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82-763: FirstGroup plc is a British multi-national transport group, based in Aberdeen , Scotland. The company operates transport services in the United Kingdom and the Republic of Ireland . It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index . The creation of what became FirstGroup is closely tied to the deregulation of bus services in the United Kingdom during

164-975: A 24.5% shareholding in Great Western Holdings that won the Great Western and North Western franchises, and a 100% shareholding in First Great Eastern that ran the Great Eastern franchise from January 1997. In March 1998, FirstGroup purchased the 75.5% shares in Great Western Holdings that it did not already own and rebranded the franchises First Great Western and First North Western . In September 1998, FirstGroup made its first overseas foray when New World First Bus commenced operating bus services in Hong Kong formerly operated by China Motor Bus ;

246-540: A 51% stake in the new company, with employees holding 33%, and Aberdeen Asset Management and 3i the remaining 16%. At the time GRT had a fleet of 200 buses and 500 employees. GRT Group went on to purchase other bus operators in England and Scotland. In April 1994, it was listed on the Stock Exchange. In June 1995, GRT Group merged with Badgerline to form FirstBus . GRT Group contributed 1,600 buses to

328-766: 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

410-760: A controlling stake in Greyhound Lines , the largest bus operator in North America. The Greyhound name and the names of Canadian subsidiaries of Greyhound Canada were retained, and all other Laidlaw-owned services in the United States and Canada were rebranded under the First or Greyhound names, except for Voyageur Colonial and Grey Goose in Canada. In January 2009, DSBFirst , FirstGroup's joint venture with Danish State Railways commenced operating

492-508: 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

574-606: A day in more than 40 major towns and cities. FirstGroup also runs passenger rail services in the UK. Passenger rail franchises consist of Avanti West Coast , Great Western Railway and South Western Railway . It also runs two non-franchised open access passenger operations – Hull Trains and Lumo . FirstGroup operates tram services on the London Tramlink network carrying approximately 24 million passengers per year on behalf of Transport for London . FirstGroup owns and operates

656-429: A form of corporate livery dictated by an arrangement of a horizontal and diagonal bands over a base colour. The colour scheme of the bands were derived from colours representative of the subsidiary company, while the base colour was chosen as cream. Lowland Scottish, however, opted to use yellow for its base colour. The companies retained their own version of a company logo. Some companies developed an alternate livery with

738-429: 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

820-463: A management buyout led by its then general manager, Moir Lockhead . As GRT Bus Group , it expanded through acquisition purchasing six former nationalised bus companies in England and Scotland. During April 1995, FirstBus was formed through the merger of the Badgerline and GRT Bus Groups, with fleets in England, Wales and Scotland. The former King Street Barracks site in Aberdeen was selected as

902-490: 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

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984-643: A nationwide network of express coaches to the Olympic Park and the Weymouth and Portland sailing venue . These services required around 900 vehicles in total, although some were sub-contracted. During June 2013, most of the First London bus operations were sold to Go-Ahead London , Metroline and Tower Transit . In April 2015, FirstGroup was unsuccessful in bidding for the ScotRail franchise , which

1066-410: 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

1148-865: 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

1230-568: The Aircoach service in Dublin , linking Dublin Airport with the city centre, the south side of Dublin, Greystones and Bray as well as long-distance express services runs to Cork and Belfast . FirstGroup has always had a consistent brand and uses the First brand for most of its operations. FirstBus began to apply a standard corporate typeface to its fleet names in the late 1990s, introducing

1312-635: The Eurotunnel Group in exchange for £31 million, ending the group's involvement in rail freight transport. In September 2010, former London Underground managing director Tim O'Toole , already a board member since May 2009 and chief operating officer and Deputy Chief Executive since June 2010, was announced as the successor to retiring group chief executive officer Moir Lockhead with effect from 31 March 2011. During September 2011, FirstGroup's German bus operations were sold to Marwyn European Transport. In December 2011, DSBFirst ceased operating

1394-590: The First Capital Connect franchise and a renewed First Great Western franchise that had been expanded to include the Thames Trains and Wessex Trains franchises. In February 2007, FirstGroup agreed to buy the US-based firm Laidlaw , an operator of inter-city coaches and yellow school buses across North America, in exchange for £1.9 billion (US$ 3.7 billion). This also gave it

1476-770: The First TransPennine Express rail franchise, FirstGroup having a 55% shareholding in the venture. During April 2004, FirstGroup commenced operating the First Great Western Link franchise, it also commenced the First ScotRail franchise in October 2004. In December 2004, the remainder of First North Western passed to Northern Rail , some services having already been transferred to Arriva Trains Wales and FirstTranspennine Express. During April 2006, FirstGroup commenced operating

1558-671: The Go-Ahead Group and Rotala . In May 2020, FirstGroup announced it has effectively reversed its previous strategy, opting to retain its UK bus operations and instead sell its assets in North America. In April 2021, FirstGroup agreed terms to sell the First Student and First Transit businesses to EQT AB ; the sale completed later in 2021. During October 2021, FirstGroup announced the sale of Greyhound Lines to FlixMobility , completing its stated divestments to focus on its core UK public transport businesses. In October 2021,

1640-787: The Oresundtrain rail franchise from Helsingør and Nivå in Denmark along the Kystbanen line and over the Øresund Bridge to Malmö , Växjö , Kalmar , Karlskrona and Gothenburg in Sweden. FirstGroup had a 25% shareholding in the Danish business and 20% in the Swedish business. By March 2011, this shareholding had increased to 30%. During June 2009, FirstGroup made a takeover offer for fellow transport operator National Express , which

1722-542: The Somerset based services of the Bristol Omnibus Company that were rebranded in 1985 as Badgerline were purchased in a management buyout . As Badgerline Group, it expanded through acquisition purchasing other formerly nationalised bus companies in England and Wales. In January 1989, Grampian Regional Transport , the bus operator in Aberdeen owned by Grampian Regional Council , was privatised in

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1804-522: The South Western franchise . In May 2020, FirstGroup announced it would retain its UK bus operations and sell off its activities in North America. During June 2022, FirstGroup rejected a £1.2bn takeover offer from US private equity company I Squared Capital . FirstGroup originated within the deregulation of bus services in the United Kingdom in 1986, whereby private companies purchased nationalised and municipal bus operators. During September 1986,

1886-644: 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 ,

1968-781: 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

2050-650: The open-access operator Lumo commenced operating services on the East Coast Main Line . In June 2022, FirstGroup's board unanimously rejected a £1.2bn takeover proposal from US private equity firm I Squared Capital ; a spokesperson stated that the offer had undervalued the company. While talks between the two companies continued for a further two months, I Squared ultimately called off its efforts in August 2022. In February 2023, FirstGroup announced that subject to regulatory approval, it would purchase both

2132-807: The privatisation of the PTE bus operations and the privatisation of London bus services . FirstBus acquired GM Buses North in Manchester and Strathclyde Buses in Glasgow in 1996, Mainline in South Yorkshire and CentreWest in London in 1997, and Capital Citybus in London in 1998. During December 1997, the company was renamed FirstGroup ; this change was due to the company's entry in February 1996 into Britain's recently privatised railways , having

2214-523: The 'First' brand, although each company still operated independently. In 2012, the group began to introduce a new purple, white and lilac livery to its bus fleets, which also reinstated local branding. In January 2014, the company rebranded its First Somerset & Avon operations in Bridgwater and Taunton as The Buses of Somerset , using a two-tone green livery. Hull Trains carries a predominantly blue livery, including white, pink and purple. This

2296-525: The 1980s. During April 1995, two acquisitive private bus operators, Badgerline and GRT Bus Group , merged to create FirstBus. The new company initially operated a fleet of 5,600 buses to provide services to numerous regions across England, Wales and Scotland. Throughout the late 1990s, FirstBus continued its policy of growth by acquisition. To this end, it acquired several former council owned operations and companies formerly owned by English, Welsh and Scottish nationalised operators. During December 1997,

2378-527: The American company Ryder Public Transport Services. During May 2000, it began operating the London Tramlink concession. During August 2003, FirstGroup purchased GB Railways , which owned Anglia Railways and GB Railfreight and held 80% of the shares in Hull Trains . In February 2007, FirstGroup agreed to buy the US-based bus operator Laidlaw , along with a controlling stake in Greyhound Lines ,

2460-551: 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

2542-663: 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

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2624-575: 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

2706-511: 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

2788-558: 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,

2870-533: 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)

2952-594: The Swedish part of the operation after difficulties encountered by Danish State Railways over cross subsidies . In July 2012, First Travel Solutions provided bus and coach services for the London 2012 Olympic Games as First Games Transport. This involved the provision of venue shuttle and park and ride services, services connecting the peripheral park and ride sites on the M25 with the Olympic Park and Ebbsfleet , and

3034-464: 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

3116-636: 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

3198-541: 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

3280-506: 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

3362-614: 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

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3444-461: 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

3526-477: 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

3608-696: 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

3690-576: 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

3772-508: The United States. In August 2017, FirstGroup's joint venture with MTR Corporation commenced operating the South Western franchise , the company holding a 70% shareholding in South Western Railway . In May 2019, FirstGroup announced its intention to sell its UK bus operations and that its US activities were to receive greater attention in the future. However, the only sales completed were parts of First Greater Manchester to

3854-456: 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

3936-469: 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 ,

4018-425: The bus services and bus dealer operations of Purfleet -based Ensignbus . In January 2024, FirstGroup announced that it had purchased York Pullman . In October 2024, FirstGroup announced that it had purchased both Lakeside Group and Anderson Travel. FirstGroup is Britain's largest bus operator, running more than 20% of all local bus services. A fleet of nearly 9,000 buses carries some 2.9 million passengers

4100-513: The carriage ends, as mandated by the Scottish Government's transport agency Transport Scotland . Current operating businesses include: In September 2022 First Bus was reorganised as follows: 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

4182-579: 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

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4264-604: 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

4346-554: The company held a 26% shareholding in the joint venture. During May 2000, FirstGroup sold its shares to joint venture partner New World Development . In September 1999, FirstGroup purchased Ryder Public Transport Services, a provider of school bus and contracted public bus transportation in the United States. In May 2000, FirstGroup began operating the London Tramlink concession under contract to Transport for London . During August 2003, FirstGroup purchased GB Railways , which owned Anglia Railways and GB Railfreight and held 80% of

4428-512: The company was renamed FirstGroup to reflect its entry into Britain's recently privatised railways . Around this time, it had a 24.5% shareholding in Great Western Holdings that was awarded the Great Western and North Western franchises, as well as a 100% shareholding in First Great Eastern . FirstGroup made its first overseas foray in September 1998 via a 26% shareholding in the joint venture New World First Bus that provided bus services in Hong Kong . In September 1999, FirstGroup purchased

4510-510: 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

4592-643: 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

4674-475: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). GRT Group GRT Group was a bus operating company in the United Kingdom from 1989 until 1995. It was formed when Grampian Regional Transport (GRT) was privatised. It went on to purchase a number of bus companies in England and Scotland. In April 1994, GRT Group was listed on the stock exchange, and in June 1995 merged with Badgerline to form FirstBus . The GRT Group

4756-481: 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

4838-416: 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

4920-566: The headquarters. At the time of the merger, FirstBus had 5,600 buses, 4,000 of which came from Badgerline. Badgerline's Trevor Smallwood became chairman of FirstBus, while GRT head Moir Lockhead became deputy chairman and chief executive. Throughout the late 1990s, FirstBus continued its policy of growth by acquisition. To this end, it acquired several former council owned operations and companies formerly owned by English, Welsh and Scottish nationalised operators. FirstBus went on to acquire larger urban metropolitan operators by taking advantage of

5002-415: 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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5084-498: The largest bus operator in North America. During June 2009, FirstGroup made an unsuccessful takeover bid for rival transport operator National Express . In June 2010, FirstGroup sold its rail freight business First GBRf to the Eurotunnel Group , exiting the rail freight sector as a result. During October 2016, First Transit commenced operating the A-train , its first rail operation in the United States. In August 2017, FirstGroup's joint venture with MTR Corporation commenced operating

5166-460: 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)

5248-474: 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 ,

5330-434: 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

5412-424: 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

5494-410: The new company's fleet of 5,600. As GRT Holdings: As GRT Bus Group plc: Midland Scottish, Eastern Counties, Scottish Motor Traction and Lowland Scottish, were regional companies, with operating territories stretching over large areas comprising town and interurban services. The Northampton and Leicester operations were town based networks, like Grampian. As GRT Group, the company had developed

5576-560: 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

5658-474: 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

5740-407: 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,

5822-505: The shares in Hull Trains . Having not been shortlisted for the Greater Anglia franchise , this outcome gave FirstGroup another chance to bid. However, it too was unsuccessful and the franchise was awarded to the rival transport company National Express from April 2004, including the services operated by First Great Eastern. In November 2003, FirstGroup purchased a 90% shareholding in Irish coach operator Aircoach . In February 2004, FirstGroup's joint venture with Keolis commenced operating

5904-587: The stylized f logo depicting a road. A corporate white, pink and blue livery nicknamed " Barbie " was introduced to new buses, while further bus company acquisitions continued. Inherited bus fleets were initially left in their original colours with First fleet names, with the intention that the Barbie scheme would stand for a set service quality. Later older buses received a modified "Barbie 2" livery. As part of its corporate branding, First subsequently removed all local branding for its bus services, buses simply carried

5986-510: 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

6068-573: 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

6150-503: 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

6232-414: Was also used by First Great Western until 20 September 2015, when the franchise was rebranded as Great Western Railway, with a new logo and dark green livery paying homage to the original Great Western Railway . London Tramlink operations are painted in white, green and blue as per Transport for London requirements. In Scotland, First ScotRail operated with a blue livery with white saltire markings on

6314-522: Was formed as a holding company to purchase Grampian Regional Transport , the city bus operator in Aberdeen , Scotland, in a management buyout . Motivation for the buyout was the 1988 announcement that the Scottish Bus Group was to be privatised, sparking fears that GRT could be acquired by a larger group and asset stripped . The buyout was achieved on 20 January 1989. General Manager Moir Lockhead , together with four other managers, took

6396-448: 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

6478-546: 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

6560-501: 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,

6642-648: Was run by Abellio ScotRail until the end of that franchise in March 2022. During December 2015, FirstGroup was awarded the next TransPennine Express franchise. The new franchise commenced on 1 April 2016 with a commitment to introduce new trains, routes and faster journey times. During October 2016, First Transit commenced operating the A-train under contract to the Denton County Transportation Authority , its first rail operation in

6724-488: Was struggling with debt at the time and was struggling to hold onto its National Express East Coast rail franchise. This offer was rejected; a National Express spokesperson stated that it did not "consider it appropriate" at the time to discuss a takeover. FirstGroup believed that there was "significant industrial and commercial logic" for a merger, but National Express wished to focus on its own initiatives. In June 2010, FirstGroup sold its railfreight business First GBRf to

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