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138-558: Alstom SA is a French multinational rolling stock manufacturer which operates worldwide in rail transport markets. It is active in the fields of passenger transportation, signaling, and locomotives, producing high-speed, suburban, regional and urban trains along with trams. The company and its name (originally spelled Alsthom) was formed by a merger between the electric engineering division of Société Alsacienne de Constructions Mécaniques (Als) and Compagnie Française Thomson-Houston (thom) in 1928. Significant acquisitions later included

276-620: A "TGV commuter belt" around Paris; the TGV also serves Charles de Gaulle Airport and Lyon–Saint-Exupéry Airport . A visitor attraction in itself, it stops at Disneyland Paris and in southern tourist cities such as Avignon and Aix-en-Provence as well. Brest , Chambéry , Nice , Toulouse and Biarritz are reachable by TGVs running on a mix of LGVs and modernised lines. In 2007, the SNCF generated profits of €1.1 billion (approximately US$ 1.75 billion, £875 million) driven largely by higher margins on

414-465: A $ 16.9 billion offer, comprising a $ 13.5 billion value plus $ 3.4 billion cash. On 5 May, GE offered to buy one-fourth of the shares in Alstom's Indian power and distribution companies – Alstom T&D India and Alstom India – at 261.25 and 382.20 rupees a share (value US$ 278 million and $ 111 million respectively) subject to its bid for Alstom SA being successful. On 5 May 2014,

552-573: A 2003 deal in Indonesia valued at $ 118 million in particular. On April 13, 2013, Alstom senior executive Frédéric Pierucci was arrested at the John F. Kennedy International Airport in New York . He was accused of willful blindness of his company's suspected corruption and was imprisoned in a high security facility for 14 months and denied release on bail until the week of Alstom's acquisition by

690-531: A 51% shareholding in Linke-Hofmann-Busch from Salzgitter AG . In 1995, the company acquired the remaining shares in the steam turbine manufacturer MAN Energie . In early 1998, GEC Alsthom acquired the electrical contractor Cegelec , renaming it Alstom Power Conversion . In 1998, GEC Alsthom bought Italian firm SASIB 's rail signalling subsidiary Sasib Railways , which included the former General Railway Signal (USA). In June 1998, GEC Alsthom

828-721: A Duplex set plus a Reseau set. Each set has a wheelchair accessible compartment. After a lengthy development process starting in 1988 (during which they were known as the TGV-2N) the original batch of 30 was built between 1995 and 1998. Further deliveries started in 2000 with the Duplex fleet now totaling 160 units, making it the backbone of the SNCF TGV-fleet. They weigh 380 tonnes and are 200 m (656 ft 2 in) long, made up of two power cars and eight carriages. Extensive use of aluminum means that they weigh not much more than

966-766: 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

1104-576: A capacity of 377 seats. They have a top speed of 320 km/h (199 mph). They are 200 m (656 ft 2 in) long and are 2.90 m (9 ft 6 in) wide. The bi-current sets weigh 383 tonnes: owing to axle-load restrictions in Belgium the tri-current sets have a series of modifications, such as the replacement of steel with aluminum and hollow axles, to reduce the weight to under 17 t per axle. Owing to early complaints of uncomfortable pressure changes when entering tunnels at high speed on

1242-460: A capacity of 485 seats. They were built with a maximum speed of 300 km/h (186 mph) and 8,800 kW of power under 25 kV. The efficiency of the Atlantique with all seats filled has been calculated at 767 PMPG , though with a typical occupancy of 60% it is about 460 PMPG (a Toyota Prius with three passengers is 144 PMPG). Modified unit 325 set the world speed record in 1990 on

1380-518: A consortium of Alstom ( Alstom Wind ), EDF , and DONG Energy was awarded three major French offshore wind farm contracts, the company initiated construction of factories at Cherbourg-en-Cotentin (turbine blades in association with LM Power , also wind turbine towers) and Saint-Nazaire (Nacelles and generators). Also in 2012, the company formed a joint venture with RusHydro to manufacture hydropower equipment for small and medium power hydropower plants. (up to about 100MW.) Late in 2012, to further

1518-508: 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

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1656-559: A design flaw inherited from the acquisition of ABB 's turbine business, in addition to losses in other business sectors. In 2014, General Electric (GE) announced that it reached a deal to purchase Alstom's power and grid divisions for US$ 17 billion (€12.4 billion). The deal came under heavy scrutiny from French regulators who saw the business as a strategically important domestic industry. To secure approval, GE agreed to form joint ventures with French companies in power generation and transmission, Alstom's heavy gas turbine business

1794-429: 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

1932-402: A further 10% stake from shareholder Bouygues and an option to form a rail transport joint venture. On 19 June, GE revised its bid, matching the same price with a lower cash transaction value; it also proposed forming a joint venture of their renewable, electric grid, steam turbine and nuclear power businesses. GE announced a memorandum of understanding between the two firms in the rail sector and

2070-588: A greater product overlap and thus a greater risk to jobs, along with potential issues with EU competition regulators. Siemens' offer was characterised as "defensive", being skeptically received by investors and analysts. On 29 April, Reuters reported that Alstom's board had accepted a €10 billion bid by GE for its energy division; In a letter from GE executive Jeffrey R. Immelt to President François Hollande published in Les Echos , Immelt gave assurances about continued investment in Alstom's French activities,

2208-467: A high-speed rail network in 1966. It presented the project to President Georges Pompidou in 1974 who approved it. Originally designed as turbotrains to be powered by gas turbines , TGV prototypes evolved into electric trains with the 1973 oil crisis . In 1976 the SNCF ordered 87 high-speed trains from Alstom . Following the inaugural service between Paris and Lyon in 1981 on the LGV Sud-Est ,

2346-508: A major publicity campaign focusing on the speed, frequency, reservation policy, normal price, and broad accessibility of the service. This commitment to a democratised TGV service was enhanced in the Mitterrand era with the promotional slogan "Progress means nothing unless it is shared by all". The TGV was considerably faster (in terms of door to door travel time) than normal trains, cars , or aeroplanes . The trains became widely popular,

2484-490: 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

2622-482: A number of other countries: SNCF and Alstom are investigating new technology that could be used for high-speed transport. The development of TGV trains is being pursued in the form of the Automotrice à grande vitesse (AGV) high-speed multiple unit with motors under each carriage. Investigations are being carried out with the aim of producing trains at the same cost as TGVs with the same safety standards. AGVs of

2760-409: A phase break zone. Just before this section, train operators must power down the motors (allowing the train to coast ), lower the pantograph, adjust a switch to select the appropriate system, and raise the pantograph. Once the train exits the phase break zone and detects the correct electric supply, a dashboard indicator illuminates, and the operator can once again engage the motors. The Sud-Est fleet

2898-427: A power output of 9,600 kW and a top speed of 320 km/h (199 mph). Unlike TGV-A, TGV-R and TGV-D, they have asynchronous motors, and isolation of an individual motor is possible in case of failure. The bi-current TGV 2N2 (Avelia Euroduplex) can be regarded as the 3rd generation of Duplex. The series was commissioned from December 2011 for links to Germany and Switzerland (tri-current trains) and to cope with

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3036-426: A powered bogie in the carriages adjacent to the power cars. They are 200 m (656 ft 2 in) long and 2.81 m (9 ft 3 in) wide. They weighed 385 tonnes (849,000 lb) with a power output of 6,450 kW under 25 kV. The sets were originally built to run at 270 km/h (168 mph) but most were upgraded to 300 km/h (186 mph) during mid-life refurbishment in preparation for

3174-595: A reported cost of €54 million. As a consequence of an alignment agreement between Transmashholding and another entity, LocoTech-Service , Alstom's stake in the former decreased to 20% in August 2018. In 2011, Alstom and the Iraqi government signed a memorandum of understanding regarding the construction of a new high-speed rail line between Baghdad and Basra . In 2012, Alstom opened construction of factories at Sorel-Tracy , Quebec, Canada (passenger rail vehicles). After

3312-405: A set of semi-permanently coupled articulated un-powered coaches . Cars are connected with Jacobs bogies , a single bogie shared between the ends of two coaches. The only exception are the end cars, which have a standalone bogie on the side closest to the power car, which is often motorized. Power cars also have two bogies. Trains can be lengthened by coupling two TGVs, using couplers hidden in

3450-558: A variant of their TGV family specially designed for traversing the Channel Tunnel between the UK and France. Although collectively operated by Eurostar , the type was ordered by three different railway companies: 16 by SNCF , four by NMBS/SNCB , and 18 by British Rail , of which seven were shortened North of London sets. The first Class 373 set was completed at GEC Alstom's Belfort facility during 1992. In 1994, GEC Alsthom acquired

3588-682: A €700 million deal), refocused on rail transport. Due to the acquisition, GE accrued $ 17.3bn of goodwill, consisting of Alstom's negative book value of $ 7.2bn at the time of acquisition and the $ 10.1bn purchase price. In October 2018, GE wrote-off $ 23bn from the value of its power industry division, largely attributed to the Alstom purchase. In November 2015, Alstom was awarded a contract by the Indian Railways to construct an electric locomotive factory in Madhepura ( Bihar ), receiving an initial order of 800 twin-section 9MW locomotives for use on

3726-526: Is 279.3 km/h (173.5 mph). This record was surpassed on 26 December 2009 by the new Wuhan–Guangzhou high-speed railway in China where the fastest scheduled train covered 922 km (573 mi) at an average speed of 312.54 km/h (194.20 mph). A Eurostar (TGV) train broke the record for the longest non-stop high-speed international journey on 17 May 2006 carrying the cast and filmmakers of The Da Vinci Code from London to Cannes for

3864-420: Is needed to split carriages, by lifting up cars off a bogie. Once uncoupled, one of the carriage ends is left without support, so a specialized frame is required. SNCF prefers to use power cars instead of electric multiple units because it allows for less electrical equipment. There are six types of TGV equipment in use, all built by Alstom : Retired sets: Several TGV types have broken records, including

4002-410: 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

4140-865: 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

4278-482: The Cannes Film Festival . The 1,421-kilometre (883 mi) journey took 7 hours 25 minutes on an average speed of 191.6 km/h (119.1 mph). The fastest single long-distance run on the TGV was done by a TGV Réseau train from Calais-Frethun to Marseille (1,067.2 km (663.1 mi)i) in 3 hours 29 minutes at a speed of 306 km/h (190 mph) for the inauguration of

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4416-641: The Eastern Dedicated Freight Corridor , valued at ₹190 billion (about US$ 2.9 billion). This factory was to be operated under a joint venture with the Ministry of Railways (26%) at a cost of ₹ 13 billion (roughly US$ 200 million). In September 2015, it was announced that Amtrak would award Alstom a contract for $ 2.5 billion for the next generation high-speed train sets for the Northeast Corridor . This would result in

4554-456: The French : Constructions Électriques de France , Tarbes; a manufacturer of electric locomotives as well as electrical and hydraulic equipment. In 1969, Compagnie Générale d'Électricité (CGE) became the majority shareholder of Alsthom. In 1976, Alsthom merged with Chantiers de l'Atlantique , becoming Alsthom Atlantique. Thus, the business expanded into marine. The next year, it constructed

4692-671: The Gare de Champagne-Ardenne and Gare de Lorraine on the LGV Est , not surpassed until the 2013 reported average of 283.7 km/h (176.3 mph) express service on the Shijiazhuang to Zhengzhou segment of China's Shijiazhuang–Wuhan high-speed railway . During the engineering phase, the Transmission Voie-Machine (TVM) cab-signalling technology was developed, as drivers would not be able to see signals along

4830-706: The Jacobs bogies . The first Réseau (Network) sets entered service in 1993. Fifty bi-current sets were ordered in 1990, supplemented by 40 tri-current sets in 1992/1993 (adding 3,000 V DC system used on traditional lines in Belgum). Ten tri-current sets carry the Eurostar Red (ex- Thalys ) livery and are known as the PBA (Paris-Brussels-Amsterdam) sets. They are formed of two power cars (8,800 kW under 25 kV – as TGV Atlantique) and eight carriages, giving

4968-550: The LGV Méditerranée on 26 May 2001. On 28 November 2003, the TGV network carried its one billionth passenger, a distant second only to the Shinkansen's five billionth passenger in 2000. Excluding international traffic, the TGV system carried 98 million passengers during 2008, an increase of 8 million (9.1%) on the previous year. All TGV trains have two power cars , one on each end. Between those power cars are

5106-755: The Prevention of Corruption Act 1906 and Criminal Law Act 1977 . Further charges were brought in late 2014 by the SFO in relation to corrupt practices used to obtain energy contracts in Lithuania. Additional charges relating to contracts for the Budapest Metro in Hungary were added in April 2015. In December 2018, three executives of Alstom were found guilty of conspiracy to corrupt following an investigation by

5244-644: 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 ,

5382-1172: The V150 and TGV 001 . V150 was a specially modified five-car double-deck trainset that reached 574.8 km/h (357.2 mph) under controlled conditions on a test run. It narrowly missed beating the world train speed record of 581 km/h (361 mph). The record-breaking speed is impractical for commercial trains due to motor overcharging, empty train weight, rail and engine wear issues, elimination of all but three coaches, excessive vibration, noise and lack of emergency stopping methods . TGVs travel at up to 320 km/h (199 mph) in commercial use. All TGVs are at least bi-current , which means that they can operate at 25 kV 50 Hz AC (used on LGVs) and 1,500 V DC (used on traditional lines). Trains travelling internationally must accommodate other voltages ( 15 kV  16.7 Hz AC or 3,000 V DC ), requiring tri-current and quad-current TGVs. Each TGV power car has two pantographs: one for AC use and one for DC. When passing between areas with different electric systems (identified by marker boards), trains enter

5520-781: 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

5658-551: The 1,067.2 kilometres (663.1 mi) from Calais to Marseille in 3 hours and 29 minutes. In 1986, Alsthom Belfort received an order from EDF for the largest gas turbine in the world (212 MW). In 1988–89, holding company CGEE Alsthom acquired ACEC Énergie (hydroturbines and electrical equipment for the nuclear industry) and ACEC Automatisme (automation) from the dissolution of Belgian electrical engineering company ACEC . Alsthom acquired 100% of ACEC's transport division, renaming it ACEC Transport . In early 1989, GEC Alsthom

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5796-589: The Constructions Électriques de France (1932), shipbuilder Chantiers de l'Atlantique (1976), and parts of ACEC (late-1980s). A merger with parts of the British General Electric Company formed GEC Alsthom in 1989. Throughout the 1990s, the company expanded its holdings in the rail sector, acquiring German rolling stock manufacturer Linke-Hofmann-Busch and Italian rail signaling specialist Sasib Railways. In 1998, GEC Alsthom

5934-551: 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

6072-663: 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

6210-470: The French government stated it did not back GE's bid, citing concerns on the future of Alstom's rail division as a smaller separate entity, suggesting that GE transfer its own rail division to Alstom; other concerns were over the civil nuclear field's national independence, and French jobs. On 14 May, France issued a decree ( Décret n° 2014-479 du 14 mai 2014 .), nicknamed " décret Alstom ", extending to power of

6348-509: The French government's 21% holding in Alstom for €2 billion. Later that year, Bouygues elected to increase its shareholding in the firm to 24%. In 2007, the TGV POS set the world speed record for rail vehicles of 574.8 kilometres per hour (357.2 mph). In March, Alstom acquired Power Systems Manufacturing LLC ( Florida , USA) a manufacturer of gas turbine components from Calpine Corporation for $ 242 million. In June, Alstom acquired

6486-755: The French state agreed terms with Bouygues, buying a 20% stake in Alstom from Bouygues at a 2–5% discount on a minimum value of ≈€35 per share. Initially, the acquisition was expected to be finalised by early 2015. In early 2015, the EU Competition Commission began examining the deal. Both EU and US competition regulators approved the deal by September 2015, subject to the divestiture of Alstom's large and very large gas turbine (GT26 and GT36 models) manufacturing and service business; and its GE7FA gas turbine aftermarket parts subsidiary business, Power Systems Mfg. LLC (PSM), to another company, Ansaldo Energia . The sale of Alstom's energy division to GE

6624-492: The French state placed an order of about €650 million for 15 TGV Euroduplex trains; an order for 20 locomotives; plus an order for 30 intercity trains to be built at Reichshoffen. Together, these orders were sufficient to prevent the Belfort plant's closure in the short to medium term. In June 2017, Alstom opened the largest train modernisation facility in the UK at Halebank on the outskirts of Liverpool . Initial work involved

6762-575: 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

6900-474: The LGV Atlantique before its opening. Modifications such as improved aerodynamics , larger wheels and improved braking were made to enable speeds of over 500 km/h (311 mph). The set was reduced to two power cars and three carriages to improve the power-to-weight ratio, weighing 250 tonnes. Three carriages, including the bar carriage in the centre, is the minimum possible configuration because of

7038-606: The LGV Atlantique, the Réseau sets are now pressure-sealed. They can be coupled to a Duplex set. The Duplex was built to increase TGV capacity without increasing train length or the number of trains. Each carriage has two levels, with access doors at the lower level taking advantage of low French platforms . A staircase gives access to the upper level, where the gangway between carriages is located. There are 512 seats per set. On busy routes such as Paris-Marseille they are operated in pairs, providing 1,024 seats in two Duplex sets or 800 in

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7176-706: The Netherlands (former Thalys ), as well as to the United Kingdom ( Eurostar ). Several future lines are under construction or planned, including extensions within France and to surrounding countries. The Mont d'Ambin Base Tunnel , part of the LGV Lyon–Turin that is currently under construction, is set to become the longest rail tunnel in the world. Cities such as Tours and Le Mans have become part of

7314-514: 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

7452-558: 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,

7590-563: The SFO into allegations of several Lithuanian politicians and officials being offered bribes in return for securing contracts. In February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements . Alstom has been listed on the database in light of its involvement in activities related to "the provision of services and utilities supporting

7728-586: 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)

7866-569: The Spanish wind turbine manufacturer Ecotècnia, renamed as Alstom Ecotècnia (since 2010 Alstom Wind ). The company also adopted a new graphic chart (logo, corporate identity) using "alstom" as its trading name, reserving "Alstom SA" for legal documents. In 2009, Alstom acquired a 25% stake in the Russian locomotive manufacturer Transmashholding . Six years later, Alstom decided to increase its shareholding in Transmashholding to 33% at

8004-523: The TGV Réseau sets they supplement. The bi-current power cars provide 8,800 kW, and they have a slightly increased speed of 320 km/h (199 mph). Duplex TGVs run on all of French high-speed lines. TGV POS (Paris-Ostfrankreich-Süddeutschland or Paris-Eastern France-Southern Germany) are used on the LGV Est. They consist of two Duplex power cars with eight TGV Réseau-type carriages, with

8142-582: The TGV network. The idea of the TGV was first proposed in the 1960s, after Japan had begun construction of the Shinkansen in 1959. At the time the Government of France favoured new technology, exploring the production of hovercraft and the Aérotrain air-cushion vehicle. Simultaneously, the SNCF began researching high-speed trains on conventional tracks. In 1976, the administration agreed to fund

8280-464: 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

8418-636: 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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8556-733: The US conglomerate General Electric . In late 2014, Alstom was fined $ 772 million by the DOJ, and admitted guilt under the Foreign Corrupt Practices Act in relation to bribes paid to obtain contracts in various countries. In mid-2014, Alstom Network UK was charged by the UK Serious Fraud Office (SFO) in relation to corruption offences alleged to have been committed when obtaining transportation contracts in India, Poland and Tunisia, covered under sections 1 of

8694-541: 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

8832-506: 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

8970-614: 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

9108-461: 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

9246-477: 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

9384-696: 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

9522-407: 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

9660-401: 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

9798-422: The basis of early TGV designs, including the distinctive nose shape of the first power cars. Changing the TGV to electric traction required a significant design overhaul. The first electric prototype, nicknamed Zébulon, was completed in 1974, testing features such as innovative body mounting of motors, pantographs , suspension and braking . Body mounting of motors allowed over 3 tonnes to be eliminated from

9936-469: 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 ,

10074-742: 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

10212-654: 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

10350-480: The company bought out ABB's share in the former joint venture ABB Alstom Power. In 2000, Alstom sold its diesel engine businesses ( Ruston , Paxman , and Mirrlees Blackstone ) to MAN Group . It also acquired a 51% stake in Italian rail manufacturer Fiat Ferroviaria , a world leader in tilting technology. In April 2003, Alstom sold its industrial turbine business to Siemens for €1.1 billion. By 2003, Alstom

10488-770: The company signed a letter of agreement to purchase the transportation division of the financially struggling Bombardier Inc. The purchase was finalized in January 2021. Alsthom was founded in 1928 from the merger of French heavy engineering subsidiary of the Thomson-Houston Electric Company – the Compagnie Française Thomson Houston, CFTH – and the Société Alsacienne de Constructions Mécaniques . In 1932, Alsthom expanded into transportation by acquiring

10626-510: 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

10764-604: The creation of 750 jobs across upstate New York with 400 direct manufacturing jobs at Alstom. The order for 28 Avelia Liberty trainsets was officially confirmed in August 2016 by Amtrak. These trainsets are manufactured at Alstom's plant in Hornell, New York . In March 2016, a joint venture of Alstom and Gibela began construction of a new 60,000 square metres (650,000 sq ft) train building factory in Dunnotar , outside of Johannesburg , South Africa . Initial orders for

10902-643: 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

11040-522: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). TGV The TGV ( French: [teʒeve] ; Train à Grande Vitesse , [tʁɛ̃ a ɡʁɑ̃d vitɛs] , "high-speed train"; formerly TurboTrain à Grande Vitesse ) is France's intercity high-speed rail service. With commercial operating speeds of up to 320 km/h (200 mph) on

11178-706: The development of its tidal energy business, Alstom acquired Tidal Generation Ltd from Rolls-Royce , however this was later sold to GE in 2015 as part of the sale of Alstom's energy business. In November 2013, Alstom announced it planned to raise €1 to €2 billion through sale of some non-core assets, plus the possible sale of a stake in Alstom Transport, and cut 1,300 jobs. In 2014, Alstom sold its steam auxiliary components activities (air preheaters and gas-gas heaters for thermal power, other industrial heat transfer equipment, and grinding mills) to Triton Partners for €730 million. In November 2014 Alstom

11316-470: The diesel locomotive manufacturer Meinfesa to Vossloh , and Alstom Power Rentals to APR LLC. Six years later, Alstom re-acquired the electric power transmission division of Areva. In 2005, the former Metro-Cammell rail vehicle works in Washwood Heath closed. In the same year, Alstom sold its Australian subsidiary, Alstom Transport Australia and New Zealand, to United Group , which became part of

11454-497: The factory included 580 X'Trapolis Mega passenger trains for Passenger Rail Agency of South Africa under a €4 billion contract that was awarded in 2013. In September 2016, Alstom announced it was to cease locomotive manufacturing at its Belfort (France) site by 2018 due to low orders; remaining production activity was to be transferred to its facility of Alstom DDF in Reichshoffen , Alsace . However, during October 2016,

11592-481: 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

11730-513: The first 1300 MW generator set for the Paluel Nuclear Power Plant , setting a world record with an output of 1500 MW. In 1978, Alsthom delivered its first TGV to SNCF . The TGV went on to break world rail speed records in 1981 (at 380 kilometres per hour (240 mph)) and in 1990 (at 515.3 kilometres per hour (320.2 mph)). It also set the world endurance record for high-speed train lines in 2001, travelling

11868-516: The first line. By the mid-1990s, the trains were so popular that SNCF president Louis Gallois declared that the TGV was "the train that saved French railways". It was originally planned that the TGV, then standing for très grande vitesse ("very high speed") or turbine grande vitesse ("high-speed turbine"), would be propelled by gas turbines , selected for their small size, good power-to-weight ratio and ability to deliver high power over an extended period. The first prototype, TGV 001 ,

12006-432: The first production version was delivered on 25 April 1980. The TGV opened to the public between Paris and Lyon on 27 September 1981. Contrary to its earlier fast services, SNCF intended TGV service for all types of passengers, with the same initial ticket price as trains on the parallel conventional line. To counteract the popular misconception that the TGV would be a premium service for business travellers, SNCF started

12144-416: 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

12282-571: The increased traffic due to the opening of the LGV Rhine-Rhone. They are numbered from 800 and are limited to 320 km/h (199 mph). ERTMS makes them compatible to allow access to Spain similar to Dasye . The design that emerged from the process was named TGV M , and in July 2018 SNCF ordered 100 trainsets with deliveries expected to begin in 2024. They are expected to cost €25 million per 8-car set. TGV technology has been adopted in

12420-415: 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

12558-436: The large amount of kinetic energy of a train at high speed, high-speed aerodynamics, and signalling. It was articulated, comprising two adjacent carriages sharing a bogie , allowing free yet controlled motion with respect to one another. It reached 318 km/h (198 mph), which remains the world speed record for a non-electric train. Its interior and exterior were styled by French designer Jacques Cooper, whose work formed

12696-460: 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)

12834-543: The latter's UGL Rail division. Alstom would restart its manufacturing operations in Australia by the early 2010s. In 2006, Alstom sold its Marine Division to the Norwegian group Aker Yards , with a commitment to retain 25% of the shares until 2010; it also sold Alstom Power Conversion, which became Converteam , in a leveraged buy-out deal funded by Barclays Private Equity France SAS. In June 2006, Bouygues acquired

12972-474: 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 ,

13110-501: The maintenance and existence of settlements" and "the use of natural resources, in particular water and land , for business purposes". On 5 July 2021, Norway 's largest pension fund KLP said it would divest from Alstom together with 15 other business entities implicated in the UN report for their links to Israeli settlements in the occupied West Bank. On 24 April 2014, unconfirmed reports claimed that US conglomerate General Electric (GE)

13248-550: The marine market. Alstom's share price had dropped by 90% over two years. European competition commission law required Alstom to sell several of its subsidiaries, including its shipbuilding and electrical transmission assets, when it accepted a €3.2 billion rescue plan involving the French state. In 2004, the French state took a 21% stake in Alstom for €772 million and Alstom received an EU-approved bailout worth in total €2.5 billion. The company sold its electrical transmission and distribution ("grid") activities to Areva ,

13386-434: 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

13524-480: 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

13662-697: The multinational train maker headquartered in Berlin , Germany for between €5.8 billion and €6.2 billion. The deal required the approval by Alstom shareholders at a meeting to be held in October 2020 and approval by European regulators. Bombardier's major shareholder, Caisse de dépôt et placement du Québec , had already agreed to the sale. 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

13800-607: The network, centred on Paris, has expanded to connect major cities across France, including Marseille , Lille , Bordeaux , Strasbourg , Rennes and Montpellier , as well as in neighbouring countries on a combination of high-speed and conventional lines. The success of the first high-speed service led to a rapid development of Lignes à Grande Vitesse (LGVs, "high-speed lines") to the south ( Rhône-Alpes , Méditerranée , Nîmes–Montpellier ), west ( Atlantique , Bretagne-Pays de la Loire , Sud Europe Atlantique ), north ( Nord , Interconnexion Est ) and east ( Rhin-Rhône , Est ). Since it

13938-514: The newer lines, the TGV was conceived at the same period as other technological projects such as the Ariane 1 rocket and Concorde supersonic airliner; sponsored by the Government of France , those funding programmes were known as champion national (" national champion ") policies. In 2023 the TGV network in France carried 122 million passengers. The state-owned SNCF started working on

14076-497: The noses of the power cars. The articulated design is advantageous during a derailment, as the passenger carriages are more likely to stay upright and in line with the track. Normal trains could split at couplings and jackknife, as seen in the Eschede train disaster . A disadvantage is that it is difficult to split sets of carriages. While power cars can be removed from trains by standard uncoupling procedures, specialized equipment

14214-510: The opening of the LGV Méditerranée. The few sets that kept a maximum speed of 270 km/h (168 mph) operated on routes that include a comparatively short distance on LGV, such as to Switzerland via Dijon; SNCF did not consider it financially worthwhile to upgrade their speed for a marginal reduction in journey time. In December 2019, the trains were phased out from service. In late 2019 and early 2020, TGV 01 (Nicknamed Patrick),

14352-524: The power cars and greatly reduced the unsprung weight . The prototype travelled almost 1,000,000 km (621,371 mi) during testing. In 1976, the French administration funded the TGV project, and construction of the LGV Sud-Est , the first high-speed line (French: ligne à grande vitesse ), began shortly afterwards. The line was given the designation LN1, Ligne Nouvelle 1 ("New Line 1"). After two pre-production trainsets (nicknamed Patrick and Sophie ) had been tested and substantially modified,

14490-560: 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

14628-399: The proposed merger of the two companies, particularly that the combined entity would be too dominant in the European market; alleged impacts from such dominance included potential increases in passenger fares and cargo fees. Furthermore, a series of popular protests concerning the financial reforms of both the French territorial railway infrastructure and SNCF occurred. The proposed merger

14766-510: The proposed merger with Siemens. On 6 February 2019, the planned merger between the two companies was vetoed by the European Commission. In response to this ruling, Alstom's Chief Executive Officer Henri Poupart-Lafarge stated that he viewed the decision to block the merger was a result of "ideological prejudices". In mid-February 2020, Alstom announced that it had signed a Memorandum of Agreement to buy Bombardier Transportation ,

14904-807: The public welcoming fast and practical travel. The Eurostar service began operation in 1994, connecting continental Europe to London via the Channel Tunnel and the LGV Nord-Europe with a version of the TGV designed for use in the tunnel and the United Kingdom. The first phase of the British High Speed 1 line was completed in 2003, the second phase in November 2007. The fastest trains take 2 hours 15 minutes London–Paris and 1 hour 51 minutes London–Brussels. The first twice-daily London-Amsterdam service ran 3 April 2018, and took 3 hours 47 minutes. The TGV (1981)

15042-611: 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

15180-456: The repainting of the Class 390 Pendolino s. On 12 November 2024, Alstom announced on their official website that the first of 35 fully automated metropolis trains has been delivered to Taiwan . The four-car stainless-steel train can carry up to 700 passengers, including 108 seated, with speeds up to 100 km/h. On 26 September 2017, Alstom announced a proposal to merge with Siemens Mobility ,

15318-486: The rolling stock division of German conglomerate Siemens ; this merger was promoted as the creation of "a new European champion in the rail industry". The combined rail business, which was to have been reportedly named Siemens Alstom and headquartered in Paris, would have $ 18 billion U.S. in revenue and employ 62,300 people in more than 60 countries. During November 2018, the European Commission voiced its concerns surrounding

15456-625: The sale of GE's rail signalling unit to Alstom. On 20 June, Siemens and MHI modified their bid, with MHI increasing its stake in Alstom's steam, hydro, and grid businesses to 40% in all three (total €3.9 billion) while Siemens increased its offer by €400 million to €4.3 billion. Subsequently, Economy minister Arnaud Montebourg stated he would block both bids, but the French government backed GE's offer and had given GE more specifications on commitments and guarantees; it also intended to buy two-thirds of Bouygues' shareholding (20%). The next day, Alstom's board backed GE's revised bid. On 22 June,

15594-559: The same length as TGVs could have up to 450 seats. The target speed is 360 kilometres per hour (224 mph). The prototype AGV was unveiled by Alstom on 5 February 2008. Italian operator NTV is the first customer for the AGV, and became the first open-access high-speed rail operator in Europe, starting operation in 2011. The design process of the next generation of TGVs began in 2016 when SNCF and Alstom signed an agreement to jointly develop

15732-419: The security of the civil nuclear sector, and on job commitments made by Alstom Wind , whilst making its wind activities available to investors. On 30 April, Alstom confirmed that an offer for its power and grid divisions (representing an equity value of €12.35 billion, €11.4 billion enterprise value ) was under review with key interests including the French state. On 30 April, GE confirmed it had made

15870-462: 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,

16008-767: The state to veto the takeover of "strategic interests" into areas of energy supply, water, transport, telecoms and public health. Both the French employer organisation MEDEF and the European Commissioner for Internal Market and Services ( Michel Barnier ) responded negatively to the decree. On 16 June, Siemens and Mitsubishi Heavy Industries (MHI) submitted a competing offer for Siemens to acquire Alstom's gas turbine activities for €3.9 billion while MHI would form joint ventures with Alstom, acquiring 40%, 20% and 20% stakes in Alstom's steam and nuclear, electrical grid, and hydroelectric businesses respectively, for €3.1 billion. The proposal included an offer to buy

16146-404: 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

16284-624: The track-side when trains reach full speed. It allows for a train engaging in an emergency braking to request within seconds all following trains to reduce their speed; if a driver does not react within 1.5 km (0.93 mi), the system overrides the controls and reduces the train's speed automatically. The TVM safety mechanism enables TGVs using the same line to depart every three minutes. The TGV system itself extends to neighbouring countries, either directly (Italy, Spain, Belgium, Luxembourg and Germany) or through TGV-derivative networks linking France to Switzerland ( Lyria ), to Belgium, Germany and

16422-532: The very first TGV train, did a farewell service that included all three liveries that were worn during their service. The 105 train Atlantique fleet was built between 1988 and 1992 for the opening of the LGV Atlantique and entry into service began in 1989. They are all bi-current, 237.5 m (779 ft 2 in) long and 2.9 m (9 ft 6 in) wide. They weigh 444 tonnes (979,000 lb) and are made up of two power cars and ten carriages with

16560-573: 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

16698-503: 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

16836-607: Was awarded a $ 429.4 million contract to modernise 85 trains for the Mexico City Metro system. Starting in 2009, Alstom's practices were questioned by the United States Department of Justice (DOJ), which violated the 1977 Foreign Corrupt Practices Act . This American law has extraterritorial scope. At the time, Alstom seemed to cooperate with the proceedings. In 2010, the DOJ opened an investigation into Alstom's commercial practices, focusing on

16974-496: Was boosted to 31 kV, and extra ballast was tamped onto the permanent way. The train beat the 1990 world speed record of 515.3 km/h (320.2 mph), set by a similarly TGV, along with unofficial records set during weeks preceding the official record run. The test was part of an extensive research programme by Alstom. In 2007, the TGV was the world's fastest conventional scheduled train : one journey's average start-to-stop speed from Champagne-Ardenne Station to Lorraine Station

17112-588: Was built between 1978 and 1988 and operated the first TGV service, from Paris to Lyon in 1981. There were 107 passenger sets, of which nine are tri-current (including 15 kV  16.7 Hz AC for use in Switzerland) and the rest bi-current. There were seven bi-current half-sets without seats that carried mail for La Poste between Paris, Lyon and Provence , in a distinctive yellow livery until they were phased out in 2015. Each set were made up of two power cars and eight carriages (capacity 345 seats), including

17250-401: Was facing a financial crisis caused by a mix of poor sales and over $ 5 billion of debt liabilities. It reportedly had the potential to force the company's liquidation. These heavy debts were largely due to a $ 4 billion charge over a design flaw in a turbine developed by ABB , acquired by Alstom in 2000, as well as the collapse of customer Renaissance Cruises amid a general downturn in

17388-508: Was finalised on 2 November 2015; the final valuation being €12.4 billion, of which €9.7 billion was transferred to Alstom, the remainder being reinvested in GE/Alstom joint ventures plus other corrections. The acquired businesses were reorganised within GE's existing power generation business ( GE Power & Water ) as GE Power . The remainder of Alstom Group, including GE Signalling (acquired via

17526-551: Was formed from a 50–50 merger of Alsthom and the Power Systems Division of the British General Electric Company ; for Alsthom this move was intended to aid Alsthom in selling its products outside the French market. In May of that year GEC Alsthom bought British rail vehicle manufacturer Metro-Cammell . During the early-1990s, GEC Alsthom was the principal manufacturer of the British Rail Class 373 ,

17664-448: 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

17802-478: Was in acquisition talks with Alstom for $ 13 billion with the support of 29%-shareholder Bouygues, causing Alstom's share price to rise 18% in one day. On 27 April, Le Figaro reported that a rival 'cash plus asset swap' offer was issued by Siemens , trading Alstom's power business for part of its rail arm, plus a cash offer as good as GE's and job guarantees. Siemens' bid was reportedly promoted by French economic minister Arnaud Montebourg . Siemens and Alstom had

17940-546: 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

18078-467: Was launched, the TGV has not recorded a single passenger fatality in an accident on normal, high-speed service. A specially modified TGV high-speed train known as Project V150 , weighing only 265 tonnes, set the world record for the fastest wheeled train, reaching 574.8 km/h (357.2 mph) during a test run on 3 April 2007. In 2007, the world's fastest scheduled rail journey was a start-to-stop average speed of 279.4 km/h (173.6 mph) between

18216-674: Was listed on the Paris Stock Exchange and, later that year, it was rebranded Alstom. At the time, the company was manufacturing railway rolling stock, power generation equipment and ships. In 2003, the company required a €3.2 billion bailout from the French government. As a result, Alstom was compelled to dispose of several of its divisions, including shipbuilding and electrical transmission to Areva , in order to comply with European Union rules on state aid . In 2004, Alstom remained in financial difficulties, having incurred massive unexpected costs (€4 billion) arising from

18354-481: Was listed on the Paris Stock Exchange ; both GEC and Alcatel elected to sell off part of their stakes (23.6% each). Around this time, the company was officially renamed Alstom . In 1999, Alstom bought half of ABB 's power systems division, forming a 50-50 joint company known as ABB Alstom Power. Alstom also bought Canada's Télécité, a passenger information and security solutions company, and sold its heavy-duty gas turbine business to General Electric . The next year,

18492-501: 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,

18630-546: Was sold to Ansaldo Energia , and GE agreed to sell Alstom's rail signalling business. The deal was finalised in November 2015; since then, Alstom has been operating solely in the rail sector. In an attempt to grow its rail business, in late-2017, Alstom announced a proposed merger with Siemens Mobility . However, in February 2019, the European Commission prohibited the merger. Subsequently, in February 2020,

18768-427: Was the only gas-turbine TGV: following the increase in the price of oil during the 1973 energy crisis , gas turbines were deemed uneconomic and the project turned to electricity from overhead lines , generated by new nuclear power stations . TGV 001 was not a wasted prototype: its gas turbine was only one of its many new technologies for high-speed rail travel. It also tested high-speed brakes, needed to dissipate

18906-455: Was the world's second commercial and the fastest standard gauge high-speed train service, after Japan's Shinkansen , which connected Tokyo and Osaka from 1 October 1964. It was a commercial success. A TGV test train holds the world speed record for conventional trains. On 3 April 2007 a modified TGV POS train reached 574.8 km/h (357.2 mph) under test conditions on the LGV Est between Paris and Strasbourg. The line voltage

19044-462: Was viewed by some as a measure to counter the rise of rival Chinese rail business CRRC ; it reportedly received support from many figures within both the French and German governments. The transaction, which was originally due to close by the end of 2018, was met with opposition by French trade union officials who voiced their concerns that such a merger would have the potential for job losses. On 17 July 2018, Alstom shareholders overwhelmingly approved

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