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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Oxfam urges G20 leaders on poor nation aid AFP - Wednesday, November 10 Send IM Story Print Oxfam urges G20 leaders on poor nation aid SEOUL (AFP) - – Anti-poverty charity Oxfam on Tuesday urged the Group of 20 leaders, who meet in Seoul this week, to toughen taxes on major financial firms and spend some of the money on the world's poorest people. Leaders of the world's 20 major economies, including US President Barack Obama, will meet in the South Korean capital between November 11-12 to endorse new global financial rules and address ways to ease trade imbalances. The new rules on the table include tougher controls on major global banks considered too big to fail, requiring them to hold greater reserves to off-set possible future banking crises. Oxfam called on leaders to push harder to tax risky trades conducted by the major banks. "Financial transaction taxes are an idea whose time has come," it said in a statement. Taxes on financial transactions on stocks, bonds, currency and other trades could raise at least 400 billion US dollars a year, it said, citing a study. "We believe half the money should be used to tackle global poverty and help poor countries cope with climate change," it said in a statement. The World Bank estimates more than 64 million people have been pushed into extreme poverty by the recent economic meltdown. "It is wrong that people in poor countries should pay for the mistakes made by some of the richest people in the world -- bankers in Wall Street and the City of London." Oxfam also expressed a concern over G20 agendas that it said are focused "too narrowly on economic growth." "Growth is necessary but not sufficient to lift poor people out of poverty," it said, calling for the G20 nations to solve the "volatility in the price of basic food commodities" and the climate change issues that severe hit farmers in poor countries. G20 leaders are also expected to finalise a proposal to alter International Monetary Fund voting rights to recognise emerging economies including China. But efforts to widen representation are "undermined by the failure to give poor countries a proper seat at the table," Oxfam said, urging the group to offer a "full permanent seat to the African Union and to Latin American and Asian regional bodies." It also called the G20-proposed reform on IMF's voting quota "disappointing," saying European nations should give up more than two of their nine seats in the IMF's 24-director board for emerging economies. "Europe should offer to revisit this proposal as soon as possible to sharply reduce their presence on the Board to three seats," it said. Recommend Send IM Story Print Related Articles STOCKS NEWS EUROPE-ProStrakan up after Norgine takes stake Reuters - 24 minutes ago STOCKS NEWS UK-ProStrakan up after Norgine takes stake Reuters - 26 minutes ago UK's Serica Energy explores sale of Indonesian assets Reuters - 28 minutes ago US-BUSINESS Summary Reuters - 31 minutes ago Big banks set to pay more into FDIC fund Reuters - 32 minutes ago News Search Top Stories Barclays bank profits slump in third quarter Bush defends legacy in new memoir New drugs, materials unveiled at nanotech conference Vodafone reports profit up 56.5%, lifts forecast BP did not put profit before safety on Gulf well: probe More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Rolls-Royce makes 'progress' on cause of A380 engine failure Gold smashes through 1,400-dollar mark for first time Sniffer 'hero rats' saving lives in minefields and labs Scientists turn skin into blood Rescued Chilean miner shows 'yes you can' in NYC Marathon More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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