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74-515: Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris . It also provides investment management and other financial services via its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company . The Axa Group operates primarily in Western Europe , North America,

148-613: A UK business unit called SunLife to Resolution Limited . In 2021, the Gulf Insurance Group acquired AXA's holdings in the Gulf region, rebranding them as GIG in the Middle East. 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

222-766: 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

296-508: 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

370-429: 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

444-490: 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

518-646: A non-controlling interest in its former subsidiary Alliance Bernstein . In 2023, AXA has increased investments in Israel as a shareholder in three Israeli banks known to support the Israeli occupation of the West Bank : Bank Hapoalim (US$ 9.99M), Bank Leumi (US$ 6M), and Israel Discount Bank (US$ 3.4M). By August 2024, however, AXA had completed a "full divestment" from all three banks, according an analysis by ethical-investing advocacy group Ekō . In February 2023,

592-684: A private healthcare scheme for people of middle income in London . It was incorporated in 1940 with assistance from the British Medical Association , the King's Fund , and the medical royal colleges . Guardian Royal Exchange Assurance bought it in 1998 for £435 million; a year later it was bought by Sun Life & Provincial Holdings , an Axa subsidiary. Axa - Global Healthcare has previously been known as Axa PPP International, Axa Global Protect or Axa Healthcare Management. In 2017,

666-414: A role in the trade between Asia and some African countries. In January 2016, Axa created Kamet Ventures, an insurtech incubator, to build disruptive businesses in the insurance, healthcare and assistance space with an initial funding of €100 million. Some of Kamet's investments include an insurance advice platform, Anorak Technologies and an elderly care platform, Birdie Axa Investment Managers (Axa IM),

740-577: Is Axa Financial, Inc. , which is known mainly through its subsidiaries such as Axa Advisors , Axa Network , MONY (formerly Mutual of New York ), US Financial Life , and AllianceBernstein . The Equitable was acquired in 1991; the Mutual Life Insurance Company of New York (MONY) was acquired in 2004. Axa's US operations are incorporated in Delaware. In July 2008, Axa acquired ING Insurance Mexico, offering essentially

814-403: Is a global investment —management firm with offices in over 22 locations worldwide. As of 31 December 2020, it manages over €858 billion in assets on behalf of institutional and retail clients. It operates as the investment arm for Axa. AXA Asia Pacific Holdings Limited acquired MLC (Hong Kong) Limited and re-branded it as AXA (Hong Kong) Life Insurance Company Limited in 2006. In 2010, Axa sold

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888-491: Is located for €150m in June 2023. Axa headquarters is located in the 8th arrondissement of Paris . Axa, which already owned 23 Avenue Matignon, acquired the former Hotel de La Vaupalière, an 18th-century building, in the late 1990s. Architect Ricardo Bofill integrated the facade of the hotel with a modern glass building that covers the courtyard that the hotel also occupies. The complex serves as Axa's head office. Axa trades in

962-493: Is not tax free. Further, Indian tax laws include provisions to stop dividend stripping . Historically, investors were given share certificates as evidence of their ownership of shares. In modern times, certificates are not always given and ownership may be recorded electronically by a system such as CREST or DTCC , a central securities depository . As of May 2022, the United States Supreme Court

1036-410: 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

1110-852: Is the French word for a moose or elk. In 1985, Bébéar chose the name Axa. The company was founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle). It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. In 1982, it merged with the Drouot Group, owned by the Hottinguer family , becoming Mutuelles Unies/Drouot. The firm adopted the Axa name in 1985. Axa took over The Equitable in 1991 and bought Union des Assurances De Paris (UAP), France's largest insurer, in 1996 to become Axa-UAP. It reverted to

1184-865: 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

1258-644: 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 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 ,

1332-781: The history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were 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

1406-604: The subsidiary Axa - Global Healthcare became an independent Managing General Agent, selling and administering international health insurance products. While Axa Health provides insurance across the UK, Axa - Global Healthcare caters to those needing health insurance around the world. In 2018, Axa - Global Healthcare launched a Virtual Doctor service for its customers with outpatient cover and in 2020 offered it across all plans. Provided by Teladoc Health , it offers anytime access to medical advice by phone or video by doctors located around

1480-1049: The AMP brand. In April 2016 Axa unveiled a partnership with Lloyd's of London insurer Chaucer Holdings to enter the growing market of speciality insurance in Africa. Axa Africa Specialty Risks helps to mitigate risks through its coverholder, Chaucer Syndicate 1084 and Axa Africa Specialty Risks 6130. Axa ASR focuses on specialty and corporate lines, with coverage and an on-the-ground presence across Africa. Axa and Lloyd's both have excellent international financial strength ratings (AA- by Fitch and A+ by Standard & Poor's). The lines of business include: Political Risk, Political Violence and Terrorism, Energy, Construction, Property, Liability, Marine and Aviation. Since 2014 Axa has made several acquisitions of other insurers in an attempt to expand. Axa already operates in Cameroon, Egypt, Gabon, Ivory Coast, Morocco, Nigeria, Senegal and Algeria. Axa Africa also has

1554-400: The Drouot Group in 1982, chairman and CEO Claude Bébéar hired an outside consultant to conduct a computer-aided search for a new name. Bébéar wanted a short and snappy name to convey vitality and could be pronounced the same way in every language, consistent with the group's desire for an international presence. Initially, "Elan" was the top choice, but Canadian executives balked because "elan"

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1628-551: 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

1702-663: 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 the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

1776-643: The Indian Pacific region, and the Middle East , with a presence in Africa as well. It is a component of the Euro Stoxx 50 stock market index . In 2023, the company was ranked 48th in the Forbes Global 2000 . Despite being written by the company in upper case, "AXA" is not an acronym . It was chosen because its name can be pronounced easily by people who speak any language. After acquiring

1850-575: 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

1924-561: The Israeli arms group Elbit Systems following pressure from the Boycott, Divestment and Sanctions movement. The move followed several years of campaigning by NGOs, including an April 2018 petition launched by SumOfUs that received 140,000 signatures, leading AXA to “quietly reduce” its investments in Elbit and Israeli banks. AXA remains indirectly invested in Elbit and Israeli banks through

1998-574: 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

2072-558: 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,

2146-586: 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 the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

2220-464: 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

2294-636: 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

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2368-469: The United Kingdom as Axa UK, with subsidiaries including Axa Insurance, Axa Wealth and Axa Health. AXA PPP International was the trading name for AXA PPP healthcare's international health insurance division, which was later rebranded as AXA - Global Healthcare on 1 January 2017. The company bought the online insurer Swiftcover , notorious for its controversial Iggy Pop TV advertising campaign which

2442-541: 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

2516-506: 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

2590-614: 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

2664-461: 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

2738-477: 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

2812-636: 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 was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

2886-629: 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

2960-456: 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

3034-469: 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 ,

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3108-742: 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

3182-654: 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

3256-549: The company sold a 7.94% stake in Banca Monte dei Paschi di Siena (MPS) to institutional investors . The package included approximately 100,000,000 MPS shares at a price of €2.33 ($ 2.5) per share, for a total transaction value of €233 million ($ 250 million). Axa retained 0.0007% of the Italian bank's capital. Axa Investment Managers acquired France's Bry-sur-Marne film studio and the 12 hectare plot of land on which it

3330-510: 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

3404-643: 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

3478-521: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Share (finance) In financial markets , a share (sometimes referred to as stock or equity ) is a unit of equity ownership in the capital stock of a corporation. It can refer to units of mutual funds , limited partnerships , and real estate investment trusts . Share capital refers to all of

3552-426: The firm announced that it would stop investing in tobacco shares and bonds and allow its portfolio of tobacco-related bonds to run off. On 12 September 2018, Axa acquired XL Group Ltd., a Bermuda-based property and casualty commercial lines insurer and reinsurer, for $ 15.3 billion. In October 2019, the company sold Axa Bank Belgium to Crelan for €620 million (US$ 688.51 million). In 2019, AXA partially disinvested from

3626-481: 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

3700-416: 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

3774-415: 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

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3848-460: 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)

3922-474: 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 ,

3996-434: 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

4070-480: 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

4144-489: The name Axa in 1999. In February 1999, Axa acquired Guardian Royal Exchange . In May 2000, it acquired all shares it did not already own in Sun Life & Provincial Holdings . On 14 June 2006, Axa acquired Winterthur Group from Credit Suisse for approximately €9 billion. As of 2011, Axa was the second most powerful transnational corporation in terms of corporate control over global financial stability . In May 2016,

4218-409: The ownership of shares is a dividend . There are different types of shares such as equity shares, preference shares, deferred shares, redeemable shares, bonus shares, right shares, and employee stock option plan shares. Shares are valued according to the various principles in different markets , but a basic premise is that a share is worth the price at which a transaction would be likely to occur were

4292-560: 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

4366-611: 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

4440-543: The same services that ING offered. Axa then sued an ING Group subsidiary over alleged misrepresentations in the $ 1.5 billion sale stating it suffered "tens (if not hundreds) of millions of dollars in damages." In 1995 the Axa Group purchased a 51 per cent controlling interest in Australian life insurer, National Mutual It was rebranded Axa. In March 2011, Axa agreed to merge its Australian operations with AMP under

4514-462: 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 the international oil market. Iran was unable to sell any of its oil. In August 1953,

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4588-430: The shares of an enterprise. The owner of shares in a company is a shareholder (or stockholder) of the corporation . A share expresses the ownership relationship between the company and the shareholder. The denominated value of a share is its face value, and the total of the face value of issued shares represent the capital of a company, which may not reflect the market value of those shares. The income received from

4662-452: The shares offers limited control over the business if this is held by a majority shareholder. Tax treatment of dividends varies between tax jurisdictions. For instance, in India , dividends are tax free in the hands of the shareholder up to INR 1 million, but the company paying the dividend has to pay dividend distribution tax at 12.5%. There is also the concept of a deemed dividend , which

4736-439: The shares to be sold. The liquidity of markets is a major consideration as to whether a share is able to be sold at any given time. An actual sale transaction of shares between buyer and seller is usually considered to provide the best prima facie market indicator as to the "true value" of shares at that particular time. A minority discount is usually applied when valuing a minority shareholding (less than 50%), where ownership of

4810-459: 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 the strong influence of

4884-593: The training kits of the team. In 2020, the partnership was cemented further, when they purchased the naming rights to the club's newly built training centre , which became officially known as 'The AXA Training Centre.' In 2016, Axa Wealth was sold to the Phoenix Group . AXA Health sells private medical insurance in the UK and was known as AXA PPP Healthcare until 2020. It was previously the London Association for Hospital Services, set up in 1938 as

4958-526: The world who speak more than 15 languages and is targeted at expatriates . Axa established a presence in Ireland in 1999 when it bought British-based Guardian Royal Exchange , which had previously acquired PMPA. PMPA, Private Motorists Protection Association, was at the time one of Ireland's biggest insurance companies. It is the third-largest general insurer in the Republic of Ireland. In August 2023, it

5032-573: 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

5106-503: 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

5180-619: Was announced Axa had acquired the Little Island, Cork -headquartered health insurance company, Laya Healthcare for €650 million. Axa Canada marketed insurance in Quebec , Ontario , Western Canada and Atlantic Canada . In 2009 it had a total of approximately 2300 employees and 4000 brokers and advisors. The head office was in Montreal , Quebec. In 2011 it was sold to Intact Financial Corp. for C$ 2.6 billion. The American arm of Axa

5254-448: 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

5328-546: 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

5402-501: 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 was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

5476-677: Was subsequently banned. In September 2013, Axa Wealth was fined £1.8 million by the FCA for failing to ensure it gave suitable investment advice to its customers. The regulator says it found "serious defects" in the way Axa advisers in Clydesdale Bank, Yorkshire Bank and the West Bromwich Building Society advised customers on investments. In 2018, they became the 'Official Global Insurance' partner of Premier League team Liverpool F.C. and in 2019, began sponsoring

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