Financial Sector
The financial sector plays an important role in the functioning of
economies and societies worldwide. SOMO investigates the ways in which
banks, insurers and other financial conglomerates influence the lives
of people and poverty and sustainable development, especially in
developing countries.
SOMO studies not only private financial enterprises, but also the ways in which the financial sector is being regulated / liberalised internationally.
With these studies, SOMO tries to show how international government policy and CSR initiatives in this sector do or do not lead to sustainable development.
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News Financial Sector
Pluspetrol indicted at ‘Tribunal Permanente de los Pueblos’
27-05-2010
In Madrid, the Tribunal Permanente de los Pueblos’ took place from May 14 until 18. During this tribunal, representatives of local populations whose voice is not heard by official organizations exposed human rights violations by multinational corporations in Latin America. The Argentinian oil company Pluspetrol was one of the corporations brought to the tribunal on accusations of destroying the habitat of the Quechua indians in the northern Amazon region of Peru. Maaike Kokke from SOMO was present at the tribunal to illustrate the corporate structure of Pluspetrol. Since 2000, the Pluspetrol headquarters are located in Amsterdam.
Towards a Global Finance System at the Service of Sustainable Development
21-05-2010
The financial crisis - originated in developed countries - has severely impact on emerging economies and developing countries. In some countries, poverty and unemployment have increased dramatically as a result of the crisis. The project ‘Towards a Global Finance System at the Service of Sustainable Development’ is implemented in January 2010 by SOMO and five other European NGOs (and coordinated by WEED). The project aims at ensuring that European economic stimulus packages remain coherent with development concerns and EU development policy and with Millennium Development Goals (MDGs). The project will monitor and inform about the development impact of the financial crisis as well as current proposed financial reforms. A quarterly newsletter is part of the project.
Financial agricultural markets deserve more attention in financial reforms
22-04-2010
On the eve of the meeting of the G-20 Ministers of Finance in Washington on 23 April, SOMO is publishing Financing Food. Financialisation and Financial Actors in Agriculture Commodity Markets. The study focuses on how derivative markets and financial speculation in agricultural commodities work. SOMO demonstrates how the futures market for agricultural products, in particular, has changed and is being disrupted by new speculators, growing index funds and commodities funds. This can have an influence on food prices, which can rise as a result, making food too expensive for the poor in developing countries.
Supporting developing countries’ ability to raise tax revenues
24-03-2010
The aim of the DPRN project (Dutch Development Policy Review Network) is to enhance the exchange of information and cooperation among relevant actors aiming to support developing countries’ ability to raise tax revenues and presenting concrete recommendations and tools for policy makers and NGOs on how to achieve this support. To address this, SOMO and Tax Justice in the Netherlands organised a series of activities in the framework of the DPRN. Some results: several reports, created linkages, dialogues, an increasing awareness, a signed Memorandum of Understanding and campaigning & research by advocacy groups.
What is the role of WTO services rules in the context of the current financial crisis?
24-11-2009
Has the WTO's services agreement contributed to the crisis or is it a tool which can help create a more stable environment for international financial services? Myriam Vander Stichele, TNI Fellow and senior researcher at the Centre for Research on Multinational Corporations, and Sergio Marchi, senior fellow at the International Centre for Trade and Sustainable Development, discuss this topic with Keith Rockwell, WTO Spokesperson.
