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Starbucks announces $5 million fund in China
Updated: 2005-09-19 19:51

Coffee retailing giant Starbucks on Monday announced the inauguration of a US$5 (euro4.1 million) fund to promote education in China, part of its efforts to raise its profile in a market it hopes will be its second largest after the United States, the Associated Press reported.

Company chairman Howard Schultz said the fund reflected the Starbucks credo of making money while undertaking socially responsible projects in target markets.

"In many ways what we announced today is a milestone in building the business in China," Schultz said. "But it mirrors what we did in the past 25 years in America in creating profitability and balancing that with a social conscience."

Schultz said the educational fund would funnel money through a local advisory group that would chose different schools worthy of assistance.
"We've had a long history in education in the U.S.," he said. "We clearly understand that in many rural areas in China people don't have access to education. We thought this would be the right way to show our commitment."
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