembly", abbreviated MGA. Before 1951, New Zealand had an upper house, the Legislative Council , whose members were appointed. A member of Parliament is a member of either of the two houses of
3404-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
3496-618: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
3588-839: The Business Leader of the Year Award. Ashok Hinduja was felicitated with the ABLF Global Asian Award at the UAE Government-backed Asian Business Leadership Forum in 2017. OneOTT Intertainment Limited (OIL), the Media Vertical arm of Hinduja Group, was awarded the 2019 Innovation Leaders award by Telecomlead.com. In May 2023, lead Hinduja chair Srichand Hinduja died in London at the age of 87. Srichand, Gopichand and Prakash Hinduja were connected with
3680-747: The Dáil", and addressed as "Teachta" (Deputy), while a Member of the Seanad is known and addressed as Seanadóir (Senator). These titles are used much more commonly in English than the official Irish. A member of Parliament was the term used to refer to a member of the pre-1801 Irish House of Commons of the Parliament of Ireland . Irish members elected to the House of Commons of the United Kingdom of Great Britain and Ireland were also called members of Parliament from 1801 to 1922. Northern Ireland continues to elect MPs to
3772-463: The Hinduja Foundation had given the sum of £1,200 to Mapesbury Communications, a company run by his wife, in return for helping to organise a Hinduja-sponsored reception at the House of Commons. Vaz had previously denied receiving money from the Hindujas, but insisted that he made no personal gain from the transaction in question. In June 2001, Vaz admitted that he had made representations during
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3864-400: The Hinduja brothers, but said that he had colluded with his wife to conceal the payments. Filkin's report said that the payments had been given to his wife for legal advice on immigration issues and concluded that Vaz had gained no direct personal benefit, and that Commons rules did not require him to disclose payments made to his wife. She did, however, criticise him for his secrecy, saying, "It
3956-408: The House of Representatives (Privileges and Powers) Ordinance. The Parliament of Nauru consists of 18 seats. Members of Parliament are entitled to use the prefix The Honourable . The New Zealand Parliament is made up of the monarch and the unicameral House of Representatives . A member of Parliament is a member of the House of Representatives, which has a minimum of 120 members, elected at
4048-593: The National Assembly (MNA) in Quebec ( French : député ) and Member of the House of Assembly (MHA) in Newfoundland and Labrador . The provincial upper houses were eliminated between 1876 ( Manitoba ) and 1968 (Quebec). In Gibraltar, members of parliament serve in the unicameral Gibraltar Parliament . There are 17 seats in the Parliament, to which candidates are elected by block voting . Each candidate represents
4140-539: The Pakistani Parliament: the National Assembly of Pakistan and Senate of Pakistan . The National Assembly of Pakistan has a total of 342 members, of whom 272 are directly elected, and 70 seats are reserved for women and minorities. A member of the National Assembly of Pakistan (MNA) has a tenure of five years. On the other hand, there are 104 members of the Senate of Pakistan, in which all four provinces are represented by 23 senators regardless of population, while
4232-410: The Parliament of the United Kingdom. The Parliament of Jamaica is the legislative branch of the government of Jamaica. It is a bicameral body, composed of an appointed Senate and an elected House of Representatives. The Senate (upper house), the direct successor of a pre-Independence body known as the "Legislative Council"—comprises 21 senators appointed by the governor-general: thirteen on the advice of
4324-598: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
4416-417: The absence of an opposition leader in parliament (i.e. in the case of a landslide victory where one party takes all 30 seats in the House of Assembly, as occurred in 2018 and 2022) the president will then appoint the remaining two senators in the opposition's stead allowing for 9 independents instead. The House of Assembly (lower house) is made up of 30 members of Parliament, elected to five-year terms on
4508-447: The advice of the prime minister . Under the Constitution of Bangladesh , an individual is required to be a citizen of Bangladesh and must have attained the age of 25 years in order to qualify for election to Parliament. The Parliament consists of 300 directly elected members from general seats elected by use of first past the post who represent single-constituencies, while 50 seats are reserved exclusively for women and are allocated on
4600-474: The affair. Vaz said that he had known the Hinduja brothers for some time; he had been present when the charitable Hinduja Foundation was set up in 1993, and had also delivered a speech in 1998 when the brothers invited Tony and Cherie Blair to a Diwali celebration. On 26 January 2001, Prime Minister Tony Blair was accused of prejudicing the independent inquiry into the Hinduja passport affair, after he declared that Keith Vaz had not done "anything wrong". On
4692-456: The characteristic of performing the duties of a member of a legislature, for example: "The two party leaders often disagreed on issues, but both were excellent parliamentarians and cooperated to get many good things done." The Westminster system is a democratic parliamentary system of government modelled after the politics of the United Kingdom . This term comes from the Palace of Westminster ,
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#17328560552554784-614: The company's first international operation in Iran in 1919. The headquarters of the group remained in Iran until 1979, when the Islamic Revolution forced it to move to Europe . Group Chairman Srichand Hinduja and his brother Gopichand , also Co-Chairman, moved to London in 1979 to develop the export business; the third brother Prakash manages the group's operations in Geneva , Switzerland while
4876-453: The conclusion that neither Mandelson nor anyone else had acted improperly. In January 2001, immigration minister Barbara Roche revealed in a written Commons reply that Keith Vaz , Member of Parliament for Leicester East and at the time a Foreign Office minister, and other MPs, had also contacted the Home Office about the Hinduja brothers, saying that Vaz had made inquiries about when
4968-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
5060-481: The creation of legislation. Elections to Dáil Éireann are held at least every five years using the single transferable vote; while elections to Seanad Éireann are restricted to members of both houses, elected members of local authorities, and alumni of National University of Ireland colleges. Eleven senators are nominated directly by the Taoiseach . A Member of Dáil Éireann is known as a Teachta Dála (TD) or "Deputy to
5152-519: The day on which it first met." ( Dissolution and Calling of Parliament Act 2022 ). A candidate to become an MP must be a British or Irish or Commonwealth citizen, be at least 18 years of age (reduced from 21 in 2006), and not be a public official or officeholder, as set out in the schedule to the Electoral Administration Act 2006 . Technically, MPs have no right to resign their seats (though they may refuse to seek re-election). However
5244-400: The elected House of Representatives, which has 41 members elected for a five-year term in single-seat constituencies, and the Senate which has 31 members appointed by the president: 16 government senators appointed on the advice of the prime minister, 6 opposition senators appointed on the advice of the leader of the opposition and 9 independent senators appointed by
5336-462: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
5428-416: The event there are more candidates than seat allocations, the 300 MPs elected from general seats vote through use of the single transferable vote system to determine the reserved seats. In reality, there has never been an election for reserved seats as parties have never nominated more candidates than they have been allocated. In order to form a Government , a political party or alliance usually requires
5520-751: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
5612-609: The formation of the Irish Free State in 1922 and subsequently in the Republic of Ireland , the legislature of Ireland is known as the Oireachtas , and consists of the president; the upper house, Seanad Éireann (or Senate); and lower house, Dáil Éireann (Assembly, or House of Representatives). They are functionally similar to other bicameral parliaments, with the lower house being significantly more influential and having more power over
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#17328560552555704-568: The greatest number of representatives in both houses. The person which secures the support of more than half the seats in the Lok Sabha forms the Government . To form the government, parties may form a coalition. The term of a member of the Rajya Sabha is six years, while Lok Sabha members are elected for a term of five years, unless the house is dissolved sooner. Rajya Sabha is a permanent house that
5796-714: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
5888-451: The hospitality. In March, Vaz was ordered to fully co-operate with a new inquiry launched into his financial affairs by Elizabeth Filkin , who was Parliamentary Commissioner for Standards at the time. Foreign Secretary Robin Cook , Vaz's superior, also urged him to fully answer allegations about his links with the Hinduja brothers. Mr Vaz met Mrs Filkin on 20 March to discuss a complaint that
5980-796: The investigation into the Bofors scandal , in which Swedish firm Bofors was alleged to have paid illegal bribes to government officials and politicians in connection with the US$ 1.3 billion sale of 400 howitzers to the Indian Government in 1986. The three brothers were charged by the Indian Central Bureau of Investigation in October 2000, but in 2005 the High Court in Delhi threw out all charges against them, citing
6072-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
6164-572: The national capital. The structure, functions, and procedures of the parliament are based on the Westminster system. In Bangladesh , a member of parliament is an individual who serves in the unicameral Jatiya Sangsad or House of the Nation. Members of the Jatiya Sangsad are elected at a general election , usually held once every five years unless Parliament is dissolved sooner by the president on
6256-416: The national vote at a general election. A candidate to become an MP must be a Sri Lankan citizen and can be a holder of dual-citizenship in any other country, be at least 18 years of age, and not be a public official or officeholder. The Parliament of Trinidad and Tobago is the legislative branch of the government of Trinidad and Tobago. The Parliament is bicameral. It consists of
6348-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
6440-545: The normal parliament and 400 in the "Great Parliament". The Great Parliament is elected when a new constitution is needed. There have been seven Great Parliaments in modern Bulgarian history , in 1879, 1881, 1886, 1893, 1911, 1946 and 1990. MPs in Bulgaria are called депутати ( deputies) . The member of parliament ( Khmer : សមាជិកសភា ) refers to the elected members of the National Assembly . There are 125 members of parliament in total. They are also alternatively called member of
6532-475: The post-nominals "MLA" or "MHA" and members of the upper house ( legislative council ) use "MLC". MLCs are informally refer to as upper house MPs. The Parliament of the Bahamas is the bicameral national parliament of Commonwealth of the Bahamas. The parliament is formally made up by the monarch (represented by the governor-general), an appointed Senate, and an elected House of Assembly. It currently sits at Nassau,
6624-516: The president of Malta and the House of Representatives of 69 members (article 51 of the Constitution), referred to as "members of Parliament" (article 52(1) of the Constitution). When appointed from outside the House, the speaker is also considered a member of the Parliament. The Constitution lists the qualifications and disqualifications from serving as a member of Parliament. Privileges of members of Parliament and their Code of Ethics are laid out in
6716-458: The president to represent other sectors of civil society. The United Kingdom elects members of its parliament: and four devolved legislatures: MPs are elected in general elections and by-elections to represent constituencies , and may remain MPs until Parliament is dissolved. "If it has not been dissolved earlier, a Parliament dissolves at the beginning of the day that is the fifth anniversary of
6808-407: The prime minister and eight on the advice of the leader of the opposition. The House of Representatives, the lower house, is made up of 63 (previously 60) members of Parliament, elected to five-year terms on a first-past-the-post basis in single-seat constituencies. The National Assembly of Kenya has a total of 349 seats; 205 members are elected from the constituencies , 47 women are elected from
6900-604: The process can take up to two years, he replied, "It is not unusual." On 29 January, the government confirmed that the Hinduja Foundation had held a reception for Vaz in September 1999 to celebrate his appointment as the first Asian Minister in recent times. The party was not listed by Vaz in the House of Commons Register of Members' Interests and John Redwood , then head of the Conservative Parliamentary Campaigns Unit, questioned Vaz's judgement in accepting
6992-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
7084-563: The prohibition of "MHR" does not appear to have been strictly enforced, as it was used most recently by Tony Abbott when he was in the parliament (1994–2019). A member of the upper house of the Commonwealth Parliament, the Senate , is known as a "Senator". In the Australian states and territories , "MP" is commonly used. In bicameral legislatures, members of the lower house ( legislative assembly or house of assembly ) also use
7176-477: The same day, Vaz told reporters that they would "regret" their behaviour once the facts of the case were revealed. "Some of you are going to look very foolish when this report comes out. Some of the stuff you said about Peter, and about others and me, you'll regret very much when the facts come out," he said. When asked why the passport application of one of the Hinduja brothers had been processed more quickly than normal, being processed and sanctioned in six months when
7268-521: The seat of the Parliament of the United Kingdom . At the Commonwealth level, a "member of parliament" is a member of the House of Representatives , the lower house of the Commonwealth (federal) parliament . Members may use the postnominal "MP" after their names. "MHR" ("Member of the House of Representatives") was not used, which was affirmed by cabinet in 1901 and reaffirmed in 1951 and 1965. However,
7360-492: The state legislatures and 9 belongs to the union territories of Delhi , Puducherry , and Jammu and Kashmir , and are elected by using the single transferable vote method of proportional representation . The remaining 12 members are nominated by the president for their contributions to art, literature, science, and social services. Each state has a fixed number of representatives allocated in each chamber, in order of their respective populations. The state of Uttar Pradesh has
7452-563: The takeover of the Islamic Emirate of Afghanistan in August 2021, a member of parliament (MP) was a member of the lower house of the bicameral National Assembly of Afghanistan : a member of the Wolesi Jirga (House of People) held one of the in total 250 seats in the lower house. The 102 members of the upper house Meshrano Jirga (House of Elders) were called Senators. A member of Parliament
7544-766: The term (often a translation) for representatives in parliamentary democracies that do not follow the Westminster system and who are usually referred to in a different fashion, such as deputé in France, deputato in Italy, deputat in Bulgaria, parlamentario or diputado in Spain and Spanish-speaking Latin America, deputado in Portugal and Brazil, and Mitglied des Bundestages (MdB) in Germany. However, better translations are often possible. Prior to
7636-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
7728-592: The wealthiest people in the United Kingdom. In May 2023, company patriarch Srichand Hinduja died. In October 2024, the Hinduja family was ranked 11th on the Forbes list of India’s 100 richest tycoons, with a net worth of $ 22 billion. The company was founded in 1914 by Parmanand Deepchand Hinduja , who was from a Sindhi family based in India. Initially operating in Shikarpur (in modern-day Pakistan ) and Bombay , India, he set up
7820-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
7912-559: The whole of Gibraltar as their constituency. A member of Parliament is a member of either of the two houses of the Indian Parliament : Lok Sabha (lower house) and Rajya Sabha (upper house). Lok Sabha has 543 seats, all of whom are directly elected by the citizens of India from each parliamentary constituency of states and union territories via first-past-the-post voting . Rajya Sabha can have 245 members, of which 238 members are indirectly elected. Of these 238 members, 229 belong to
8004-613: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
8096-582: The youngest brother, Ashok, oversees the Indian interests. The group employs over 200,000 people and has offices in many major cities around the world including in India. In 2017, Srichand and Gopichand Hinduja were described as the wealthiest men in Britain with an estimated wealth of £ 16.2 billion in the Sunday Times Rich List 2017 . In 2015, at The Asian Awards , the Hinduja brothers were honoured with
8188-552: Was alleged by arms campaigner Mark Thomas that this contravened UK arms export legislation, as a number of the company's directors were UK residents or citizens. In June 2024, a human trafficking trial began in Switzerland against four members of the Hinduja family, who were accused of exploiting household staff at their lakeside villa in Geneva , by reportedly paying as little as $ 8 for workdays lasting 15 to 18 hours and confiscating their passports. The allegations were refuted by
8280-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
8372-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
8464-582: Was revealed that UK government Minister Peter Mandelson had telephoned Home Office minister Mike O'Brien on behalf of Srichand Hinduja, who was at the time seeking British citizenship, and whose family firm was to become the main sponsor of the "Faith Zone" in the Millennium Dome . Consequently, on 24 January 2001 Mandelson resigned from the Government for a second time, insisting he had done nothing wrong. An independent enquiry by Sir Anthony Hammond came to
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