Sunday, October 5, 2008
STEEL MINISTRY MULLS DEVELOPING JHARIA COAL FIELDS ON PUBLIC- PRIVATE PARTNERSHIP MODEL: SHRI PASWAN
The Minister for Steel, Chemicals and Fertilisers Shri Ram Vilas Paswan today said that the Ministry of Steel is considering a proposal for developing the Jharia coal mines on public-private partnership basis to ensure better availability of coking coal. The Jharia mines, he said, has an estimated reserve of 500 million tonnes of coking coal reserve which is getting destroyed through the underground fire. The Minister was talking to newsmen here today after the National Steel Consumers council meeting. He said, the project has become all the more significant after the coking coal prices shot up over 300 per cent in the recent past. Secretary, Ministry of Steel Shri P.K.Rastogi who was present on the occasion said, about 4 to 5 lakh people have to be rehabilitated for whom housing and employment avenues have to be worked out. Shri Paswan said, the expenditure could be 8 to 10 thousand crore rupees. He said, for coking coal the producers are dependent on imports. The ministry is assisting them to acquire to coking coal assets inside and outside the country.
Shri Paswan said, some steel consumers have complained that entry tax imposed by some states like Uttar Pradesh that came into effect recently are turning out to be multiple entry tax and adding to the burden of users. When asked he said, the issue will be taken up with the state government.
Earlier addressing the meeting Shri Paswan said, steel prices have stabilized and are also falling in certain cases. He was keen to know whether the consumers were getting the benefits of price fall. The Minister said, demand for steel has been growing by 10-11 per cent annually, while production this year has increased by 5 per cent or so. Capacity utilization in the existing plants has increased has reached a peak. Therefore, new additional capacities (Brownfield and Greenfield) are needed to restore the balance between supply and demand and reduce pressure on prices. He also felt that by 2012, the projected demand of 109 million tonnes can be met from increase in production from 124 million tonnes of brown field expansion. However, he felt that the demand of 300 Million tonnes by 2020 may not be met if the new Green field capacity does not come up. The Minister also stated that all efforts are to be made to add around 19 million tonnes of steel capacity in the state of Jharkhand.
He said, to provide raw material security to the producers an export duty of 15 per cent has been imposed on iron ore. The Ministry of steel has recommended an additional 5 per cent duty on iron ore. The Minister said, the government will ensure the availability of steel in the far flung areas as reasonable rates and with that objective in view the Steel PSUs like SAIL and RINL have widened their dealer network. He said, the steel companies were entitled to reasonable profits while keeping prices at reasonable levels.
Saturday, October 4, 2008
Index Numbers of Wholesale Prices in India (Base: 1993-94=100)
The official Wholesale Price Index for 'All Commodities' (Base: 1993-94 = 100) for the week ended 20th September 2008 declined marginally to 241.0 (Provisional) from 241.1 (Provisional) for the previous week.
The annual rate of inflation, calculated on point to point basis, stood at 11.99 percent (Provisional) for the week ended 20/09/2008 (over 22/09/2007) as compared to 12.14 percent (Provisional) for the previous week. The annual rate of inflation stood at 3.51 percent as on 22/09/2007 I.e. A year ago.
The movement of the index for the various commodity groups is summarized below:-
1. PRIMARY ARTICLES (Weight 22.02%)
The index for this major group declined by 0.2 percent to 251.3 (Provisional) from 251.9 (Provisional) for the previous week. The groups and items for which the index showed variations during the week are as follows:-
The index for 'Food Articles' group rose by 0.2 percent to 241.7 (Provisional) from 241.1 (Provisional) for the previous week due to higher prices of fish-marine (6%), tea and bajra (2% each) and milk (1%).
The index for 'Non-Food Articles' group declined by 1.5 percent to 243.4 (Provisional) from 247.1 (Provisional) for the previous week due to lower prices of groundnut seed (8%), raw rubber (3%) and castor seed (1%). However, the prices of raw silk and gingelly seed (2% each) and cotton seed (1%) moved up.
The annual rate of inflation, calculated on point to point basis, for ‘Primary Articles’ stood at 11.29 percent (Provisional) for the week ended 20/09/2008. It was 6.21 percent as on 22/09/2007 I.e. A year ago.
The annual rate of inflation for ‘Food Articles’ stood at 7.52 percent (Provisional) for the week ended 20/09/2008. It was 4.32 percent as on 22/09/2007 I.e. A year ago.
2. FUEL, POWER, LIGHT & LUBRICANTS (Weight 14.23%)
The index for this major group remained unchanged at its previous week's level of 375.3 (Provisional).
3. MANUFACTURED PRODUCTS (Weight 63.75%)
The index for this major group rose by 0.1 percent to 207.5 (Provisional) from 207.4 (Provisional) for the previous week. The groups and items for which the index showed variations during the week are as follows:-
The index for 'Food Products' group declined by 0.5 percent to 213.4 (Provisional) from 214.4 (Provisional) for the previous week due to lower prices of imported edible oil (6%), rice bran oil (4%), cotton seed oil (3%), coconut oil (2%) and groundnut oil, oilcakes, khandsari and rape & mustard oil (1% each). However, the prices of unrefined oil (1%) moved up.
The index for 'Paper & Paper Products' group rose by 0.9 percent to 203.4 (Provisional) from 201.5 (Provisional) for the previous week due to higher prices of pulp (25%) and map litho paper (2%).
The index for 'Rubber & Plastic Products' group declined by 0.2 percent to 165.7 (Provisional) from 166.0 (Provisional) for the previous week due to lower prices of suitcases (5%).
The index for 'Chemicals & Chemical Products' group rose by 0.2 percent to 223.5 (Provisional) from 223.1 (Provisional) for the previous week due to higher prices of safety matches (24%) and sulpha methoxozole (5%).
The index for 'Basic Metals, Alloys & Metal Products' group rose by 0.2 percent to 299.7 (Provisional) from 299.1 (Provisional) for the previous week due to higher prices of foundary pig iron and basic pig iron (2% each) and zinc ingots (1%).
The index for 'Machinery & Machine Tools' group rose by 0.1 percent to 176.4 (Provisional) from 176.3 (Provisional) for the previous week due to higher prices of powerlooms automatic and roller bearings (8% each) and textile machinery parts (2%). However, the prices of ring spinning & doubling frames (5%) declined.
The index for 'Transport, Equipment & Parts' group rose by 0.7 percent to 176.3 (Provisional) from 175.0 (Provisional) for the previous week due to higher prices of springs (6%), truck chassis (diesel) (3%) and bus chassis (diesel) (1%).
4. FINAL INDEX FOR THE WEEK ENDED 26th July 2008.
For the week ended 26/07/2008, the final wholesale price index for 'All Commodities’ (Base: 1993-94=100) stood at 240.7 as compared to 239.6 (Provisional) and annual rate of inflation based on final index, calculated on point to point basis, stood at 12.53 percent as compared to 12.01 percent (Provisional) reported earlier vide press note dated 08/08/2008.
The annual rate of inflation, calculated on point to point basis, stood at 11.99 percent (Provisional) for the week ended 20/09/2008 (over 22/09/2007) as compared to 12.14 percent (Provisional) for the previous week. The annual rate of inflation stood at 3.51 percent as on 22/09/2007 I.e. A year ago.
The movement of the index for the various commodity groups is summarized below:-
1. PRIMARY ARTICLES (Weight 22.02%)
The index for this major group declined by 0.2 percent to 251.3 (Provisional) from 251.9 (Provisional) for the previous week. The groups and items for which the index showed variations during the week are as follows:-
The index for 'Food Articles' group rose by 0.2 percent to 241.7 (Provisional) from 241.1 (Provisional) for the previous week due to higher prices of fish-marine (6%), tea and bajra (2% each) and milk (1%).
The index for 'Non-Food Articles' group declined by 1.5 percent to 243.4 (Provisional) from 247.1 (Provisional) for the previous week due to lower prices of groundnut seed (8%), raw rubber (3%) and castor seed (1%). However, the prices of raw silk and gingelly seed (2% each) and cotton seed (1%) moved up.
The annual rate of inflation, calculated on point to point basis, for ‘Primary Articles’ stood at 11.29 percent (Provisional) for the week ended 20/09/2008. It was 6.21 percent as on 22/09/2007 I.e. A year ago.
The annual rate of inflation for ‘Food Articles’ stood at 7.52 percent (Provisional) for the week ended 20/09/2008. It was 4.32 percent as on 22/09/2007 I.e. A year ago.
2. FUEL, POWER, LIGHT & LUBRICANTS (Weight 14.23%)
The index for this major group remained unchanged at its previous week's level of 375.3 (Provisional).
3. MANUFACTURED PRODUCTS (Weight 63.75%)
The index for this major group rose by 0.1 percent to 207.5 (Provisional) from 207.4 (Provisional) for the previous week. The groups and items for which the index showed variations during the week are as follows:-
The index for 'Food Products' group declined by 0.5 percent to 213.4 (Provisional) from 214.4 (Provisional) for the previous week due to lower prices of imported edible oil (6%), rice bran oil (4%), cotton seed oil (3%), coconut oil (2%) and groundnut oil, oilcakes, khandsari and rape & mustard oil (1% each). However, the prices of unrefined oil (1%) moved up.
The index for 'Paper & Paper Products' group rose by 0.9 percent to 203.4 (Provisional) from 201.5 (Provisional) for the previous week due to higher prices of pulp (25%) and map litho paper (2%).
The index for 'Rubber & Plastic Products' group declined by 0.2 percent to 165.7 (Provisional) from 166.0 (Provisional) for the previous week due to lower prices of suitcases (5%).
The index for 'Chemicals & Chemical Products' group rose by 0.2 percent to 223.5 (Provisional) from 223.1 (Provisional) for the previous week due to higher prices of safety matches (24%) and sulpha methoxozole (5%).
The index for 'Basic Metals, Alloys & Metal Products' group rose by 0.2 percent to 299.7 (Provisional) from 299.1 (Provisional) for the previous week due to higher prices of foundary pig iron and basic pig iron (2% each) and zinc ingots (1%).
The index for 'Machinery & Machine Tools' group rose by 0.1 percent to 176.4 (Provisional) from 176.3 (Provisional) for the previous week due to higher prices of powerlooms automatic and roller bearings (8% each) and textile machinery parts (2%). However, the prices of ring spinning & doubling frames (5%) declined.
The index for 'Transport, Equipment & Parts' group rose by 0.7 percent to 176.3 (Provisional) from 175.0 (Provisional) for the previous week due to higher prices of springs (6%), truck chassis (diesel) (3%) and bus chassis (diesel) (1%).
4. FINAL INDEX FOR THE WEEK ENDED 26th July 2008.
For the week ended 26/07/2008, the final wholesale price index for 'All Commodities’ (Base: 1993-94=100) stood at 240.7 as compared to 239.6 (Provisional) and annual rate of inflation based on final index, calculated on point to point basis, stood at 12.53 percent as compared to 12.01 percent (Provisional) reported earlier vide press note dated 08/08/2008.
Friday, October 3, 2008
Google unviels $4.4 Trillion Clean power by 2030 plan
Washington: Search engine giant Google has unveiled a $4.4 trillion plan dubbed Clean Power by 2030 that calls for all energy in the US to come from renewable sources.
The web giant in a release posted on its site said: "While this plan will cost $4.4 trillion (in undiscounted 2008 dollars), it will ultimately save $5.4 trillion, delivering a net savings of $1 trillion over the life of the plan".The three basic elements of the clean energy plan are new transmission lines and policies like national renewable portfolio standard, new generation vehicles running on non-oil fuels and greater energy efficiency by installing smart meters and real time pricing.
Under the new renewable energy plan, wind power is envisioned to generate 380 gigawatt (gw) and solar power would provide 250 gw. Geothermal source of energy would produce 80 gw and is expected to take a greater role as technology gains in maturity.A gigawatt is equal to one billion watts. This unit is sometimes used with large power plants or power grids.Google also calls for more than 32,000 km of new transmission lines to support renewable energy generation.
The web giant visualises 22 million plug-in vehicles by 2030 that would make up half the total estimated vehicles on American roads. Vehicles of traditional technology need to improve fuel efficiency at 72 km per gallon by 2030. "We should offer incentives to get older inefficient vehicles off the roads," it says."When homes are equipped with smart meters and real-time pricing, research shows that energy use typically drops. Google is looking at ways that we can use our information technology and our reach to help increase awareness and bring better, real-time information to consumers," the website said."Energy efficiency is the area where Google has been the least vocal, but could potentially offer the most support, by providing a lot of important communications data," the release said.
The web giant in a release posted on its site said: "While this plan will cost $4.4 trillion (in undiscounted 2008 dollars), it will ultimately save $5.4 trillion, delivering a net savings of $1 trillion over the life of the plan".The three basic elements of the clean energy plan are new transmission lines and policies like national renewable portfolio standard, new generation vehicles running on non-oil fuels and greater energy efficiency by installing smart meters and real time pricing.
Under the new renewable energy plan, wind power is envisioned to generate 380 gigawatt (gw) and solar power would provide 250 gw. Geothermal source of energy would produce 80 gw and is expected to take a greater role as technology gains in maturity.A gigawatt is equal to one billion watts. This unit is sometimes used with large power plants or power grids.Google also calls for more than 32,000 km of new transmission lines to support renewable energy generation.
The web giant visualises 22 million plug-in vehicles by 2030 that would make up half the total estimated vehicles on American roads. Vehicles of traditional technology need to improve fuel efficiency at 72 km per gallon by 2030. "We should offer incentives to get older inefficient vehicles off the roads," it says."When homes are equipped with smart meters and real-time pricing, research shows that energy use typically drops. Google is looking at ways that we can use our information technology and our reach to help increase awareness and bring better, real-time information to consumers," the website said."Energy efficiency is the area where Google has been the least vocal, but could potentially offer the most support, by providing a lot of important communications data," the release said.
Mechel Announces Appointment of New Managing Director at Its Trade Port Posiet OAO Subsidiary
Moscow, Russia – October 1, 2008 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the appointment of Igor I. Prischepov as a Managing Director at its Trade Port Posiet OAO subsidiary.
Previously, Mr. Prischepov (50) was Chief Engineer of Mechel’s Trade Port Posiet OAO subsidiary from June to September 2008. From 1982 to 2008, Mr. Prischepov held various positions at the Murmansk Sea Port, elevating to the position of Chief Engineer. From 1980 to 1982, he worked as an electric equipment operator and maintenance craftsman at Krichevcementoshifer production association.
Mr. Prischepov graduated from the Belorussian Polytechnic Institute receiving the Order of the Red Labor Banner with a degree in Electric Power Supply of Industrial Enterprises, Cities, and Agriculture.
“Trade Port Posiet has an important role in the structure of Mechel’s transportations, as it handles Mechel’s coal deliveries to markets in the Asia-Pacific region. Therefore, we pay special attention to all aspects of the port’s development. I am confident that such an experienced specialist as Igor Prischepov will successfully manage the reconstruction and technical re-equipment of Port Posiet, whose annual freight turnover is planned to reach 7 - 9 million tones a year. Moving forward, we expect the port’s implementation of new technologies and equipment will continue to increase,” Mechel Management OOO Chief Executive Officer Vladimir Polin noted.
Previously, Mr. Prischepov (50) was Chief Engineer of Mechel’s Trade Port Posiet OAO subsidiary from June to September 2008. From 1982 to 2008, Mr. Prischepov held various positions at the Murmansk Sea Port, elevating to the position of Chief Engineer. From 1980 to 1982, he worked as an electric equipment operator and maintenance craftsman at Krichevcementoshifer production association.
Mr. Prischepov graduated from the Belorussian Polytechnic Institute receiving the Order of the Red Labor Banner with a degree in Electric Power Supply of Industrial Enterprises, Cities, and Agriculture.
“Trade Port Posiet has an important role in the structure of Mechel’s transportations, as it handles Mechel’s coal deliveries to markets in the Asia-Pacific region. Therefore, we pay special attention to all aspects of the port’s development. I am confident that such an experienced specialist as Igor Prischepov will successfully manage the reconstruction and technical re-equipment of Port Posiet, whose annual freight turnover is planned to reach 7 - 9 million tones a year. Moving forward, we expect the port’s implementation of new technologies and equipment will continue to increase,” Mechel Management OOO Chief Executive Officer Vladimir Polin noted.
Persistently high corruption in low-income countries amounts to an “ongoing humanitarian disaster”
Against a backdrop of continued corporate scandal, wealthy countries backsliding too
With countries such as Somalia and Iraq among those showing the highest levels of perceived corruption, Transparency International’s (IT) 2008 Corruption Perceptions Index (CPI), launched today, highlights the fatal link between poverty, failed institutions and graft. But other notable backsliders in the 2008 CPI indicate that the strength of oversight mechanisms is also at risk among the wealthiest.
“In the poorest countries, corruption levels can mean the difference between life and death, when money for hospitals or clean water is in play,” said Huguette Labelle, Chair of Transparency International. “The continuing high levels of corruption and poverty plaguing many of the world’s societies amount to an ongoing humanitarian disaster and cannot be tolerated. But even in more privileged countries, with enforcement disturbingly uneven, a tougher approach to tackling corruption is needed.”
The 2008 Results
The Transparency International CPI measures the perceived levels of public-sector corruption in a given country and is a composite index, drawing on different expert and business surveys. The 2008 CPI scores 180 countries (the same number as the 2007 CPI) on a scale from zero (highly corrupt) to ten (highly clean).
Denmark, New Zealand and Sweden share the highest score at 9.3, followed immediately by Singapore at 9.2. Bringing up the rear is Somalia at 1.0, slightly trailing Iraq and Myanmar at 1.3 and Haiti at 1.4.
While score changes in the Index are not rapid, statistically significant changes are evident in certain countries from the high to the low end of the CPI. Looking at source surveys included in both the 2007 and 2008 Index, significant declines can be seen in the scores of Bulgaria, Burundi, Maldives, Norway and the United Kingdom.
Similarly, statistically significant improvements over the last year can be identified in Albania, Cyprus, Georgia, Mauritius, Nigeria, Oman, Qatar, South Korea, Tonga and Turkey.
Strengthening oversight and accountability
Whether in high or low-income countries, the challenge of reigning in corruption requires functioning societal and governmental institutions. Poorer countries are often plagued by corrupt judiciaries and ineffective parliamentary oversight. Wealthy countries, on the other hand, show evidence of insufficient regulation of the private sector, in terms of addressing overseas bribery by their countries, and weak oversight of financial institutions and transactions.
“Stemming corruption requires strong oversight through parliaments, law enforcement, independent media and a vibrant civil society,” said Labelle. “When these institutions are weak, corruption spirals out of control with horrendous consequences for ordinary people, and for justice and equality in societies more broadly.”
Global fight against poverty in the balance
In low-income countries, rampant corruption jeopardises the global fight against poverty, threatening to derail the UN Millennium Development Goals (MDGs). According to TI’s 2008 Global Corruption Report, unchecked levels of corruption would add US $50 billion (€35 billion) - or nearly half of annual global aid outlays – to the cost of achieving the MDG on water and sanitation.
Not only does this call for a redoubling of efforts in low-income countries, where the welfare of significant portions of the population hangs in the balance, it also calls for a more focussed and coordinated approach by the global donor community to ensure development assistance is designed to strengthen institutions of governance and oversight in recipient countries, and that aid flows themselves are fortified against abuse and graft.
This is the message that IT will be sending to the member states of the UN General Assembly as they prepare to take stock on progress in reaching the MDGs on 25 September, and ahead of the UN conference on Financing for Development, in Doha, Qatar, where commitments on funding aid will be taken
Prof. Johann Graf Lambsdorff of the University of Passau, who carries out the Index for IT, underscored the disastrous effects of corruption and gains from fighting it, saying, "Evidence suggests that an improvement in the CPI by one point [on a 10-point scale] increases capital inflows by 0.5 per cent of a country's gross domestic product and average incomes by as much as 4 per cent."
Corporate bribery and double standards
The weakening performance of some wealthy exporting countries, with notable European decliners in the 2008 CPI, casts a further critical light on government commitment to reign in the questionable methods of their companies in acquiring and managing overseas business, in addition to domestic concerns about issues such as the role of money in politics. The continuing emergence of foreign bribery scandals indicates a broader failure by the world’s wealthiest countries to live up to the promise of mutual accountability in the fight against corruption.
“This sort of double standard is unacceptable and disregards international legal standards,” said Labelle. “Beyond its corrosive effects on the rule of law and public confidence, this lack of resolution undermines the credibility of the wealthiest nations in calling for greater action to fight corruption by low-income countries.” The OECD Anti-Bribery Convention, which criminalises overseas bribery by OECD-based companies, has been in effect since 1999, but application remains uneven.
Regulation, though, is just half the battle. Real change can only come from an internalised commitment by businesses of all sizes, and in developing as well as developed countries, to real improvement in anti-corruption practices.
Fighting corruption: A social compact
Across the globe, stronger institutions of oversight, firm legal frameworks and more vigilant regulation will ensure lower levels of corruption, allowing more meaningful participation for all people in their societies, stronger development outcomes and a better quality of life for marginalised communities.
“In the poorest countries, corruption levels can mean the difference between life and death, when money for hospitals or clean water is in play,” said Huguette Labelle, Chair of Transparency International. “The continuing high levels of corruption and poverty plaguing many of the world’s societies amount to an ongoing humanitarian disaster and cannot be tolerated. But even in more privileged countries, with enforcement disturbingly uneven, a tougher approach to tackling corruption is needed.”
The 2008 Results
The Transparency International CPI measures the perceived levels of public-sector corruption in a given country and is a composite index, drawing on different expert and business surveys. The 2008 CPI scores 180 countries (the same number as the 2007 CPI) on a scale from zero (highly corrupt) to ten (highly clean).
Denmark, New Zealand and Sweden share the highest score at 9.3, followed immediately by Singapore at 9.2. Bringing up the rear is Somalia at 1.0, slightly trailing Iraq and Myanmar at 1.3 and Haiti at 1.4.
While score changes in the Index are not rapid, statistically significant changes are evident in certain countries from the high to the low end of the CPI. Looking at source surveys included in both the 2007 and 2008 Index, significant declines can be seen in the scores of Bulgaria, Burundi, Maldives, Norway and the United Kingdom.
Similarly, statistically significant improvements over the last year can be identified in Albania, Cyprus, Georgia, Mauritius, Nigeria, Oman, Qatar, South Korea, Tonga and Turkey.
Strengthening oversight and accountability
Whether in high or low-income countries, the challenge of reigning in corruption requires functioning societal and governmental institutions. Poorer countries are often plagued by corrupt judiciaries and ineffective parliamentary oversight. Wealthy countries, on the other hand, show evidence of insufficient regulation of the private sector, in terms of addressing overseas bribery by their countries, and weak oversight of financial institutions and transactions.
“Stemming corruption requires strong oversight through parliaments, law enforcement, independent media and a vibrant civil society,” said Labelle. “When these institutions are weak, corruption spirals out of control with horrendous consequences for ordinary people, and for justice and equality in societies more broadly.”
Global fight against poverty in the balance
In low-income countries, rampant corruption jeopardises the global fight against poverty, threatening to derail the UN Millennium Development Goals (MDGs). According to TI’s 2008 Global Corruption Report, unchecked levels of corruption would add US $50 billion (€35 billion) - or nearly half of annual global aid outlays – to the cost of achieving the MDG on water and sanitation.
Not only does this call for a redoubling of efforts in low-income countries, where the welfare of significant portions of the population hangs in the balance, it also calls for a more focussed and coordinated approach by the global donor community to ensure development assistance is designed to strengthen institutions of governance and oversight in recipient countries, and that aid flows themselves are fortified against abuse and graft.
This is the message that IT will be sending to the member states of the UN General Assembly as they prepare to take stock on progress in reaching the MDGs on 25 September, and ahead of the UN conference on Financing for Development, in Doha, Qatar, where commitments on funding aid will be taken
Prof. Johann Graf Lambsdorff of the University of Passau, who carries out the Index for IT, underscored the disastrous effects of corruption and gains from fighting it, saying, "Evidence suggests that an improvement in the CPI by one point [on a 10-point scale] increases capital inflows by 0.5 per cent of a country's gross domestic product and average incomes by as much as 4 per cent."
Corporate bribery and double standards
The weakening performance of some wealthy exporting countries, with notable European decliners in the 2008 CPI, casts a further critical light on government commitment to reign in the questionable methods of their companies in acquiring and managing overseas business, in addition to domestic concerns about issues such as the role of money in politics. The continuing emergence of foreign bribery scandals indicates a broader failure by the world’s wealthiest countries to live up to the promise of mutual accountability in the fight against corruption.
“This sort of double standard is unacceptable and disregards international legal standards,” said Labelle. “Beyond its corrosive effects on the rule of law and public confidence, this lack of resolution undermines the credibility of the wealthiest nations in calling for greater action to fight corruption by low-income countries.” The OECD Anti-Bribery Convention, which criminalises overseas bribery by OECD-based companies, has been in effect since 1999, but application remains uneven.
Regulation, though, is just half the battle. Real change can only come from an internalised commitment by businesses of all sizes, and in developing as well as developed countries, to real improvement in anti-corruption practices.
Fighting corruption: A social compact
Across the globe, stronger institutions of oversight, firm legal frameworks and more vigilant regulation will ensure lower levels of corruption, allowing more meaningful participation for all people in their societies, stronger development outcomes and a better quality of life for marginalised communities.
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