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154-713: Serco Group plc is a British multinational defence , health , space , justice , migration , customer services , and transport company. It is headquartered in Hook, Hart , England. The company operates in Continental Europe , the Middle East, the Asia Pacific region, including Australia and Hong Kong, and North America. It is listed on the London Stock Exchange and is a constituent of

308-662: A Freedom of Information request by the Scottish Refugee Council showed that Serco had been charged nearly £3   million by the Home Office for repeatedly breaching its contract to house asylum seekers in Glasgow and Northern Ireland. Serco provide facilities management services at the Norfolk and Norwich University Hospital , Leicester Royal Infirmary , and Wishaw General Hospital . The company held

462-463: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,

616-567: A "history of problems, failures, fatal errors and overcharging". During 2013, then-chairman Alastair Lyons resigned from the company after it was found that it had overcharged the UK Government for electronically monitoring criminals. Serco underwent a corporate renewal programme during the 2010s, created in collaboration with the United Kingdom government, which overhauled the management of contracts and commercial auditing. Serco

770-716: A 50% shareholding in Serco-Abellio that has a concession to operate the Merseyrail franchise in Liverpool until 2028, and previously operated the Northern Rail franchise from December 2004 until March 2016. Between April 2015 and June 2023, Serco operated the Caledonian Sleeper between London and Scotland; the contract was terminated early after Serco's request to rebase the loss making contract

924-766: 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

1078-777: A contract for Suffolk Community Healthcare in 2012, had 72 job vacancies after previously cutting 137 positions. Problems identified by Ipswich and East Suffolk Clinical Commissioning Group include "staff capacity, skill mix, workload, succession planning and morale, training, communication, mobile working, care co-ordination centre processes, incidents and near miss incidents". In April 2014, Serco revealed that it would lose almost £18   million on three of its NHS contracts. It had made provisions for losses in its Braintree and Cornwall contracts, which were cancelled early, and had also made provisions for losses in its contract for services in Suffolk. Serco claimed it would take longer to deliver

1232-508: 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

1386-845: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to

1540-429: 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

1694-547: A loss of £991   million, which was followed by a smaller loss of £69.4   million in 2015. In response, Rupert Soames, Lyons's successor as chief executive, sold off "scores of divisions". Soames stated that Serco was suffering from ministers’ improved ability at driving a bargain, and claimed that "the Government has got much more adept at writing contracts and transferring risk to the private sector". Following an 8-year long investigation and trial, Serco's executives at

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1848-490: 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

2002-491: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after

2156-524: A new £70   million eight-year contract to run Yarl's Wood has been criticised; Natasha Walter , of Women for Refugee Women, said "Serco is clearly unfit to manage a centre where vulnerable women are held and it is unacceptable the government continues to entrust Serco with the safety of women who are survivors of sexual violence." During 2019, a fine of £19.2   million was imposed on Serco following delayed legal action started in 2013 for fraud and false accounting over its electronic tagging service for

2310-484: A person with name bearing this character. The second character 港, /hœŋ/, means a branch flow of water body, or a channel for boats to go through. This means the translation to harbour was a modern invention. There were four basic speculations, namely fragrant/incense wood, fragrant river, female pirate named 香, and red incense burner . Not all of them are plausible in face of language, history and geography evidences. The Cantonese name in Chinese character 香港

2464-531: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to

2618-659: A specialist provider of immigration services to public sector customers in Germany, for €40 million (£34 million). By 2004, Serco held numerous defence contracts, including the UK Government's contract for the maintenance of the Ballistic Missile Early Warning System at RAF Fylingdales . The MoD extended Serco's contract in October 2022 for a further three years, under which the company provides maintenance, repair, and operational services for

2772-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,

2926-593: Is a major subcontractor to Airbus Defence and Space on the Skynet military communications satellites under a private finance initiative (PFI) contract. Serco Marine Services is responsible for fleet support at the three main UK naval bases, HMNB Portsmouth , HMNB Devonport and HMNB Clyde . In November 2022, the MoD awarded Serco a £200   million follow-on contract, lasting 27   months, to provide marine services for

3080-400: Is confusion and panic among the community – some of whom have limited English and who may not be affected by Serco’s announcement. Both Serco and the Home Office have a responsibility to put this vulnerable group at ease". Two asylum seekers started a hunger strike. In January 2019, it was reported that Serco had lost the contract to provide housing to asylum seekers in Glasgow. That same year,

3234-468: Is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) of characters 香港. Sir John Davis , the second colonial governor, offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting the colour of soil over which a waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name

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3388-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,

3542-410: 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

3696-510: Is responsible for the contracted-out court escort services in the south-east area, formerly a role undertaken by HM Prison Service . In September 2013, Serco was accused of an extensive cover-up over sexual abuse at Yarl's Wood Immigration Removal Centre in Bedfordshire , England. During August 2014, it was criticised for using immigrant detainees as cheap labour, with some being paid as little as £1 per hour. The decision to award Serco

3850-865: 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

4004-542: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,

4158-591: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving

4312-604: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by

4466-563: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered

4620-710: The FTSE 250 Index . The company was founded as RCA Services Limited in 1929, a UK-based division of the Radio Corporation of America . The company began providing technical and engineering services to the British War Office during the Second World War . During the Cold War era, it specialised in the provision of defense systems engineering and facilities management services, including

4774-466: The Hong Kong dollar , is the ninth most traded currency in the world. Home to the seventh-highest number of billionaires of any city in the world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in

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4928-734: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where

5082-670: The Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During the Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in

5236-717: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains

5390-565: The Railway Technical Centre . In Scotland, Serco has operated the NorthLink Ferries ferry service since July 2012. In September 2018, the firm commenced operating a bicycle-sharing system under contract to Transport for Edinburgh ; these scheme was closed during September 2021. Serco's Home Affairs division operates speed camera systems throughout the UK and, until November 2013, designed, wrote and tested

5544-537: The Royal Navy . In London, Serco has operated the London Cycle Hire Scheme for Transport for London since it was first introduced in 2010. During December 2022, Serco signed a three-year contract extension valued at £50   million to continue maintaining and distributing the bikes, including the newly introduced e-Bikes. Serco has operated a number of train operating companies . It has

5698-595: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in

5852-566: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and

6006-457: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of

6160-644: 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 ,

6314-617: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,

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6468-781: 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

6622-484: The 1980s, the European Space Agency contracted RCA Services to support and maintain computer systems and satellites. By the 1980s, RCA Services began to interpret their company product as the management, rather than being just an engineering and science company. For their MoD Radar contract at RAF Fylingdales , "the art, it turned out, was in running the people, not the radar." During 1984, RCA Services

6776-659: The British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War . The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory was handed over from

6930-551: 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

7084-663: 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

7238-498: The Hong Kong Island and thus Hong Kong was named after her. But she was born around 1775, not even close Ming Dynasty, that it is impossible as etymology of Hong Kong. Hung-heung-lo , 紅香爐, red incense burner, was a station of Ch'ing Dynasty coastal defense. The name once used to refer the whole Hong Kong Island after the station was established. It was too late to be the etymology of Hong Kong. Some points fragrant to

7392-575: 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

7546-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong

7700-548: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in

7854-562: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in

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8008-587: The Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated the Hong Kong area into China for the first time in 214 BCE, after conquering

8162-612: The Ministry of Justice. Serco was also ordered to pay the full amount of the Serious Fraud Office 's investigative costs of £3.7   million. In his judgment, Mr Justice Davis said: "SGL (Serco Geografix Ltd) engaged in quite deliberate fraud against the Ministry of Justice in relation to the provision of services vital to the criminal justice system." During April 2021, the charged ex-directors of firm's subsidiary were cleared of fraud and false accounting, primarily due to

8316-574: 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

8470-438: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has

8624-434: 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,

8778-418: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees

8932-399: The SFO having failed to disclose certain documents to the defense, resulting in issues that, according to the judge, "undermine the process of disclosure to the extent that the trial cannot safely and fairly proceed until they have been remedied". In July 2022, the company supplied food containing maggots to children in a hotel in the Midlands. Serco issued an apology and said it would visit

9086-418: 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)

9240-406: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with

9394-404: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

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9548-636: 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

9702-490: The UK Government for electronically monitoring criminals. In November 2014, its share price, which stood at 674p before the taxpayer scandal broke in 2013, collapsed to 218.7p, after four profit warnings. That same month, it was announced that Alastair Lyons , the chairman of Serco, was resigning from his position. Speaking at the time, Lyons referred to "operational mis-steps" for which he took "ultimate responsibility", but said he had not been forced out. In 2014, Serco incurred

9856-559: The UK, running gyms, swimming pools, cycle hire schemes and National Sports Centres. Starting in 2005, Serco administered the publicly funded UK Business Link website until its closure in 2012. During 2007, it was awarded a five-year tender to run the IT Infrastructure for the London Borough of Southwark . 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

10010-403: The United Kingdom and Europe, developing a global presence with major activities in Hong Kong , Australia, New Zealand, and North America . During December 2008, Serco acquired SI International, a provider of IT services to the United States government in exchange for $ 524 million. During 2013, both Serco and its competitor G4S were found to have maintained inaccurate records and overcharged

10164-522: The United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems . Originally a sparsely populated area of farming and fishing villages, the territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency,

10318-450: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

10472-506: 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

10626-558: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

10780-461: 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

10934-418: 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

11088-636: The United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

11242-629: 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

11396-456: 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

11550-606: The Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although

11704-747: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by

11858-586: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of

12012-635: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in

12166-464: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,

12320-469: 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 ,

12474-1165: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from

12628-509: The clinical health services market in the UK after a review of the cost of delivering "improved service levels" and meeting the performance requirements of several existing contracts. During October 2017, it was reported that Serco was preparing to buy healthcare contracts from facilities management business Carillion . This deal included 15 contracts, with annual revenues of approximately £90   million, for which Serco would pay £47.7   million, with Carillion losing £1   billion from

12782-742: 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

12936-635: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony

13090-654: 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

13244-510: 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

13398-599: The contract for out-of-hours GP services in Cornwall from which it withdrew in December 2013 after the company left the county short of doctors. Serco also stated that it would stop running Braintree hospital in Essex as it opted to pull out of managing GP services and large hospitals. In health services, Serco's failures include the poor handling of pathology labs and fatal errors in patient records. At St Thomas' Hospital ,

13552-514: The contract. Serco was contracted to the Department for Work and Pensions (DWP) to provide telephone advice on behalf of DWP to recipients of Support for Mortgage Interest (SMI), which ended in April 2018. Prior to 2015, Serco managed the UK's National Physical Laboratory . It currently provides IT Services, Industrial Support and Cryogenic Operations Support and Maintenance at CERN . Serco

13706-590: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing

13860-643: 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

14014-514: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Hong Kong Hong Kong is a special administrative region of China . With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of

14168-584: The department with equipment which would simulate the sound of warfare to confuse the enemy. During 1952, RCA Services was contracted to produce submarine-detecting sonar equipment for the United States Navy . In 1960, it was awarded the contract to design, install, and maintain the UK Ministry of Defence (MoD) Ballistic Missile Early Warning System , including ongoing facility management such as cleaning, transport, and logistical stores. In

14322-404: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after

14476-726: The etymology of Hong Kong. It was because the name was mysterious that no longer fitted the environment on the eve of colonisation by the British. It was because the name was on a remote island that was somehow far from the attention of administration and hence lack of documentation or documentation was destroyed easily year by year. The name of Hong Kong comes from Cantonese name 香港, /hœŋ kɔŋ/, in Chinese character. The name commonly translates as "fragrant harbour" or alternatively "incense harbour". The first character 香, /hœŋ/, means any pleasant or sweet smell , namely fragrant , or materials that could produce pleasant smell, usually comes from plants or animals, including incense . But it could

14630-481: 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

14784-454: The government for its overcharging on the contract. In May 2014, a Survation poll for the campaign group We Own It , found that 63% of respondents thought Serco should be banned from bidding for any new public contracts after the firm was investigated for overcharging on government contracts. Serco runs four prisons, a Young Offenders Institution and a Secure Training Centre. It has operated two Immigration Removal Centres since 2007. Serco

14938-572: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong

15092-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout

15246-416: 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

15400-479: The hotel. In October 2024, Serco’s tracking devices and panic alarms on prison vans were disabled after a cyber attack. Allegedly, some Serco crews were unaware that vehicles were still being used to transport prisoners for three days after the attack despite continuing software faults. During August 2018, it was disclosed that Serco had been planning to evict asylum seekers in Glasgow before their appeal procedure

15554-563: The increase in the number of clinical incidents arising from Serco non-clinical management has resulted in patients receiving incorrect and infected blood, as well as patients suffering kidney damage due to Serco providing incorrect data used for medical calculations. A Serco employee later revealed that the company had falsified 252 reports to the National Health Service regarding Serco health services in Cornwall. During November 2013, it emerged that Serco, which been awarded

15708-732: The indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in the 1279 Battle of Yamen by

15862-415: 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

16016-460: 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)

16170-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and

16324-474: 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 ,

16478-456: The maintenance of sonar , early warning radar and satellite systems . Following a management buyout , the firm changed to the name Serco ('Services Company') in 1987 and was listed on the London Stock Exchange one year later. The company was restructured during the 1980s, reorientated itself towards services beyond engineering, and expanded its presence globally. Serco has encountered controversy, described by legal services firm Appleby as

16632-536: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout

16786-434: 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

16940-480: 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

17094-639: The name of Hong Kong was referring to Aberdeen Channel associating with once flourishing incense industry in Ming Dynasty. It could be where the incense was manufactured, stored or exported but there are no evidences to support it. Another speculation is that "fragrant" may refer to the sweet taste of the harbour's freshwater influx from the Pearl River. It is very unlikely the etymology relating to fragrant river. The whole territories of Hong Kong are surrounded by sea, namely salt water. Aberdeen Channel

17248-475: The operational efficiencies it hoped for, despite stating in May 2013 that it expected to make a profit on the three-year, £140   million contract for community services. It said that staff had not recorded activity accurately on the Electronic health record and that activity had increased significantly during the course of the contract. In August 2014, the company had reportedly decided to withdraw from

17402-426: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify

17556-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in

17710-560: 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

17864-646: The radar in Yorkshire, England. Serco has contracts for the operation and maintenance of RAF Brize Norton , RAF Halton , RAF Northolt and RNAS Culdrose in the UK and RAF Ascension Island in the mid-Atlantic. Serco provides support services to garrisons in Australia. Serco manages many aspects of operations at the Defence Academy of the United Kingdom in Shrivenham . Prior to June 2021, Serco

18018-611: 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

18172-476: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and

18326-487: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods

18480-731: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if

18634-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of

18788-462: 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,

18942-407: The shore region was in deprived state. Few people came back to rebuilt the region and the government at that time introduced Hakka migrants to refill the region. New migrants knew nothing about the incense industry and marked its end. From 2000s onward, the remainants of incense trees in Hong Kong were recurrently being chopped down by cross-border illegal loggers. These are strong indicators that

19096-406: The smell of opium, but it is impossible as there was no opium trade in Ming Dynasty. The first romanisation came as "He-Ong-Kong" in 1780, originally referred to a small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it

19250-616: The software that controls the matrix message signs, signals, emergency roadside telephones (SOS) and traffic monitoring on England's motorway network including, until 2011, the National Traffic Control Centre . Starting in 1997, Serco operated the London's Docklands Light Railway (DLR) under franchise. In November 2005, TfL announced that Serco had retained the DLR franchise for seven years from May 2006; this contract

19404-404: 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

19558-458: The time were cleared of fraud charges in April 2021. Following the events of 2013, Serco underwent a Corporate Renewal Programme designed by the company and the United Kingdom government which overhauled the company's contract management and auditing processes. By 2019, Cabinet Office publicised that "the remedial actions taken in 2013-14 were sufficient with regard to this incidence of wrongdoing". During September 2017, Serco announced that it

19712-525: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning

19866-401: The value of its order book. In May 2020, Serco accidentally shared the personal email addresses of nearly 300 trainee COVID-19 contact tracers . Between 2001 and 2011, Serco held a ten-year contract with Bradford City Council to manage and operate the local education authority , providing education support services to the city's schools. According to senior council officials, this period

20020-440: The village was marked as Little Hong Kong in a map of 1899. Regarding fragrant/incense wood, historian professor Lo Hsiang-lin was the one first exploring the etymology of Hong Kong with incense tree. The whole territory of Hong Kong, being part of Tung Kwun County, once cultivated incense trees, Aquilaria sinensis , in industrial scale during Ming Dynasty. The county incense was known as kwun-heung , 莞香 in character, which

20174-485: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as

20328-756: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during

20482-463: The world , housing in Hong Kong is consistently in high demand . Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in the world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. There is no lack of tales and speculations on

20636-573: 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

20790-503: 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

20944-520: Was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and the Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during

21098-482: Was awarded the Ministry of Defence's first outsourcing contract, under which it managed warehousing using the knowledge of staff who had completed similar work at RAF Flyingdales. Following the takeover of RCA by General Electric in late 1985, RCA Services Limited was bought out by its local management. During 1987, the firm changed its name to Serco ('Services Company') and became a London Stock Exchange listed company one year later. By 1990s, Serco had expanded from

21252-548: Was completed; the legality of such actions under Scottish law was questioned by lawyers. Serco confirmed that it was serving a notice of eviction on many tenants, causing alarm and lawyers challenged one asylum seeker's eviction at the Scottish Court of Session . Councillor Jennifer Layden, equalities and human rights convener for Glasgow, said, "The lock change announcement by the Home Office and Serco has caused widespread fear and alarm among asylum seekers in Glasgow. There

21406-790: Was deemed by Transport Scotland to not offer value. In 1997, Serco purchased the Railtest business as part of the privatisation of British Rail . Included in the sale was a management contract for the Old Dalby Test Track . Between 1997 and 2004, Serco operated the National Rail Enquiry Service under contract to the Association of Train Operating Companies . It maintains Network Rail 's fleet of infrastructure and maintenance trains at

21560-512: Was extended until September 2014 in January 2013. However, in July 2014, the DLR franchise was awarded to KeolisAmey Docklands Limited, thus Serco handed over operations on 7 December 2014. Serco operated Scatsta Airport in Shetland until its closure in 2020. During June 2010, Serco signed a £4   million contract to operate all air traffic control services for Coventry Airport . Serco

21714-542: Was first mentioned a book Yuet Tai Kei (粵大記) written between 1577 and 1595, that means it was in 16th century when Hong Kong was ruled by Ming Dynasty , that means any speculations do not fit the background could be ruled out. The location is on the north shore of Aberdeen Island, or Ap Lei Chau natively, next to Aberdeen Channel . Hong Kong Tsuen, 香港村, namely the village of Hong Kong, was recorded on San On County Gazetteer of 1819, situated near Shouson Hill . When Hong Kong became well-known colonial name under British rule,

21868-437: Was founded in 1929 as RCA Services Limited , a British-based division of the Radio Corporation of America , and initially provided technical services to the cinema industry. RCA Services Limited began providing services to government departments during the Second World War . After the onset of the conflict, the company was contracted by the British War Office due to the company's engineering and technical background to supply

22022-448: 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

22176-538: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong

22330-665: Was in the process of combining its UK and Europe operations. John Rishton was appointed as Non-Executive Chairman in Spring 2021, succeeding Sir Roy Gardner who held the position from May 2015. Rishton had been on the Board since September 2016. In August 2022, Serco announced that it would distribute £9   million in one-off payments to about 45,000 non-management staff as the firm lifted its profit guidance and dividend; this amount equated to around £200 for each of its 45,000 workers. In December 2023, Serco acquired European Homecare,

22484-531: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate

22638-546: 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

22792-419: Was luxury and worth silver of the same weight, says one gram of kwun-heung worth one gram of silver. Once flourishing incense industry came to the end due to Manchu invasion. The new Manchu rulers ordered all people to evacuate from shore region to eradicate all resistance of Ming from the sea in 1661. Villages and properties were burnt and many people died during this period. The order was revolted in 1683 but

22946-519: Was marked with "real problems" and management was taken back in house by the local authority after the contract's end-date. Serco has operated similar management arrangements for both Walsall and Stoke-on-Trent local education authorities. By 2009, Serco was one of Ofsted 's three Regional Inspection Service Providers, being responsible for school inspections in the English Midlands. Serco Leisure Operating Ltd works with clients throughout

23100-501: 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,

23254-531: Was one of three partners in the consortium who managed the Atomic Weapons Establishment until it was taken over by the MoD: in July 2015, the Office for Nuclear Regulation issued an improvement notice to the consortium demanding that it demonstrate that it has a long-term strategy for managing Higher Active radioactive Waste in order to reduce the risk to the public and its employees. Serco

23408-475: Was part of a consortium called Trusted Borders, led by Raytheon Systems Limited , to put in place e-Borders under a contract awarded by the UK Home Office in 2007. As a subcontractor to Raytheon, Serco was responsible for delivering the infrastructure and service management of e-Borders; Raytheon had its contract terminated in July 2010 and Serco at the time stated it had fulfilled all its commitments on

23562-544: Was part of a consortium that ran the UK's National Nuclear Laboratory under contract up until October 2013. In Britain, Serco supplies electronic tagging devices for offenders and asylum seekers . Serco, as well as its rival G4S , was accused of overcharging the Ministry of Justice on its contract to tag offenders. The firm issued a profit warning for 2014 as a result of the costs of becoming embroiled in an electronic tagging scandal. Serco repaid £68.5   million to

23716-431: Was very far from any river. Hsu Ti-shan was the proponent of heung kong, 香江, namely fragrant river, but of different explanation. He refers the freshwater of a waterfall near Aberdeen Channel with sweet taste. But the character 江 never refers to any streams, creeks or brooks in Hong Kong. Famous female pirate, Heung-kwu , 香姑, literally fragrant-girl, was the youth name of Cheng I Sao . Legend had it that she occupied

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