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AfricaFocus Bulletin: Latest six bulletins
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January 8, 2019 Mozambique/Global: Who Pays for Transnational Corruption?
The line-up of those involved in this $2.2 billion fraudulent loan deal, now implicated in a case in the U.S. District Court of the Eastern District of New York, is multinational. The five named individuals indicted include the former Minister of Finance of Mozambique, a Lebanese businessman representing Privinvest (an international shipping conglomerate in Abu Dhabi), and three London-based bankers, citizens of New Zealand, Great Britain, and Bulgaria, employed at the time of the loans by the giant Swiss bank Credit Suisse. Three more names are redacted in the indictment and 5 others, three Mozambicans and two additional employees of Privinvest, are cited but not named in the text of the indictment.
December 10, 2018 Africa/Global: Green New Deal Could Be Game-Changer
“And yet here’s the truly strange thing: I feel more optimistic about our collective chances of averting climate breakdown than I have in years. For the first time, I see a clear and credible political pathway that could get us to safety, a place in which the worst climate outcomes are avoided and a new social compact is forged that is radically more humane than anything currently on offer.” - Naomi Klein on the Green New Deal
November 12, 2018 Africa: Africa Mining Vision
The Africa Mining Vision (AMV) was adopted by Heads of State at the February 2009 African Union summit following the October 2008 meeting of African Ministers responsible for Mineral Resources Development. An action plan was adopted in December 2011, and the African Minerals Development Centre (https://www.uneca.org/amdc) launched in December 2013. The lead role in developing the vision was taken by African professional staff at the United Nations Economic Commission for Africa (UNECA), in consultation not only with African governments but also with civil society organizations and specialists on the mining sector.
November 12, 2018 Africa: Why Mining is Hard to Tax
"In Africa as elsewhere in the world, while energy companies might be somewhat undertaxed, mining companies typically are greatly under-taxed. Indeed, it is only a slight exaggeration to say that, with a few significant exceptions, notably Botswana’s diamond mines, mining in Africa is barely taxed at all. One reliable source indicates that contemporary African governments collect about 55% of the total value of energy production in tax revenue, but only 3% of the value of mining production." - Taxing Africa
October 16, 2018 Africa/Global: Drug Company Profits vs. Public Health
"Oxfam examined publicly available data on subsidiaries of four of the largest US drug companies and found a striking pattern. In the countries analyzed that have standard corporate tax rates, rich or poor, the corporations’ pretax profits were low. In eight advanced economies, drug company profits averaged 7 percent, while in seven developing countries they averaged 5 percent. Yet globally, these corporations reported annual global profits of up to 30 percent. So where were the high profits? Tax havens. In four countries that charge low or no corporate tax rates, these companies posted skyrocketing 31 percent profit margins." - Oxfam, September 2018
October 1, 2018 Africa/Global: Professionals Enabling Corruption
"Lifting the veil of corporate secrecy reveals a simple principle: Offshore is actually a set of professional services that specialize in enabling businesses and individuals to effectively retreat from legal, regulatory, and public scrutiny, empowering them vis-a-vis those who have remained 'onshore' without access to such services." - Hudson Institute