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At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing a loss of more than $156 billion in tax revenue, according to new figures published today by international agency Oxfam.
Leading NGOs call on EU leaders to protect EU development aid against short-sighted cuts ahead of this week’s special EU Budget summit.
Incoming World Bank president Jim Yong Kim must step up efforts to assist developing countries threatened by the euro zone crisis fallout, international agency Oxfam said ahead of his first day on the job.
European leaders meeting today to discuss ways of boosting economic growth should press ahead with plans for a financial transaction tax (FTT), Oxfam said.
Today the European Parliament gave the green light to the European Markets Infrastructure Regulation (EMIR) designed to regulate shady ‘over the counter’ (OTC) derivatives. NGOs welcomed the introduction of clearing and reporting obligations for these financial products as a crucial step towards regulating vital agricultural commodity derivatives markets.
On the eve of a high-level summit between the leaders of India and the European Union in Delhi, Oxfam is calling on the EU not to pressure India into agreeing new trade rules that could deny hundreds of millions of people access to affordable medicines.