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Selfless or selfish? Corporate responsibility, strategic philanthropy or social responsibility: the role of business in society has many names. Regardless of the label, the idea is centered around creating a shared value between the business and for society. Many businesses, large and small, are assessing their impact on society and evaluating their individual responsibilities in the areas of community and environment. But is it a smart move? Should a company invest its money into social and environmental programs?
While many naysayers argue that corporate social responsibility (CSR) is nothing more than an attempt to boost the reputation of the company and increase profits, many corporate leaders feel compelled to serve their community and society as a whole.
And why can’t both business and society benefit? In fact, they can.
How businesses can change the world.
We only have one world to live in — at least as far as we know. Why wouldn’t we want to care and support the people who live in it, especially when we have the means to do so? Business owners and corporations have the ability and social platforms to make an impact far greater than a single individual, and many are inspired to do so.
Habir Sian, founder of Kingsley Eyewear, is one business founder who has been inspired to make an impact in the world through the social responsibility of his company. On a flight home from Italy about a year and a half ago, a light bulb went off for Habir. At 35,000 feet, a dream began.
There are millions of people around the world who do not have access to any type of eye care — even the most basic. Why not change that? Habir is a successful optometrist with a deep passion for eye care. He has personally participated in vision clinics for low income societies in the United States and South America, and doing so completely changed his perspective of the world. “You hear the stories, but you really don’t know until you experience it,” he says.
A vision company with vision.
What started as a simple “buy one, give one” concept where eyeglasses were donated to those in need has morphed into proof that corporate social responsibility can truly make a difference in the world and that the motives are far beyond income goals. “We can give you a pair of glasses. But how do you know you need them without an eye exam?”
What if, instead, the company set up sustainable eye clinics in poverty stricken parts of the world in addition to donating eye glasses? Now it is essentially creating self-sustaining health care that goes way beyond a simple donation. This is what Kingsley stands for and is a large part of the company’s vision and long-term goals.
Kingsley isn’t alone. Many businesses and corporations are getting involved in their community — whether local and worldwide. And they aren’t just giving their product away. They are getting involved in an education process, which is what ultimately drives change in the world.
Corporate social responsibility makes better businesses.
When businesses do great things, the people around them do great things. And it makes sense. People like working for, and with, companies that are giving back. It makes everyone feel part of something larger than themselves.
Employees stay longer and are more engaged when the companies they work for are socially responsible. Of course that benefits the business, but it also benefits the people. Employees are more passionate about their work when they are inspired, and they enjoy going to work each day.
Consumers also would rather spend their money in businesses that give back. People have a choice about where to spend their money and where to work.
Most people also become more philanthropically minded when they are exposed to corporate philanthropy. Corporate social responsibility impacts everyone, and both the business and society benefits in more ways than one.
Walking the talk.
“I wanted to reach more people — not sell more glasses — but actually help,” says Habir, Kingsley founder. And that is exactly what he is doing.
When people choose to buy their eyewear from Kingsley, they are getting much more than a set of glasses. They are getting the opportunity to give people in a different part of the world the education and supplies needed to properly care for their eyes. This is an opportunity that would have never existed without CSR. And it is a win for everyone involved.
A business can gain many benefits from behaving responsibility, but the impacts of corporate philanthropy go far beyond profit margin and increased sales. When businesses choose to do good for the world, the world actually changes. Lives are impacted. Minds are changed. People are developed. The world becomes a better place. And isn’t that something we all want?
Perhaps instead of questioning the motives of businesses, we should all consider the notion that no harm can come from giving back and embrace the possibility the opposite is true.
Apple unveils new iPhone 11 with a triple-camera
Apple Inc (AAPL.O) caught up with hardware rivals on Tuesday by revealing a triple-camera iPhone, and it rolled out a streaming TV service priced at $5 a month, undercutting Disney and Netflix.
The announcements came at the company’s biggest marketing event, where it unveils its top products for the year ahead, and showcased an aggressive Apple ready to battle on price.
The long-awaited Apple TV+ streaming television service will be available in over 100 countries, starting in November. The service will not be available in China when it launches, nor will the Apple Arcade video game subscription.
Buyers of an iPhone, iPad or Mac will get a free year of streaming TV, potentially drawing hundreds of millions of viewers to the service. That catapults the new service into a rarified group of companies.
“I think the pricing on the Apple TV service was definitely a positive surprise,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. “That’s why you’re seeing the hammering in some of the other video service-related names like Netflix, Amazon and Roku. Clearly, that was a positive that people were happy to hear.”
There was no bundle with Apple Music or other services as some analysts had expected. But Ben Bajarin, an analyst with Creative Strategies, said the TV service, a $5 a month “Arcade” gaming service and the base model iPhone 11, seem designed to draw in users for the longer term.
“We weren’t expecting Apple Arcade and particularly Apple TV to be priced as aggressively as they were,” Bajarin said. “They know once consumers get into their ecosystem, they don’t leave.”
Apple said its new iPhone 11 will come with two back cameras, including an ultra wide-angle lens and the next generation of microchips, the A13. Prices start at $699, down from last year’s new iPhone that started at $749.
The more expensive iPhone 11 Pro will have three cameras on the back – wide angle, telephoto and ultra-wide. It can create videos with all three back cameras and the front camera at the same time and starts at $999. The iPhone 11 Pro Max with a bigger screen starts at $1,099. The new phones are available to order Friday and will start shipping Sept. 20.
Rivals including Huawei Technologies Co Ltd and Samsung Electronics Co Ltd (005930.KS) already sell phones with three cameras on the back. While Apple once tested the upper limits of what consumers would pay for a phone, it is now giving ground on prices, even making older models available at significant discounts to the latest technology.
“Consumers absolutely still care about cameras. That’s why it was surprising over the last couple of years that Samsung and Huawei got the jump on Apple,” said Patrick Moorhead, an analyst with Moor Insights & Strategy. “Apple was playing a bit of catch up, but Apple did bring their game, particularly on the video side of the camera, where I do think they’ll have the leg up.”
Analysts expect Apple will sell around 200 million iPhones in the next year, in addition to other devices, and while many of those will be in China, it ensures at least tens of millions of potential viewers for the subscription service.
Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel, said Apple’s lower priced iPhones “aren’t exciting on the surface, but the low streaming price may suck in some new subscribers.” Apple shares gained 0.8%.
Oando has announced the discovery of Gas in Niger Delta
Oando plc through its molecule subsidiary oando energy resources (OER) on wednesday said it has made a correlation gas and quantum discovery in its fields in the Niger delta
A disclosure sent to the Nigerian Stock Exchange said the project is a joint venture arrangement among the Nigerian National Petroleum Corporation (NNPC).
Details showed that the NNPC owns 60 per cent stake in the project, while Oando and NAOC, the operator controls 20 percent each.
The discoveries were made in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta, the oil firm said.
The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high quality hydrocarbonbearing sands, it said.
The company added that the find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences.
The discovery is part of a drilling campaign planned by the Joint Venture aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities.
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