For its part, the World Bank responded to Chad's renegging on its ageements in 2006 by suspending disbursement of $124 million in loans to Chad, and froze the country's $125 million in assets in the London-based Citibank escrow account (Zissis, 2006). In effect, the World Bank has ceased its involvement in Chad. However, the Chad oil investment was $3.7 billion (Zissis, 2006) and the majority investor, the oil consortium wasn't prepared to back out. In fact, to this day, this consortium continues business operations as usual and is actually expanding its drilling activities in both existing and new oilfields in Chad (Bank freezes pipeline funds to Chad, 2006).
World perceptions of the consortium as a result of the failed Chad experiment vary. Critics believe the company is guilty of helping to finance a corrupt regime in which poor subsistence farmers do not receive compensation to make up for lost livelihoods, local villagers are extorted for money from local authorities and the military, human rights activists have to confront death threats when they are try to defend the rights of local people, and pollution is extracting its toll on the health and crops of desperately poor people (Bank freezes pipeline funds to Chad, 2006). Yet, the oil consortium believes they are merely trying to do business in a corrupt country that lacks democracy and that the people are still better off with the project moving forward.
So, who is right, the critics of the oil consortium or the oil consortium confronting the difficult realities of developing regions that lack the ethical considerations in a more affluent society? This is a difficult question to answer, but it is the opinion of this author that if corrupt, undemocratic...
The treatment of the undocumented workers has legal and economic implications, but is only an issue in the political arena. Companies that hire illegal immigrants are being socially responsible. The argument that illegals suppress wages is not based on sound evidence - the jobs illegals do would otherwise be unfilled. If anything, hiring illegals is socially responsible because it gives those people an opportunity to better themselves, something they otherwise
Business Ethics Focus on Merrill Lynch According to Laura Hartman and her co-writer, Joe Desjardins in the work entitled "Business Ethics: Decision Making for Personal Integrity & Social Responsibility" philosophical ethics may be clearly differentiated from theological ethics because theological ethics attempted to disseminate the well-being of an individual on a religious basis while the ethics of an individual's philosophy is such that provisions of justifications that can be applied to
Business Ethics "the High Cost of High-Tech Foods case" The cost of high-tech food continues to arouse debates over the ethical, moral, and practical impacts the foods have on the people, market, and economy. However, it is evident that the proponents and opponents of the motion do not seem to come to agreement as each holds their view right. The situation worsens due to the application of emotions in addressing the matter
Business Ethics Company Overview Ethics and Code of Conduct Guiding Principles Our Ideology; Our Objectives; Our Core Values that shape us; As a part of my Business Ethics lesson I have a task to criticize and improve my company's code of ethics, before doing that I want to briefly explain about my company; MLS Holding and what we do? The most effective statements in regard to business ethics are rooted in the strategic vision of an organization
Business Ethics Ethical Egoist- Egoism can be either descriptive or normative. Descriptive egoism holds that for each individual, there is only one ultimate aim -- survival and the betterment of the sole individual based on their own hierarchical principles. Normative egoism has the individual making claims about what should be done to do the "right" thing, rather than what one does. As well, ethical egoism insists that for an action to
Global Business Cultural Analysis: Brazil Cultural backgrounds reflect the ways and standards of living, which is unique and different for each country. In fact, the business world is also profoundly influenced by the cultural differences of the counties. This focus of this research paper, in this regard, is to analyze the cultural perspectives of doing business in Brazil. Therefore, major elements and dimensions of Brazilian culture such as business structures, management
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now