Drug Money Saved Banks In Global Crisis

Says the head of the UN Office on Drugs and Crime.

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

That money has been now effectively laundered, according to him.

Billionaires Giving Half Of Their Wealth

Is good, but they could do better things, according to this piece in Guardian. Of course, giving half of their immense wealth, would still leave them much richer than most people on earth.

Govt Not To Involve Itself in Land Grab

From FT:

India’s top business organisation is warning that a bill on land purchasing due to be introduced in parliament this week would hinder industrial development by making it more difficult for private companies to buy sites for big factories.

Under the proposed bill, state power to acquire land for infrastructure or defence would be enhanced and protections would be put in place to ensure fairer compensation for farmers whose land was taken.

The state, however, would no longer take the lead in buying land for factories, office parks, residential areas or economic zones. Instead, that would be left to private groups, with the condition that once the buyer was able to secure at least 70 per cent of the required land, the state could step in to compel those holding out to sell.

Nice. But as expected, the business world doesn't like it one bit. Too bad.