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...held accountable. Pressure from activists has led Wall Street firms like J.P. Morgan Chase to assess environmental risks when deciding whether to finance projects such as gas pipelines in ecologically fragile regions. In the industrial sector, GE comes tardy to the green party, following firms such as Alcoa, BP, DuPont and Shell, which several years ago set targets for cuts in greenhouse gases and promised greater reductions than...
...billion deal to acquire Eldorado, Russia's leading specialist retailer of consumer electronics and domestic appliances, with more than 600 stores. But Dixons is still nervous about the Russian investment climate, and its worries haven't been helped by recent problems at high-profile Western firms, including BP. So the firm has made an arrangement in which it won't have to start paying for Eldorado for at least two years. In essence, Dixons has given itself a trial period to determine whether it really wants to be in Russia. "It's a no-risk option," says Dixons spokesman Hamish...
Foreign firms too are vulnerable. Russian tax authorities recently slapped BP's joint oil venture in Russia, TNK-BP, with a $1 billion back-tax bill for 2001. The move has caused dismay at BP in London and prompted chief executive John Browne to visit Moscow last month, where he met with Putin. The Russian leader reassured Browne, "We were not mistaken when we supported your decision two years ago" and praised the company for being "a good corporate citizen." Meanwhile, the Japanese tobacco company JTI, which makes Winston and Camel brands at a $400 million state...
...stop just yet, though. In a scathing report published last year, "Principles, Profit or Just PR?", BankTrack accused many companies of failing to deliver on their lofty principles. The report highlighted the decision by nine Equator Principles banks--including ABN Amro, Italy's Banca Intesa and Citigroup--to fund BP's controversial Baku-Tbilisi-Ceyhan (BTC) pipeline, which will run through Azerbaijan, Georgia and Turkey to bring Caspian Sea oil to the West. The project, argued BankTrack, violates the Equator Principles in key areas, notably in regard to protection of indigenous peoples. BankTrack suggested the Turkish government might...
...huddle dispersed—the pitchers to pitch, the catchers to catch, and the hitters to warm up in the batting cages—I gingerly trotted out to centerfield to shag flies for the first group of hitters taking live BP...