TV News LIES

Thursday, Sep 03rd

Last update06:17:57 AM GMT

You are here News Economy We'll make a killing out of food crisis, Glencore trading boss Chris Mahoney boasts

We'll make a killing out of food crisis, Glencore trading boss Chris Mahoney boasts

E-mail Print PDF

Oxfam said companies like Glencore were "profiting from the misery and suffering of poor people who are worst hit by high and volatile food prices", adding: "If we are going to fix the ailing food system then traders must be part of the cure."


The United Nations, aid agencies and the British Government have lined up to attack the world's largest commodities trading company, Glencore, after it described the current global food crisis and soaring world prices as a "good" business opportunity.

With the US experiencing a rerun of the drought "Dust Bowl" days of the 1930s and Russia suffering a similar food crisis that could see Vladimir Putin's government banning grain exports, the senior economist of the UN's Food and Agriculture Organisation, Concepcion Calpe, told The Independent: "Private companies like Glencore are playing a game that will make them enormous profits."

Oxfam was scathing about Glencore's exploitation of volatile world food prices. Jodie Thorpe, from the aid agency's Grow Campaign, said: "Glencore's comment that 'high prices and lots of volatility and dislocation' was 'good' gives us a rare glimpse into the little-known world of companies that dominate the global food system."

Oxfam said companies like Glencore were "profiting from the misery and suffering of poor people who are worst hit by high and volatile food prices", adding: "If we are going to fix the ailing food system then traders must be part of the cure."

More...


Most Recent Related Stories...


Hill analysts lower 2015 budget deficit forecast to $426B

CBO DirectorCongress' official budget analyst projected Tuesday that this year's federal deficit will drop to $426 billion,...

Stocks Fall Most in 4 Years as China Dread Sinks Global Markets

Stocks fallInvestors are selling the biggest winners of 2015. Companies that have come to be known as...

US stocks pare losses after 1,000-point Dow plunge

Stocks fallU.S. stock markets sank in morning trading Monday in a wave of fear that circled the...

How banks hid billions in trades from US regulators

Gary GenslerThis spring, traders and analysts working deep in the global swaps markets began picking up peculiar...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!