Misplaced Pages

#747252

67-548: The Sage Group plc , commonly known as Sage , is a British multinational enterprise software company based in Newcastle upon Tyne , England. As of 2017, it is the UK's second largest technology company, the world's third-largest supplier of enterprise resource planning software (behind Oracle and SAP ), the largest supplier to small businesses , and has 6.1 million customers worldwide. It has offices in 23 countries. The company

134-534: A carbon accounting product, Sage Earth. In February 2024 Sage announced the release of Sage Copilot, a generative AI-powered assistant. Founded and headquartered in Newcastle upon Tyne , United Kingdom , the company has grown organically, through acquisitions and, more recently, through subscription services. In June 1991, Sage Group moved into their first dedicated headquarters building, Sage House, in Benton, Newcastle upon Tyne , having previously been located in

201-766: 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

268-508: 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

335-511: A dedicated Irish division, based in Dublin as well as its e-business strategy. In that same year the UK acquisition of Tetra saw Sage enter the mid-range business software market. Sage was the best-performing UK share in the 1990s, increasing in value by 28,000%. In 2001, Sage acquired Interact Commerce Inc. and entered the CRM /contact management market and in 2002 Sage won "Business of The Year" in

402-418: A director and CEO. On 2 November 2018, Steve Hare was appointed CEO. Hare had been chief financial officer of Sage since 2014 and had been interim COO following the departure of the previous CEO. In 2020, Sage divested its Brazilian operations to the president of the local business, Jorge Carneiro. In the 2020s Sage began to integrate artificial intelligence into more of their products. In 2022 Sage launched

469-429: 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

536-593: A key component to the group's growth in the past 20 years. Walker was one of the longest serving CEOs of an FTSE100 company. Walker left the company on 1 December 2010. On 1 October 2010 Guy Berruyer became CEO of Sage Group; Berruyer had previously been CEO of Sage's Mainland Europe & Asia operations. On 15 February 2013, Sage announced that Accel-KKR intended to buy Sage Nonprofit Solutions, its division that produced software designed for nonprofit organisations and governmental agencies. In August 2014, Sage announced that Guy Berruyer would retire. Stephen Kelly ,

603-490: 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

670-744: A part of the Business Brain Training campaign. Sage were the football shirt sponsor in May 2011 for Whitley Bay F.C. 's FA Vase winning match. Sage had previously been a minor sponsor for Newcastle United F.C. For the 2012 Formula One season , Sage were an official supplier for the Marussia F1 team, and for the 2013 and 2014 seasons Sage logos were placed on the car. For the 2017–18 Bristol City F.C. season , Sage has partnered with Bristol City F.C. as minor sponsor through their provision of Sage X3 for Bristol Sport. Sage sponsored

737-515: A summer job with an accountancy firm funded by a government small business grant to write software to help their record keeping. This became the basis for Sage Line 50 . Next, hired by David Goldman to write some estimating software for his printing company, Campbell Graphics, Graham used the same accounting software to produce the first version of Sage Accounts. David was so impressed that he hired Graham and academic Paul Muller to form Sage, selling their software first to printing companies, and then to

SECTION 10

#1732780422748

804-688: A wider market through a network of resellers. In 1984, the company launched Sage software , a product for the Amstrad PCW word processor, which used the CP/M operating system. Sage software sales escalated in that year from 30 copies a month to over 300. The company was first listed on the London Stock Exchange in 1989. In 1991, Sage acquired Dac Software, Inc. , a pioneering American accounting software developer, from Insilco Corporation who were undergoing bankruptcy reorganization at

871-565: Is a patron of The Glasshouse, Gateshead music venue in Gateshead . Sage is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index . The company was founded by David Goldman , Paul Muller , and Graham Wylie in 1981 in Newcastle upon Tyne, to develop estimating and accounting software for small businesses. A student at Newcastle University , Graham Wylie, took

938-489: Is a patron of The Sage Gateshead , a Tyneside music venue designed by Sir Norman Foster . The Sage Gateshead was completed in 2004 at a cost of £70 million, and has since become a main sight on the River Tyne . It is primarily used as a concert venue and centre for musical education, but also hosts other events including conferences. In 2008, Sage funded the revival of The Krypton Factor television series for ITV as

1005-410: 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

1072-865: 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

1139-512: The French and Continental European headquarters are in Paris , France . Sage has 6.1 million customers and 11,565 employees across the world. Key industry focus includes: Healthcare; HR & Payroll; Construction/ Real-Estate; Transport/ Distribution; Payment Processing; Accountancy; Not-for-Profit; Manufacturing; Retail; Automotive Distribution. Financial results are as follows: The Sage Group

1206-724: The Invictus Games in a multi-year partnership starting in 2016. Sage also sponsored the 2019 editions of the Reading Half Marathon and the Blaydon Race . Sage are an official partner of The Hundred cricket tournament. Sage are sponsoring the 2023 Rugby World Cup , as well as the Six Nations Championship . Starting in the 2023 season Sage are an official partner of Major League Baseball organization. Additionally, opening 2025, Sage are

1273-821: The Regent Centre office park. In 2004, the company completed their £50 million headquarters in the Great Park area of Newcastle upon Tyne. In 2021 Sage's Newcastle headquarters moved to Cobalt Park . The company's US headquarters are in Atlanta, Georgia , the Canadian headquarters are in Richmond, British Columbia , the Africa, Middle East & Australia headquarters are in Johannesburg, South Africa and

1340-644: 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 ,

1407-781: 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

SECTION 20

#1732780422748

1474-525: The 2002 Sunday Times Rich List . Tony Hobson joined the Sage board of directors in June 2004 and became chairman in May 2007. On 19 April 2010, Sage announced that its CEO , Paul Walker , had indicated an interest in stepping down from his position, which he had held for 16 years. The Financial Times reported that his departure would lead to speculation over Sage's mergers and acquisitions, which have been

1541-551: 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

1608-663: 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

1675-575: 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

1742-553: The National Business Awards. Also that year, Sage sponsored the new Music Centre in Gateshead for £6m – now known as Sage Gateshead – the largest ever UK arts/business sponsorship. Sage are one of two technology stocks listed on the FTSE 100 Index , the other being Micro Focus . In 2003, at age 43, Graham Wylie retired with 108.5 million shares in Sage worth £146m. He was rated Britain's 109th richest person in

1809-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1876-543: The North American divisions revenues of £576 million and EBITA profit of £105 million with the rest of the world generating revenues of £100 million and EBITA profit of £24 million. On 1 October 2010 Berruyer succeeded Paul Walker as CEO of Sage Group. In May 2014, Sage announced that Berruyer was to retire; Stephen Kelly became Sage Group CEO in November 2014. In 2019, he became chairman at Softomotive,

1943-558: 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,

2010-586: 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)

2077-464: 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

Sage Group - Misplaced Pages Continue

2144-636: 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

2211-561: The UK government's former chief operating officer, became group CEO in November 2014. In September 2014 the company announced the acquisition of PayChoice for $ 157 million. In 2016 Sage introduced their first AI offering, a chat bot named Pegg. In March 2017, Sage Group acquired Compass, an analytics and benchmarking platform. In March 2017, Sage Group also acquired Fairsail, a Human Capital Management (HCM) cloud-based platform. In July 2017, Sage purchased Intacct for $ 850M. On 31 August 2018, Sage announced that Stephen Kelly had stepped down as

2278-541: 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

2345-506: 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

2412-614: 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

2479-461: 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

2546-477: 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

2613-696: 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

2680-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2747-456: 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

Sage Group - Misplaced Pages Continue

2814-469: 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 ,

2881-742: 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

2948-654: 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

3015-510: 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

3082-643: 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

3149-665: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Guy Berruyer Guy Serge Berruyer (born 12 August 1951) is a French businessman, former chief executive (CEO) of Sage Group plc, a British multinational enterprise software company. Born in 1951, Berruyer's university education was at the École Polytechnique Fédérale de Lausanne , where he trained as an engineer. He also holds an MBA from Harvard University . Berruyer joined Sage Group in 1997 to run its French operations. He took over

3216-481: 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

3283-416: 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

3350-415: 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

3417-460: 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)

SECTION 50

#1732780422748

3484-474: 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 ,

3551-434: 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

3618-480: 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

3685-471: The named sponsor of the new Newcastle Gateshead Quayside arena and conference centre, named " The Sage ". 55°01′10″N 1°30′06″W  /  55.019364°N 1.50178°W  / 55.019364; -1.50178 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

3752-521: The position from Pierre-Yves Morlet, who was the founder of Ciel, the French software business that Sage acquired in 1992. Previously he held the position of Country Manager and then European Director for the US software company Intuit . Prior employment included the French software company Groupe Bull where he was director of marketing until 1990 and Claris , where he created the French division and grew into

3819-560: 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

3886-611: 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

3953-656: The role of European manager until 1994. He was appointed to the Board of Directors of Sage in January 2000. He had responsibility for Mainland European operators and operations in Asia. Mainland Europe represented the circa 70% of Sage's European revenues in the year to September 2009 and circa 60% of its profits. Europe was the largest region in terms of sales and profitability for Sage in 2009, generating £763 million of revenues and an EBITA profit of £192 million. This compares with

4020-462: 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,

4087-459: The then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by the strong influence of

SECTION 60

#1732780422748

4154-430: The time. Dac Software were well known for their DacEasy software suite, which was one of the first integrated accounting software titles to retail for well under $ 100, when most of its competitors sold suites with equivalent functionality for thousands of US$ . In 1994, Paul Walker was appointed Chief Executive . In 1998, Sage's Professional Accountants Division was established. In 1999, Sage entered FTSE 100 and launched

4221-573: 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

4288-503: 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

4355-448: 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

4422-546: 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

4489-501: 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,

#747252