Oxfam

World's top 1% gained $42 trillion in a decade, taxes at record lows: Oxfam

The amount is 36 times greater than the wealth accumulated by the poorest half of the world's population, and nearly 80 per cent of the world's billionaires reside in G20 countries

Rich nations failed to meet $100 bn climate finance promise in 2022: Oxfam

Rich countries falsely claimed that they provided nearly USD 116 billion in climate finance to developing countries in 2022, while the actual financial support given was not more than USD 35 billion, according to global non-profit organization Oxfam International. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organization for Economic Co-operation and Development (OECD) said that developed countries had met the long-standing USD 100-billion-a-year promise by providing nearly USD 116 billion in climate finance to developing countries in 2022. However, nearly 70 per cent of this money was in the form of loans, many of which were provided at profitable market ..

Oxfam urges G7 to tap fraction of military spend to resolve hunger, debt

The G7 - comprising the United States, Japan, Canada, Germany, France, Italy and Britain - is set to meet in Italy this week where leaders will discuss issues such as climate change, migration, debt

ADB's numbers on climate adaptation finance in Asia 'overstated': Oxfam

The Asian Development Bank's actual finance numbers for its largest climate adaptation projects in countries in Asia, including India, are "overstated" and could be off by 44 per cent, USD 0.9 billion instead of the reported USD 1.7 billion, Oxfam claimed in a report. The ADB, however, reaffirmed its figures, standing by its methodology and commitment to deliver USD 100 billion in climate financing by 2030, with USD 34 billion earmarked for adaptation and resilience. "We stand by our climate adaptation finance numbers" and the bank's determination is to fulfil its climate financing goals and its recent increase in climate finance commitments in 2023, a spokesperson of the Asian Development Bank (ADB) said, responding to the report released by Oxfam, a non-profit. The report "Unaccountable Adaptation: The Asian Development Bank's overstated claims on climate adaptation finance" focused on ADB's largest climate adaptation projects in Asia and the Pacific, examining 15 major initiative

Delhi HC stays I-T dept order cancelling tax exemption for Oxfam India

The bench also said the interim order passed in favour CPR on August 25, 2023, will continue till February 27, which is the next date of hearing

Wealth of 5 richest men doubled since 2020; 5 bn people now poorer: Oxfam

Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said on Monday. Releasing its annual inequality report on the first day of the World Economic Forum (WEF) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder. It further said that 148 top corporations made USD 1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay. Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes. The world's five richest men have more than doubled their fortunes from USD 405 billion to USD 869 billion since 2020 "at a rate of USD 14 million per

High-income nations of G20 fall drastically short on climate action: Oxfam

Even if the high-income G20 countries, including the US, the UK, Australia and Germany, were to reduce their domestic emissions to zero by 2030, they would still fall significantly short of their fair-share benchmarks for emissions reduction, according to a new paper published by Oxfam International. The paper by the global non-governmental organisation evaluates the fairness and ambition of national greenhouse gas reduction targets, known as Nationally Determined Contributions (NDCs), of the G20 countries, using three distinct approaches. These approaches were employed to gauge the strength of the conclusions drawn. If all approaches arrived at similar results, it would suggest that the conclusions were robust. The findings reveal that the G20, collectively as well as the most high-income countries of the bloc individually, are failing to meet the necessary levels of ambition required to limit the global temperature rise to 1.5 degrees Celsius. The gap between the collective NDCs o

Delhi HC stays IT reassessment proceedings against NGO Oxfam India

The Delhi High Court has stayed the income tax reassessment proceedings against NGO Oxfam India. The court issued a notice to the Income Tax (I-T) Department and sought its response to a petition filed by the NGO, challenging the notices and order issued against it. According to records, a survey was conducted on the NGO on September 7, 2022 which led to the initiation of the reassessment proceedings for the year 2016-17 and a notice was issued to Oxfam on March 29 this year. "A counter affidavit will be filed within the next six weeks. Rejoinder thereto, if any, will be filed at least five days before the next date of hearing. List the matter on November 22, 2023," a bench of justices Rajiv Shakdher and Girish Kathpalia said. "In the meanwhile, there shall be a stay on the continuation of the reassessment proceeding, till further directions of the court, it said. A notice was issued to the NGO on March 29 under the provisions of the IT Act which triggered the reassessment proceed

CEOs got a 9% salary hike in 2022. What about workers?

Oxfam India provided funds to CPR in the form of commission, says CBI

It also said that Oxfam India continued to pay sub grants to various partners even after coming into force of the FCRA Amendment Act, 2020 which prohibits such transfers

CBI conducts searches at Oxfam India's office in case of FCRA violations

The First Information Report (FIR) which is filed by the probing agency comes days after the Union Ministry of Home Affairs recommended a CBI inquiry into the alleged FCRA violations

Home Ministry suggests CBI probe against Oxfam India for violation of FCRA

The Union Home Ministry on Thursday recommended a CBI probe into the affairs of Oxfam India for alleged violation of the Foreign Contribution (Regulation) Act, 2010, sources said. The home ministry found that Oxfam India continued to transfer foreign contributions to various entities even after registering under the FCRA, which prohibits such transfers. During a survey carried out by the Income Tax department, multiple emails were found which revealed that Oxfam India was allegedly planning to circumvent provisions of the FCRA by routing funds to other FCRA-registered associations or through the for-profit consultancy route, sources said. The survey also "exposed" Oxfam India as a probable instrument of foreign policy of foreign organisations or entities, which have funded the organisation liberally over the years, they said. Oxfam India, which is registered to carry out social activities, allegedly routed funds to the Centre for Policy Research (CPR) through its associates and ...

Centre suspends FCRA licence of think tank CPR amid I-T searches

According to the report, officials said that CPR's licence was revoked recently over non-compliance with FCRA norms.

Delhi HC seeks Centre stand on Oxfam plea on non-renewal of FCRA license

The Delhi High Court on Monday sought the Centre's stand on a petition by NGO Oxfam India against non-renewal of its licence under the law pertaining to foreign contributions. Justice Prathiba M Singh issued notice on the organisation's petition and asked the central government to respond to the plea as well as an application seeking interim relief of stay in four weeks. "In the reply, the reason for non-renewal shall be elaborated," the judge said. Additional Solicitor General Chetan Sharma said that the government will file its reply and it will have "sensitive information". The senior law officer said while the organisation has received funds from UNICEF, it has does perform "child welfare" work. Senior advocate Ramesh Singh, appearing for the petitioner, said that functioning of the organisation has been hampered and it ought to be permitted to use a sum of Rs 21 crore received by it when the registration was still valid. He also said the funds from UNICEF were received for .

Best of BS Opinion: Balance of powers, the growing divide, and more

Here is the best of Business Standard's opinion pieces for today

The growing divide

Oxfam study points to sharpening inequality

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Women, rural poor, unemployed lagging due to digital divide: Oxfam India

The report revealed a digital divide based on employment status, where 95% of the salaried permanent workers have a phone whereas only 50% of the unemployed have a phone in 2021

A billionaire emits a million times more greenhouse gases: Oxfam

These super rich people have a collective $2.4 trillion stake in 183 companies

Govts across globe stoked global inequality since pandemic, finds study

Analysis by the nonprofits Oxfam and Development Finance International found that of the 161 countries surveyed, almost all either froze or lowered taxes on their richest citizens