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Posts Tagged ‘Hong Kong’

WTO: Celebrating the crumbs
By Percy F. Makombe, 2006

“Who will stand up for the poor?” asks Percy F. Makombe from the Southern and Eastern African Trade Information Negotiations Institute in the light of the recently concluded World Trade Organisation meeting held in Hong Kong 13-18 December. Makombe writes: “By agreeing to the Hong Kong ministerial text, developing countries are accepting short term and insignificant gains in agriculture for the serious loss of the right to develop policy space and options.”

It was the English poet John Milton who made the famous statement that “They who have put out the people’s eyes, reproach them of their blindness.” Milton was of course speaking of other times. Yet after monitoring six days of World Trade Organisation (WTO) trade talks in Hong Kong between December 13-18, one could be forgiven for thinking that Milton was referring to these times.

After a week of haggling, 149 WTO countries gave their thumbs up to a statement that is supposed to keep alive the prospect of a global trade deal. (more…)

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Image result for nugan – australiaNugan Hand Bank
By John Simkin, 1997 (updated 2014)

In 1973 Frank Nugan, an Australian lawyer, and Michael Hand, a former CIA contract operative, established the Nugan Hand Bank. Another key figure in this venture was Bernie Houghton, who was closely connected to CIA officials, Ted Shackley and Thomas G. Clines.

Nugan ran operations in Sydney whereas Hand established a branch in Hong Kong. This enabled Australian depositors to access a money-laundering facility for illegal transfers of Australian money to Hong Kong. According to Alfred W. McCoy, the “Hand-Houghton partnership led the bank’s international division into new fields – drug finance, arms trading, and support work for CIA covert operations.” Hand (more…)

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