Misplaced Pages

#426573

142-594: Thomson Reuters Corporation ( / ˈ r ɔɪ t ər z / ROY -tərz ) is a Canadian multinational information conglomerate . The company was founded in Toronto , Ontario, Canada and maintains its headquarters at 19 Duncan Street there. Thomson Reuters was created by the Thomson Corporation 's purchase of the British company Reuters Group on 17 April 2008. It is majority-owned by The Woodbridge Company ,

284-666: A holding company for the Thomson family of Canada. The forerunner of the Thomson company was founded in 1934 by Roy Thomson in Ontario as the publisher of The Timmins Daily Press . In 1953, Thomson acquired the Scotsman newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957, when he won the franchise for Scottish Television . In 1959, he bought

426-450: A Commissioner would get the post of High Representative – the so-called 26+1 formula. This guarantee (which may find its way into the next treaty amendment, probably in an accession treaty) contributed to the Irish approving the treaty in a second referendum in 2009. Lisbon also combined the posts of European Commissioner for External Relations with the council's High Representative for

568-654: A Commissioner. Currently, there is one member per member state , but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen ) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament . The Council of the European Union then nominates

710-584: A European ship, prompted the commission to look into legislation against toxic waste. at that time did not even have a crime against shipping toxic waste; this led the Commissioners Franco Frattini and Stavros Dimas to put forward the idea of "ecological crimes". Their right to propose criminal law was challenged in the European Court of Justice but upheld. As of 2007, the only other criminal law proposals which have been brought forward are on

852-766: 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

994-522: A commissioner. A commissioner's portfolio can be supported by numerous DGs; they prepare proposals for them and if approved by a majority of commissioners proposals go forward to the Parliament and Council for consideration. The Commission's civil service is headed by a Secretary General . The position is currently held by Ilze Juhansone . The rules of procedure of the European Commission set out

1136-498: 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

1278-529: A dedicated Directorate-General . The European Parliament can dissolve the College of Commissioners as a whole following a vote of no-confidence , which requires a two-thirds vote. Only the President can request the resignation of an individual Commissioner. However, individual Commissioners, by request of the council or Commission, can be compelled to retire on account of a breach of obligation(s) and if so ruled by

1420-668: A duty to ensure the treaties and law are upheld, potentially by taking member states or other institutions to the Court of Justice in a dispute. In this role it is known informally as the "Guardian of the Treaties". Finally, the Commission provides some external representation for the Union, alongside the member states and the Common Foreign and Security Policy , representing the Union in bodies such as

1562-429: 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

SECTION 10

#1732876611427

1704-400: A greater degree of politicisation within the Commission . The commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries . Each covers a specific policy area such as agriculture or justice and citizens' rights or internal services such as human resources and translation and is headed by a director-general who is responsible to

1846-478: A hack-for-hire company based in India, forcefully took a photograph of Kumar, a small scale Indian herbal businessman for an alleged hacker Sumit Gupta of Belltrox . Kumar had showed his identity proof that he is not the alleged hacker but one of the three journalists took his photograph and used in their story. The businessman was questioned by the police, suffered reputation damage and business loss, and later relocated to

1988-498: A lack of independence and effectiveness. Barroso's first Commission term expired on 31 October 2009. Under the Treaty of Nice, the first Commission to be appointed after the number of member states reached 27 would have to be reduced to "less than the number of Member States". The exact number of Commissioners was to be decided by a unanimous vote of the European Council , and membership would rotate equally between member states. Following

2130-614: A likely candidate (in general, the elected candidate is determined, according to the results of the European election , as winner of the internal election into the dominant European party known as " spitzenkandidat "). While the European People's Party had won the European Parliament election, they had performed worse than expected and therefore nominated von der Leyen instead of Manfred Weber , their original candidate. On 9 September,

2272-594: A majority (17,664) of staff being based in the country. Communication with the press is handled by the Directorate-General Communication . The commission's chief spokesperson is Eric Mamer who holds the midday press briefings, commonly known as the "Midday Presser". It takes place every weekday in the commission's press room at the Berlaymont where journalists may ask questions to the Commission officials on any topic and legitimately expect to get an "on

2414-487: 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

2556-467: A new licence ("ERL") allowing customers, for a monthly fee, to use Reuters Instrument Codes (RICs) in applications for data sourced from Thomson Reuters' real time consolidated datafeed competitors to which they have moved. Historically, no single individual has been permitted to own more than 15% of Reuters, under the first of the Reuters Principles, which states, "Reuters shall at no time pass into

2698-591: A number of Vice-presidents from among the commissioners. Vice-presidents manage policy areas involving multiple Commissioners. One of these includes the High Representative , who is automatically one of the Vice-presidents ex officio rather than by appointment and confirmation. Commonly referred to as the 'HR/VP' position, the High Representative also coordinates commissioners' activities involving

2840-548: A small town. Reuters later admitted to an error of mistaken identity caused by the businessman's sharing of same address with the alleged hacker. 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

2982-468: A source of competition between areas of the Commission and Commissioners themselves. This also leads to an unusually high number of press releases, and is seen as a unique product of the EU's political set-up. There is a larger press corps in Brussels than Washington, D.C.; in 2020, media outlets in every Union member-state had a Brussels correspondent . Although there has been a worldwide cut in journalists,

SECTION 20

#1732876611427

3124-418: A whole. If the European Parliament submits a negative opinion of a candidate, the President must either reshuffle them or request a new candidate from the member state to avoid the college's outright rejection by the European Parliament. Once the college is approved by parliament, it is formally appointed following a QMV vote by the European Council . Following the college's appointment, the President appoints

3266-495: Is not binding. The commission's powers in proposing law have usually centred on economic regulation. It has put forward a large number of regulations based on a " precautionary principle ". This means that pre-emptive regulation takes place if there is a credible hazard to the environment or human health: for example on tackling climate change and restricting genetically modified organisms . The European Commission has committed EU member states to carbon neutrality by 2050. This

3408-593: Is not such a mirror in creating a European civil society . The Treaty of Lisbon may go some way to resolving the perceived deficit in creating greater democratic controls on the commission, including enshrining the procedure of linking elections to the selection of the Commission president. Historically, the commission had indeed been seen as a technocratic expert body which, akin with institutions such as independent central banks , deals with technical areas of policy and therefore ought to be removed from party politics. From this viewpoint, electoral pressures would undermine

3550-410: 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

3692-648: Is opposed to weighting regulations for their effect on the economy. Thus, the Commission often proposes stricter legislation than other countries. Owing to the size of the European market, this has made EU legislation an important influence in the global market. On February 23, 2022, the European Commission published the Corporate Sustainability Due Diligence Directive which establishes a framework of due diligence for companies to identify actual or potential risks and harm to human rights and

3834-865: 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

3976-882: 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

4118-515: The Château of Val-Duchesse . It achieved agreement on a contentious cereal price accord, as well as making a positive impression upon third countries when it made its international debut at the Kennedy Round of General Agreement on Tariffs and Trade (GATT) negotiations. Hallstein notably began the consolidation of European law and started to have a notable impact on national legislation. Little heed

4260-640: The Clinton Foundation . Thomson Reuters owns and operates the Consolidated Lead Evaluation and Reporting ( CLEAR ) database, which scrapes personal and identifying data for use in law enforcement, corporate security, and fraud investigations. Per the company's marketing, CLEAR compiles public records, phone records, utility records, social media information, credit history , motor vehicle registration data, and automatic license plate reader scans to create files on its subjects. CLEAR has been

4402-735: The Council of the European Union declared a list of candidate-commissioners, which are sent to Brussels by the governments of each member state and which had to be officially approved by the parliament. In September 2024, Von der Leyen revealed her new team of European Commissioners, marking a shift to a "leaner" and more interconnected structure. The lineup featured six executive vice-presidents (EVPs) from France, Finland, Estonia, Italy, Romania, and Spain. These EVPs, including Teresa Ribera and Stéphane Séjourné , were tasked with overseeing various clusters of Commissioners and steering key policy areas such as prosperity, security, and democracy. Raffaele Fitto

Thomson Reuters - Misplaced Pages Continue

4544-408: The European Council , acting unanimously, decides to alter this number. The current number of Commissioners is 27, including the President. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to

4686-587: The European Executives , co-existed until 1 July 1967 when, under the Merger Treaty , they were combined into a single administration under President Jean Rey . Owing to the merger, the Rey Commission saw a temporary increase to 14 members—although subsequent Commissions were reduced back to nine, following the formula of one member for small states and two for larger states. The Rey Commission completed

4828-604: The High Representative by the European Council, each Commissioner is proposed by their member state (except for those states who provided the President and High Representative) in consultation with the Commission President and the Council of the European Union , who formally adopts the list of candidates. The President's proposed College of Commissioners is then subject to hearings at the European Parliament which will question them and then vote on their suitability as

4970-714: The Times and the Sunday Times to Rupert Murdoch 's News International in 1981, and instead moved into publishing, buying Sweet & Maxwell in 1988. The company at this time was known as the International Thomson Organization Ltd (ITOL). In 1989, ITOL merged with Thomson Newspapers, forming the Thomson Corporation. In 1996, the Thomson Corporation acquired West Publishing , a purveyor of legal research and services (including Westlaw ). The company

5112-598: The World Trade Organization . It is also usual for the President to attend meetings of the G7 . The commission is composed of a "College of Commissioners " of 27 members, including the President and vice-presidents. Even though each member is nominated on the basis of the suggestions made by the national governments, one per state, they do not represent their state in the commission. In practice, however, they do occasionally press for their national interest. Once proposed,

5254-501: The accession of Romania and Bulgaria in January 2007, this clause took effect for the next Commission. The Treaty of Lisbon, which came into force on 1 December 2009, mandated a reduction of the number of commissioners to two-thirds of member-states from 2014 unless the Council decided otherwise. Membership would rotate equally and no member state would have more than one Commissioner. However,

5396-435: The consumer price index ). In 2012, Thomson Reuters sold its Healthcare division to Veritas Capital , who renamed the business Truven Health Analytics . IBM Corporation acquired Truven Health Analytics on February 18, 2016, and merged it with IBM's Watson Health unit. On June 30, 2022, Francisco Partners announced the completion of acquiring Watson Health and launched a healthcare data company named Merative . Clarivate

5538-457: The environment as well as establishing processes and standards to diminish these risks. The Directive is expected to be officially adopted in 2024 and then be incorporated into domestic laws within two years by all of the European Union member states. Recently the commission has moved into creating European criminal law . In 2006, a toxic waste spill off the coast of Côte d'Ivoire , from

5680-418: The intellectual property rights directive , and on an amendment to the 2002 counter-terrorism framework decision, outlawing terrorism‑related incitement, recruitment (especially via the internet) and training. Once legislation is passed by the Council and Parliament, it is the commission's responsibility to ensure it is implemented. It does this through the member states or through its agencies . In adopting

5822-610: The supranational European Community system, following the proposal of Robert Schuman , French Foreign Minister, on 9 May 1950. Originating in 1951 as the High Authority in the European Coal and Steel Community , the commission has undergone numerous changes in power and composition under various presidents, involving three Communities. The first Commission originated in 1951 as the nine-member " High Authority " under President Jean Monnet (see Monnet Authority ). The High Authority

Thomson Reuters - Misplaced Pages Continue

5964-562: The " founding fathers of the euro ". The International Herald Tribune noted the work of Delors at the end of his second term in 1992: "Mr. Delors rescued the European Community from the doldrums. He arrived when Europessimism was at its worst. Although he was a little-known former French finance minister, he breathed life and hope into the EC and into the dispirited Brussels Commission. In his first term, from 1985 to 1988, he rallied Europe to

6106-650: 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

6248-453: The American government and police in active criminal investigations and against threats to national security or public safety. In February 2020, a group of Thomson Reuters shareholders criticized the company's involvement with ICE for immigrant tracking. In 2020, three Reuters investigative journalists, Raphael Satter, Christopher Bing and Jack Stubbs, who were conducting an investigation about

6390-607: The College of Commissioners membership increased to thirteen under the Ortoli Commission (the United Kingdom as a large member was granted two Commissioners), which dealt with the enlarged community during economic and international instability at that time. The external representation of the Community took a step forward when President Roy Jenkins , recruited to the presidency in January 1977 from his role as Home Secretary of

6532-480: The Common Foreign and Security Policy . This post, also a Vice-president of the Commission , would chair the Council of the European Union's foreign affairs meetings as well as the commission's external relations duties. The treaty further provides that the most recent European elections should be " taken into account " when appointing the President of the European Commission, and although they are still proposed by

6674-406: The Community's customs union in 1968 and campaigned for a more powerful, elected, European Parliament . Despite Rey being the first President of the combined communities, Hallstein is seen as the first President of the modern Commission. The Malfatti and Mansholt Commissions followed with work on monetary co-operation and the first enlargement to the north in 1973. With that enlargement,

6816-416: The EU (the European Council also holds individual national executive powers). However, it is the Commission that currently holds most of the executive power over the European Union . The Commission differs from the other institutions in that it alone has legislative initiative in the EU. Only the commission can make formal proposals for legislation: they cannot originate in the legislative branches. Under

6958-405: The EU, the legitimacy of the commission is mainly drawn from the vote of approval that is required from the European Parliament, along with its power to dismiss the body. Eurosceptics have therefore raised the concern of the relatively low turnout (often less than 50%) in elections for the European Parliament since 1999 . While that figure may be higher than that of some national elections, including

7100-546: 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

7242-409: The European Council; the European Parliament " elects " candidates to the office, rather than " approves " them as under the Treaty of Nice. The Barroso Commission is, in reaction to Euroscepticism , said to have toned down enforcement to increase integration. In 2014, Jean-Claude Juncker became President of the European Commission. Juncker appointed his previous campaign director and head of

SECTION 50

#1732876611427

7384-569: The European Court of Justice (Art. 245 and 247, Treaty on the Functioning of the European Union). The Barroso Commission took office in late 2004 after being delayed by objections from the Parliament, which forced a reshuffle. In 2007 the Commission increased from 25 to 27 members with the accession of Romania and Bulgaria who each appointed their own Commissioners. With the increasing size of

7526-592: The European Union, which represents governments, the European Parliament, which represents citizens , the Economic and Social Committee , which represents organised civil society, and the Committee of the Regions , which represents local and regional authorities. Through Article 17 of the Treaty on European Union the commission has several responsibilities: to develop medium-term strategies; to draft legislation and arbitrate in

7668-479: The Financial & Risk division makes for over half of the company's revenue. Thomson Reuters competes with Bloomberg L.P. , in aggregating financial and legal news. Thomson Reuters subscriptions compete with open access alternatives, accessible through open data and open source aggregators such as Unpaywall , which can help counter the increase in subscription costs (+779% in the 1995–2015 period vs. 58% for

7810-557: 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

7952-647: The Kemsley Group, a purchase that eventually gave him control of the Sunday Times . He separately acquired the Times in 1967. He moved into the airline business in 1965, when he acquired Britannia Airways , and into oil and gas exploration in 1971, when he participated in a consortium to exploit reserves in the North Sea . Following the death of Thomson, the company withdrew from national newspapers and broadcast media, selling

8094-743: The London Stock Exchange and NASDAQ . As of October 2022, it is listed only as Thomson Reuters Corporation on the New York Stock Exchange and Toronto Stock Exchange (symbol: TRI). Thomson Reuters was ranked first in Interbrand's 2010 ranking of Canadian corporate brands. In February 2013, Thomson Reuters announced it would cut 2,500 jobs to cut costs in its legal, financial and risk divisions. In October 2013, Thomson Reuters announced it would cut another 3,000 jobs, mostly in those same three divisions. The Thomson-Reuters merger transaction

8236-561: 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

8378-545: 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,

8520-564: The President delegates portfolios among each of the members. The power of a Commissioner largely depends upon their portfolio, and can vary over time. For example, the Education Commissioner has been growing in importance, in line with the rise in the importance of education and culture in European policy-making. Another example is the Competition Commissioner , who holds a highly visible position with global reach. Before

8662-421: The President of the European Commission. It has been noted by one researcher that the press releases issued by the commission are uniquely political. A release often goes through several stages of drafting which emphasises the role of the commission and is used "for justifying the EU and the Commission" increasing their length and complexity. Where there are multiple departments involved a press release can also be

SECTION 60

#1732876611427

8804-580: The Reuters Trust. Woodbridge will be allowed an exemption from the First Principle as long as it remains controlled by the Thomson family. The chief executive of the combined company is Steve Hasker, who was the chief executive for the professional division, and the chairman is David Thomson . In 2018, the company was organized around four divisions: Legal, Reuters News Agency, Tax & Accounting, and Government. Former divisions: Intellectual Property & Science, Financial & Risk, Thomson Healthcare, and Scholarly & Scientific Research. As of 2018,

8946-404: 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

9088-423: The Treaty of Lisbon, no legislative act is allowed in the field of the Common Foreign and Security Policy . In the other fields, the Council and Parliament can request legislation; in most cases the Commission initiates on the basis of these proposals. This monopoly is designed to ensure coordinated and coherent drafting of EU law . This monopoly has been challenged by some who claim the Parliament should also have

9230-636: 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

9372-456: The United Kingdom's Labour government, became the first President to attend a G8 summit on behalf of the Community. Following the Jenkins Commission , Gaston Thorn 's Commission oversaw the Community's enlargement to the south, in addition to beginning work on the Single European Act . The Commission headed by Jacques Delors was seen as giving the Community a sense of direction and dynamism. Delors and his College are also considered as

9514-450: 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

9656-506: 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

9798-558: 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

9940-461: 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

10082-407: 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

10224-687: 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

10366-498: 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

10508-416: The area of real-time market datafeeds, and particularly, whether customers or competitors were prevented from translating Reuters Instrument Codes (RICs) to alternative identification codes of other datafeed suppliers (so-called 'mapping') to the detriment of competition. In December 2012, the European Commission adopted a decision that renders legally binding the commitments offered by Thomson Reuters to create

10650-462: 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 ,

10792-530: The budget) triggered the "empty chair" crisis , ostensibly over proposals for the Common Agricultural Policy . Although the institutional crisis was solved the following year, it cost Étienne Hirsch his presidency of Euratom and later Walter Hallstein the EEC presidency, despite his otherwise being viewed as the most 'dynamic' leader until Jacques Delors . The three bodies, collectively named

10934-473: The call of the single market, and when appointed to a second term he began urging Europeans toward the far more ambitious goals of economic, monetary, and political union". The successor to Delors was Jacques Santer . As a result of a fraud and corruption scandal, the entire Santer Commission was forced by the Parliament to resign in 1999; a central role was played by Édith Cresson . These frauds were revealed by an internal auditor, Paul van Buitenen . That

11076-435: The change in name was the new relationship between the executives and the Council . Some states, such as France, expressed reservations over the power of the High Authority and wished to limit it by giving more power to the Council rather than the new executives. Louis Armand led the first Commission of Euratom . Walter Hallstein led the first Commission of the EEC , holding the first formal meeting on 16 January 1958 at

11218-728: 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

11360-581: The commission (66%) and concerning lack of transparency (36%). In 2010 the commission was sued for blocking access to documents on EU biofuel policy. This happened after media accused the Commission of blocking scientific evidence against biofuel subsidies. Lack of transparency, unclear lobbyist relations, conflicts of interests and excessive spending of the commission was highlighted in a number of reports by internal and independent auditing organisations. It has also been criticised on IT-related issues, particularly with regard to Microsoft . In September 2020,

11502-511: The commission can assume office, the college as a whole must be approved by the Parliament. Commissioners are supported by their personal cabinet who give them political guidance, while the Civil Service (the DGs, see below) deal with technical preparation. The President of the Commission is first proposed by the European Council , following a Qualified Majority Vote (QMV), taking into account

11644-420: The commission's lack of power over areas like foreign policy  – that power is held by the Council of the European Union and the European Council, which some analysts have described as another executive. Considering that under the Treaty of Lisbon, the European Council has become a formal institution with the power of appointing the commission, it could be said that the two bodies hold the executive power of

11786-514: The commission's operation and organisation. There has been criticism from a number of people that the highly fragmented DG structure wastes a considerable amount of time in turf wars as the different departments and Commissioners compete with each other. Furthermore, the DGs can exercise considerable control over a Commissioner with the Commissioner having little time to learn to assert control over their staff. According to figures published by

11928-609: The commission's powers and Prodi was dubbed by the press as something akin to a Prime Minister. Powers were strengthened again; the Treaty of Nice , signed in 2001, gave the Presidents more power over the composition of the College of Commissioners. José Manuel Barroso became president in 2004: the Parliament once again asserted itself in objecting to the proposed membership of the Barroso Commission. Owing to this opposition, Barroso

12070-510: The commission's role as an independent regulator. Defenders of the Commission point out that legislation must be approved by the Council in all areas (the ministers of member states) and the European Parliament in most areas before it can be adopted, thus the amount of legislation which is adopted in any one country without the approval of its government is limited. In 2009 the European ombudsman published statistics of citizens' complaints against EU institutions, with most of them filed against

12212-541: The commission, 23,803 persons were employed by the commission as officials and temporary agents in September 2012. In addition to these, 9230 "external staff" (e.g. Contractual agents, detached national experts, young experts, trainees etc.) were employed. The single largest DG is the Directorate-General for Translation , with a 2309-strong staff, while the largest group by nationality is Belgian (18.7%), probably due to

12354-514: The commission, Barroso adopted a more presidential style of control over the college, which earned him some criticism. However, under Barroso, the commission began to lose ground to the larger member states as countries such as France, the UK and Germany sought to sideline its role. This has increased with the creation of the President of the European Council under the Treaty of Lisbon . There has also been

12496-650: 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

12638-635: The company also sold the Physician's Desk Reference to Lee Equity Partners . The company has been highly acquisitive, completing over 200 acquisitions between 2008 and 2018. This includes: Thomson Reuters has sponsored Canadian golf champion Mike Weir and the Williams Grand Prix Engineering Formula One team. It also sponsors Marketplace , a radio show from American Public Media . Thomson Reuters, among other media corporations, also donated hundreds of thousands of dollars to

12780-510: 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

12922-412: The considerable press releases and operations such as Europe by Satellite and EuroparlTV leads many news organisations to believe they can cover the EU from these source and news agencies . The Commission shut down Presseurop on 20 December 2013, though the decision was criticised. As the commission is the executive branch, candidates are chosen individually by the 27 national governments. Within

13064-643: 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

13206-470: The databases and assets to quickly establish themselves as a credible competitive force in the marketplace in competition with the merged entity, re-establishing the pre-merger rivalry in the respective fields." These remedies were viewed as very minor given the scope of the transaction. According to the Financial Times , "the remedy proposed by the competition authorities will affect no more than $ 25m of

13348-528: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). European Commission The European Commission ( EC ) is the primary executive arm of the European Union (EU). It operates as a cabinet government , with a number of members of the Commission ( directorial system , informally known as "Commissioners") corresponding to two thirds of the number of Member States, unless

13490-444: The executive power of the EU was held by the council: it conferred on the Commission such powers for it to exercise. However, the council was allowed to withdraw these powers, exercise them directly, or impose conditions on their use. This aspect has been changed by the Treaty of Lisbon, after which the Commission exercises its powers just by virtue of the treaties. Powers are more restricted than most national executives, in part due to

13632-410: The external relations and defence cooperation of the European Union. The von der Leyen Commission also created the position of more senior Executive Vice-presidents , appointed from the three largest political groups in the European Parliament. Unlike the other vice-presidents, their mission is to manage the incumbent Commission's top priority policy areas, for which they receive additional support from

13774-597: The financial data provision business of the combined company, and because of the threat to Reuters's reputation for unbiased journalism by the appearance of one majority shareholder. Pehr Gyllenhammar , Chairman of the Reuters Founders Share Company, explained that the Reuters Trust's First Principle had been waived for the Thomson family because of the poor financial circumstances that Reuters had been in, stating, "The future of Reuters takes precedence over

13916-510: The financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999). The Thomson Corporation acquired Reuters Group plc to form Thomson Reuters on 17 April 2008. Thomson Reuters operated under a dual-listed company ("DLC") structure and had two parent companies, both of which were publicly listed — Thomson Reuters Corporation and Thomson Reuters plc. In 2009, it unified its dual listed company structure and stopped its listing on

14058-481: 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

14200-629: The first organization to report the assassination of Abraham Lincoln . The company was involved in developing the use of radio in 1923. It was acquired by the British National & Provincial Press in 1941, and it first listed on the London Stock Exchange in 1984. Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial and economic services. Key product launches included Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for

14342-460: The hands of any one interest, group or faction." However, that restriction was waived for the purchase by Thomson, whose family holding company, the Woodbridge Company currently owns 53% of the enlarged business. Robert Peston, business editor at BBC News , stated that this has worried Reuters journalists, both because they are concerned that Reuters' journalism business will be marginalized by

14484-416: 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

14626-566: 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

14768-415: 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

14910-537: The larger states. Allegations of fraud and corruption were again raised in 2004 by former chief auditor Jules Muis. A Commission officer, Guido Strack , reported alleged fraud and abuses in his department in the years 2002–2004 to OLAF, and was fired as a result. In 2008, Paul van Buitenen (the former auditor known from the Santer Commission scandal) accused the European Anti-Fraud Office (OLAF) of

15052-460: 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)

15194-400: The latest parliamentary elections (any person from the largest party can be picked ); that candidate then faces a formal election in the European Parliament . Thus this serves as a form of indirect election . If the European Parliament fails to elect the candidate, the European Council shall propose another within one month. Following the selection of the President, and the appointment of

15336-474: 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 ,

15478-404: The legislative process; to represent the EU in trade negotiations; to make rules and regulations, for example in competition policy; to draw up the budget of the European Union ; and to scrutinise the implementation of the treaties and legislation. The rules of procedure of the European Commission set out the commission's operation and organisation. Before the Treaty of Lisbon came into force,

15620-551: The licensing of related intellectual property, access to personnel, and transitional support to ensure that the buyer of each set of data can continue to update its database so as to continue to offer users a viable and competitive product. The European Commission imposed similar divestments: according to the commission's press release, "the parties committed to divest the databases containing the content sets of such financial information products, together with relevant assets, personnel and customer base as appropriate to allow purchasers of

15762-488: 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

15904-531: 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

16046-511: The merger of Thomson Financial and Reuters. (The Lipper Fiduciary Services and Lipper FMI was purchased by Broadridge Financial Solutions in May 2015.) In 2009, Thomas Reuters acquired numerous companies, including data mining provider Streamlogics, tick data company Vhayu Technologies, European PR distribution group Hugin Group, Breaking Views , and Deloitte 's Abacus corporate taxation software.That year,

16188-453: The necessary technical measures, the commission is assisted by committees made up of representatives of member states and of the public and private lobbies (a process known in jargon as " comitology "). Furthermore, the commission is responsible for the implementation of the EU budget , ensuring, along with the Court of Auditors , that EU funds are correctly spent. In particular the commission has

16330-526: The new Thomson Reuters group's $ 13bn-plus combined revenues." The transaction was cleared by the Canadian Competition Bureau. In November 2009, the European Commission opened formal antitrust proceedings against Thomson Reuters concerning a potential infringement of the EC Treaty's rules on abuse of a dominant market position (Article 82). The Commission investigated Thomson Reuters' practices in

16472-584: The off-year elections of the United States Congress , the fact that there are no direct elections for the position of Commission President calls the position's legitimacy into question in the eyes of some Eurosceptics. The fact that the commission can directly decide (albeit with oversight from specially formed 'comitology committees' ) on the shape and character of implementing legislation further raises concerns about democratic legitimacy. Even though democratic structures and methods are changing there

16614-519: The other members of the Commission in agreement with the nominated President, and the 27 members as a team are then subject to a vote of approval by the European Parliament. The current Commission is the Von der Leyen Commission , which took office in December 2019, following the European Parliament elections in May of the same year . The European Commission derives from one of the five key institutions created in

16756-560: 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

16898-404: The principles. If Reuters were not strong enough to continue on its own, the principles would have no meaning." He stated, not having met David Thomson but having discussed the matter with Geoff Beattie, the president of Woodbridge, that the Thomson family had agreed to vote as directed by the Reuters Founders Share Company on any matter that the trustees might deem to threaten the five principles of

17040-595: 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

17182-607: The record" answer for live TV. Such a situation is unique in the world. As an integral part of the Directorate-General for Communication, the Spokesperson's Service, in coordination with the Executive Communication Adviser in the President's Cabinet, supports the President and Commissioners so that they can communicate effectively. On political communication matters, the chief spokesperson reports directly to

17324-503: The right, with most national parliaments holding the right in some respects. However, the Council and Parliament may request the commission to draft legislation, though the Commission does have the power to refuse to do so as it did in 2008 over transnational collective conventions. Under the Lisbon Treaty, EU citizens are also able to request the commission to legislate in an area via a petition carrying one million signatures , but this

17466-495: 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

17608-460: The subject of numerous lawsuits alleging invasions of privacy and other violations of civil liberties. In November 2019, two groups of legal scholars and human rights activists called on Thomson Reuters to cease providing U.S. Immigration and Customs Enforcement and Palantir Technologies access to information through CLEAR, which has enabled the deportation of illegal immigrants . A company representative replied that Thomson Reuters will help

17750-502: The transition team, Martin Selmayr , as his chief of cabinet. During the Juncker presidency Selmayr has been described as "the most powerful EU chief of staff ever." In 2019, Ursula von der Leyen was appointed as President of the European Commission. She submitted the guidelines of her policy to the European Parliament on 16 July 2019, following her confirmation. She had not been considered

17892-452: The treaty was rejected by voters in Ireland in 2008 with one main concern being the loss of their Commissioner. Hence a guarantee given for a rerun of the vote was that the council would use its power to amend the number of Commissioners upwards. However, according to the treaties it still has to be fewer than the total number of members, thus it was proposed that the member state that does not get

18034-484: 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

18176-573: 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

18318-503: 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

18460-462: Was appointed despite criticism from European socialists over his hard-right affiliations. Other notable appointments included Kaja Kallas as EVP for Foreign and Security Policy, and Henna Virkkunen as EVP for Tech Sovereignty and Digital Technologies. The Commission also introduced new roles like the Commissioner for Defence and Security and the Commissioner for the Mediterranean. The commission

18602-438: 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

18744-530: Was forced to reshuffle his College before taking office. The Barroso Commission was also the first full Commission since the enlargement in 2004 to 25 members; hence, the number of Commissioners at the end of the Prodi Commission had reached 30. As a result of the increase in the number of states, the Amsterdam Treaty triggered a reduction in the number of Commissioners to one per state, rather than two for

18886-586: Was formerly the Intellectual Property and Science division of Thomson Reuters. Before 2008, it was known as Thomson Scientific. In 2016, Thomson Reuters struck a $ 3.55 billion deal in which they spun it off as an independent company, and sold it to private-equity firms Onex Corporation and Baring Private Equity Asia . In 1998, Reuters Group plc acquired Lipper Analytical as a wholly owned subsidiary. Lipper became part of Thomson Reuters in April 2008, following

19028-512: Was founded in 1851 by Paul Julius Reuter in London as a business transmitting stock market quotations. Reuter set up his "Submarine Telegraph" office in October 1851 and negotiated a contract with the London Stock Exchange to provide stock prices from the continental exchanges in return for access to London prices, which he then supplied to stockbrokers in Paris. In 1865, Reuters in London was

19170-448: 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

19312-546: 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

19454-673: Was reviewed by the U.S. Department of Justice and by the European Commission . On 19 February 2008, both the Department of Justice and the Commission cleared the transaction subject to minor divestments. The Department of Justice required the parties to sell copies of the data contained in the following products: Thomson's WorldScope, a global fundamentals product; Reuters Estimates, an earnings estimates product; and Reuters Aftermarket (Embargoed) Research Database, an analyst research distribution product. The proposed settlement further requires

19596-407: Was set up from the start to act as an independent supranational authority separate from governments; it has been described as "the only body paid to think European". The members are proposed by their member state governments, one from each. However, they are bound to act independently – free from other influences such as those governments which appointed them. This is in contrast to the Council of

19738-520: Was taken of his administration at first but, with help from the European Court of Justice , his Commission stamped its authority solidly enough to allow future Commissions to be taken more seriously. In 1965, however, accumulating differences between the French government of Charles de Gaulle and the other member states on various subjects (British entry, direct elections to Parliament, the Fouchet Plan and

19880-467: Was the first time a College of Commissioners had been forced to resign en masse , and represented a shift of power towards the Parliament. However, the Santer Commission did carry out work on the Treaty of Amsterdam and the euro. In response to the scandal, the European Anti-Fraud Office (OLAF) was created. Following Santer, Romano Prodi took office. The Amsterdam Treaty had increased

20022-738: Was the supranational administrative executive of the new European Coal and Steel Community (ECSC). It took office first on 10 August 1952 in Luxembourg City. In 1958, the Treaties of Rome had established two new communities alongside the ECSC: the European Economic Community (EEC) and the European Atomic Energy Community (Euratom). However, their executives were called "Commissions" rather than "High Authorities". The reason for

20164-503: 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

#426573