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ICCR Shareholders Confront Banks Over Recent Scandals December 20th, 2013
The efforts of the Missionary Oblates and other ICCR faith-based shareholders to call the major banks to account in the wake of a flood of legal scandals and regulatory investigations, has won the attention of the media.
An article in the Wall Street Journal’s Market Watch, highlights the shareholder proposals filed by religious shareholder groups with J.P. Morgan Chase & Co. JPM , Bank of America Corp. BAC and Wells Fargo & Co. WFC asking for a report on “business standards”. The proposal says, “We believe shareholders deserve a full report on what the bank has done to end these unethical activities, to rebuild credibility and provide new strong, effective checks and balances within the bank,” the shareholders write in the Wells Fargo proposal, with similar language for the other two banks. “While press releases describe specific settlements or new reforms, the overall picture has not been reported adequately to shareholders.”
Father Seamus Finn, a board member of ICCR, and a shareholder lead with several of the banks, called the requests “a win-win” for the banks and shareholders, giving them an opportunity to showcase how they’re addressing “the many issues of the day.”
Learn more. Read the WSJ article…
Climate Change Impacts on Water December 18th, 2013
Along the Rio Grande River in Texas; photo courtesy of Patti Radle
An increase in global temperatures by 2 degrees Celsius would likely result in chronic water scarcity—less than 1,000 cubic meters per person per year—for 21 percent of the global population, according to new climate models developed by the Potsdam Institute for Climate Impact Research, Climate Progress reported. An increase of just 1 degree Celsius would create chronic water scarcity for 13 percent of the population and absolute water scarcity—less than 500 cubic meters per person per year—for 6 percent of the population.
A newly released study of the Lower Rio Grande River Basin predicts that climate change will reduce water supplies by more than 86,000 acre-feet each year by 2060, leaving a total annual supply shortfall in the basin of 678,522 acre-feet, Science Daily reported. The shortfall is expected to create problems for irrigators in the basin, and the study suggested looking at desalinated brackish groundwater as an alternative to surface water supplies.
Sign up for World Bank MOOC on Climate Change! December 18th, 2013
The World Bank is offering a Massive Open Online Course (MOOC) on climate change next month, starting January 27, 2014. This course presents recent scientific evidence as well as some of the opportunities for urgent action on climate change. It also covers the latest knowledge and information based on cutting-edge research.
It is being offered in two tracks: (1) GeneralPublic; and (2) Policy Makers and Practitioners. The course runs for 4 weeks, and is free of charge. You have access to the material for approximately 6 months after the course ends.
Sign up for the first delivery of the course at https://www.coursera.org/#course/warmerworld
Climate change affects us all, so please feel free to share the registration link as widely as possible in your networks.
Predatory Hedge Funds and Argentina Face Supreme Court Showdown December 17th, 2013
Majority Debt Holders Seek to End Standoff between Argentina and Holdouts
Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.
“We agree with the concerns of the restructured bondholders,” said Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty organization. “We join the IMF, World Bank and White House in denouncing this extreme hedge fund behavior that takes advantage of the world’s poorest people.”
Click here to read more »
Stop Trafficking! – December Issue December 16th, 2013
Read the latest issue of Stop Trafficking!, the Anti-Human Trafficking Newsletter to promote Awareness, Advocacy and Action. This issue includes the latest report from Polaris Project, information on webcam child sex tourism, serious concerns about the UN report on human trafficking, and raises awareness around boys being trafficked for sexual exploitation.
Older issues and handouts on specific subjects are also available here…
Stop Trafficking! is made possible through the supportive sponsorship of national and international congregations of women religious and their partners.
