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English-architecture company law describes the distinct and diverse group of company or corporate law used in more than sixty jurisdictions worldwide. English-architecture company law provides a robust platform for innovation and development due to its permissive structure, opportunity for choice of law in an entity's internal governance, and scalability permitting variation for small and large entities. It is the dominant form among International Financial Centers (IFCs), many of which have legal systems with a British connection. This body of law responds to competition and maintains dynamism by engaging its practice community through "learning by doing" and "frictioneering." An architectural approach permits a broader review of developments in company law that more closely captures the reality of global law practice. The IFC experience of climbing the value chain from tax arbitrage to provide solutions for entities or structures left out in the corporate law of larger jurisdictions provides a useful global governance model to maintain normative, jurisprudential, and regulatory coherence even as it responds to more specialized and unanticipated needs. This Article explores what makes English-architecture company law so successful and how IFCs use it to compete in the global law market. [ABSTRACT FROM AUTHOR]

When the Dutch West Indies Company (WIC) established the free port of Willemstad, Curaçao after 1674, they launched a model for economic competition that other European empires would emulate. Within a century, the Danish, Spanish, British, and French all established their own Caribbean free ports. Emulation, however, was not replication. This article argues that while the expansion of free ports into different Caribbean empires generated similar forms of economic dualism (prohibitive commercial systems in certain locales with more-open ones in others), they all served varying purposes. The Dutch and Danish maintained or expanded their free-port systems and utilised strategic neutrality to remain active players within an increasingly competitive economic arena. Britain wanted to extend its commercial empire by making foreign realms dependent on its trade. France sought to pacify recalcitrant planters desperate for reliable provisioning. Finally, Spain enacted free ports in Santo Domingo to supply and encourage settlement in a region threatened by French encroachments. Thus, although these empires all established free ports in strategic locales and jealously emulated each other, they did so with unique political-economic aims in mind. Meanwhile, merchants, enslaved Africans, sailors, settlers, and European intellectuals employed Caribbean free ports to accomplish their own ends as well. [ABSTRACT FROM AUTHOR]

Share repurchase is not only an important financial policy of the company, but also a financial policy with a very wide range of influence. A scientific and reasonable share repurchase policy has a significant financial effect in terms of an equity structure optimization, capital structure adjustment, cash holding control, and even management compensation system design. The long-standing share repurchase in the U.K. and U.S. companies and the recent practice of share repurchase by Chinese listed companies imply an important financial proposition: share repurchase is a high-quality financial policy that, when properly applied, will help reduce the cost of capital. The data in this study show that share repurchases can reduce the level of firms' cost of capital and play an important role in enhancing their competitiveness. This study also finds that Chinese listed companies, when formulating and implementing share repurchase programs, do not subjectively view share repurchases as a policy tool to adjust cash holdings and capital structure. In addition, they do not view share repurchases as an alternative to cash dividends but use equity incentives for management as the main intention for share repurchases. This decision-making concept is not conducive to the rational use of share repurchase policies in the long run and should be a cause for concern in the business community. Finally, the leverage and the cash holding path are the main motives affecting share repurchases and are the important fundamental mechanisms in this study, while the mediating mechanism test finds that share repurchases mainly reduce the cost of capital through two information perspectives of analyst following and stock liquidity. The heterogeneity analysis shows that the role of share repurchases in reducing the cost of capital is more obvious in enterprises with fierce product market competition, high institutional investor shareholding. [ABSTRACT FROM AUTHOR]

Using a quasi‐natural experiment and various measures of competition intensity, we examine whether an increase in product market competition is a key driver of firm cash holdings. We find that firms increase cash holdings when competition is intense. The results suggest that the degree of increase in cash holdings is magnified among firms exposed to high predatory threat and financing friction. In addition, we examine if increasing cash holdings offers a competitive advantage in the product market. Our results indicate that firms with large cash reserves make gains in market share at the expense of their rivals. Gains in the product market are more pronounced among firms with low exposure to predatory risk and financing frictions. [ABSTRACT FROM AUTHOR]

Utilising Abbott's work on professions and disciplines we trace the broad development of Social Policy in UK universities over the past 50 years. As with all subjects, Social Policy is enmeshed in continuous boundary protection, and at the same time may seek to extend jurisdiction by laying claim to areas and activities undertaken by others. We draw on a range of sources to inform our analysis including: overviews of contributions to Journal of Social Policy; reviews of selected available UK Social Policy Association documents such as newsletters; reviews of research quality (Research Assessment Exercise/Research Excellence Framework) submissions; and student numbers data. In conclusion we consider whether reassessment of some of the jurisdictional battles of the past 50 years might provide routes forward for the subject to flourish in the current environment. [ABSTRACT FROM AUTHOR]

This paper uses Red Queen competition theory to examine competitive imitation. We conceptualize imitative actions by a focal firm and its rivals along two dimensions: imitation scope, which describes the extent to which a firm imitates a wide range (as opposed to a narrow range) of new product technologies introduced by rivals; and imitation speed, namely the pace at which it imitates these technologies. We argue that focal firm imitation scope and imitation speed drive performance, as well as imitation scope and speed decisions by rivals, which in turn influence focal firm performance. We also argue that the impact of this self-reinforcing Red Queen process on firms' actions and performance is contingent on levels of product technology heterogeneity--defined as the extent to which the industry has multiple designs, resulting in product variety. We test our hypotheses using imitative actions by mobile phone vendors and their sales performance in the U.K. from 1997 to 2008. [ABSTRACT FROM AUTHOR]

Interactions in the healthcare system today involve an important new set of actors: evaluative health platforms (EHPs). These platforms are not neutral intermediaries, but active moderators of how patients express opinions, choose providers, and consume health-related information. This paper adds to our understanding of the varied and evolving commercial interests of EHPs and the implications these have for patient voice. We analyze 71 platforms in the USA, UK, and Germany and identify five ideal types: subscribers, analyzers, advertisers, regulators, and scammers. Each platform type enacts a unique competitive strategy through an evaluative infrastructure which constrains but also generates possibilities for patient voice. Based on our typology, we develop three contributions. First, we nuance universalizing claims about the consequences of platform capitalism by specifying the diverse strategies underpinning competition between EHPs in different countries, and showing how each strategy leads evaluative infrastructures to develop in ways that impact patient voice. Second, we show how patients can navigate the challenges of a complex EHP space by exercising their ability to choose between platforms. Finally, we outline the conditions platforms need to fulfil to become empowering. Overall, this study highlights the varied and complex relationship between platform business models and user voice, which exists not only in healthcare, but also in many other fields. • Typology of evaluative health platforms (EHPs) in the US, the UK, and Germany. • EHP business models and content moderation techniques vary considerably. • EHPs have a wide range of implications for patient voice. • More transparency and competition can help platforms increase patient empowerment. [ABSTRACT FROM AUTHOR]

As the Competition and Markets Authority investigation into veterinary services for household pets presses ahead at pace, we continue to champion your interests and promote the value of veterinary care., (© 2024 British Veterinary Association.)

This review provides a critical, multi-faceted assessment of the practical contribution tidal stream energy can make to the UK and British Channel Islands future energy mix. Evidence is presented that broadly supports the latest national-scale practical resource estimate, of 34 TWh/year, equivalent to 11% of the UK's current annual electricity demand. The size of the practical resource depends in part on the economic competitiveness of projects. In the UK, 124MW of prospective tidal stream capacity is currently eligible to bid for subsidy support (MeyGen 1C, 80MW; PTEC, 30MW; and Morlais, 14MW). It is estimated that the installation of this 124 MW would serve to drive down the levelized cost of energy (LCoE), through learning, from its current level of around 240 £/MWh to below 150 £/MWh, based on a midrange technology learning rate of 17%. Doing so would make tidal stream cost competitive with technologies such as combined cycle gas turbines, biomass and anaerobic digestion. Installing this 124MW by 2031 would put tidal stream on a trajectory to install the estimated 11.5GW needed to generate 34 TWh/year by 2050. The cyclic, predictable nature of tidal stream power shows potential to provide additional, whole-system cost benefits. These include reductions in balancing expenditure that are not considered in conventional LCoE estimates. The practical resource is also dependent on environmental constraints. To date, no collisions between animals and turbines have been detected, and only small changes in habitat have been measured. The impacts of large arrays on stratification and predator-prey interaction are projected to be an order of magnitude less than those from climate change, highlighting opportunities for risk retirement. Ongoing field measurements will be important as arrays scale up, given the uncertainty in some environmental and ecological impact models. Based on the findings presented in this review, we recommend that an updated national-scale practical resource study is undertaken that implements high-fidelity, site-specific modelling, with improved model validation from the wide range of field measurements that are now available from the major sites. Quantifying the sensitivity of the practical resource to constraints will be important to establish opportunities for constraint retirement. Quantification of whole-system benefits is necessary to fully understand the value of tidal stream in the energy system. [ABSTRACT FROM AUTHOR]

The UK's National Health Service (NHS) faces escalating competition ratios for specialty training positions, with application rates dramatically outpacing the growth in available posts. This trend contributes to systemic bottlenecks and challenges traditional career progression pathways within medicine. In this evolving landscape, the once-certain career progression within medicine is now increasingly uncertain. This commentary explores the complex dynamics of increased medical school admissions against stagnant specialty training placements and the broader strategic implications for workforce planning within the NHS. It critically evaluates the implications of current funding policies, which seem to prioritise an expansion of nondoctor healthcare roles over the development of specialist training, raising concerns about the long-term patient care quality and safety. Key recommendations include a reassessment of medical education expansion, a review of funding allocation, increased support for specialty training, and government accountability for healthcare workforce planning. The urgent need for strategic policy reform is underscored to ensure that NHS can sustain a high-quality, specialist-led healthcare provision in the face of rising competition and workforce pressures., (© The Author(s) 2024. Published by Oxford University Press on behalf of Fellowship of Postgraduate Medicine.)

We submitted a joint response to the Competition and Markets Authority's (CMA) consultation on its proposed market investigation into the UK veterinary services market for pets in April, following the initial review, which outlined a number of concerns., (© 2024 British Veterinary Association.)

Achieving a competitive economy and a competitive market generally proceeds from the desire to meet economic and social objectives and it ensures a growing level of social welfare. The objectives of our research are to determine and highlight the bidirectional linear correlations among competitiveness, well-being and innovation and to analyze the main factors that influence these relations. Our research includes the EU member states and the UK using these countries' specific indicators from the databases of EUROSTAT, the World Economic Forum and the United Nations from 2016-2018. We used Canonical Correlation Analysis to determine a set of canonical variates which represent linear combinations of the variables from each set. The contributions of our research show a direct and strong link among the three pillars of competitiveness, innovation and well-being. This analysis allowed us to identify and analyze the influence of innovation on the economic development and competitiveness of each EU country and on the well-being of its population. Governments and organizations that invest more in research in terms of innovation to increase the competitiveness of their products and services have shown a growing GDP and a higher level of population well-being. This research is representative at the European level and may influence the decisions of national governments and other institutions to encourage innovation through drivers such as R&D expenditures and human resources as the main factors generating economic growth and competitiveness, thus with a direct effect on GDP and on well-being. [ABSTRACT FROM AUTHOR]

Recognising the economic value of London hosting 17 of the world's top 50 FinTech firms, HM Treasury's strategy is determined 'to ensure Britain remains the best place in the world to set up and grow a FinTech business.' The Financial Conduct Authority's 'Sandbox' regime has attracted FinTech start-ups from around the world to test their technology and business with supervision and regulatory protections, providing an opportunity to grow into major businesses. The success of the intuitive Sandbox has however led to it being replicated in jurisdictions worldwide, eager to benefit from the growth of FinTech. Competition for high-calibre start-ups means the UK's post-Brexit Sandbox may need to go further than its existing FinTech Sector Strategy to continuing attracting and developing firms helping the City of London to remain the global centre of finance as perceived in the UK's Industrial Strategy. The article examines existing regulations and analyses how the UK can develop an enhanced structure to both further attract and accommodate legitimate high-calibre FinTech entrepreneurs, whilst offering strong client and investor protections to ensure financial stability. It proposes unprecedented legal and policy reforms for the Sandbox structure, including a permissible model to capitalise on funding from amateur private investors worldwide. [ABSTRACT FROM AUTHOR]

This article examines path dependency and technological lock-in in the evolution of the Dundee jute industry, from its beginnings in the 1860s to its demise in the 1970s. The evolution of the industry is explored using the resource-based view of the firm (RBV). The results suggest that the nature and construct of jute fibre was the root cause of a lack of sustainable strategic responses in the sector. Path dependent decisions and technological lock-in meant that many firms were not able to make successful strategic switches, although the capabilities of their engineering skills allowed some firms to endure for longer. Thus, the article extends the RBV to a deeper firm capability level and complements cognate literature on the UK textile sector with a finer specification of the phases in jute's evolution. [ABSTRACT FROM AUTHOR]

The Light Railways Act of 1896 stimulated a new "railway mania" with many local lines being promoted across mainland Britain. Although designed to support transport links to remote agricultural districts and fishing ports, this article explores how the new Act was used to promote a wide range of rural, suburban and industrial railway schemes. It evaluates the nature of the new lines built and the constraints that they faced. Despite the initial "mania", it is argued here that the legislation was not especially successful in encouraging the construction of a large network of new rural railways. The new Light Railway Commissioners were reluctant to sanction schemes that might provide competition with existing mainline railway companies and conservative interests in the railway industry were reluctant to make the radical changes necessary to substantially reduce the costs of railway construction and operation. [ABSTRACT FROM AUTHOR]

Television news broadcasting evolved rapidly in the United Kingdom in the 1990s. All aspects of the newscast changed and broadcasting became properly marketized. There were clear societal driving and restraining forces at play in the UK during this time. Key driving forces, including competition, new technology, and American consultants spurred on television news development. Restraining forces, such as a resistance to change, money, unions and a fear of Americanization slowed down development. The 1991 Independent Television franchise auction and the privatization movement were both driving and restraining forces. Rich data were derived from primary sources, in particular archival material from the Frank N. Magid Associates European archives and in-depth interviews with Magid staff and UK journalists active in the 1990s. [ABSTRACT FROM AUTHOR]

This article analyses the impact of Brexit on trade mark exhaustion, as a paradigmatic case study' of the conflicting interests surrounding the exhaustion of IP rights more generally. The doctrine of exhaustion relates to the restriction on the right holder's power to prevent the importation of goods by "exhausting" their IP rights on the first sale of the product under certain circumstances. Hitherto, the UK doctrine of exhaustion has been an EEA-wide concept. Particularly in the event of a no-deal Brexit, the question arises whether right holders will be able to control the importation of goods into the UK by the assertion of their IP rights. It is argued that, in the event of no agreement on trade mark exhaustion, the UK would be free to choose from three options: (1) regional exhaustion: (2) national exhaustion and (3) international exhaustion. However, any post-Brexit exhaustion scheme will need to balance the different interests of right holders, competitors, consumers and sector-specific market needs. It is suggested that this balancing task should be achieved by a doctrine of international ex-haustion softened by exceptions for situations in which the right holder has legitimate reasons to prevent parallel trade. [ABSTRACT FROM AUTHOR]

The article offers a sweeping analysis of the British economy since the Second World War. It shows that the neoliberal era witnessed a profound restructuring of the economy, toward one in which employers rely more on low wages and work intensification. It also mentions Jeremy Corbyn government would have to confront an incredibly hostile economic environment, not to mention a recalcitrant capitalist class.

Competitive landscape, informed consumers and stringent regulations have forced many manufacturing small- and medium-sized enterprises (SMEs) to focus on operational efficiency along with sustainability issues in recent years. While many manufacturing organisations have been taking lean initiatives for the past few years for operational excellence, an impulsive rush to adopt lean without a strategic deployment vision has led to scattered implementation of lean tools and projects without desired success. Many researchers and practitioners prescribe value stream mapping as a foundation for lean transformation initiatives; however, little empirical work is available on the symbiosis of lean and green paradigms to reap maximum benefits. This research, through a systematic methodology and a novel tool called Green Integrated Value Stream Mapping (GIVSM), integrates both paradigms in a case study on a U.K. packaging-manufacturing SME. Applying the GIVSM demonstrates that simultaneous deployment of lean and green paradigms have synergistic effect for improving both operational efficiency and environmental performance. In addition, continuous improvement framework with sustainable procurement is proposed to overcome the lean-green misalignments. This study also provides a guiding reference for practitioners to undertake similar improvement projects and identifies opportunities to expand this academic research on integrated lean-green approach into other industry sectors. [ABSTRACT FROM AUTHOR]

The article discusses the impact of the British withdrawal from the European Union (EU) on competition damages litigation in Great Britain. Topics include other states in Europe that have seen similar growth with Great Britain in competition law damages, jurisdiction and the enforcement of foreign judgments following Brexit, and applicable law in EU member states.

A method of measuring rivalry through a combination of marketing mix elements and importance of market share is outlined, based on marketing managers' perceptions of competitiveness in the UK Fork-lift Truck Market. An overall lack of correlation and synergy between market share and marketing strategy was discovered together with underutilisation of mix elements--this in turn created gaps for overseas importers to fill with competitive offerings. While the research instrument and quantitative analysis are capable of further refinement, the measures outlined should prove useful as an adjunct to market share and concentration measures. [ABSTRACT FROM AUTHOR]

The marketing strategy literature stresses the need to find an optimum "fit" between the firm and its environment. Utilising a relatively novel clustering technique, five distinct environments facing marketing managers in the United Kingdom were identified and the marketing strategies adopted in each environment examined. Marketing objectives and strategic focii were found to differ markedly by strategic environments, while competitive advantages created and pursued did not. The latter were found to be company, rather than environment, specific. [ABSTRACT FROM AUTHOR]

The author suggests that inadequate marketing has been an important factor in the decline of Britain's competitive market position. He argues that instead of investigating macro economic factors as a cause of the UK's poor performance, the emphasis should be on the examination of factors within individual firms, for example the lack of commitment to marketing. The author comments on the relative dearth of qualitative studies into marketing effectiveness in the UK, and makes some specific suggestions for further research. [ABSTRACT FROM AUTHOR]

In Britain, where there are no representation elections and management's recognition of unions is entirely voluntary, a substantial decline in union density since 1979 has been in part attributed to increased instances of union de-recognition by management. This study examines the relationship between union density and union de-recognition at the individual establishment level through an analysis of the panel data set contained in the 1990 national Workplace Industrial Relations Survey. The results indicate that between 1984 and 1990, union recognition was lost in less than 10% of establishments in the sample; changes in union status were closely related to changes in union density; and changes in union density, in turn, resulted from extrinsic and organizational changes, such as increased competition and changes in company size. [ABSTRACT FROM AUTHOR]

The delivery of public services by nonprofit and for-profit providers alters the nature of services and jobs, often in unintended and undesired ways. We argue that these effects depend on the degree to which the service is 'marketized', that is, subjected by the funder to price-based competition. Using case studies of British and German employment services, this article scrutinizes the link between funding practices and service quality. Of particular concern in marketized employment services is the problem of 'creaming and parking', in which providers select job-ready clients for services and neglect clients more distant from the labour market. We explore three questions. What are the mechanisms through which marketization produces creaming and parking? What are the differences between these mechanisms in commercial and non-commercial service providers? Which national institutions might serve as a buffer for the landscape of service provision facing price-based competition? [ABSTRACT FROM AUTHOR]

The Department for Education is attempting to use lessons from economics to spur competition in higher education in the UK, in order to improve access and quality and reduce price. Laudable as these goals are, in this paper it is argued that there are aspects of higher education that are unlike other markets and which may make standard solutions to non‐competitive price behaviour ineffective. New insights into decision making from behavioural sciences, which challenge the notion of rationality in many students' higher education choices, are also discussed. Recent research has suggested some interventions that may nudge students towards decisions that help achieve the objectives for higher education set out by the Department for Education. It is argued that the Department for Education might be more successful in reaching its objectives if it focused more on these behavioural insights and interventions, and less on trying to make HE function like the competitive market that it is not. [ABSTRACT FROM AUTHOR]

This paper describes the evolution over time of policy, structure, competition and regulation of UK airports. Restructuring an airport sector at the time of privatisation will better enable airports to compete. If this is not done, the structure can be revised later, although by then the opposition will be greater. The appropriate form and focus of airport regulation will and should evolve over time, as experience accumulates and as economic and technical opportunities themselves evolve. As competition develops, the extent of airport regulation can with advantage be reduced over time, with a correspondingly increased role for airlines and their customers. [ABSTRACT FROM AUTHOR]

We examine the empirical evidence bearing on whether UK trade is governed by a Classical model or by a Gravity model, using annual data from 1965 to 2015 and the method of Indirect Inference which has very large power in this application. The Gravity model here differs from the Classical model in assuming imperfect competition and a positive effect of total trade on productivity. We found that the Classical model passed the test comfortably, and that the Gravity model also passed it but at a rather lower level of probability, though as the test power was raised it was rejected. The two models’ policy implications are similar. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to explain how thinking regarding multinationals, competitiveness and location in cities has evolved over the past five decades and how our current understanding and thinking about future challenges is contingent on these previous shifts.Design/methodology/approach The design of the paper is a conceptual piece linking different theoretical strands.Findings Global cities are not always necessarily the key locations for future multinational investments. It depends on the activities taking place. Knowledge and technology and how they interact with the firm’s capabilities and objectives are crucial.Research limitations/implications The implications are that future multinational location choices will be driven by diversity, demography, protectionism, automation and industrial policy.Originality/value This paper provides a roadmap for scholars in the international business and competitiveness fields to understand the current and future challenges facing multinationals and their location behavior. [ABSTRACT FROM AUTHOR]

Indirect contacts or exchanges of information between competitors through a common third party can sometimes lead to the existence of a cumulus of vertical agreements and, sometimes, can imply the configuration of a horizontal agreement. In competition law, vertical and horizontal agreements are treated in very different ways. Therefore, establishing whether a set of facts amounts to one or the other is critical. After analysing the situation in the United Kingdom and in the United States, this presentation will explain why the limit between the hub-and-spoke (horizontal) conspiracies and a mere aggregation of vertical agreements lies in the existence not only of vertical information exchanges (or, to phrase it differently, in an indirect horizontal exchange) but also in the established existence of an additional mental element. Towards the end, relevant conclusions will be reached in relation to the application of the Chilean Competition Act. [ABSTRACT FROM AUTHOR]

Employment projections and skills strategies emphasise the importance of (highly) skilled labour for competitiveness. A strategic focus on ‘attracting the best talent’ globally may conflict with policies to ‘grow local talent’. This issue is considered in the UK context of a shift from a liberal immigration regime to a demand-led system characterised by increasing restriction, through adjustments to a points-based system to manage labour migration from outside the European Economic Area (EEA). The specific focus is on an annual limit on non-EEA labour migrants introduced in 2011 and tightening of eligibility criteria for entry of (highly) skilled migrants, amid business’ concerns that this might stifle economic growth. Drawing on 20 employer case studies and literature on skills and migration policy, the article investigates the costs and implications for business in adhering and seeking to adapt to migration policy changes. Such changes pose administrative burdens on employers and limit business flexibility but associated monetary costs to businesses are difficult to quantify. Adaptation strategies and the impact of migration rule changes vary: some firms experience limited impact, some adjust their recruitment behaviour and some feel their underlying business rationale is threatened. Developing local talent is a partial long-term solution. [ABSTRACT FROM AUTHOR]

In 2011, the U.K. government announced that the national meteorological agency would be releasing a significant volume of data as part of its Open Data policy agenda. This article explores the interrelationship between this announcement and efforts to boost the competitiveness of the United Kingdom’s weather derivatives industry. Primary qualitative data are analyzed to produce a genealogical account of these policy developments, and Braman’s concept of “informational power” is used to frame a critical narrative of the broader dynamics of power at play. We argue that although there have been significant tensions around efforts to open the United Kingdom’s weather data, these have largely been absorbed by and, ultimately, contained within the hegemonic structures of the United Kingdom’s neoliberal state. We conclude by arguing that this struggle needs to be broadened and externalized beyond the state so that critical questions about the deepening data-driven financialization of climate change can be addressed. [ABSTRACT FROM AUTHOR]

Within the financialisation literature, a number of approaches identify the coexistence of financial expansion and productive stagnation. Yet there is no consensus on which direction causality operates between these two phenomena. This impasse has been widened by the lack of attention paid to the role of statecraft strategies in mediating possible causal mechanisms. This article contributes to rectifying this shortcoming by focusing on the governance advantages granted to states through financial deregulation. By presenting archival evidence on Britain’s 1971 Competition and Credit Control deregulation, this article lends support to financialisation accounts that argue that weaknesses in the productive economy spurred financial expansion, yet it also indicates that the state’s desire for depoliticised forms of governance played a crucial role in mediating this relationship. This further suggests that International Political Economy should focus on thestrategicmanner in which states relate to markets. [ABSTRACT FROM AUTHOR]