Tag Archives: arms trade

Latest Developments, June 7

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Mining fears
Accounting giant PricewaterhouseCoopers has published its annual report on the state of the world’s top 40 mining companies, in which it expresses concern over “resource nationalism” despite record combined profits of $133 billion in 2011:

“Ownership of resources and mining industry fiscal regimes remain high on the agenda for many governments around the world. Nations are looking to take an increasing share of profits and resources through a range of measures. Ongoing discussions and debates, formal reviews of fiscal regimes, or recently enacted changes have been seen in countries such as Australia, Chile, Ghana, Peru, and South Africa.
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Governments are under pressure from local communities and other key stakeholders, and as a result, the stability that previously existed in many nations is deteriorating. High commodity prices have increased the industry’s visibility, triggering stakeholders to seek a bigger piece of the pie.”

Sales assistants
Embassy Magazine reports that the Canadian government is actively helping domestic arms manufacturers find buyers abroad:

“In the last few years, the Canadian Commercial Corporation, a Crown corporation, has helped Canadian firms sell everything from military hardware and weapons to wiretapping technology, forensics for ballistics, surveillance, document detection, sensor systems, bulletproof vests and helmets, training, and other services.
They are partnering with government ministers to get the job done. It’s called ‘co-operative marketing,’ according to CCC president Marc Whittingham.
The way it works is that firms tell the organization which markets they’re interested in, and when corporation representatives or a minister is travelling, they are able to ‘further that pursuit,’ he said.”

Banking rules
The New York Times reports that a hearing into JPMorgan Chase’s “multibillion-dollar trading loss” has led to more talk of the need to impose stricter limits on the activities of US banks:

“Several Democrats have seized on the news of the bank’s loss, saying the case underscores a need to enforce a strict Volcker Rule.
The rule, named for Paul A. Volcker, the former chairman of the Federal Reserve, would ban banks from trading with their own money, a practice known as proprietary trading. Support for the new regulations gained momentum after JPMorgan’s loss disclosure last month.
But the scope of the rule, which regulators plan to complete in the coming months, is unclear. For one, it allows banks to use hedges to offset risk. Regulators have yet to decide how broad to make that hedging exemption, prompting some Democrats to push for clarity.”

Oil troubles
Business Daily reports that the recent discovery of oil in Kenya by UK-based Tullow Oil has touched off tensions in local communities:

“The oil find in Turkana is touching on land ownership and compensation and last week a meeting to discuss the discovery aborted as locals and legislators demanded more involvement in the decisions on the black gold resource.
‘Engagement with the locals has not been smooth. We had planned a forum for Wednesday on the oil discovery but it has aborted on account of consensus. MPs from the two counties and those in relevant committees of Parliament have said they were not consulted,’ said [Energy Ministry Permanent Secretary Patrick] Nyoike.”

Hip hop wars
Columbia University’s Hishaam Aidi writes on the significance of the growing debate over hip hop in Europe:

“European government officials are increasingly worried about the influence that Muslim rap artists wield over youth, and are scrutinising hip hop practices in the immigrant neighbourhoods, trying to decide which Muslim hip hop artists to promote and which to push aside.
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The debate over hip hop, Europe’s dominant youth culture, stands in for a much larger debate about race, immigration and national identity. With many of the biggest stars being Muslim, the disputes over which Muslim hip hop artists are ‘moderate’ or ‘radical’ are also disagreements over what kind of Islam to allow into the public space.”

Burma caution
Burma partnership’s Khin Ohmar argues that the international community needs to put the brakes on the sudden race to invest in her country:

“There are no such things as environmental impact or social impact assessments. There is no participation from any group that represents people’s interests in the decision-making process. Rule of law is extremely weak, with a subordinate and ineffective judiciary, arbitrary arrests, widespread corruption and a culture of impunity.
Burma is quite simply not ready. Investment, particularly in the country’s unstable ethnic areas, serves to exacerbate human rights abuses and causes major environmental and social damage. As long as the military has the biggest say in the development of Burma, the status quo won’t really change. Foreign investors should wait until the nation is reconciled before proceeding with the unabated enthusiasm currently on display.”

Big money
UC Berkeley’s Robert Reich looks at the impacts the US Supreme Court’s “grotesque 2010 Citizens United vs Federal Election Commission decision” is having on the country’s presidential election campaign:

“According to the reliable inside-Washington source Politico, the Koch brothers’ network alone will be spending $400m over the next six months trying to defeat Obama, which is more than Senator John McCain spent on his entire 2008 campaign.
Big corporations and Wall Street are also secretly funneling big bucks into front groups like the US Chamber of Commerce that will use the money to air anti-Obama ads, while keeping secret the identities of these firms.”

Fragile union
The Financial Times’ Martin Wolf writes on the inherent difficulty of maintaining an economic union without corresponding political cohesion:

“Given such uncertainty, panic is, alas, rational. A fiat currency backed by heterogeneous sovereigns is irremediably fragile.
Before now, I had never really understood how the 1930s could happen. Now I do. All one needs are fragile economies, a rigid monetary regime, intense debate over what must be done, widespread belief that suffering is good, myopic politicians, an inability to co-operate and failure to stay ahead of events.”

Latest Developments, March 29

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Migrant deaths
The Guardian reports that the lead investigator into the maritime deaths of dozens of African migrants has called Europe’s talk of human rights “meaningless.”
“Despite emergency calls being issued and the boat being located and identified by European coastguard officials, no rescue was ever attempted. All but nine of those on board died from thirst and starvation or in storms, including two babies.
The report’s author, Tineke Strik – echoing the words of Mevlüt Çavusoglu, president of the Council of Europe’s parliamentary assembly at the time of the incident – described the tragedy as ‘a dark day for Europe’, and told the Guardian it exposed the continent’s double standards in valuing human life.
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The incident has become well known due to the harrowing accounts of the survivors, but the report makes clear that many similar ‘silent tragedies’ have occurred in recent years. Last year a record number of migrant deaths were recorded in the Mediterranean. ‘When you think about the media attention focused on the [Costa] Concordia and then compare it to the more than 1,500 migrant lives lost in the Mediterranean in 2011, the difference is striking,’ Strik said.”

Yemen drones
The Bureau of Investigative Journalism reports there has been a sharp increase in “covert US strikes against alleged militants” in Yemen since the start of the Arab Spring.
“At least 26 US military and CIA strikes involving cruise missiles, aircraft, drones or naval bombardments have taken place in the volatile Gulf nation to date, killing hundreds of alleged militants linked to the regional al Qaeda franchise. But at least 54 civilians have died too, the study found.
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At least five US attacks – some involving multiple targets – have so far taken place in Yemen this month alone, in support of a government offensive to drive militants from key locations. In comparison, Pakistan’s tribal areas, the epicentre of the CIA’s controversial drone war, have seen just three US drone strikes in March.”

Sweden’s Saudi scandal
Agence France-Presse reports Sweden’s defence minister has resigned in the midst of controversy over a secret arms deal with Saudi Arabia.
“Earlier this month public broadcaster Swedish Radio said the Swedish Defence Research Agency (FOI) had secret plans since 2007 to help Saudi Arabia build a plant for the production of anti-tank weapons.
The radio said part of the so-called Project Simoom involved the creation of a shell company called SSTI to handle dealings with Saudi Arabia in order to avoid any direct links to FOI and the government.
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Sweden has in the past sold weapons to Saudi Arabia, but classified government documents state that Project Simoom ‘pushes the boundaries of what is possible for a Swedish authority,’ the radio said when it broke the story on March 6.”

Apple/Foxconn promises
Reuters reports that Apple has promised to work with Foxconn to increase wages and improve working conditions in their Chinese factories.
“The moves came in response to one of the largest investigations ever conducted of a U.S. company’s operations abroad. Apple had agreed to the probe by the independent Fair Labour Association in response to a crescendo of criticism that its products were built on the backs of mistreated Chinese workers.
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Apple, the world’s most valuable corporation, and Foxconn, China’s biggest private-sector employer and Apple’ main contract manufacturer, are so dominant in the global technology industry that their newly forged accord will likely have a substantial ripple effect across the sector.”

Patent objection
The Economic Times reports that the US has criticized India for greenlighting the manufacture of a generic version of a cancer drug for which Germany’s Bayer holds the patent.
“The compulsory licence would allow the company to make a generic, or copycat, version of the patented cancer drug bringing down prices by about 30 times. ‘[US Commerce Secretary John] Bryson said pharmaceuticals was a competitive area and heavy investments went into R&D every year. Any dilution of the international patent regime was a cause for deep concern for the US,’ the official said.
Defending the move, [Indian Commerce & Industry Minister Anand] Sharma said the compulsory licence strictly complied with the flexibility norms provided in the Trips (trade-related intellectual property rights) Agreement of the WTO since a large number of cancer patients died in the country every year as they could not afford treatment.”

Widening Kimberley
Reuters reports that the Kimberley Process is considering expanding the definition of “conflict” it uses in monitoring of the global diamond trade.
“ ‘What we would like to see is in essence that there be a clear agreed understanding amongst the membership that conflict is something more than only a rebel group seeking to overthrow a legitimate government,’ [Kimberley Process chairwoman Gillian Milovanovic] said.”

Madagascar anniversary
Le Monde marks the anniversary of “one of the most significant colonial massacres” which killed tens of thousands in Madagascar over the course of nearly two years.
“This Thursday, March 29, Malagasies commemorate the 65th anniversary of the start of the insurrection. Independent since June 26, 1960 – after 65 years of French colonization – the Red Island remembers a ‘pacification’ that consisted of torture, burned villages, summary executions and a French expeditionary force composed mainly of colonial troops. Some 18,000 soldiers landed in April 1947. Their numbers reached 30,000 in 1948. ” (Translated from the French.)

Extreme extractivism
Human rights lawyer Magdalena Gómez points to the recent deaths of anti-mining protesters as evidence of the excessive power transnational corporations have gained in Mexico.
“We have already heard the usual arguments that attribute the attacks to rifts in the community—and they do exist–but no one stops to analyze that these divisions are promoted by the alliances forged by the mining companies.
The truth is that, beyond the investigations required to arrest and prosecute the masterminds and perpetrators of these crimes, it’s urgent that we look into the devastating effects of the policy of granting mining concessions without regard to the territorial rights of the peoples.
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Until the fallacy that transnational corporations are simply private actors is rejected and what has been called “the architecture of impunity” is deconstructed, peoples’ rights will be impossible to guarantee in the face of the reality of governments subjugated to transnational capital.” (Translated by the Center for International Policy’s Michael Kane)

Latest Developments, March 19

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Arms stats
The Stockholm International Peace Research Institute has released new statistics indicating the international arms trade increased by 24 percent in 2007-2011 compared to previous five-year period, with the usual suspects still dominating the market.
“The five biggest suppliers of major conventional weapons in the period 2007– 11 were the United States, Russia, Germany, France and the United Kingdom. The USA and Russia remained by far the largest exporters, accounting for 30 per cent and 24 per cent of all exports, respectively. The top 5 suppliers accounted for 75 per cent of exports of major conventional weapons in the period 2007–11, compared with 78 per cent for the same five suppliers in the period 2002–2006.”

Apple dividend
KPCC’s Mike DeBord suggests Apple’s decision to reduce its cash surplus by paying its shareholders a quarterly dividend is both morally and strategically questionable.
“So when you think about it, Apple’s cash hoard has really come from extracting profits from its Asian contract manufacturers, who support Apple’s 30-plus profit margins by slashing their own; and by extracting profits from the likes of Verizon and AT&T, who have to subsidize customer purchases of ex-pen-sive iPhones. For the moment, Foxconn and American’s biggest wireless providers are willing to accept a redistribution of wealth from their balance sheets to Apple’s. But you have to wonder how long that will last — especially if people like [ValueWalk’s Paul] Shea are right and the post-Jobs Apple shifts its focus from product innovation to the care and feeding of shareholders (more than 70 percent of who are big institutional investors and hedge funds).”

Grim forecast
In a blog post announcing the release of a new environmental outlook to 2050, the Organisation for Economic Co-operation and Development’s Patrick Love writes that “we’re all doomed.”
“The [greenhouse gas] mitigation actions pledged by countries in the 2010 Cancún Agreements at the UN Climate Change Conference will not be enough to prevent the global average temperature from exceeding the 2C threshold, unless very rapid and costly emission reductions are realised after 2020.
Projections like these are probably familiar to most people interested in environmental issues, but other figures in the book may prove more of a shock, notably concerning health. We may be damaging the environment, but it’s killing us. Today, unsafe water kills more people than all forms of violence, but air pollution is set to become the world’s top environmental cause of premature mortality, overtaking dirty water and lack of sanitation.”

Dam guidelines
The Guardian reports that new voluntary guidelines for assessing the impacts of large hydroelectric dams are gathering support from corporations, while critics cry “greenwash.”
“Zachary Hurwitz, policy programme coordinator at International Rivers, said the protocol could create opportunities for dam builders to make sustainability claims while potentially undermining legislative and civil society-led efforts to hold them accountable for the social and environmental impacts of their projects.
‘There are ways to better regulate dam building,’ he said. ‘It is by the legislative process, through harmonising-upwards country regulatory systems in order to truly come to a global binding standard, with the ability to penalise developers.’ ”

Trayvon Martin
GlobalGrind.com’s Michael Skolnik writes about last month’s fatal shooting of an African-American teenager in a Florida gated community, arguing that “the rights I take for granted [as a white American] are only valid if I fight to give those same rights to others.”
“I got a lot of emails about Trayvon.  I have read a lot of articles.  I have seen a lot of television segments.  The message is consistent.  Most of the commentators, writers, op-ed pages agree.  Something went wrong.  Trayvon was murdered.  Racially profiled. Race. America’s elephant that never seems to leave the room. But, the part that doesn’t sit well with me is that all of the messengers of this message are all black too.  I mean, it was only two weeks ago when almost every white person I knew was tweeting about stopping a brutal African warlord from killing more innocent children.  And they even took thirty minutes out of their busy schedules to watch a movie about dude.  They bought t-shirts.  Some bracelets. Even tweeted at Rihanna to take a stance.  But, a 17 year old American kid is followed and then ultimately killed by a neighborhood vigilante who happens to be carrying a semi-automatic weapon and my white friends are quiet.  Eerily quiet. Not even a trending topic for the young man.”

Abolishing tax havens
The UN Millennium Campaign’s Charles Abugre writes that corrupt government officials are not the main culprits behind illicit capital flight from Africa, an estimated 65-70 percent of which is attributable to “commercial activities, especially through trade mis-pricing of goods”.
“Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed. The high-level panel set up by the African Union, the African Development Bank and the UN Economic Commission for Africa, and chaired by former South African president Thabo Mbeki, is a significant step forward – and testifies to the importance of this issue for Africa’s development. The ball is now in the court of the rich countries.”

A world bank
It is time for the US to give up its unwritten right to appoint World Bank presidents in favour of a more open, meritocratic process, according to François Bourguignon, Nicholas Stern and Joseph Stiglitz, all of whom held senior positions at the bank in the past.
“The developed countries have declared the importance of an ‘open, transparent and merit-based process’ many times. They have recognised the importance of trust, credibility and collaboration in overcoming global challenges, particularly that of poverty. Yet when the moment comes for decision, they cannot resist the temptation to perpetuate the monopoly. This is not only hypocritical, it also destroys the trust and spirit of collaboration needed to manage the profound problems facing the world.”

Lundins fight back
The Local reports the sons of Lundin Group founder Adolf Lundin have responded to allegations their company consists of “opportunistic, dictator-hugging businessmen” who show little regard for human rights in their search for natural resources.
“The allegations refer to alleged human rights abuses in connection with oil exploration in southern Sudan between 1997 and 2003.
Magnus Elving of the International Prosecution Chamber in Stockholm (Internationella åklagarkammaren i Stockholm) is investigating claims made in a report entitled “Unpaid Debt” framed by an umbrella group named the European Coalition on Oil in Sudan (ECOS) and present in 2010.
The report alleges that Sudanese troops, in collaboration with militias, attacked and drove away the civilian population in areas where companies could drill for oil.”

Latest Developments, February 7

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Global New Deal
The UN News Centre reports on a new UN Conference on Trade and Development paper that calls for an overhaul of the world’s financial system to produce a “more stable and inclusive” global economy.
“ ‘Financial markets and institutions have become the masters rather than the servants of the real economy, distorting trade and investment, heightening levels of inequality, and posing a systemic threat to economic stability,’ warns the report, which also defines the dominant pattern of international economic relations during the past three decades as ‘finance-driven globalization.’
[UNCTAD Secretary-General] Supachai [Panitchpakdi] instead calls for financial and other resources to be channelled towards ‘the right kinds’ of productive activities, ensuring that measures to diversify economic development are consistent with job creation, food and energy security, and tackling the threat of climate change.”

Arms trade transparency
The BBC reports the UK government is promising to allow greater public scrutiny of arms exports following allegations that weapons it had sold to Middle Eastern regimes were used to suppress popular protests during last year’s Arab Spring.
“The government intends to publish information about licence applications and updates of sales, once they have been awarded.
An independent reviewer could also be appointed to scrutinise the process to ensure it is working ‘correctly’.”

Shooting the messenger
The Wall Street Journal reports a former General Electric executive is alleging he was fired for relaying concerns about the legality of the company’s behaviour abroad.
“ ‘The Plaintiff provided information to his immediate supervisor and to the Ombudsperson for GE regarding potential violations of the Foreign Corrupt Practices Act committed by GE during negotiations for a lucrative, multi-year deal with the Iraqi Ministry of Electricity,’ the complaint said.”

Unethical links
The Ecologist reports a number of “seemingly ethical” Brititsh companies – The Co-operative, Marks & Spencer and Waitrose – are facing criticism over their partnerships with controversial oil giants.
“Greg Muttitt, campaigns and policy director at international development charity War on Want, said: ‘People believe there is an ethical option. The fact these companies are doing deals with unethical businesses shows how limited their ethical commitments are. This will wake people up to how these companies’ ethical policies are only skin deep.’ ”

Democratic deficit
The recently signed international Anti-Counterfeiting Trade Agreement (ACTA) is a potential threat to Internet freedom but the extent of its menace remains unclear because of the opaque and undemocratic negotiation process, according to Oxford Internet Institute graduate student Alexander Furnas.
“It is worth noting that the negotiations throughout most of the process were highly secret with negotiators forced to sign non-disclosure agreements, a fact that, according to one [Wikileaks] cable, made even some of the negotiating parties uncomfortable. There were few avenues for public or civil-society input. Meanwhile many U.S. based multinational corporations and their interest groups, including the Recording Industry Association of America, the Motion Picture Association of America, Sony, and Time Warner were consulted via formal [Office of the US Trade Representative] advisory boards.”

Myth making
The Center for Global Development’s Michael Clemens writes about the birth of an “immigration fiction” as the UK Minister of State for Immigration Damian Green, with the help of the British media, distorts the findings of a recent report by attributing causation where it found only association.
“But the minister’s myth propagates anyway, with help from a docile press. The BBC article on the minister’s speech, for example, simply quotes the minister’s false interpretation of the [Migration Advisory Committee] report, without qualification. The article does not bother to interview any of the MAC report’s authors, who could clarify what they did or did not say. The BBC article does bother to interview anti-immigration activist Sir Andrew Green, who (shocker!) shares the minister’s sadly fictional interpretation of the MAC report.
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What does the best economic research show? As I’ve discussed in a peer-reviewed article in a journal of the American Economic Association, barriers to migration from developing countries are far and away the most impoverishing obstacle to the global economy. Even slightly greater labor mobility out of developing countries would add trillions of dollars to the world economy, and most of those gains happen in countries of destination like the UK.”

Zero-sum madness
The Post Carbon Institute’s Richard Heinberg argues that perpetuating the current competition-based global system is not a viable option if survival of the species is our objective.
“Taken together, current cooperative efforts toward resource conservation, climate mitigation and population stabilisation are woefully insufficient – as exemplified by failed climate talks, continued global population growth and ever-heightening international competition for access to dwindling fossil fuel supplies. There are plenty of justifications for pessimism: after all, won’t the first nations to engage in resource conservation lose economic advantage to those that engage in conquest and consumption maximisation? Wouldn’t even one major national holdout undermine a worldwide cooperative effort at climate protection?
Dramatically expanding our international and domestic cooperative efforts at this worrisome moment in history may seem like a tall order. The only advantage to doing so is that it is the only path going forward that does not end in a global tragedy in which the fate of the ‘winners’ is hardly preferable to that of the ‘losers’.”

Body of evidence
The World Bank’s Markus Goldstein writes that there is remarkably little impact evaluation done on interventions and reforms relating to trade policy.
“The need for more evidence is key. As [Olivier] Cadot & co. point out, trade is receiving an increasing amount of policy attention and donors (the World Bank among them) are stepping up support of trade related interventions. But, alas, little work is being done. As a striking example, Cadot & co. review all World Bank trade projects from 1995-2005. Of these 85 projects, only 5 included an impact evaluation that used a comparison group. ”

Latest Developments, January 27

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Arms sale loophole
Foreign Policy’s Josh Rogin reports that, following congressional opposition to a proposed sale of US arms to Bahrain due to human rights concerns, the Obama administration is moving ahead with a repackaged sale without formally informing Congress or the public.
“Our congressional sources said that State is using a legal loophole to avoid formally notifying Congress and the public about the new arms sale. The administration can sell anything to anyone without formal notification if the sale is under $1 million. If the total package is over $1 million, State can treat each item as an individual sale, creating multiple sales of less than $1 million and avoiding the burden of notification, which would allow Congress to object and possibly block the deal.
We’re further told that State is keeping the exact items in the sale secret, but is claiming they are for Bahrain’s “external defense” and therefore couldn’t be used against protesters. Of course, that’s the same argument that State made about the first arms package, which was undercut by videos showing the Bahraini military using Humvees to suppress civilian protesters.”

Responsibility while protecting
Former Australian foreign minister Gareth Evans surveys the extent of the damage done to the “responsibility to protect” principle by disagreements over how NATO handled its Libyan intervention.
“The better news is that a way forward has opened up. In November, Brazil circulated a paper arguing that the R2P concept, as it has evolved so far, needs to be supplemented by a new set of principles and procedures on the theme of “responsibility while protecting” (already being labeled “RWP”). Its two key proposals are a set of criteria (including last resort, proportionality, and balance of consequences) to be taken into account before the Security Council mandates any use of military force, and a monitoring-and-review mechanism to ensure that such mandates’ implementation is seriously debated.”

WEF women
The Guardian’s Jane Martinson argues the World Economic Forum in Davos “has a woman problem.”
“Although the days are long gone when one female delegate was asked to leave an event because security assumed she must be a spouse without the required permit, the majority of the women in Davos are not there as participants. Only newcomers to Davos seem to consider this fact remarkable, with the odd feminist exception such as Helen Clark. The former prime minister of New Zealand turned administrator of the United Nations Development Programme called the female participation rate ‘pathetic’. The leader who appointed so many senior women to her cabinet that Benetton ran an airport advertising campaign welcoming visitors to the ‘women’s republic of New Zealand’ called for organisers to commit to the millennium development goal of 30% female participation by 2015. ‘Or why not next year? They should just go and look for the women. In one stroke, participation would go up.’ ”

Forgetting about poverty
Time’s Roya Wolverson argues that, with all the talk about inequality, absolute poverty seems to have dropped of the World Economic Forum’s radar.
“What’s missing in the WEF discussions is the perspective of the poor.  Unfair trade practices and poor working conditions in the developing world, issues that made it onto the WEF agenda a decade ago and keep rearing their ugly head, haven’t been raised at all. Instead, the conversation is acutely focused on the plight of the Western worker and his dwindling pension plan.”

Bad medicine
Intellectual Property Watch reports that the World Health Organization’s executive board has come up with a proposal for an international mechanism that would deal with  “counterfeit and substandard medical products” medicines without taking on thorny IP and trade issues.
“A contentious issue around counterfeits has been the suspicion on the part of some developing countries that concerns about counterfeit and substandard medicines are being purposely confused with trade in legitimate generic medicines from those countries. Removing intellectual property and trade from WHO discussions likely minimises the possibility of confusion.”

Bad money
Reuters reports on how difficult it is for financial regulators to overcome the client privacy provisions of Western banks in order to take action against “undesirable assets and clients.”
“ ‘Our current arrangements for the creation of trusts and the setting up of companies anonymously have created an environment which is permitting kleptocrats to move their loot around (and commit) tax evasion on a monstrous scale,’ said Anthea Lawson, head of the Banks and Corruption Campaign at Global Witness, a non-government organisation which campaigns against money laundering and corruption.
Those determined to hide money have numerous devices at their disposal: for example it is possible to establish an offshore company which belongs to an offshore trust behind which may be another trust, all spread across multiple jurisdictions and set up by an associate of a person on a sanctions list.”

War on finance
The Economist says that François Hollande, the French Socialist Party’s presidential candidate, has “declared war on global finance.”
“The financial industry, he said, had grown into a nameless, faceless empire that has seized control of the economy and society. To tackle the enemy and restore the French dream, Mr Hollande wants to separate banks’ ‘speculative’ activities from their lending arms. He would outlaw ‘toxic’ financial products, keep banks out of tax havens and ban stock options for all companies except start-ups.”

Tackling inequality
British Labour leader Ed Miliband lays out some proposals for a fairer economy.
“I support proposals for a financial transactions tax levied equally on the major trading centers from Hong Kong and Singapore to Wall Street and the City of London. The British government needs to show more leadership on this issue in Europe — and all members of G-20 need to help make it happen.
Britain loses billions of pounds in revenues because of outdated rules that allow our richest citizens to keep their money in off-shore tax havens. Tax authorities need to know about income and wealth hidden behind front companies, trusts and other complex financial products. If these rules cannot be changed by international agreement, progressive governments should go ahead and do it themselves.”