Word: petrochina
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...Finally, in Africa, the colonial invasion has long receded, yet its comprehensive effects persist clear as day. Last November, PetroChina became the world’s largest corporation, profiting all the while from the murderous state of affairs in the Sudan, where Khartoum-sponsored mass murder persists in Darfur. Meanwhile, UBS, the Swiss financial services giant, facilitated PetroChina’s rise by hosting its Shanghai IPO—without considering the bargaining power it held to enact change in one of the world’s most neglected, most devastated quadrants. Mere greed seems to have...
...public scrutiny and blamed for a now uncertain economy because of their role in the subprime mortgage markets.In addition, several of the most desirable employers have been tied to other public relations fiascos—such as Swiss investment bank UBS’ role in raising funding for PetroChina or Google and Yahoo!’s cooperation with the Chinese government’s investigation of political dissidents.But seniors, officials at the Office of Career Services (OCS), and recruiters contacted by The Crimson say that the recent publicity surrounding such firms hasn’t affected Harvard students?...
...marched through Harvard Square to urge the passage of a bill that would stop public pension funds from investing in companies that enable the military junta in Myanmar. These advocates apparently believe that they can make a difference by convincing financial institutions to stop investing in companies such as PetroChina and Chevron, which are linked to atrocities around the world. There is no question that the genocide in Darfur and the violent military crackdown in Myanmar are acts of brutality that should be stopped, but divestment is both an economically unsound and ineffective way of achieving these ends...
...Furthermore, even if Harvard or Cambridge’s actions helped spark a national movement for divestment, there will always be available sources of capital—sources that do not necessarily operate from Wall Street. No publicity campaigns in the United States can change the fact that PetroChina and Chevron are incredibly profitable companies. That harsh reality means that they will always be able to find investors who are not so picky about where their money has been. Eliminating American investment in companies such as PetroChina and Chevron will only shift profits to foreign investors, including, perhaps, terrorist financiers...
...directly involved with companies that support genocide. But if that is true, then advocates are being disingenuous when they claim their campaigns can effect real change. HDAG claims that “institutions can influence the Government of Sudan” by divesting in companies such as PetroChina. Such a claim implies that divestment puts financial pressure on these companies, or can cause change itself. This idea is not only misleading, but also is harmful, since it diverts people’s attention toward ineffectual policies rather than strategies that can actually bring change on the ground...