Answer to Question 1
Conscientious business leaders realize that the future of their companies rests on healthy workforces and environments worldwide. The following are four issues of corporate responsibility.
1. BRIBERY AND CORRUPTION Similar to other cultural and political elements, the prevalence of corruption varies from nation to nation. In certain countries, bribes are routinely paid to distributors and retailers to push a firm's products through distribution channels. Bribes can mean the difference between obtaining an important contract and being completely shut out of a market. But corruption is detrimental to society and business. Among other things, corruption can send resources toward inefficient uses, hurt economic development, distort public policy, and damage national integrity.
2. LABOR CONDITIONS AND HUMAN RIGHTS To fulfill their responsibilities to society, companies are monitoring the actions of their own employees and the employees of companies with whom they conduct business. Pressure from human rights activists drove conscientious apparel companies to introduce codes of conduct and monitoring mechanisms for their international suppliers.
3. FAIR TRADE PRACTICES Fair trade products are those that involve companies working with suppliers in more equitable, meaningful, and sustainable ways. TransFair USA is the nonprofit organization that independently certifies fair trade products. The Fair Trade model of international trade benefits more than 1 million farmers and farm laborers in 58 developing countries across Africa, Asia, and Latin America. Fair Trade products now include coffee, tea, herbs, cocoa, chocolate, fruit, rice, sugar, flowers, honey, and spices. TransFair USA certifies that a product meets criteria in the following categories: Fair Prices, Fair Labor Conditions, Direct Trade, Democratic Community Development, and Environmental Sustainability.
4. ENVIRONMENT Concern for the environment and ecosystem is no longer left to government agencies and nongovernmental organizations. Today companies pursue green initiatives to reduce their toll on the environment and to reduce operating costs and boost profit margins.
These types of corporate responsibility issues have an impact on international relations because they affect political relations. The political relations between a company's home country and the nations in which it does business affect its international business activities. Favorable political relationships foster stable business environments and increase international cooperation in many areas, including the development of international communications and distribution infrastructures. In turn, a stable environment requires a strong legal system through which disputes can be resolved quickly and fairly. In general, favorable political relations lead to increased business opportunities and lower risk.
Answer to Question 2
The business of forecasting exchange rates is a rapidly growing industry. This trend seems to provide evidence that a growing number of people believe it is possible to improve on the forecasts of exchange rates embodied in forward rates. Difficulties of forecasting remain, however. Despite highly sophisticated statistical techniques in the hands of well-trained analysts, forecasting is not a pure science. Few, if any, forecasts are ever completely accurate because of unexpected events that occur throughout the forecast period.
Beyond the problems associated with the data used by these techniques, failings can be traced to the human element involved in forecasting. For example, people might miscalculate the importance of economic news becoming available to the market, placing too much emphasis on some elements and ignoring others.
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