The Google fund
Web search firm Google - whose motto is "don't be evil" - is setting up a subsidiary dedicated to doing good.
Its new philanthropic division, named Google.org, will fund social investment projects in the developing world.
Founders Larry Page and Sergey Brin are devoting 1% of Google's stock and profits - almost $1bn (£573m) - to the new charitable venture.
The first beneficiaries include projects to improve water supplies in rural Africa and anti-poverty works.
The charity is the outcome of a pledge made by the California-based company at the time of its initial stock market flotation last year.
Mr Page and Mr Brin said they would set up a Google Foundation to do "good things for the world".
Nice to see that they are sharing some of their success with those who have not been so lucky. Some have reservations about Gmail and other developments but this should help to calm their fears.
BBC
posted by Hurler @ 3:18 pm
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