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69-800: Pakistan Services Limited was originally founded as a state-owned company in 1958. Later, it came under the ownership of Haroon family. The first Pearl-Continental Hotel in Karachi was inaugurated by President Muhammad Ayub Khan on 10 May 1964 and was the first five-star hotel in Pakistan. It was a member of the Leading Hotels of the World for over a decade. A new hotel was built for Lahore and Rawalpindi in 1967 with another branch opening in Peshawar in 1975. In 2021, Hashoo group also launched

138-656: A chain of four-star hotels under the brand name PC Legacy. The PC Legacy Naran is functional and operating in Naran and another opened in Nasirabad , Hunza in 2023. In 1971, when the Pearl-Continental (or Khyber Intercontinental at the time) construction was initiated in Peshawar, workers digging underground to form its foundation discovered old human, elephant and horse bones. Archaeologists discovered that

207-416: A business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have

276-480: A crown in heraldry and other imagery such as cap badges , uniforms, government logos and elsewhere. The heraldic crown is chosen by the reigning monarch. From 1661 to the reign of Queen Victoria , an image of St Edward's Crown was used. The early part of Victoria's reign depicted the Imperial State Crown created for her coronation , while a Tudor Crown began to be used from the 1860s. In 1901,

345-424: A distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as a state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it

414-506: A network of other institutions of a similar nature." Canadian academic Philippe Lagassé found the crown "acts in various capacities, as such: crown-in-council (executive); crown-in-parliament (legislative); crown-in-court (judicial). It is also an artificial person and office as a corporation sole. At its most basic, "the Crown" is, in the UK and other Commonwealth realms, what in most other countries

483-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

552-495: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

621-461: A word, the compendious formal, executive and administrative powers and apparatus attendant upon the modern constitutional and monarchical state." Lord Simon of Glaisdale stated: The crown as an object is a piece of jewelled headgear under guard at the Tower of London . But it symbolizes the powers of government which were formerly wielded by the wearer of the crown   ... The term "the Crown"

690-446: Is "the state"." Historically, the Crown was considered to be indivisible. Two judgments— Ex parte Indian Association of Alberta ( EWCA , 1982) and Ex parte Quark ( House of Lords , 2005)—challenged that view. Today, it is considered separate in every country, province, state, or territory, regardless of its degree of independence, that has the shared monarch as part of the respective country's government; though, limitations on

759-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

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828-764: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

897-496: Is carried out by the civil servants employed in the various government departments." This interpretation was supported by section 8 of the Pensions (Colonial Service) Act 1887 ( 50 & 51 Vict. c. 13), which set the terms "permanent civil service of the state", "permanent civil service of Her Majesty" and "permanent civil service of the Crown" as having the same meaning. The Crown was first defined as an 'imperial' crown during

966-542: Is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally,

1035-617: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

1104-513: Is not to be confused with any physical crown , such as those of the British regalia . The term is also found in various expressions such as Crown land , which some countries refer to as public land or state land ; as well as in some offices, such as minister of the Crown , Crown attorney , and Crown prosecutor . The term the Crown does not have a single definition. Legal scholars Maurice Sunkin and Sebastian Payne opined, "the nature of

1173-494: Is the royal prerogative by which unowned property, primarily unclaimed inheritances, becomes the property of the Crown. As such, the physical crown and the property belonging to successive monarchs in perpetuity came to be separated from the person of the monarch and his or her private property. After several centuries of the monarch personally exercising supreme legislative, executive, and judicial power, these functions decreased as parliaments, ministries, and courts grew through

1242-403: Is therefore used in constitutional law to denote the collection of such of those powers as remain extant (the royal prerogative ), together with such other powers as have been expressly conferred by statute on "the Crown". Lord Diplock suggested the Crown means "the government [and] all of the ministers and parliamentary secretaries under whose direction the administrative work of the government

1311-621: The Common Informers Act 1951 ended the practice of allowing such suits by common informers. The term "Crown forces" has been used by Irish republicans and nationalists , including members of paramilitary groups, to refer to British security forces which operate in Ireland . The term was used by various iterations of the Irish Republican Army (IRA) during conflicts such as Irish War of Independence and

1380-536: The Copyright, Designs and Patents Act 1988 made an exception for 'any right or privilege of the Crown' not written in an act of parliament, thus preserving the rights of the Crown under the unwritten royal prerogative. In addition, use of images of the crowns for commercial purposes is specifically restricted in the UK (and in countries which are party to the Paris Convention ) under sections 4 and 99 of

1449-715: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

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1518-641: The jurisprudence of the Commonwealth realms and their subdivisions (such as the Crown Dependencies , overseas territories , provinces , or states ). The term can be used to refer to the office of the monarch or the monarchy as institutions; to the rule of law ; or to the functions of executive (the Crown- in-council ), legislative (the Crown-in- parliament ), and judicial (the Crown on

1587-421: The 13th century. The term the Crown then developed into a means by which to differentiate the monarch's official functions from his personal choices and actions. Even within mediaeval England, there was the doctrine of capacities separating the person of the king from his actions in the capacity of monarch. When the kingdom of England merged with those of Scotland and Ireland , the concept extended into

1656-919: The Bailiwick of Jersey belonging to the Crown in Right of Jersey and not to the Crown Estate of the United Kingdom. The Succession to the Crown (Jersey) Law 2013 defined the Crown, for the purposes of implementing the Perth Agreement in Jersey law, as the Crown in Right of the Bailiwick of Jersey . Legislation in the Isle of Man also defines the Crown in Right of the Isle of Man as being separate from

1725-590: The Commonwealth realms is a similar, but separate, legal concept. To distinguish the institution's role in one jurisdiction from its place in another, Commonwealth law employs the expression the Crown in Right of [place] ; for example, the Crown in Right of the United Kingdom, the Crown in Right of Canada, the Crown in Right of the Commonwealth of Australia, etc. Because both Canada and Australia are federations, there are also crowns in right of each Canadian province and each Australian state . When referring to

1794-534: The Crown is used to mostly mean the authority of government; its meaning changes in different contexts. In the context of people considering the claims and settlements related to the Treaty of Waitangi , professor of history Alan Ward defines the Crown as "the people of New Zealand—including Māori themselves—acted through elected parliament and government." In the Bailiwick of Guernsey , legislation refers to

1863-494: The Crown has been taken for granted, in part because it is fundamental and, in part, because many academics have no idea what the term the Crown amounts to". Nicholas Browne-Wilkinson theorised that the Crown is "an amorphous, abstract concept" and, thus, "impossible to define", while William Wade stated the Crown "means simply the Queen". Warren J. Newman described the Crown is "a useful and convenient means of conveying, in

1932-403: The Crown in Right of the Bailiwick of Guernsey or the Crown in Right of the Bailiwick and the law officers of the Crown of Guernsey submitted that, "the Crown in this context ordinarily means the Crown in right of the république of the Bailiwick of Guernsey" and that this comprises "the collective governmental and civic institutions, established by and under the authority of the monarch, for

2001-618: The Crown in Right of the United Kingdom. Following the Lords' decision in Ex parte Quark , 2005, it is held that the King, in exercising his authority over British Overseas Territories , does not act on the advice of the Cabinet of the United Kingdom , but, in his role as king of each territory, with the exception of fulfilling the UK's international responsibilities for its territories. To comply with

2070-402: The Crown in multiple jurisdictions, wording is typically akin to "the Crown in right of [place], and all its other capacities". The powers of a realm's crown are exercised either by the monarch, personally, or by his or her representative on the advice of the appropriate local ministers , legislature, or judges, none of which may advise the Crown in any other realm. In New Zealand, the term

2139-497: The Crown's legal personality is usually regarded as a corporation sole , it can, at least for some purposes, be described as a corporation aggregate headed by the monarch. Frederic William Maitland argued the Crown is a corporation aggregate embracing the government and the "whole political community". J.G. Allen preferred to view the Crown as a corporation sole; one office occupied by a single person, enduring "through generations of incumbents and, historically, lends coherence to

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2208-443: The Crown; usages such as, "for the Crown, Joe Bloggs argued", being common. The Crown can also be a plaintiff or defendant in civil actions to which the government of the Commonwealth realm in question is a party. Such crown proceedings are often subject to specific rules and limitations, such as the enforcement of judgments against the Crown. Qui tam lawsuits on behalf of the Crown were once common, but have been unusual since

2277-488: The European Union , where "Miller" is Gina Miller , a citizen. Until the end of the 20th century, such case titles used the pattern R v Secretary of State for Exiting the European Union, ex parte Miller . Either form may be abbreviated R (Miller) v Secretary of State for Exiting the European Union . In Scotland , criminal prosecutions are undertaken by the lord advocate (or the relevant procurator fiscal ) in

2346-701: The Hotel was the site of a fierce battle between the armies of Mahmud of Ghazni and Jayapala in the Battle of Peshawar in the year 1001. On 11 May 2019, at least eight people including four hotel employees, one soldier and three terrorists were killed in a terror attack targeting the Pearl Continental in Gwadar , Balochistan , Pakistan. On Thursday night 26 May 2022, the roof of the 5-star property collapsed at Karachi's Pearl-Continental Hotel. According to

2415-882: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

2484-691: The Troubles . As noted by Irish republican Danny Morrison , "[t]he term 'security forces' suggests legitimacy , which is why republicans prefer terms like 'the Brits' or 'the Crown Forces', which undermines their authority." Due to the Irish War of Independence, "the phrase 'Crown Forces' came to represent something abhorrent in the Republican narrative". The Crown is represented by the image of

2553-631: The Tudor Crown design was standardised and continued in use until the reign of Elizabeth II in 1952 when a heraldic St Edward's Crown was restored. In 2022, Charles III opted for a modified Tudor Crown design. Crown copyright applies in perpetuity to depictions of the Royal Arms and any of its constituent parts under the royal prerogative , and The National Archives restricts rights to reproduce them. Although Crown Copyright usually expires 50 years after publication, Section 171(b) of

2622-1019: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

2691-400: The abbreviation R (i.e. the case name at trial would be R v Smith ; if the defendant appeals against the Crown, the case name would be Smith v The King ). In Western Australia and Tasmania , prosecutions will be brought in the name of the respective state instead of the Crown (e.g. The State of Western Australia v Smith ). Victorian trials in the original jurisdiction will be brought in

2760-528: The appropriate government minister as the party, instead. When a case is announced in court, the clerk or bailiff may refer to the Crown orally as our sovereign lord the king (or our sovereign lady the queen ). In reporting on court proceedings in New Zealand , news reports will refer to the prosecuting lawyer (often called a Crown prosecutor, as in Canada and the United Kingdom) as representing

2829-520: The bench) governance and the civil service . The concept of the Crown as a corporation sole developed first in the Kingdom of England as a separation of the physical crown and property of the kingdom from the person and personal property of the monarch. It spread through English and later British colonisation and is now rooted in the legal lexicon of all 15 Commonwealth realms, their various dependencies, and states in free association with them. It

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2898-413: The body politic (which never dies). The Crown and the sovereign are "conceptually divisible but legally indivisible [...] The office cannot exist without the office-holder". The terms the state , the Crown , the Crown in Right of [jurisdiction] , His Majesty the King in Right of [jurisdiction] , and similar, are all synonymous and the monarch's legal personality is sometimes referred to simply as

2967-408: The copyright for government publications ( Crown copyright ). This is all in his or her position as sovereign, not as an individual; all such property is held by the Crown in perpetuity and cannot be sold by the sovereign without the proper advice and consent of his or her relevant ministers. The Crown also represents the legal embodiment of executive, legislative , and judicial governance. While

3036-421: The court's decision, the territorial governors now act on the advice of each territory's executive and the UK government can no longer disallow legislation passed by territorial legislatures. In criminal proceedings , the state is the prosecuting party; the case is usually designated (in case citation ) as R v [ defendant ] , where R can stand for either rex (if the current monarch is male) or regina (if

3105-507: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

3174-490: The governance of these islands, including the states of Guernsey and legislatures in the other islands, the royal court and other courts, the lieutenant governor, parish authorities, and the Crown acting in and through the Privy Council". In the Bailiwick of Jersey , statements by the law officers of the Crown define the Crown's operation in that jurisdiction as the Crown in Right of Jersey , with all Crown land in

3243-420: The government, a case in judicial review is brought by the Crown against a minister of the Crown on the application of a claimant . The titles of these cases now follow the pattern of R (on the application of [X]) v [Y] , notated as R ([X]) v [Y] , for short. Thus, R (Miller) v Secretary of State for Exiting the European Union is R (on the application of Miller and other) v Secretary of State for Exiting

3312-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

3381-466: The legal lexicons of the United Kingdom and its dependencies and overseas territories and, eventually, all of the independent Commonwealth realms . There are, thus, now many distinct crowns, as a legal concept, "worn by"—or many different offices of monarch occupied by—one person as sovereign (supreme monarch) of each country. However, the Crown can also mean the pan-national institution shared by all 15 Commonwealth realms. In each Commonwealth realm,

3450-405: The monarch is female), and the v stands for versus . For example, a criminal case against Smith might be referred to as R v Smith and verbally read as "the Crown and Smith". The Crown is, in general, immune to prosecution and civil lawsuits . So, R is rarely (albeit sometimes ) seen on the right hand side of the 'v' in the first instance. To pursue a case against alleged unlawful activity by

3519-400: The name of the director of public prosecutions . The Commonwealth director of public prosecutions may choose which name to bring the proceeding in. Judges usually refer to the prosecuting party as simply "the prosecution" in the text of judgments. In civil cases where the Crown is a party, it is a customary to list the body politic (e.g. State of Queensland or Commonwealth of Australia ) or

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3588-517: The name of the Crown. Accordingly, the abbreviation HMA is used in the High Court of Justiciary for His/Her Majesty's Advocate , in place of rex or regina ; as in, HMA v Al Megrahi and Fahima . Most jurisdictions in Australia use R or The King (or The Queen ) in criminal cases. If the Crown is the respondent to an appeal, the words The King will be spelled out, instead of using

3657-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

3726-431: The power of the monarch in right of each territory vary according to relevant laws, thus making the difference between full sovereignty, semi-sovereignty, dependency, etc. The Lords of Appeal wrote, "the Queen is as much the Queen of New South Wales and Mauritius and other territories acknowledging her as head of state as she is of England and Wales, Scotland, Northern Ireland, or the United Kingdom." The Crown in each of

3795-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

3864-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

3933-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

4002-477: The realm and crown of England, is only to assert that our king is equally sovereign and independent within these his dominions, as any emperor is in his empire; and owes no kind of subjection to any other potentate on earth." The concept of the Crown took form under the feudal system . Though not used this way in all countries that had this system, in England, all rights and privileges were ultimately bestowed by

4071-580: The reign of Henry VIII in the Ecclesiastical Appeals Act 1532 which declared that 'this realm of England is an empire   ... governed by one Supreme Head and King having the dignity and royal estate of the imperial Crown of the same'. In William Blackstone 's 1765 Commentaries on the Laws of England , he explained that "the meaning therefore of the legislature, when it uses these terms of empire and imperial , and applies them to

4140-439: The relevant jurisdiction's name. (In countries using systems of government derived from Roman civil law , the state is the equivalent concept. ) However, the terms the sovereign or monarch and the Crown , though related, have different meanings: The Crown includes both the monarch and the government. The institution and powers of the Crown are formally vested in the king, but, conventionally , its functions are exercised in

4209-515: The reports one person was killed and three others injured after the ceiling of the five-star hotel caved in on top of them. The incident occurred inside the Marco Polo Hall at the hotel where an event was under way. This article about a hotel or resort in Asia is a stub . You can help Misplaced Pages by expanding it . State-owned enterprise A state-owned enterprise ( SOE ) is

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4278-398: The ruler. Land, for instance, was granted by the Crown to lords in exchange for feudal services and they, in turn, granted the land to lesser lords. One exception to this was common socage : owners of land held as socage held it subject only to the crown. When such lands become ownerless, they are said to escheat ; i.e. return to direct ownership of the Crown ( Crown land ). Bona vacantia

4347-536: The secretariat to the PCG and managed the implementation of the programme, which was completed in 2015. As of 2024, Philippines Amusement and Gaming Corporation (PAGCOR) is the most profitable state-owned enterprise in the Philippines. It is the third largest contributor to government revenues, following taxes and customs. The Crown The Crown broadly represents the state in all its aspects within

4416-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

4485-522: The sovereign's name by ministers of the Crown drawn from and responsible to the elected chamber of parliament . Still, the king or queen is the employer of all government officials and staff (including the viceroys , judges, members of the armed forces, police officers, and parliamentarians), the guardian of foster children ( Crown wards ), as well as the owner of all state lands ( Crown land ), buildings and equipment (Crown property), state-owned companies (Crown corporations or Crown entities ), and

4554-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

4623-497: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

4692-416: The term the Crown , at its broadest, now means the government or the polity known as the state , while the sovereign in all realms is the living embodiment of the state, or symbolic personification of the Crown. The body of the reigning sovereign thus holds two distinct personas in constant coexistence, an ancient theory of the "King's two bodies"—the body natural (subject to infirmity and death) and

4761-657: The term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so the term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

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