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The petroleum sector offers governments huge potential revenues that could be invested in poverty alleviation and inequality reduction, but those revenues must first be collected. Oxfam proposes recommendations to address these challenges and ensure that governments collect the taxes owed for the exploitation of their finite, nonrenewable petroleum resources.

Today, EU Development Ministers meeting at the Foreign Affairs Council approved conclusions on social protection in development cooperation.

EU finance ministers still cannot agree on decisive elements of a European Financial Transaction Tax - a missed chance for a strong signal to the climate summit in Paris.

The EU’s five richest billionaires increased their wealth by 76 percent since 2020, from 244 billion euro to 429 billion, at a rate of 5.7 million euros per hour, Oxfam reveals today. At the same time, 99 percent of the EU’s population has become poorer. These findings are based on Oxfam’s new report on inequality and global corporate power. The report also reveals that if current trends continue, the world will have its first trillionaire within a decade, but poverty will not be eradicated for another 229 years. 

“Today President Sarkozy signaled that a number of ‘lead’ countries could forge ahead this year with a tiny levy on financial transactions – a Robin Hood tax – and that he is confident othe

“Five Years since the introduction of Financial Transaction Taxes: What leaders made it happen? What has the tax achieved?”

Universal Health Coverage has risen to the top of the global health agenda. At its core, Universal Health Coverage is about the right to health.

In response to Jeff Bezos’ space flight scheduled for Tuesday, Deepak Xavier, Oxfam International's Global Head of Inequality Campaign, said: "We’ve now reached stratospheric inequality. Billionaires burning into space, away from a world of pandemic, climate change and starvation. 11 people are likely now dying of hunger each minute while Bezos prepares for an 11-minute personal space flight. This is human folly, not human achievement."

The recovery fund and long-term EU budget agreed today do not match the urgency of our current situation and the challenges ahead, said Oxfam.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI).