Development Finance Watch Issue 100

Eurodad Newsletter July 19, 2012 - Issue# 100   European Network on Debt and Development DEVELOPMENT FINANCE WATCH

 

 

	Top Story » Vulture fund loses case against Congo On 18 July in a surprise decision, the UK’s privy council has ruled against vulture fund. FG Hemisphere in a case brought against Democratic Republic of Congo’s state mining company for $100 million. The judgement marks the final appeal in a case brought in Jersey for payment on a debt bought by FG Hemisphere for just $3 million. The debt originated in the 1980s when the Yugoslavian government lent money to Dictator General Mobutu to win contracts. read more   News »   European Commission 2012 financing for development report: right topics, wrong commitments On 7 July, the European Commission released the latest in its annual series of “Accountability Reports” on financing for development (until 2010 called the “Monterrey Survey”), and issued a Communication setting out proposed follow up actions. While adopting welcome rhetoric that supports the importance of domestic resource mobilisation, long emphasised by Eurodad and members, the report makes pretty grim reading, with few concrete actions promised in key areas.  Here’s Eurodad’s analysis of the main points and the crucial items which are missing.   read more   Blog » Innovative” financing for development – a useful update Jesse Griffiths just got round to reading the UN’s annual World Economic and Social Survey (affectionately known among finance geeks as the Wess) an update on innovative financing. read more Report » Banks and tax havens: The French regions are better at implementing transparency than the G20 What happened since 2009, when the G20 countries declared war on tax havens and French banks announced their withdrawal from these territories? Officially, the problem has been solved as banks gradually close their subsidiaries in the territories blacklisted by the French government (although this list only contained eight territories which accounted for less than 0.1% of global offshore finance in 2012). In a new report released on July 12, 2012, CCFD-Terre Solidaire shows that, unlike what these sensational announcements suggested, the presence of French banks in tax havens has increased.   read more   News » Country-by-country reporting accounting for globalisation locally The report written by Richard Murphy the inventor of country-by-country reporting sets out the full reasoning for country-by-country reporting. It debunks many of the arguments that have been made against this approach and attempts which have been made to misrepresent this method of accounting. The report also contains detailed arguments setting out why the alternatives to country-by-country reporting which have been put forward are much less effective.    read more   News » Transparency in Corporate Reporting: Assessing the World’s Largest Companies Most Countries are struggling to rebuild economies devastated by the financial crisis. Yet many of the world’s largest public companies still do not demonstrate that they have put enough transparency measures in place to help prevent another economic meltdown. read more		What's New   Issue #100   July 19, 2012 Action Alert: Jubilee Scotland call on Scotland to pledge a cancellation of its share of unjust UK debt and to commit to developing a responsible export credit agency.   Debt and Development Coalition Ireland ask the Trade and Development Minister to  support a debt audit for Zimbabwe   FEATURED MEMBER   Kindernothilfe was founded in Germany, they work with local NGOs in 29 countries to realise and protect children's rights.      FACTS AND FIGURES ”In 2011 at least €7.35 billion (or 14%) of EU ODA was not invested in developing countries” AidWatch report 2012     QUOTE “the G20 countries declared war on tax havens and French banks announced their withdrawal from these territories? Officially, the problem has been solved as banks gradually close their subsidiaries in the territories blacklisted by the French government (although this list only contained eight territories which accounted for less than 0, 1% of global offshore finance in 2012).” Mathilde Dupre CCFD-Terre Solidaire     FEATURED RESOURCE AFRODAD have a new website http://www.afrodad.org/     EURODAD IN ACTION Javier Pereira and Alex Marriage participated in the EC Seminar on Non-Cooperative Jurisdictions, Aggressive Tax Planning, Tax Fraud and Evasion in Brussels, Belgium   Jesse Griffiths spoke at closing plenary of the conference: "Social Policy in an unequal world" in York, UK     EVENTS What: Task Force for Financial Integrity and Economic Development Conference When: 17-18 October, 2012 Where: Tunis, Tunisia     NEW STAFF María José Romero is our new Policy and Outreach Officer.   VACANCIES The World Development Movement is recruiting a Campaigns and Events Assistant London, UK.     MEDIA MENTIONS Eurodad was mentioned on http://phys.org/ regarding the conference "Social Policy in an unequal world"   FOLLOW US ON TWITTER AND LIKE US ON FACEBOOK!     Read the PDF version of this newsletter. If you have feedback on articles, suggestions of content for future issues or other thoughts, please write to: assistant@eurodad.org

 

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