Global Trade

Nestle says that it will destroy 400 million packets of Maggi brand instant noodles in India worth some Rs 320 crores ($50.5 million). The company made the announcement after the Food Safety and Standards Authority of India found "hazardous" levels of lead in company products and ordered legal action. Read More

Six major international banks - Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) - have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission. Read More

An Indian fishing community is suing the World Bank in Washington DC over the environmental damage caused by a coal powered plant owned by Tata Power, the largest electricity company in India. The 4,150 megawatt plant is located in the port city of Mundra in Gujarat state. Read More

Saudi Star Agricultural Development plans to pump $100 million into a rice export project in Gambella region of Ethiopia despite allegations of human rights violations surrounding the "villagization" program under which the land has been taken from indigenous Anuak pastoralists to lease to foreign investors. 
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Firestone, a U.S. tire company, paid out millions of dollars to Charles Taylor, a Liberian warlord in the 1990s, despite knowing about his brutal human rights record, according to documents uncovered by ProPublica, an investigative journalism website. Taylor is now serving a 50 year prison sentence for war crimes. Read More

Uruguay has presented a 500 page document to defend itself against an international lawsuit challenging the country's tough tobacco packaging regulations. The claim was brought by Philip Morris, the global tobacco giant, at the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in Washington DC. Read More

Two senior Tanzanian officials were arrested after they failed to produce details of 26 multi-billion dollar agreements signed with Statoil of Norway; the BG Group and Ophir from the UK; and ExxonMobil from the U.S. Opposition politicians want assurances that the money will be spent in a transparent manner. Read More

Vodafone recently won a rare - but potentially very significant - victory over Indian tax authorities. The Bombay High Court dismissed the government demand for the company to pay 30 billion rupees (about $490 million) for a share transaction conducted in the offshore tax haven of Mauritius. Read More

The newly elected president of the European Commission and his cabinet - who together form the central executive body for the 28 member states of the European Union - have deep ties with powerful corporate interests that make them poor choices to support citizen rights, say critics. Read More

Multinational banks are preparing to pay out billions of dollars in fines to settle charges of foreign exchange manipulation. Some 19 investigations in ten different legal jurisdictions are now winding their way to completion and analysts says the final tally may hit $41 billion. Read More