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119-457: Topman is a UK-based multinational men's fashion retail brand founded by Burton Group (later renamed Arcadia Group ) in 1978. Along with its women's clothing counterpart Topshop and the rest of Arcadia Group , Topman went into administration in late 2020. All high street stores subsequently closed and the brand was purchased by ASOS on 1 February 2021, relaunching as an online-only retailer. In 2001, Topman's brand director, David Shepherd,

238-465: A "New Discovery" in 1749, and by 1750 was titled Richmond Gulf. The name was changed to Richmond Fort and given the abbreviation RF from 1756 to 1759, it served mainly as a trade goods and provisions storage location. Additional inland posts were Capusco River and Chickney Creek, both circa 1750. Likewise, Brunswick (1776), New Brunswick (1777), Gloucester (1777), Upper Hudson (ca. 1778), Lower Hudson (1779), Rupert, and Wapiscogami Houses were established in

357-766: 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

476-839: A certain number". Topman was nominated for the 'Menswear Design of the Year' award by the British Fashion Council, winner of 'Best Fashion Retailer' at the Maxim Style Awards for 2005 and winner of 'Best High Street Retailer' at the 2007 FHM Fashion and Grooming awards. In 2008, Topman collaborated with new label The Look Presents , the creation of rock-fashion author Paul Gorman and Soho boutique owner, Max Karie, to launch 'the Look Presents'. In 2011, Topman worked closely with Teenage Cancer Trust . The company worked in collaboration with children from

595-467: A consortium including JD Sports , and online retailer Boohoo . On 1 February 2021, ASOS announced it had acquired the four Arcadia brands out of administration for £265 million, paying an additional £65 million for current and pre-ordered stock. ASOS will keep 300 employees on as part of the deal but will not keep any of the brands' 70 stores, putting 2,500 jobs at risk. They plan to relaunch in May 2021. On

714-508: 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

833-429: 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

952-494: A jury of HBC officials and supporters. During the trial, a crowd of armed Métis men led by Louis Riel Sr. gathered outside the courtroom. Although Sayer was found guilty of illegal trade, having evaded the HBC monopoly, Judge Adam Thom did not levy a fine or punishment. Some accounts attributed that to the intimidating armed crowd gathered outside the courthouse. With the cry, " Le commerce est libre! Le commerce est libre! " ("Trade

1071-721: A major remodelling and restoration of retail trade shops planned in 1912. Following the war, the company revitalized its fur-trade and real-estate activities, and diversified its operations by venturing into the oil business. During the Russian Civil War , the company briefly operated in the Siberian far east , even obtaining an agreement with the Soviet government until departing in 1924. The company co-founded Hudson's Bay Oil and Gas Company (HBOG) in 1926 with Marland Oil Company (which merged with Conoco in 1929). Although

1190-490: 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

1309-603: A month later, the governor and general manager met Banting at the King Edward Hotel to demand a retraction. Banting stated that the reporter had betrayed his confidence, but did not retract his statement and reaffirmed that HBC was responsible for the death of indigenous residents by supplying the wrong kind of food and introducing diseases into the Arctic. As A. Y. Jackson , the Group of Seven painter with whom Banting

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1428-619: A rebuilt Fort Langley (1840) on the Lower Fraser to Fort Kamloops by 1850 and the rest of the transportation network to York Factory on the Hudson Bay along with the New Caledonia district fur returns. The Guillaume Sayer trial in 1849 contributed to the end of the HBC monopoly. Guillaume Sayer , a Métis trapper and trader, was accused of illegal trading in furs. The Court of Assiniboia brought Sayer to trial, before

1547-751: A result of the rivalry and were inherently unprofitable. Their combined territory was extended by a licence to the North-Western Territory , which reached to the Arctic Ocean in the north and, with the creation of the Columbia Department in the Pacific Northwest , to the Pacific Ocean in the west. The NWC's regional headquarters at Fort George (Fort Astoria) was relocated to Fort Vancouver by 1825 on

1666-497: A trading post. The first Fort Langley was subsequently built (1827), establishing an early settlers long lasting presence in current day southern British Columbia. The fur trade in a wet climate turned out to be marginal and quickly evolved into a salmon trade site with abundant supply in the vicinity. The HBC stretched its presence North on the coastline with Fort Simpson (1831) on the Nass River , Fort McLoughlin (1833) and

1785-677: Is free! Trade is free!"), the Métis loosened the HBC's previous control of the courts, which had enforced their monopoly on the settlers of Red River. Another factor was the findings of the Palliser Expedition of 1857 to 1860, led by Captain John Palliser . He surveyed the area of the prairies and wilderness from Lake Superior to the southern passes of the Rocky Mountains. Although he recommended against settlement of

1904-410: 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

2023-865: 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

2142-713: The Alaska Panhandle by present-day Wrangell . The RAC-HBC agreement (1839) with the Russian American Company (RAC) provided for such a continuing presence in exchange for the HBC to supply the Russian coastal sites with agricultural products. The Puget Sound Agricultural Company subsidiary was created to supply grain, dairy, livestock and manufactured goods out of Fort Vancouver, Fort Nisqually, Fort Cowlitz and Fort Langley in present-day southern British Columbia. The company's stranglehold on

2261-571: The American Revolutionary War , a French squadron under Jean-François de Galaup, comte de Lapérouse captured and demolished York Factory and Prince of Wales Fort in support of the American rebels. In its trade with native peoples, Hudson's Bay Company exchanged wool blankets, called Hudson's Bay point blankets, for the beaver pelts trapped by aboriginal hunters. By 1700, point blankets accounted for more than 60 percent of

2380-679: The Beaver (1836), the first steamship to ever roam the Pacific Northwest for resupplying its coastline sites. The HBC was securing a trading monopoly on the coastline keeping away independent American traders: "By 1837, American competition on the North West Coast was effectively over". The HBC gained more control of the fur trade with both the coastline and inland tribes to access the fur rich New Caledonia district in current day northern British Columbia: "monopoly control of

2499-980: 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 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

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2618-603: The Fraser River . The three boats 40some crew led by the James McMillan were first to officially ever make it to Puget Sound from the continent, to reach its northern end into Boundary Bay and to bypass the mouth of the Fraser. They shortcut through two mainland rivers and a portage in order to finally reach the lower Fraser. Friendly tribes were identified along with subsistence farming land suitable for sustaining

2737-545: The Netherlands , were sold by the end of 2019. Until March 2020, the company was listed on the Toronto Stock Exchange under the symbol "HBC.TO" until Richard Baker and a group of shareholders took the company private. HBC is, as of 2022, the majority owner of eCommerce companies Saks Fifth Avenue and Saks Off 5th , both established as separate operating companies in 2021. HBC wholly owns SFA,

2856-677: The Nonsuch , commanded by Captain Zachariah Gillam , while the Eaglet was commanded by Captain William Stannard and accompanied by Radisson. On 5 June 1668, both ships left port at Deptford , England, but the Eaglet was forced to turn back off the coast of Ireland. The Nonsuch continued to James Bay , the southern portion of Hudson Bay, where its explorers founded, in 1668, the first fort on Hudson Bay, Charles Fort at

2975-953: The North-West Territories , was brought under Canadian jurisdiction under the terms of the Rupert's Land Act 1868 , enacted by the Parliament of the United Kingdom. The Deed enabled the admission of the fifth province, Manitoba , to the Confederation on 15 July 1870, the same day that the deed itself came into force. During the 19th century the Hudson's Bay Company went through great changes in response to such factors as growth of population and new settlements in part of its territory, and ongoing pressure from Britain. It seemed unlikely that it would continue to control

3094-682: The Siskiyou Trail , into Northern California as far south as the San Francisco Bay Area , where the company operated a trading post at Yerba Buena ( San Francisco ). The southern-most camp of the company was French Camp , east of San Francisco in the Central Valley adjacent to the future site of the city of Stockton . These trapping brigades in Northern California faced serious risks, and were often

3213-465: The coureurs des bois permission to scout the distant territory". Despite this refusal, in 1659 Radisson and Groseilliers set out for the upper Great Lakes basin. A year later they returned to Montreal with premium furs, evidence of the potential of the Hudson Bay region. Subsequently, they were arrested by French authorities for trading without a licence and fined, and their furs were confiscated by

3332-688: The 17th century, the French colonists in North America, based in New France , operated a de facto monopoly in the North American fur trade . Two French traders, Pierre-Esprit Radisson and Médard des Groseilliers (Médard de Chouart, Sieur des Groseilliers), Radisson's brother-in-law, learned from the Cree that the best fur country lay north and west of Lake Superior , and that there

3451-595: The 1818 Treaty settled the 49th degree parallel border only as far as the Rocky Mountains , the HBC was looking for a site further West in case the parallel border would become further extended at the end of the 10 years joint occupancy term. By 1824, the HBC was commissioning an expedition to travel from the Fort George regional headquarter on the southern shore of the Columbia River all the way to

3570-670: 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

3689-558: The 5 September 2024, ASOS announced that it sold a 75% stake of Topshop & Topman to the Danish company Bestseller. It was announced that the Topshop & Topman websites would relaunch within 6 months of the deal with Bestseller, as well it was hinted that the brands could return to the high street with stores, the chief executive of ASOS commented "We might open stores. We will consider it for sure but we have no specific agreement to open

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3808-592: The American Fort Hall , 483 km (300 mi) to the east. In 1837, it purchased Fort Hall, also along the route of the Oregon Trail . The outpost director displayed the abandoned wagons of discouraged settlers to those seeking to move west along the trail. HBC trappers were also deeply involved in the early exploration and development of Northern California . Company trapping brigades were sent south from Fort Vancouver, along what became known as

3927-775: The Columbia River replaced Spokane House in 1825. Fort Umpqua was established in 1832 in present-day southern Oregon after the Willamette River had been explored up toward its headwaters by mainly the NWC. Nisqually House was built during the same year to establish a presence further North on Puget Sound in present-day State of Washington , resulting in Fort Nisqually a few years later closer to present-day Canadian sites. The HBC established Fort Boise in 1834 (in present-day southwestern Idaho) to compete with

4046-546: The East India Company in 1732, which it viewed as a major competitor. Hudson's Bay Company's first inland trading post was established by Samuel Hearne in 1774 with Cumberland House, Saskatchewan . Conversely, a number of inland HBC "houses" pre-date the construction of Cumberland House, in 1774. Henley House, established in 1743, inland from Hudson Bay, at the confluence of the Albany and Kabinakagami Rivers,

4165-551: 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

4284-560: The HBC controlled nearly all trading operations in the Pacific Northwest region and was based at its headquarters at Fort Vancouver, on the Columbia River . Although claims to the region were by agreement in abeyance, commercial operating rights were nominally shared by the United States and Britain through the Anglo-American Convention of 1818 , but company policy, enforced via Chief Factor John McLoughlin of

4403-529: The HBC paddle wheeler Distributor were responsible for spreading the influenza virus down the Slave River and Mackenzie River . Less than a decade after the 1918 global flu pandemic , a similar virus spread territory-wide over the summer and autumn, devastating the aboriginal population of the north. Returning from the trip, Banting gave an interview in Montreal with a Toronto Star reporter under

4522-452: The HBC. It became operative for the outfit of 1780 and was the first joint-stock company in Canada and possibly North America. The agreement lasted one year. A second agreement established in 1780 had a three-year term. The company became a permanent entity in 1783. By 1784, the NWC had begun to make serious inroads into the HBC's profits. The North West Company (NWC) was the main rival in

4641-575: 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

4760-511: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

4879-558: 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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4998-617: The Royal Navy in the Battle of Hudson's Bay (5 September 1697), the largest naval battle in the history of the North American Arctic. D'Iberville's depleted French force captured York Factory by laying siege to the fort and pretending to be a much larger army. The French retained all of the outposts except Fort Albany until 1713. A small French and Indian force attacked Fort Albany again in 1709 during Queen Anne's War but

5117-464: 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

5236-636: 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

5355-556: The UK, Arcadia Group went into administration at 8pm GMT on 30 November 2020. On 25 January 2021, ASOS said it was in "exclusive" talks to buy Arcadia's Topshop, Topman, Miss Selfridge and HIIT brands out of administration, though it only wanted the brands, not the shops. A consortium including Next had earlier dropped a bid to buy Topshop and Topman; interest in Arcadia operations had also been expressed by Mike Ashley 's Frasers Group ,

5474-450: 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

5593-506: 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

5712-407: The United States and Canada. The company's namesake business division is Hudson's Bay , commonly referred to as The Bay ( La Baie in French). After incorporation by English royal charter in 1670, the company was granted a right of "sole trade and commerce" over an expansive area of land known as Rupert's Land , comprising much of the Hudson Bay drainage basin . This right effectively gave

5831-558: 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

5950-461: 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

6069-407: 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

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6188-475: 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

6307-401: 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

6426-443: The West. The Society floated £2 million in public shares on non-ceded land held ostensibly by the Hudson's Bay Company as an asset and leveraged this asset for collateral for these funds. These funds allowed the Society the financial means to weather the financial collapse of 1866 which destroyed many competitors and invest in railways in North America. In 1869, after rejecting the American government offer of CA$ 10   million,

6545-436: The agreement that his statements on HBC would remain off the record. The newspaper nonetheless published the conversation, which rapidly reached a wide audience across Europe and Australia. Banting was angry at the leak, having promised the Department of the Interior not to make any statements to the press prior to clearing them. The article noted that Banting had given the journalist C. R. Greenaway repeated instances of how

6664-468: The area of modern-day Canada, and stretches into the present-day north-central United States . The specific boundaries remained unknown at the time. Rupert's Land would eventually become Canada's largest land "purchase" in the 19th century. The HBC established six posts between 1668 and 1717. Rupert House (1668, southeast), Moose Factory (1673, south) and Fort Albany, Ontario (1679, west) were erected on James Bay; three other posts were established on

6783-408: 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 ,

6902-526: The charity to produce a range of sunglasses designed by them whilst supporting the 'Rock your Shades' campaign in May 2011. 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 the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

7021-461: The coastal fur trade allowed the HBC to impose a uniform tariff on both sides of the Coast Mountains". By 1843, under pressure from the Americans to withdraw further North with the looming Oregon Treaty border negotiation finalized in 1846, and strong of its coastal presence on the northern coast, HBC built Fort Victoria at the southern end of present-day Vancouver Island in southern BC. A well sheltered ocean port with agricultural potential in

7140-579: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

7259-604: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

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7378-415: The company a commercial monopoly over that area. The HBC functioned as the de facto government in Rupert's Land for nearly 200 years until the HBC relinquished control of the land to Canada in 1869 as part of the Deed of Surrender , authorized by the Rupert's Land Act 1868 . At its peak, the company controlled the fur trade throughout much of the English- and later British-controlled North America . By

7497-421: The company a monopoly over the region drained by all rivers and streams flowing into Hudson Bay in northern parts of present-day Canada, taking possession on behalf of England. The area was named " Rupert's Land " after Prince Rupert, the first governor of the company appointed by the King. This drainage basin of Hudson Bay spans 3,861,400 square kilometres (1,490,900 sq mi), comprising over one-third of

7616-442: The company approved the return of Rupert's Land to Britain. The government gave it to Canada and loaned the new country the £300,000 required to compensate HBC for its losses. HBC also received one-twentieth of the fertile areas to be opened for settlement and retained title to the lands on which it had built trading establishments. The deal, known as the Deed of Surrender , came into force the following year. The resulting territory,

7735-400: The company diversified into a number of areas, its department store business is the only remaining part of the company's operations, in the form of department stores under the Hudson's Bay brand. The company also established new trading posts in the Canadian Arctic. The medical scientist Frederick Banting was travelling in the Arctic in 1927 when he realized that crew or passengers on board

7854-440: The company's Columbia District , was to discourage U.S. settlement of the territory. The company's effective monopoly on trade virtually forbade any settlement in the region. Over and above the NWC Fort George headquarters site, the HBC carried on the early presence in the region of the NWC when it merged in 1821 with noteworthy sites: Spokane House , Fort Okanogan and Fort Nez Percés . Fort Colville located further North on

7973-399: The company's profits during the monopoly years. Its trade covered 7,770,000 km (3,000,000 sq mi), and it had 1,500 contract employees. Between 1820 and 1870, the HBC issued its own paper money . The notes, denominated in sterling, were printed in London and issued at York Factory for circulation primarily in the Red River Colony . Although the HBC maintained a monopoly on

8092-510: 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

8211-428: The conflict played out in North America as well. D'Iberville raided Fort Severn in 1690 but did not attempt to raid the well-defended local headquarters at York Factory. In 1693 the HBC recovered Fort Albany ; d'Iberville captured York Factory in 1694, but the company recovered it the next year. In 1697, d'Iberville again commanded a French naval raid on York Factory. On the way to the fort he defeated three ships of

8330-643: 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

8449-434: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Hudson%27s Bay Company The Hudson's Bay Company ( HBC ; French : Compagnie de la Baie d'Hudson ) is a Canadian retail business group. A fur trading business for much of its existence, it became the largest and oldest corporation in Canada, before evolving into a major fashion retailer, operating retail stores across both

8568-565: The decade of the 1770s. These post-date Cumberland House, yet speak to the expanding inland incursion of the HBC in the last quarter of the 18th century. Minor posts also during this time period include Mesackamy/Mesagami Lake (1777), Sturgeon Lake (1778), Beaver Lake Posts. In 1779, other traders founded the North West Company (NWC) in Montreal as a seasonal partnership to provide more capital and to continue competing with

8687-778: The entity that operates Saks Fifth Avenue's physical locations; O5, the operating company for Saks Off 5th stores; The Bay, an eCommerce marketplace and Hudson's Bay, the operating company for Hudson's Bay's brick-and-mortar stores. In July 2024, HBC announced that it would acquire the Neiman Marcus Group for US$ 2.65 billion and fold it into the new flagship entity Saks Fifth Avenue Global. HBC owns or controls approximately 3.7 million square metres (40 million square feet) of gross leasable real estate through its real estate and investment arm, HBC Properties and Investments, established in October 2020. For much of

8806-573: The expedition and brought the two to England to raise financing. Radisson and Groseilliers arrived in London in 1665 at the height of the Great Plague . Eventually, the two met and gained the sponsorship of Prince Rupert . Prince Rupert introduced the two to his cousin, the reigning king – Charles II . In 1668 the English expedition acquired two ships, the Nonsuch and the Eaglet , to explore possible trade into Hudson Bay. Groseilliers sailed on

8925-467: The fall and winter, First Nations men and European fur trappers accomplished the vast majority of the animal trapping and pelt preparation. They travelled by canoe and on foot to the forts to sell their pelts. In exchange they typically received popular trade-goods such as knives, kettles, beads, needles, and the Hudson's Bay point blanket . The arrival of the First Nations trappers was one of

9044-481: 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

9163-429: The first cargo of fur resulting from trade in Hudson Bay. The bulk of the fur – worth £1,233 – was sold to Thomas Glover, one of London's most prominent furriers. This and subsequent purchases by Glover proved the viability of the fur trade in Hudson Bay. A royal charter from King Charles II incorporated "The Governor and Company of Adventurers of England, trading into Hudson's Bay" on 2 May 1670. The charter granted

9282-581: The first to explore relatively uncharted territory. They included the lesser known Peter Skene Ogden and Samuel Black . The HBC also operated a store in what were then known as the Sandwich Islands (now the Hawaiian Islands ), engaging in merchant shipping to the islands between 1828 and 1859. Extending the presence it had built in present-day British Columbia northern coast, the HBC reached by 1838 as far North as Fort Stikine in

9401-573: The fox fur trade always favoured the company: "For over $ 100,000 of fox skins, he estimated that the Eskimos had not received $ 5,000 worth of goods." He traced this treatment to health, consistent with reports made in previous years by RCMP officers, suggesting that "the result was a diet of 'flour, sea-biscuits , tea and tobacco,' with the skins that once were used for clothing traded merely for 'cheap whiteman's goods. ' " The HBC fur trade commissioner called Banting's remarks "false and slanderous", and

9520-603: The fur trade during the early to mid-19th century, there was competition from James Sinclair and Andrew McDermot (Dermott), independent traders in the Red River Colony. They shipped furs by the Red River Trails to Norman Kittson , a buyer in the United States. In addition, Americans controlled the maritime fur trade on the Northwest Coast until the 1830s. Throughout the 1820s and the 1830s,

9639-553: The fur trade. The competition led to the small Pemmican War in 1816. The Battle of Seven Oaks on 19 June 1816 was the climax of the long dispute. In 1821, the North West Company of Montreal and Hudson's Bay Company were forcibly merged by intervention of the British government to put an end to often-violent competition. 175 posts, 68 of them the HBC's, were reduced to 52 for efficiency and because many were redundant as

9758-530: The future of the West. The iconic department store today evolved from trading posts at the start of the 19th century, when they began to see demand for general merchandise grow rapidly. HBC soon expanded into the interior and set-up posts along river settlements that later developed into the modern cities of Winnipeg, Calgary and Edmonton . In 1857, the first sales shop was established in Fort Langley . This

9877-526: The government. Determined to establish trade in the Hudson Bay area, Radisson and Groseilliers approached a group of English colonial merchants in Boston to help finance their explorations. The Bostonians agreed on the plan's merits, but their speculative voyage in 1663 failed when their ship ran into pack ice in Hudson Strait . Boston-based English commissioner Colonel George Cartwright learned of

9996-416: 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

10115-626: The high points of the year, met with pomp and circumstance. The highlight was very formal, an almost ritualized "Trading Ceremony" between the Chief Trader and the Captain of the aboriginal contingent who traded on their behalf. During the initial years of the fur trade, prices for items varied from post to post. The early coastal factory model of the English contrasted with the system of the French, who established an extensive system of inland posts at native villages and sent traders to live among

10234-572: 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

10353-415: 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

10472-460: 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)

10591-474: 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 ,

10710-707: The manner of the Dutch fur-trading operations in New Netherland . By adoption of the Standard of Trade in the 18th century, the HBC ensured consistent pricing throughout Rupert's Land. A means of exchange arose based on the " Made Beaver " (MB); a prime pelt, worn for a year and ready for processing: "the prices of all trade goods were set in values of Made Beaver (MB) with other animal pelts, such as squirrel, otter and moose quoted in their MB (made beaver) equivalents. For example, two otter pelts might equal 1 MB". During

10829-494: 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

10948-543: 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

11067-402: The mid-19th century, the company evolved into a mercantile business selling a wide variety of products from furs to fine homeware in a small number of sales shops (as opposed to trading posts ) across Canada. These shops were the first step towards the department stores the company owns today. In 2006, Jerry Zucker , an American businessman, bought HBC for US$ 1.1 billion. In 2008, HBC

11186-559: The mouth of the Rupert River . It later became known as "Rupert House", and developed as the community of present-day Waskaganish , Quebec. Both the fort and the river were named after the sponsor of the expedition, Prince Rupert of the Rhine, one of the major investors and soon to become the new company's first governor. After a successful trading expedition over the winter of 1668–69, Nonsuch returned to England on 9 October 1669 with

11305-481: The north bank of the Columbia River; it became the HBC base of operations on the Pacific Slope. Before the merger, the employees of the HBC, unlike those of the North West Company, did not participate in its profits. After the merger, with all operations under the management of Sir George Simpson (1826–60), the company had a corps of commissioned officers: 25 chief factors and 28 chief traders, who shared in

11424-560: 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

11543-542: 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

11662-589: The region was broken by the first successful large wagon train to reach Oregon in 1843 , led by Marcus Whitman . In the years that followed, thousands of emigrants poured into the Willamette Valley of Oregon. In 1846, the United States acquired full authority south of the 49th parallel ; the most settled areas of the Oregon Country were south of the Columbia River in what is now Oregon. McLoughlin, who had once turned away would-be settlers when he

11781-567: The region, the report sparked a debate. It ended the myth publicized by Hudson's Bay Company: that the Canadian West was unfit for agricultural settlement. In 1863, the International Financial Society bought controlling interest in the HBC, signalling a shift in the company's outlook: most of the new shareholders were less interested in the fur trade than in real estate speculation and economic development in

11900-501: 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

12019-438: The trade. The number of indigo stripes (a.k.a. points) woven into the blankets identified its finished size. A long-held misconception is that the number of stripes was related to its value in beaver pelts. A parallel may be drawn between the HBC's control over Rupert's Land with the trade monopoly and government functions enjoyed by the East India Company over India during roughly the same period. The HBC invested £10,000 in

12138-399: The treaty's many provisions, it required France to relinquish all claims to Great Britain on the Hudson Bay, which again became a British possession. (The Kingdom of Great Britain had been established following the union of Scotland and England in 1707). After the treaty, the HBC built Prince of Wales Fort , a stone star fort at the mouth of the nearby Churchill River . In 1782, during

12257-644: The tribes of the region, learning their languages and often forming alliances through marriages with indigenous women. In March 1686 the French sent a raiding party under the Chevalier des Troyes more than 1,300 km (810 mi) to capture the HBC posts along James Bay. The French appointed Pierre Le Moyne d'Iberville , who had shown great heroism during the raids, as commander of the company's captured posts. In 1687 an English attempt to resettle Fort Albany failed due to strategic deceptions by d'Iberville. After 1688 England and France were officially at war , and

12376-481: The vicinity would allow the new regional headquarter to further develop the trade on salmon, timber and cranberries. Trade via the Hawaiian post was also increasing. The Fort Rupert (1849) at the northern end of the island would open up access to coal fields. On the continent mainland, Fort Hope and Fort Yale (1848) were built to extend the HBC presence on the Fraser River as far as navigable. Brigades would link

12495-520: The western shore of Hudson Bay proper: New Severn (1685), York Factory (1684), and Fort Churchill (1717). Inland posts were not built until 1774. After 1774, York Factory became the main post because of its convenient access to the vast interior waterway-systems of the Saskatchewan and Red rivers. Originally called "factories" because the "factor" , i.e., a person acting as a mercantile agent, did business from there, these posts operated in

12614-496: 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

12733-573: 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

12852-503: 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

12971-534: Was a "frozen sea" still further north. Assuming this was Hudson Bay, they sought French backing for a plan to set up a trading post on the Bay in order to reduce the cost of moving furs overland. According to Peter C. Newman , "concerned that exploration of the Hudson Bay route might shift the focus of the fur trade away from the St. Lawrence River , the French governor", Marquis d'Argenson (in office 1658–61), "refused to grant

13090-593: Was acquired by NRDC Equity Partners , which also owned the upmarket American department store Lord & Taylor . From 2008 to 2012, the HBC was run through a holding company of NRDC, Hudson's Bay Trading Company , which was dissolved in early 2012. HBC's U.S. headquarters are in Lower Manhattan , New York City, while its Canadian headquarters are in Toronto . The company spun off most of its European operations by August 2019 and its remaining stores there, in

13209-409: Was company director, then welcomed them from his general store at Oregon City . He later became known as the "Father of Oregon". The HBC also carried on the early presence in the region of the NWC in present-day central and northern British Columbia with noteworthy sites: Fort Alexandria , Fort d'Épinette (Fort St. John) , Fort St. James , Fort George and Fort Shuswap (Fort Kamloops) . Since

13328-589: Was considered to have " done a Ratner " when he referred to his core clientele as "Football hooligans or whatever" and said that "Very few of our customers have to wear suits to work. They'll be for his first interview or court case". In May 2019, the BBC and The Wall Street Journal both reported that, after its parent company Arcadia Group filed for bankruptcy , Topshop would close all 11 of its U.S. stores, including Topman. Apparel would be distributed digitally and through other wholesale partners, such as Nordstrom. In

13447-399: Was dependent on Albany River – Fort Albany for lines of communication, was not "finished" until 1768. Next, the inland houses of Split Lake and Nelson Houses were established between 1740 and 1760. These were dependent on York River – York Factory and Churchill River, respectively. Although not inland, Richmond Fort was established in 1749. This was on an island within Hudson Bay. It was titled

13566-438: 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

13685-589: Was followed by other sales shops in Fort Victoria (1859), Winnipeg (1881), Calgary (1884), Vancouver (1887), Vernon (1887), Edmonton (1890), Yorkton (1898), and Nelson (1902). The first of the grand "original six" department stores was built in Calgary in 1913. The other department stores that followed were in Edmonton, Vancouver, Victoria, Saskatoon , and Winnipeg. The First World War interrupted

13804-448: 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

13923-546: 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

14042-513: 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

14161-640: Was unsuccessful. The economic consequences of the French possession of these posts for the company were significant; the HBC did not pay any dividends for more than 20 years. See Anglo-French conflicts on Hudson Bay . With the ending of the Nine Years' War in 1697, and the War of the Spanish Succession in 1713 with the signing of the Treaty of Utrecht , France had made substantial concessions. Among

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