Archive | May, 2011

Nigerian fraud prompts parliamentary control of European Development Fund

By Rafael Porto Carrero in New Europe Millions of euros of EIB credits to Nigeria are being handed to dubious private equity funds and banks, a watchdog claims. The European parliament at the same time says it is  “surprised at [a recent] EIB’s statement [saying] that no fraudulent practice exists in the context of EIB […]

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New Counter Balance report:“Lack of scrutiny of EIB investments allows companies to free ride in Panama”

A new Counter Balance report, ‘Dire Straits: EIB investments in Panama and their impacts on indigenous communities, workers and the environment’, investigates three recent projects in Panama: the expansion of the Canal, and two hydro-electrical projects – Dos Mares and Barro Blanco. The international companies[1] running the projects get away with workers right’s violations and […]

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Open letter to the Hungarian Presidency, the President of the European Council and the European Commission on EU public funding for mining projects

Dear Mr Martonyi, Mr Van Rompuy, Mr Barroso and Mr Zourek, Every year, millions of euros of EU public money flow to mining projects under the veil of bringing development. However, the mining sector’s contribution to development has been repeatedly questioned by politicians, academics and civil society organisations. Recent cases show current standards and regulation […]

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MEPs call for moratorium on public financing of mining projects

BRUSSELS – In an open letter addressed to the EU president, the EU presidency and the European commission, 50 MEPs from 4 different political parties (S&D, Greens, Gue/Nordic Left and ALDE) call for “a moratorium on EU public financing for mining projects until adequate standards and regulations are in place.” “The added value of mining […]

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Bid to block European Investment Bank loans to newly-floated Glencore

By Rob Davis in the Daily Mail With a fulsome dose of pomp and circumstance, Glencore’s long-awaited £6.7bn float finally set sail, to the sound of a thousand champagne corks popping across the City. An 11p rise to 521.75p, some way below the 530p launch price, did little to set the pulses racing. But this […]

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Press Briefing: Mining, taxation and development – The Glencore/Mopani case

A Summary Glencore, the world’s biggest commodity trader, excited the financial world by announcing its entrance to the London Stock Exchange on May 24th (!). With shares totaling the amount of an estimated 6.3 billion pounds, Glencore will immediately be one of the biggest companies on the LSE. However, in the running up Glencore came […]

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CONFERENCE – Energy security: Polish, European and global perspectives

The Polish EU Presidency, to be held in the second half of 2011, chose EU external energy policy as one of its main priorities, aiming at strengthening it and thus improving energy security of the Member States. This focus creates a need for a public debate on the causes and potential solutions to the problem, […]

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