The latest from WDM | World Development Movement

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The latest from WDM

Welcome to the World Development Movement news pages. You can view our news by category in each campaign section, or get the whole lot below. For press inquiries please contact the press office.

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You can also follow us on Twitter for reactions and news about events as they happen.

 

Barclays considers pulling out of food speculation – campaigners call for regulation

29 November 2012

Barclays Bank has hinted it is considering pulling out of food speculation due to ‘reputational risk’. The World Development Movement is calling on the bank to commit to ending its involvement in commodity markets, and is urging George Osborne to back tough rules to curb speculation at a European level.

Message to Geldof from Bangladesh: UK aid is promoting sweatshops

12 November 2012

A Bangladeshi human rights worker has written an open letter to Bob Geldof ahead of a meeting tomorrow between the rock star and the UK international development secretary, Justine Greening, telling him that UK aid money is promoting sweatshops in Bangladesh.

Private sector approach set to benefit big business rather than the poorest in India

9 November 2012

WDM has reacted with concern to international development secretary Justine Greening’s announcement today that no new British financial aid grants will be made to India with immediate effect, and that from now on UK aid to India will focus on private sector projects designed to help the poor while generating a return.

Barclays' speculation on food prices exposed in spoof film

1 November 2012

The World Development Movement has launched a new film today parodying Barclays’ role in speculating on food prices. Actors Jolyon Rubinstein and Heydon Prowse pose as Barclays bankers attempting to sell spoof investment products to unsuspecting passers-by, with "profit margins so ridiculous, it’s almost criminal".

European parliament vote leaves food speculation regulation ‘too weak’

26 October 2012

A vote in the European parliament today failed to remove loopholes in new regulation to prevent banks driving up food prices through financial speculation.

MEPs voted in favour of limits to speculation, but allowed loopholes to remain which risk rendering the new rules ineffective.

Our response to Sharon Bowles

15 October 2012

Last week, the Guardian newspaper published a letter from the World Development Movement’s director Deborah Doane which raised concerns about the suitability of Sharon Bowles MEP, candidate for the new governor of the Bank of England, because of what we see as her support for ‘light touch’ regulation of the financial sector. 

We must stop banks taking advantage of rising food prices

10 October 2012

The World Development Movement’s director Deborah Doane has responded to predictions that poor harvests in the UK will lead to rising food prices, warning that financial speculation could send prices soaring even higher. 

Lady Luck in food prices protest at Tory conference

8 October 2012

A costumed Lady Luck and a croupier in black tie, with a roulette wheel and giant playing cards, protested in front of the Tory party conference in Birmingham this morning, calling on George Osborne to stop bankers driving up food prices through financial speculation.

Food speculation projection at the Tory party conference

6 October 2012

On the eve of the Tory party conference, photos of people holding messages asking George Osborne to regulate food speculation will be projected onto the wall of the Tory party conference.

European Parliament vote on legislation to regulate financial markets: text falls short of what is needed to tackle food speculation

27 September 2012

Yesterday the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on the review of the Markets in Financial Instruments Directive (MiFID). This piece of legislation is critical to achieve stronger regulation of commodity derivative markets and limit harmful financial speculation on food. 

NGOs welcomed the introduction of mandatory limits on speculation but warn that a number of loopholes must be fixed to make the proposed rules effective.