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70-683: The TJX Companies, Inc. (abbreviated TJX ) is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts . It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989. As of 2019, TJX operates TJ Maxx (in the United States) and TK Maxx (in Australia and Europe), its flagship store chains, along with Marshalls , HomeGoods , HomeSense , and Sierra in

140-537: A 25% stake in Russian retailer Familia. On August 19, 2020, TJX Companies continue to deal with the COVID-19 pandemic 's effect on its business. The company announced that revenues dropped 31% over the months of May, June, and July, primarily due to extensive closures of the shop for around one-third of the period. TJX Companies reported a second-quarter loss of $ 214 million. On January 17, 2007, TJX announced that it

210-766: 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

280-508: 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

350-473: A customer survey completed in 2009 showed a 100% recommendation rate from customers, something which had been targeted prior to the brands launch. Staff aprons, the most distinctive part of the uniform, partially change on a seasonal basis. As part of TJX Europe's 'Real Responsibility' initiative, HomeSense has partnered with the homeless charity Emmaus . As well as donating unsold stock, the company has started selling jute bags for £1.99, of which at least 50p

420-429: 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

490-490: 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

560-547: A profit. In October 1988, Zayre Corp. decided to focus its energies on TJX. It sold the entire chain of nearly 400 Zayre stores to Ames Department Stores Inc. In exchange, the company received $ 431.4 million in cash, a receivable note, and what was then valued at $ 140 million of Ames cumulative senior convertible preferred stock. The company continued focus on its core business, spinning off unrelated operations including BJ's Wholesale Club and Home Club , leaving it with just one brand, T.J. Maxx. In June 1989, Zayre Corp. acquired

630-482: Is donated to Emmaus. In 2009, the company also started selling Fairtrade cotton bags for 99p. The company does not give out any bags free in order to reduce its environmental footprint. Plastic bags come in three sizes and customers are charged 10p for the medium and large sized bags and 15p for the extra large. The revenue gained is used to cover the cost of manufacturing the bags with any remaining sum donated to The Woodland Trust ; HomeSense does not therefore profit from

700-552: Is located in Westfield Merry Hill , Dudley, England, and opened in May 2010. Throughout April and May 2009, the original launch stores received minor refurbishments to bring design and decoration into line with newer stores. This coincided with a relaunch of the company's website, and the adoption of a new slogan, "It makes perfect HomeSense". Prior to this, the slogan was "Unique Finds, Irresistible Prices". The results of

770-516: Is more upmarket than its Canadian namesake. Later that year, in August, TJX sold Bob's Stores to Versa Capital Management and Crystal Capital. In December 2010, TJX announced that the A.J. Wright stores would be closed, cutting about 4,400 jobs, and that more than half of them would reopen under other company brands. In December 2012, TJX acquired Sierra Trading Post , an off-price internet retailer of outdoor gear and apparel. Since its acquisition,

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840-410: 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

910-646: Is similar to TJX's HomeGoods chain in the United States . HomeSense operates along with Winners and Marshalls in Canada both of which share common ownership by TJX Companies. Homesense specializes in home furnishings, selling products that range from low end to name brand. Prices tend to be competitive to account for minor defects or discontinued lines; however they also carry products that are in excellent condition. Some of their items can also be found in other department stores. In April 2008, TJX launched

980-865: 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

1050-848: 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 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

1120-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from 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

1190-551: 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

1260-1052: The HomeSense brand in the United Kingdom . The first store to open was in Poole , and this was closely followed by stores in Cardiff , Bristol , Gloucester , Northampton and Manchester followed by Thurrock in October 2008 and Cambridge in March 2009. By the end of 2009 HomeSense are operating 14 stores and have opened an additional 6 stores between August and November in Worcester , Birmingham , Preston , Romford , Staples Corner (London) and Nottingham . In 2010 HomeSense plans to open stores in Reading , Chichester , Tunbridge Wells , and Chester . The HomeSense flagship store

1330-575: 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

1400-574: 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

1470-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

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1540-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

1610-636: 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

1680-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

1750-506: 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

1820-497: The United States and so it differs from the original Canadian HomeSense stores and European locations. In the United States, HomeSense has a larger selection of furniture, art, and lighting from HomeGoods stores, and it even offers fixtures. Future plans for the chain include the addition of 400 more stores across the country. HomeSense opened the first U.S. location in Framingham, Massachusetts in August 2017. Later that month,

1890-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

1960-461: 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

2030-528: The United States in 2017. Outside of the United States, the chain is comparable to the TJX-owned HomeGoods . Within the US, where HomeGoods already operates, it features more big ticket items than its sister store. Since 2001 this brand operates in Canada, as of 2014, HomeSense holds over 100 stores including its "Mega-stores" which include full Winners and HomeSense stores combined. The Canadian chain

2100-576: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2170-555: The United States, and HomeSense, Marshalls, and Winners in Canada. There are over 4,557 discount stores in the TJX portfolio located in nine countries. TJX ranked No. 80 in the 2024 Fortune 500 list of the largest United States corporations by total revenue. TJX is a publicly listed stock on the New York Stock Exchange (NYSE) under the ticker symbol TJX and has a capital value of $ 132.27 Billion (August 2024). In 1977,

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2240-405: The United States. TJX's expansion beyond North America came in 1994, when the fourth brand division, T.K. Maxx, was founded in the United Kingdom , and then expanded into Ireland . In 1995, TJX doubled in size when it acquired Marshalls, its fifth brand. T.J. Maxx and Marshalls later became consolidated as two brands under a single division, The Marmaxx Group. The following year, TJX Companies Inc.

2310-766: 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 , 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

2380-507: 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

2450-469: 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 ,

2520-742: 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

2590-654: 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

2660-775: The company announced plans to open two additional stores in New Jersey in East Hanover and Seaview Square Shopping Center in Neptune. An additional Massachusetts location in Westwood opened on 9 November 2017. As of October 2024, HomeSense is operating in 69 locations across 16 U.S states and territories. Florida has the most stores currently at ten. Delaware, Ohio have the least amount of stores at one in each state, both in Westlake, Ohio and Newark, Delaware. TJX Companies ,

2730-510: 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

2800-643: 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

2870-487: The current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with 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

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2940-521: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). HomeSense Europe - 78 (May 2, 2020) United States - 69 (October 2024) HomeSense (stylized as Homesense in Europe and the United States) is a Canadian chain of discount home furnishing stores owned by TJX Companies . It originated in Canada in 2001, and was expanded to Europe in 2008 and

3010-420: The end of March 2007, the number of affected customers had reached 45.7 million, and prompted credit bureaus to seek legislation requiring retailers to be responsible for compromised customer information saved in their systems. In addition to credit card numbers, personal information such as social security numbers and driver's license numbers from 451,000 customers were downloaded by the intruders. The breach

3080-481: 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

3150-609: The first TJ Maxx store opened in Auburn, Massachusetts as part of the discount department store chain Zayre . In June 1987, Zayre established The TJX Companies as a subsidiary. In the first half of 1988, Zayre stores had operating losses of $ 69 million on sales of $ 1.4 billion. Observers blamed technological inferiority, poor maintenance, inappropriate pricing, and inventory pileups, and Zayre appeared ripe for takeover. Throughout all this, however, The TJX Companies subsidiary continued to yield

3220-416: 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

3290-521: The international oil market. Iran was unable to sell any of its oil. In August 1953, 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

3360-415: 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

3430-460: 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)

3500-474: 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 ,

3570-494: 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

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3640-543: 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

3710-528: The outstanding minority interest in TJX and merged with the subsidiary, changing its name from Zayre Corp. to The TJX Companies, Inc. in the process. The newly named company began trading on the New York Stock Exchange. In 1990, TJX expanded into an additional store brand division, and at the same time it first went international, as it entered the Canadian market by acquiring the five-store Winners chain. Two years later, it launched its third brand, HomeGoods, in

3780-560: 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

3850-611: 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

3920-621: The retail chain has opened over 70 brick-and-mortar stores in the United States. The chain rebranded to Sierra in 2019. In July 2015, TJX acquired the Trade Secret and Home Secret off-price retail businesses from Australian company Gazal Corporation Limited. The deal was completed in December. In October, Ernie Herrman was named CEO of the company, replacing Carol Meyrowitz . He took over in January 2016. In November 2019, TJX purchased

3990-505: The sale of its plastic bags. By the end of the financial year 2009/10 HomeSense estimates it will have sales of £270M, a 40% increase on the previous year. By the end of fiscal year 14 they expect to be one of the largest home and gift retailers in Europe. HomeSense opened its first Irish stores in Dublin and Cork in June 2017. HomeSense operates alongside and complements HomeGoods in

4060-540: The side-by-side superstore model in the United States in 2004, combining some of each of the two Marmaxx brand stores with HomeGoods. The company reached 141st position in the 2004 Fortune 500 rankings, with almost $ 15 billion in revenue. That year was also marked by the death of retired Zayre founder Stanley Feldberg. In April 2008, TJX launched the HomeSense brand in the UK, with six stores opening throughout May. The brand

4130-501: The strong influence of 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

4200-635: The west coast. The company's seventh brand division, HomeSense, formed in 2001, was a Canadian brand modeled after the existing US brand, HomeGoods. TJX revenue surpassed $ 10 billion that year. In 2002, TJX revenue reached almost $ 12 billion. In 2003, TJX acquired an eighth brand division, Bob's Stores, concentrated in New England . In Canada, TJX began to configure some Winners and HomeSense stores side by side as superstores. The superstores feature open passageways between them, with dual branding. TJX's revenue in 2003 reached over $ 13 billion. TJX began to test

4270-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) 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

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4340-573: 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

4410-503: 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

4480-522: Was added to the Standard & Poor 's S&P 500 Composite Index, which consists of 500 of the largest companies in the United States. TJX sold Hit or Miss, a discount mall based clothing store in 1995 as well through an employee leveraged buyout. TJX launched a sixth brand, A.J. Wright , in 1998 in the eastern U.S. The brand went national in 2004 when it opened its first stores in California on

4550-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for 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

4620-448: 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

4690-546: 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

4760-551: Was possible due to a non-secure wireless network in one of the stores. Eleven men were charged in the theft, and one (Damon Patrick Toey) pleaded guilty to numerous charges related to the breach. Another, Jonathan James , professed his innocence and later committed suicide, apparently out of the belief that he was going to be indicted. The alleged ringleader Albert Gonzalez , was later indicted in August 2009 with attacking Heartland Payment Systems , where 130 million records were compromised. Multinational corporation Most of

4830-477: Was the victim of an unauthorized computer systems intrusion . It discovered in mid-December 2006 that its computer systems were compromised and customer data was stolen . The hackers accessed a system that stores data on credit card , debit card , check , and merchandise return transactions. The intrusion was kept confidential as requested by law enforcement. TJX said that it was working with General Dynamics , IBM and Deloitte to upgrade computer security. By

4900-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, 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

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