...lawsuit in Ecuador and identifies how the management can handle this squint situation. The Amazon lawsuit is a very big threat to the company’s profit, since the penalty payments will cover over 50% of the company’s current profit. To understand the situation of Chevron today we need to take a closer look at the background story. The Story goes back to the 1960’ies when Texaco, an acquisition of Chevron, was involved in the oil drilling in Ecuador. Back then Texaco had a Joint venture with Petro Ecuador which was mainly owned by the Ecuadorian government and had a share of 62.5 percent. This Joint venture named Texpet drilled 1.7 billion barrel oil from government properties until the end of contract in 1984. After finishing the work Texpet was suit by the Ecuadorian government, because of violation of environmental laws. These violations included the direct release of toxic wastewater into rivers instead of filtering and dumping in isolated areas and unclosed pipelines that additionally caused the pollution of soil, groundwater and plants. Back then Texpet paid a 40 million Dollar penalty and from 1995 to 1998 Texaco undertook a remediation of 161 out of 430 pits to clean their share of agreements according to the governments criteria. The Story of Texaco in Ecuador seemed to be terminated, but the appearances were deceptive. A cancer study by the Harvard medical school and around 50 additional studies by well-known scientists in 1994 confirmed health issues in Ecuador triggered...
Words: 622 - Pages: 3
...Ecuador Roadtrip Introduction Travelling experience Body Ecuador around the world The “Ruta del Spondylus” Food, adventure, night life Conclusion Learning about my culture Personal experience. For many people the word “travelling” can have many meanings. Some people would consider that If you don’t get in a plane then you’re not really travelling, or that if you don’t go shopping in the place you are visiting then you’re not really travelling either. However, for many people, especially foreigners, travelling is more of a learning experience. You can get to know different cultures, people, customs, food, infrastructure, history, music, languages, dialects and so on. There is a specific kind of trip called “roadtrip”. Roadtripping started as a hippie thing, it’s basically about driving around to different cities, towns, countries without a plan. You can either end up in a nice hotel or at a road motel and both will make you feel or give you the same comfort; even there will be times when you will have to sleep in your own car. Ecuador is most known around the world as a touristic place; actually, most known by foreigners than by their own people (Ecuadorians). I’ve met a lot of foreigners, from different countries, from the US, Europe, Middle East, Latin Americans and so on, and most of them know Ecuador for their beaches and especially for Galapagos Island. We are supposed to teach other people about our country; unfortunately, it turns...
Words: 830 - Pages: 4
...Consuelo Winn Mr. Sean Wilcox ENL 201 Writing June 16, 2013 The Impact of Economic Improvement in Ecuador In the last 34 years, since Ecuador returned to democracy and changed to the US Dollar for currency in 2000, life and the economy has drastically improved. Although Ecuador is still considered to be a poor country compared to “Westernized” countries its economy is ranked 8th in Latin America; includes Central and South America. This economy has grown due to two main changes: Governmental policy changes and focusing on increasing production of exports. However, with economic growth also increased environmental problems. One reason why the economy has improved is government policy changes. In 1979 Ecuador returned to democracy after nearly a decade of civilian and military dictatorships. Returning to democracy has given stability to a corrupt government. In 2000, Ecuador adopted the U.S. dollar as its national currency. Dollarization further stabilized the government as well as the economy since the U.S. dollar is seen as a stronger, more reliable currency throughout the world. Returning to democracy and changing to the U.S. dollar made Ecuador more appealing to tourists and investors; both of which added a much needed boost to the economy. One of the best examples of this would be the city of Cuenca. Tourism and investors from abroad has made Cuenca the number one retirement city in the world and has helped the country's economic development in the last decade. Economic...
Words: 735 - Pages: 3
...In this presentation, we will explore the history, culture, people and politics of the Republic of Ecuador, paying particular attention to the landmark decision by the government of Ecuador to acknowledge the rights of Mother Earth within the country’s 2008 constitution. There are over fourteen distinct indigenous groups in Ecuador, any of whom retain their pre-Columbian languages. Ecuador’s Indigenous people have struggled through centuries of conquests by the Inca, the Spanish and more recently, foreign oil, mining and pharmaceutical companies. There are numerous different groups of indigenous people in Ecuador, many with their own distinct way of living, distinct language and distinct cultural aspects. But the group that is the largest in Ecuador, and in several different parts of South America, is the Kichwa people. The Kichwa people live in both the highlands and the lowlands of Ecuador. They have had to adapt their way of life around these two different terrains. The Lowland bases its economic system around agriculture and the highland bases it around pastoral farming. The land is usually owned by the local community, which is called “Ayllu” and is either cultivated jointly or redistributed annually within the community. A distinction is made between two primary types of joint work in the community. In the case of Minka, people work together for projects of common interest, such as the construction of communal facilities. In contrast to that, Ayni is reciprocal assistance...
Words: 1013 - Pages: 5
...region for 28 years, the cost-cutting methods that Texaco used caused many indigenous areas to be contaminated by this drilling. The environmental catastrophe was dubbed the “Rainforest Chernobyl” by experts (“Chevron Toxico”, 2012). The Issues The cultural issues that became apparent from this problem were environmental issues as well as human rights issues. Pollution and exposure to certain toxic waste affected nearby villages of indigenous peoples of Ecuador. According to "Chevron Toxico" (2012), “Texaco’s oil extraction system in Ecuador was designed, built, and operated on the cheap using substandard technology from the outset” (A Rainforest Chernobyl). The rainforest environment that was affected housed 350 oil wells and Texaco left behind roughly 1000 toxic waste pits. Toxic waste pits were not properly built; in America at this time it was known that these toxic pits were dangerous and precautionary items like a plastic pool were built to avoid seepage into the ground water and nearby rivers. However, in Ecuador, the same pits did not have these certain structures, therefore, seepage occurred and toxins were freely left to absorb into the groundwater and pollute the rivers. The dignity and human rights of the Ecuadorians were also affected. Indigenous people are non-urbanized and live off of the lands by hunting, fishing, and farming. Environmental degradation affects this group more than anyone else. Human rights are threatened when the rivers and groundwater are...
Words: 1226 - Pages: 5
...Ecuador is one of the twenty-one Spanish speaking countries in the world. It is bordered by Colombia and Peru. The country's original name is Republic of Ecuador. The capitol is Quito and the main language is Spanish. The currency is the US dollar (Nations of the World a Political, Economic, and Business Handbook). The main religion is Roman Catholic which is 95 percent of the population. The national holiday is Independence Day which is on August 10th. The people grow crops such as: bananas, coffee, rice and many others. Natural resources are fish, timber, and petroleum. Japan, Russia, and China are some of Ecuador's trading partners (Infoplease). The main government official is President Rafael Correa Delgado. Rafael was elected into office...
Words: 1330 - Pages: 6
...HIMNO NACIONAL DEL ECUADOR HIMNO NACIONAL DEL ECUADOR | Considerado entre los himnos más lindos del mundo, por su letra y composición, el canto patrio resalta la valentía de los ecuatorianos, de sus héroes y de sus hombres y mujeres más valiosos, quienes lucharon por alcanzar la libertad. Fue escrito por uno de los literatos más importantes del país, el ambateño Juan León Mera. La música fue compuesta por Antonio Neumane. En 1865 se solicitó a Juan León Mera componer la letra del Himno Nacional y aceptó. Hubo algunos intentos por modificar la letra, pero finalmente el Congreso Nacional de 1948 lo proclamó, como oficial .Cuando se canta el Himno Nacional se hace con respeto y cariño, pronunciando correctamente las palabras y se mantiene una posición correcta. Aunque consta de seis estrofas y un coro, por tradición, se canta una de ellas y el coro. | | HISTORIA DEL HIMNOHISTORIA DEL HIMNO NACIONAL | 1830-1832: El bardo guayaquileño José Joaquín de Olmedo escribe una Canción Nacional (un coro y cuatro estrofas) en homenaje al naciente Estado ecuatoriano. Esta creación sugerida por el Gral. Juan José Flores no fue musicalizada ni tampoco logró difusión. 1833: Un himno con título de Canción Ecuatoriana (seis estrofas) se publicó en la Gaceta del Gobierno del Ecuador No. 125 del 28 de diciembre. El trabajo señala 1830 como el año de su creación, pero la mayoría de los cronistas no le presta total atención por ser de un autor anónimo. 1838: Una Canción Nacional (coro...
Words: 2841 - Pages: 12
...Culture of Ecuador and the Glapagos Islands Meghan Lazor Ecuador is South America’s second smallest country and is regarded as one of the most geographically and ethnically diverse countries on the continent. The Galapagos Islands are part of Ecuador with a small population of only 10,000 people. Both culture-rich countries are largely uncharted, making them an exciting and adventurous place to visit. Ecuador is located in the northwest corner of South America with the Galapagos Islands to the west. The equator runs across the country which is what gave Ecuador its name. The variation in climate transfers into the lifestyle of its people causing a large range of cultures throughout the country. The diversity in geography for both countries affects how and where the country is inhabited. In Ecuador main cities can sit alone in the center of large rain forests making travel from one city to another often dangerous on roads for hours at a time. Sometimes native tribes may reside in the forests that surrounded the civilized lands. These indigenous people live in wooden shacks with no electric or running water and will occasionally walk the city streets. Ecuador can be split up into four parts, geographically; the Costa (coast), the Sierra (highlands), and El Oriente (the east; which includes the Amazonic region). The Galápagos Islands, or Archipiélago de Colón, also belong to Ecuador.(Encyclopedia, 103) The official language of Ecuador is Spanish, but fortunately in tourists...
Words: 1469 - Pages: 6
...REFORM OF THE JUDICIAL SYSTEM IN ECUADOR 1. General Description and explanation of the Ecuadorian Judicial System 1. Corte nacional de justicia (The National Court of Justice) It’s composed of 21 judges who are designed for a period of 9 years and they cannot be re-elected. Functions: 1) To know the appeals in the high court, revision and others resources established by law 2) To develop case law system based on triple reiteration failures. 3) To know the cases initiated against civil servants who enjoy immunity 4) To Introduce law projects related to the system of administration of justice. 2. Cortes provinciales de justicia (Provincial Courts of Justice) There is a Provincial Court in each province of the country. The Judicial Council determines the number of courts and tribunals according to the needs of the population. 3. Consejo de la Judicatura (The Judiciary Council) The Judiciary Council is composed of 9 members and their respective alternates that last for 6years and may not be re-elected. Its conformation tends to be equal between men and women. Functions: 1) To define and implement policies for the improvement and modernization of the judicial system. 2) To know and approve the budget of the judiciary system, with the exception of the autonomous bodies. 3) To direct the selection process of judges and other servants of the judiciary, and their evaluation, promotion and punishment. All processes...
Words: 2021 - Pages: 9
...Culture of Ecuador and the Glapagos Islands Meghan Lazor Ecuador is South America’s second smallest country and is regarded as one of the most geographically and ethnically diverse countries on the continent. The Galapagos Islands are part of Ecuador with a small population of only 10,000 people. Both culture-rich countries are largely uncharted, making them an exciting and adventurous place to visit. Ecuador is located in the northwest corner of South America with the Galapagos Islands to the west. The equator runs across the country which is what gave Ecuador its name. The variation in climate transfers into the lifestyle of its people causing a large range of cultures throughout the country. The diversity in geography for both countries affects how and where the country is inhabited. In Ecuador main cities can sit alone in the center of large rain forests making travel from one city to another often dangerous on roads for hours at a time. Sometimes native tribes may reside in the forests that surrounded the civilized lands. These indigenous people live in wooden shacks with no electric or running water and will occasionally walk the city streets. Ecuador can be split up into four parts, geographically; the Costa (coast), the Sierra (highlands), and El Oriente (the east; which includes the Amazonic region). The Galápagos Islands, or Archipiélago de Colón, also belong to Ecuador.(Encyclopedia, 103) The official language of Ecuador is Spanish, but fortunately in tourists...
Words: 1469 - Pages: 6
...DE LENGUA Y LITERATURA 10 de Agosto de 1809. El 10 de agosto de 1809, es una fecha memorable para los ecuatorianos al recordar el Primer Grito de la Independencia. Esta Declaración, marcó un hito en la historia del Ecuador ya que desde aquí el pais empezo una nueva era de libertad lo que trajo nuevos cambios politicos, sociales y económicos. Cuando los criollos se declararon en contra del presidente Ruiz de Castilla, estos crearon un nuevo gobierno lo que trajo un gran cambio politico del pais: la primera constitucion ecuatoriana. El 17 de agosto en la Catedral de Quito se hizo publico el cambio de gobierno mediante un acto politico-religioso en el que todo el publico presente juro hacer todo bien y lo mejor por el Pais y la Constitucion. Sim embargo, se conoce que el estado ecuatoriano comienza a existir desde 1830 luego de la disolucion de la gran Colombia cuando en Riobamba se firmó la declaración el mismo año. Sin embargo la constitución del 10 de Agosto es considera el indicio ya que a partir de ahí el Ecuador entro en un proceso de 21 años para convertirse en la Republica del Ecuador. Este tipo de cambios hizo que el Ecuador de un gran paso para los sistemas políticos que tenemos en la actualidad, ya que a partir de los sucesos en el Ecuador comenzó a vivir a una época modernidad, eliminando los sistemas de Gobierno basados en tradición, como la monarquía de derecho divino la cual fue abolida y se crearon nuevas leyes basadas en la razón y en lo que el pueblo...
Words: 617 - Pages: 3
...Exchange Rate * The currency was changed in 2000 in Ecuador to use US dollar. Five Major Tourists Sites * Mitad Del Mundo- 30-meter-tall monument * The Galapagos Islands- Beautiful Beaches * Amazonia- It has Rainforests * Cuenca- Historical area * Cotoeaxi- It is a stratovolcano located near Quito. Sources: http://www.factmonster.com/ipka/A0107479.html http://www.historyofnations.net/southamerica/ecuador.html Ecuador By: Carrie Large Ecuador is divided into three continental regions: the Costa (coast), Sierra (mountains), and Oriente (east). Also the Galapagos Island is considered Ecuador. Each region has different factors that affect its climate. The Costa is influenced by the warm or cool ocean currents. The Sierra changes because the altitude. The Oriente climate slightly changes from the other two regions. Climate in the Galápagos Islands is by the ocean currents and affected by altitude. * When traveling to Ecuador the different regions require different clothing. The Costa and Galapagos Islands requires tropical clothing. * The Sierra requires warm clothing because it is a mountainous area. * The Oriente requires both depending on the weather that day. Geography and Climate The best way to get around * Chifles (Plantain chips) about 1.10 * Arroz con Menestra y Carne (Beef with rice and beans) 4-10 $ * Bollos de Pescado (Fish and peanut wrapped in banana leaves) It ranges * Muchines de Yuca (Stuffed...
Words: 555 - Pages: 3
...Complete the case studies for this week. Review the case studies below in the textbook. Prepare a one-page report for each of the following case studies: * Case Study: Martha Stewart’s Lost Reputation, pg. 34 * Case Study: Texaco: The Ecuador Issue, pg. 41 * Case Study: Where Were the Accountants?, pg. 44 Ethics Case: Martha Stewart’s Lost Reputation In June 2002, Martha Stewart began to wrestle with allegations that she had improperly used inside information to sell a stock investment to an unsuspecting investing public. That was when her personal friend Sam Waksal was defending himself against Securities and Exchange Commission (SEC) allegations that he had tipped off his family members so they could sell their shares of ImClone Systems Inc. (ImClone) just before other investors learned that ImClone’s fortunes were about to take a dive. Observers presumed that Martha was also tipped off and, even though she proclaimed her innocence, the rumors would not go away. On TV daily as the reigning guru of homemaking, Martha is the multi-millionaire proprietor, president and driving force of Martha Stewart Living Omnimedia Inc. (MSO), of which, on March 18, 2002, she owned 30,713,475 (62.6 percent1) of the class A, and 30,619,375 (100 percent) of the class B shares. On December 27, 2001, Martha’s Class A and Class B shares were worth approximately $17 each, so on paper Martha’s MSO class A shares alone were worth over $500 million. Class B shares are convertible into...
Words: 4869 - Pages: 20
...and are within an hour drive from Quito, the capital of Ecuador. The altitude is around 10,000 feet up and the rose farms are at the foot of volcanoes that rise more than 20,000 feet. The rose fields benefit from fertile soil, high altitude, and the intense sunlight that lasts up to 12 hours each day. The location close to the equator makes an ideal growing condition and the roses thrive. They have vibrant color and large heads. They are prime roses and fetch a premium price. Because of the location and conditions, the roses flower year round. All these are the basis of Ecuador’s comparative advantage in the production of roses. From the importation of Ecuadorean roses, people, company or organization who handle this business in of New York city of the United States and London city of Europe. Because they are selling the roses which are fresh, vibrant colored, including 10 different reds, from bleeding heart crimson to a rosy lover’s blush, for premium prices to people who lives in their city. Then sellers can get profit from differentiation between income which they got from selling and money which paid to Ecuadorean rose supplier. In the meantime, sellers who sell roses from their own country will be lost because they could not get and do business with fresh and fancy roses like Ecuadorean roses. Absolutely it is more beneficial both seller and demander as well supplier. Rose export industry benefits Ecuador. Ecuador is now the world’s fourth-largest producers of loses....
Words: 454 - Pages: 2
...CRECIMIENTO DE LAS CIUDADES EN EL ECUADOR …. ¿ESTAMOS PREPARADOS PARA EL FUTURO ? Javier Salazar Gallardo Es innegable el crecimiento acelerado que tienen hoy en día las ciudades en todo el mundo. Cada día miles de personas dejan los campos para vivir en asentamientos urbanos, así como también, cada día más personas se integran al mundo laboral, al comercio que está concentrado en las ciudades donde se reúne una gran población que requiere productos o servicios. Como consecuencia, las ciudades crecen y por lo tanto aumentan sus necesidades de energía, agua, servicios básicos, etc. Una ciudad que sobrepasa los 10 millones de habitantes se conoce como megaciudad. Si bien es cierto de acuerdo a las estadísticas de crecimiento de la población ecuatoriana, ninguna ciudad de nuestro país alcanzará la categoría de megaciudad, estas si crecerán bastante y alcanzarán niveles en los cuales se presenten a menor escala los mismos problemas que presentarán las grandes ciudades del mundo. Debemos por tanto hacernos la pregunta: ¿Estamos preparados para enfrentar este fenómeno de crecimiento urbano en el futuro? De acuerdo a un informe publicado por las Naciones Unidas, En 1950, una tercera parte de la población mundial vivía en ciudades. Sólo 50 años después, esta cifra aumentó a la mitad y continuará aumentando a dos tercios, o 6 000 millones de personas, en 2050. Estas cifras muestran una realidad en todo el planeta: en las ciudades reside actualmente más de la mitad de la población...
Words: 887 - Pages: 4
