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despiteit2 251 posts  |  Last Activity: Jun 27, 2014 3:13 PM Member since: Jun 5, 2009
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    MILLER ON MID EAST WAR

    by ownsitnow Jun 26, 2014 1:06 PM
    despiteit2 despiteit2 Jun 27, 2014 3:13 PM Flag

    See the book true believer by eric hoffer, god whispered in my ear to kill the infidel

  • steal a cup of coffee from sbux and go to jail, sbux steals god knows how much and then shakes hands with the president

  • Sidamo is extremely poor. Only 2.7% of households around Sidamo have running water.6 Literacy is low: of males over nine years old, only 25.5% are can read and write; for females the rate is 13.6%.7 Only 33.6% of children attend school.8

    The low prices paid by Starbucks and other coffee buyers forces coffee farmers to put their children to work on their family farms. 49% of Sidamo parents whose children are working would prefer, instead, that their children were able to delay entering the workforce until after they had completed their schooling.9 Unfortunately, the low prices Starbucks and other buyers pay for their coffee force farmers to put their children to work. Coffee is grown on small family plots; when coffee prices are low, child labor helps Sidamo’s families reduce their malnutrition.10

    As a result, over two million children in the Sidamo area, aged 5 through 17, are working: 92% are working in agriculture, 94% are unpaid family workers, and 90% are working to support their families. On the average, they work 29.9 hours per week. Child labor is a significant part of the agricultural economy. Yet this is not a world their parents want.

    With Starbucks paying only 2.2% of retail to these “partners,” these Sidamo farmers are unable to earn a living wage and will remain in poverty. Starbucks understands this reality, yet continues to exploit its market power over such small farmers. As Starbucks’ Trade Consultant, Rosa Whitaker, candidly put it: “the reason why farmers remain poor, is because [sic.] I’ve never seen any country in the world where people have moved out of poverty exporting primary raw products.”11 Starbucks relies on the tyranny of the commodity coffee market to keep coffee prices low, and knowingly perpetuates the poverty of its farmers by paying market prices in short-term contracts.12 Paying “premium prices” for coffee that is priced so low that farmers cannot feed their families is socially irresponsible purchasing.

    In Sidamo, over half of children between the ages of 5 and 17 work 30 hours a week on their families’ farms.

    A FAIR PRICE FOR SIDAMO FARMERS

    To learn more about Starbucks’ “partnership” with the farmers of the Fero cooperative, we spoke to Tadesse, a farmer who sold coffee that Fero shipped to Starbucks for its Black Apron Exclusive “Shirkina Sidamo.”

    When told that Starbucks sells his Shirkina Sun-Dried Sidamo for $26 a pound, Tadesse launched into the following speech without missing a beat.

    Tadesse pleas for a fair price for Sidamo coffee

    The cooperative wants to flourish; the workers want to flourish; the office workers want to flourish; the farmers want to flourish. We did not get what we expected; we did not get the fruits of our labor. You see—the farmers worked hard—labored hard, but did not get their sweat’s worth. Again—what the farmer expected to get—he didn’t get. In return to our labor, the returns are far less. The farmer expects to flourish and to change his life. They keep telling us “we’re going to help you flourish.” They keep coming to record our opinions and to give us endless promises.

    We want to earn more money! We want to fulfill our children’s needs. We basically get what we’ve always been paid, which is money to cover our expenses during the coffee season only. During the coffee season, we look fine, like we have money, but after we pay our expenses, we go right back to poverty.

    They deceive us by telling us that they’re going to help us grow, but they are the one that is growing.

    If there is a solution to this, we want it. We would like to sell to those who can help us flourish and improve our conditions. If we could find someone to create a relationship with us, and buy directly from us for a better price, we would have no problem. We would like you to tell our story to those who would listen.

    A fair price for our coffee is $10 birr for a kilo of Red Cherry

    Tadessa’s concept of partnership is closer to the concept in common usage. Partners share profits; they don’t inflict market rates on their partners. The fair price Tadessa suggests, $10 birr for a kilo of Red Cherry is equivalent to $1.54 a pound,13 which is roughly triple what farmers currently receive.

    WOULD PAYING COFFEE FARMERS FAIR PRICES HURT STARBUCKS’ BOTTOM LINE?

    If all of the farmers supplying Starbucks, in all twenty-four of its supplying countries, were paid the price increase suggested by Tadessa, but all other costs remained the same,14 then in 2006, instead of paying an average of $3.12 per kilo, Starbucks would have paid perhaps $5.32 per kilo. This would increase Starbucks’ cost of coffee from 5.3% of its total revenue, to roughly 9.1%. This 3.8% increase roughly estimates the cost of social fairness to the farmers in the twenty-four countries that supply Starbucks with its coffee.

    Can Starbucks afford such a significant increase in the cost of its coffee? Apparently yes. In the past five years, the price of coffee in the world commodity markets doubled, rising from $0.60-0.70 a pound for mild arabicas in 2002, up to $1.10-1.20 a pound in 2006. Yet in that same five year interval, Starbucks enjoyed a dramatic improvement in its finances—the doubling of the world price of coffee didn’t make a difference.

    In 2002, its earnings per share were $.26; by 2006 they had almost tripled to $.71 a share. In 2002, its free cash flow was $478M; by 2006, it had more than doubled to $1,132M. Finally, in 2002, Starbucks’ return on equity was 13.87%; by 2006, it had risen to almost twice that rate, 26.06%. Starbucks earnings per share, free cash flow and return on equity all doubled with the doubling of coffee prices.

    In sum, Starbucks can and must pay farmers fair prices for growing the “high quality” coffee it buys. Starbucks should support the upcoming International Coffee Agreements to restore the production controls.17 Taking such a position, instead of continuing the embarrassing delay tactics recently revealed in its squabble with the Ethiopian government, is the right thing to do.18 Further, Starbucks must embrace transparency by disclosing the locations of all its coffee farms and submit to independent monitoring.

    Omitted Section on Unfair Labor Practices Against Baristas

    Appendix 1:

    Note on Starbucks Failure to Comply With Current Global Reporting Initiative Guidelines

    Effective Corporate Social Responsibility requires putting stakeholders in a position where they can influence corporate management. Unfortunately, Starbucks top management remains uncommitted to self-regulation. For instance, Starbucks’ Social Accountability Auditor clearly states in the 2006 report “ we have not performed an audit in accordance with the International Standards on Auditing. Accordingly, we do not express such an opinion.”

    As to the global standard in sustainability reporting, the Global Reporting Initiative’s guidelines, Starbucks is at the bottom of the class. A quick look at the GRI website, http://www.globalreporting.org/, shows that the 2002 Sustainability Reporting Guidelines were superceded by the G3 guidelines. A search of the GRI G3 compliance database quickly reveals the names of dozens of international corporations that are adhering to the new G3 Sustainability Reporting Guidelines; Starbucks’ name is conspicuously absent.

    Looking backwards to the 2002 Sustainability Reporting Guidelines, Starbucks does not fare much better. The 2002 GRI standards established several degrees of “adherence to” the 2002 standards. First, adherence can be verified three ways: 1) verification by GRI auditors; 2) verification by other external auditors; and the weakest form, 3) a self-declaration of compliance. Starbucks does not even pretend to a self-declaration of compliance. Instead, a glance at Starbucks’ careful verbiage in its GRI statement,45 reveals that Starbucks only claims to have been “influenced by” the 2002 Guidelines. To declare adherence to the 2002 Guidelines, Starbucks’ CEO would have had to make a sustainability declaration analogous to that required by the Sarbanes Oxley Act for financial disclosures:

    This report has been prepared in accordance with the 2002 GRI Guidelines. It represents a balanced and reasonable presentation of our organization’s economic, environmental, and social performance.

    Starbucks’ CEO Jim Donald chose to avoid this level of accountability, strongly indicating that Starbucks’ top management remains uncommitted to genuine corporate social responsibility.

    Starbucks has thus far profited handsomely from a socially responsible image. However, as more facts emerge, the socially responsible veneer is quickly deteriorating. Until Starbucks’ senior executives commit themselves to move beyond rhetoric and make their commitments real, going forward the company can expect vigorous resistance from a variety of stakeholders.
    ---------------------

    Footnotes

    1 See, e.g., Stephan Faris, Starbucks v. Ethiopia: The country that gave the world the coffee bean and the company that invented the $4 latte are fighting over a trademark, Fortune, February 26, 2007.
    2 Rosa Whitaker, Trade Consultant to Starbucks, speaking at Starbucks press conference in Addis Ababa in February 2007.
    3 Starbucks Press Conference, Addis Ababa, February 2007.
    4 Starbucks Press Release of October 3, 2005.
    5 Starbucks’ lack of full transparency about the farmer equity makes it impossible for us to estimate its production costs up the entire supply chain. Starbucks hides the facts about its profitability by failing to upgrade its CSR reporting to comply with the GRI G3 standard, and by failing to fully disclose each element of its costs up and down its supply chain.
    6 In 2001, the International Labor Organization, the Central Statistical Authority, and the Ministry of Labour and Social Affairs of the Ethiopian government conducted a survey of child labor in Ethiopia. The survey targeted 43,995 households, of which 5,447 were in the rural areas in and near Sidamo. Table 3.9.
    7 Table 3.4.
    8 Table 3.12.
    9 Table 15.8
    10 Despite this, over half of the children in Sidamo remain malnourished.
    11 Starbucks Press Conference, Addis Ababa, February 2007.
    12 Starbucks enters into some longer-term contracts with producers, but as this years annual report makes clear, as the price of coffee rises, it will increasingly resort to short contracts to reduce its overall cost of coffee, and help drive down prices. The implication is that it only uses long-term contracts to lock-in relatively low prices in a rising market. Paying a fair price to farmers is not mentioned anywhere in its “Product Supply” strategy. 2006 Form 10K at page 11 of 156.
    13 $10 Birr per kilo of red cherry is equivalent to $30 Birr per kilo of green bean, which equals $13.6 Birr per pound, which exchanged at $8.86 Birr to the $USD, equals $1.54 a pound, to the farmer.
    14 In 2006, farmers received at most $.57 of the $1.38 that Starbucks paid for its Shirkana Sidamo; the balance of $.87 paid for processing the cherry into green beans, bagging, storing, transporting and administering the supply chain from the farmer to the port in Djibuti.
    15 ICO website, www.ico.org/historical.asp.
    16 Various financial figures taken from Morningstar website, http://www.morningstar.com/.
    17 Production controls and price supports kept coffee prices at livable levels for farmers from 1962 through 1989. The ICA is due for renewal in September 2007.
    18 Chairman Schultz voiced these concerns in a memo leaked to the press in February 2007. Professor Holt of Oxford, in his essay “Brand Suicide” anticipated the Chairman’s concerns.
    Footnotes 19-44 pertained to Omitted Section on unfair labor practices against Baristas.
    45 2006 Abridged CSR Report at page 5 of 28.
    ------------------

    IWW Starbucks Workers Union

    Daniel Gross, Organizer: dgross@iww.org
    Tomer Malchi, Organizer: tomer.iww@gmail.com

    Justice from Bean to Cup

    Sarah Bender, Organizer: bender.sarah@gmail.com
    Peter van Schaick, Advisor: peter.van.schaick@gmail.com

    Posted 20th March 2007 by Wondwossen

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    My Views on Ethiopia Commodity Exchange (ECX)
    My Views on Ethiopia Commodity Exchange (ECX)
    Prelude:
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  • Reply to

    What a shame---

    by byron454co Apr 4, 2014 4:48 PM
    despiteit2 despiteit2 Apr 16, 2014 3:36 PM Flag

    donate a candle make a patient happy

  • despiteit2 by despiteit2 Apr 16, 2014 3:35 PM Flag

    his dream cum true

  • despiteit2 by despiteit2 Feb 7, 2014 1:25 PM Flag

    Albert Edwards, Societe Generale's now predicts a global recession with equity valuations dropping to their lowest levels in a generation..
    .

    Albert Edwards, Societe Generale's uber-bearish strategist, who now predicts a global recession with equity valuations dropping to their lowest levels in a generation. Edwards believes this is just the "pungent smell of coffee" that has now overwhelmed the "hallucinatory vapors" contained in the Fed's quantitative easing (QE) bond-buying program that it started shortly after the financial crash of 2008.
    "Commodities snapped out of their trance some two years ago and could not find their way back into that same dream-like state. Now it is equities turn," he said.
    "And even if the Fed resumes massive QE at some point as the world melts down, and markets desperately attempt their return to the dream trance, they will instead find themselves locked into a Freddie Kruger-like nightmare." Less
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  • despiteit2 despiteit2 Feb 7, 2014 1:24 PM Flag

    TIPPING POINT REQUIRED

  • tell sbux goodbye

  • Reply to

    no telling just how far ice willadvance

    by valuablespur Feb 7, 2014 11:32 AM
    despiteit2 despiteit2 Feb 7, 2014 1:21 PM Flag

    advance down as well

  • despiteit2 despiteit2 Feb 7, 2014 1:19 PM Flag

    market in real troble biggest transfer of wealth out of stocks in history

  • despiteit2 despiteit2 Feb 7, 2014 1:11 PM Flag

    i bet schultzt writes it off on his income taxes

  • despiteit2 despiteit2 Feb 7, 2014 1:10 PM Flag

    Hey tony that is a threat because you implicated danger for expressing his pont of view and that is what the usa is all about. your post has been referred to the us attorney general's office for review. No longer does the likes of schultz be allowed to amass a fortune based on crime okay???

  • despiteit2 by despiteit2 Jan 29, 2014 2:54 PM Flag

    "I think it would certainly challenge Starbucks," says Sanchez. "If you look at what it would take in terms of what it would take out of their profits, it's anywhere from $300 million to half a billion [dollars]."

    Over the last four quarters, Starbucks earned roughly $1.8 billion (excluding the effects of a $2.2 billion payout to Kraft foods over a dispute.

    "Starbucks have been benefiting from continued low costs and rising margins," says Sanchez. "So, I do think that a raise to a $10 minimum wage would certainly take a bite out of Starbucks."

    Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, disagrees that Starbucks would suffer with a higher minimum wage.

    "Let's remember Starbucks [is] historically a very employee-friendly firm," says Ross. "That pro-employee stance is really the cornerstone of their success. So, I don't really think those higher wages will impact the stock."

    Indeed, in the last five years, Starbucks stock is up 683%. However, since its all-time high in November 2013, the stock is down nearly 10%. According to Ross, the stock is hitting both a support level and its 200-day moving average, making it a buying opportunity.

    "That potentially could be a springboard to higher prices," says Ross. "I like the stock here. I would be a buyer on the double-digit pullback to key support."

    To see the rest of the discussion on what minimum wage means for Starbucks, watch the video above.

    More from Talking Numbers:

    Here are the market's secret buy

  • Reply to

    wild ride is over

    by iamfruitless Jan 29, 2014 2:18 PM
    despiteit2 despiteit2 Jan 29, 2014 2:50 PM Flag

    JUST FOR NOW

  • Reply to

    grimmy

    by joeytee2002 Jan 28, 2014 7:51 PM
    despiteit2 despiteit2 Jan 29, 2014 2:50 PM Flag

    JOEY LOVES MONEY

  • Reply to

    grimmy

    by joeytee2002 Jan 28, 2014 7:51 PM
    despiteit2 despiteit2 Jan 29, 2014 2:49 PM Flag

    worry about the loss demonstrated by sbux, loser

  • Reply to

    Now under $72. Yeaaaaaaaa!!!!

    by grimster911 Jan 29, 2014 2:16 PM
    despiteit2 despiteit2 Jan 29, 2014 2:48 PM Flag

    AND JUST HOW MUCH ARE YOU LOSING?????????????

  • Reply to

    HCBK Performance vs Management compensation

    by praveshis Jul 31, 2013 9:55 PM
    despiteit2 despiteit2 Sep 6, 2013 2:43 PM Flag

    crooks are hcbk

  • Reply to

    Starbucks Doll...

    by bluecheese4u Aug 31, 2013 12:05 PM
    despiteit2 despiteit2 Sep 6, 2013 2:38 PM Flag

    Scultz is the doll stick pins in it

    Sentiment: Buy

  • wait for a good buying opportunity, smart money will drag it down and accumulate

HCBK
9.77-0.17(-1.76%)Jul 28 4:00 PMEDT

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