Indian players have failed to make it to the International Cricket Council’s Team of the World Cup 2015 – news that is certain to further annoy fans left heartbroken at their team’s semi-final exit on Friday. The list is dominated by players from winners Australia and runner-up New Zealand. Kiwi …Read More »
Scotland off spinner Majid Haq has been sent home from the Cricket World Cup in Australia after appearing to accuse his team of racism. Pakistani-origin Haq, Scotland’s all-time leading wicket-taker, was left out of Wednesday’s match against Sri Lanka which his side lost by 148 runs. Soon after the loss, …Read More »
Diets in developing countries in Asia and Africa are have deteriorated substantially in the last twenty years as globalization leads to dramatic increases in the consumption of processed foods high in sugar, fat and starch, a leading expert has warned. Dariush Mozaffarian, Dean of the Friedman School of Nutrition Science …Read More »
The 83-year-old BBC World Service is at serious risk of being “marginalized” due to government spending cuts and the threat posed by international competitiors such as Al Jazeera and Russia Today, a new report has warned. The Future of News report, commissioned by the BBC, said the World Service was …Read More »
Pakistan was the most dangerous country for journalists in 2014, an year when 118 reporters were murdered in targeted killings, bomb attacks or shootings, the International Federation of Journalists said on today. A total of 118 journalists were killed around the world during the year, an increase from 105 the …Read More »
Indian Prime Minister Narendra Modi has placed second in a list of the world’s top performing leaders. Mr Modi was pipped to the top spot of the 30-strong list, by Japanese market research firm GMO Research, by Chinese President Xi Jinping with German chancellor Angela Merkel third. The survey was …Read More »
#Outflow: Developing World lost $1 TRILLION due to tax evasion, corruption in 2012; India 3rd on list
Developing countries lost nearly $1 trillion in 2012 due to tax evasion and corruption, according to a new report.
A record $991bn (£634bn) ‘disappeared’ from some 151 poor and middle income nations in the period surveyed, according to US-based Global Financial Integrity (GFI).
The figure is a 5% increase on the previous year.
The report, titled “Illicit Financial Flows from Developing Countries: 2003 - 2012”, found that China, Russia, Mexico, India, Malaysia were the biggest exporters of illicit capital which researchers said was facilitating crime and corruption around the world.
GFI President Raymond Baker said: “As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world’s developing and emerging economies.
“These outflows — already greater than all Foreign Direct Investment flowing into these countries — are sapping roughly a trillion dollars per year from the world’s poor and middle-income economies.”
“Most troubling, however, is the fact that these outflows are growing at an alarming rate of 9.4 percent per year—twice as fast as global GDP,” Mr. Baker added.
The report revealed that the total amount of illegal outflows topped $6.6 trillion in the years surveyed.
The fraudulent mis-invoicing of trade transactions was revealed to be the largest component of illicit financial flows from developing countries, accounting for 77.8 percent of all funds.
This involves fraudulently manipulating the price, quantity or quality of a good or service on an invoice.
The US$991.2 billion that flowed illicitly out of developing countries in 2012 was greater than the combined total of foreign direct investment (FDI) and net official development assistance (ODA), which these economies received that year.
Illicit outflows were roughly 1.3 times the US$789.4 billion in total FDI, and they were 11.1 times the US$89.7 billion in ODA that these economies received in 2012.
Report author Joseph Spanjers said: “Illicit financial flows have major consequences for developing economies. This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation, and sound public budgets.”
India, where the issue of so-called ‘Black Money’ has dominated political debates in recent months, was the only South Asian nation in the top 25 countries with the biggest outflows.
The report found that India averaged nearly $44 billion in illegal outflows and corruption over the entire period with the total figure topping $440 billion.
Remarkably, a large chunk of that total – more than $94 billion – was accounted for in 2012 the third highest figure after China and Russia.Read More »
The United Nations is to declare June 21 ‘World Yoga Day’, meeting one of Indian Prime Minister Narendra Modi’s personal ambitions. Indian External Affairs Minister Sushma Swaraj made the announcement on Sunday. “Three months ago, Prime Minister Narendra Modi had appealed to the world community that India’s yoga should be …Read More »
Beyond the iron gates of the derelict pesticide plant where one of the world’s worst industrial disasters occurred, administrative buildings lie in ruins, vegetation overgrown and warehouses bolted. Massive vessels, interconnected by a multitude of corroded pipes that once carried chemical slurries, have rusted beyond repair. In the dusty control …Read More »
The world’s wealthiest Pakistani has arrived in London and in some style as well. Florida-based multi-billionaire Shahid Khan sailed into the Thames this week in his brand-spanking new 308-foot long mega-yacht, appropriately-named ‘Kismet’. Mr Khan 64, is in the capital not only to watch his National Football League (NFL) team, …Read More »