The worldwide financial crisis is hitting people in the Global South with particular venom, and disaster profiteering is alive and well. Take Mexico. While entities like Citigroup-owned Banamex get away with charging Mexican credit account-holders usurious interest rates of up to 100 percent, Banamex itself turned nearly $1 billion in profits in 2008.
Because of your energy, LIFE AND DEBT has helped to inform and educate thousands about the far-reaching devastation the new global economy wreaks on developing nations.
ABN Amro Bank, a global banking giant based in the Netherlands, has agreed to pay a total of $80 million in fines for violating regulations to prevent money-laundering, regulators and the bank said yesterday.
Brazil's currency and stock prices soared Thursday on optimism that a $30 billion aid package from the International Monetary Fund will calm skittish investors, although the underlying problems that fed market anxieties haven't gone away.
European and Canadian engineering companies, four of them British, are alleged to have paid an official about 3m for contracts for one of the continent's biggest engineering projects, the 1bn construction of huge dams to supply water and electricity to South Africa, which entirely surrounds the mountainous kingdom.
The General Agreement on Trade in Services (GATS), now being negotiated in the World Trade Organization (WTO), is likely to reduce migrant workers to the status of commodities.
Famed anti-Narmada dam campaigner, Medha Patkar, Friday entered the third day of her hunger protest, in the city of Bhopal, the capital of central Madhya Pradesh state. The state is the home of most of the quarter million, mainly indigenous people to be displaced by the four billion-U.S. dollar Sardar Sarovar dam.
In time for this month's World Summit on Sustainable Development (WSSD), environmental justice and human rights NGO groundWork today launches a series of five booklets entitled South African People and Environments in the Global Market. Today, we also release the full agenda for the Corporate Accountability Week taking place from the 20th - 23rd August in Sandton.
The Nigerian Labour Congress yesterday threatened to render Africa's most populous nation ungovernable if President Olusegun Obasanjo went ahead with plans to phase in the deregulation of fuel supplies in an attempt to end chronic shortages.