Anglo-American and the finance sector: exporting abuse

We need to be aware of the impact our government’s policies have well beyond our shores.

 

The helicopters that hovered over London on Wednesday during Thatcher’s funeral had the best birds-eye view of her staggering legacy, including the City of London and Canary Wharf, the latter which she described as being one of the most exciting projects she had ever known.

Julian Coman in the Guardian describes how within six months of her election, exchange controls were lifted and foreign capital flooded into Britain, while the  deregulation of the Stock Exchange in 1986 set in motion the type of unfettered capitalism we know today, with London at its heart.  

But those exchange controls didn’t just lead to foreign capital flooding Britain – it enabled her policies to flood the world in a grand de-regulated tsunami, with British capital riding the wave, often causing undue harm half-way around the world.  

Friday sees the AGM of British mining giant Anglo-American, perfectly facilitated by such policies which enabled the company to ride rough-shod over human rights and the environment. Last month Anglo-American signed a $5bn loan agreement with 28 banks, including the five biggest UK banks: Barclays, HSBC, Lloyds TSB, RBS and Standard Chartered. With the company’s annual revenue almost reaching $33bn last year, this new injection of cash will increase Anglo American’s destructive capacity by 15 per cent.

Anglo-American, alongside BHP Billiton and Xstrata, owns Latin America’s biggest coal mine, the Cerrejón mine in Colombia. The mine was established on the land of indigenous and Afro-Colombian people without their consent, and the residents of several villages were evicted without compensation. Cerrejón continues to pollute the land of people living in the area, destroying their livelihoods, health and well-being. The company was recently forced to shelve plans to expand the mine and divert the region’s only major river following protests by local people and by mine workers. Coal mining projects such as Cerrejón also cause huge carbon emissions.

In South Africa, where Anglo-American has mined gold for many decades, with almost complete impunity, the company is currently facing three separate legal cases brought by miners suffering from the lung disease silicosis.  

The oxygen that mining companies like Anglo-American rely on is the finance provided by the high street banks and our pension funds in which most people in this country invest their money. Through our Thatcher-inspired aspirations of growth and competitiveness, we are unwittingly funding the eviction of indigenous people, the destruction of miners’ health, and the perpetuation of an unsustainable high carbon economy.

Coming to the belly of Thatcher’s beast, representatives of both the South African miners and the Colombian communities affected by the Cerrejón mine are in London to attend the Anglo-American AGM today (Friday), to speak to its shareholders directly about their plight. Will Thatcher be listening from her grave?

We’ve been quite reflective in the UK about the decline of the welfare state, sparked by Thatcher’s legacy. But we also need to be aware of the impact her government’s policies had well beyond our shores, policies that we blindly allow agents working just steps from the doors of St Paul’s Cathedral to continue. If we are to tackle the abuses of companies abroad, we have to continue our pressure to reign in the power of one of Thatcher’s greatest “achievements” – the finance sector as we know it today.

Deborah Doane is director of the World Development Movement

 

Trucks loading coal at the Cerrejon coal mines. Photograph: WikiCommons
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French presidential election: Macron and Le Pen projected to reach run-off

The centrist former economy minister and the far-right leader are set to contest the run-off on 7 May.

Emmanuel Macron and Marine Le Pen will contest the run-off of the French presidential election, according to the first official projection of the first-round result.

Macron, the maverick former economy minister, running under the banner of his centrist En Marche! movement, is projected to finish first with an estimated 23.7 per cent of the vote, putting him marginally ahead of Le Pen. The leader of the far-right Front National is estimated to have won 21.7 per cent, with the scandal-hit Républicain François Fillon and the left-winger Jean-Luc Mélenchon tied for third on an estimated 19.5 per cent each. Benoît Hamon, of the governing Socialist Party, is set to finish a distant fourth on just 6.2 per cent. Pollsters Ifop project a turnout of around 81 per cent, slightly up on 2012.

Macron and Le Pen will now likely advance to the run-off on 7 May. Recent polling has consistently indicated that Macron, who at 39 would be the youngest candidate ever to win the French presidency, would probably beat Le Pen with roughly 60 per cent of the vote to her 40. In the immediate aftermath of the announcement, he told Agence France Presse that his En Marche! was "turning a page in French political history", and went on to say his candidacy has fundamentally realigned French politics. "To all those who have accompanied me since April 2016, in founding and bringing En Marche! to life, I would like to say this," he told supporters. " 'In the space of a year, we have changed the face of French political life.' "

Le Pen similarly hailed a "historic" result. In a speech peppered with anti-establishment rhetoric, she said: "The first step that should lead the French people to the Élysée has been taken. This is a historic result.

"It is also an act of French pride, the act of a people lifting their heads. It will have escaped no one that the system tried by every means possible to stifle the great political debate that must now take place. The French people now have a very simple choice: either we continue on the path to complete deregulation, or you choose France.

"You now have the chance to choose real change. This is what I propose: real change. It is time to liberate the French nation from arrogant elites who want to dictate how it must behave. Because yes, I am the candidate of the people."

The projected result means the run-off will be contested by two candidates from outside France's establishment left and right parties for the first time in French political history. Should Le Pen advance to the second round as projected, it will mark only the second time a candidate from her party has reached the run-off. Her father, Jean-Marie Le Pen, reached the second round in 2002, but was decisively beaten by Jacques Chirac after left-wingers and other mainstream voters coalesced in a so-called front républicain to defeat the far right.

Fillon has conceded defeat and backed Macron, as have Hamon and the French prime minister, Bernard Cazeneuve. "We have to choose what is best for our country," Fillon said. "Abstention is not in my genes, above all when an extremist party is close to power. The Front National is well known for its violence and its intolerance, and its programme would lead our country to bankruptcy and Europe into chaos.

"Extremism can can only bring unhappiness and division to France. There is no other choice than to vote against the far right. I will vote for Emmanuel Macron. I consider it my duty to tell you this frankly. It is up to you to reflect on what is best for your country, and for your children."

Though Hamon acknowledged that the favourite a former investment banker – was no left-winger, he said: "I make a distinction between a political adversary and an enemy of the Republic."

Mélenchon, however, has refused to endorse Macron, and urged voters to consult their own consciences ahead of next month's run-off.

The announcement sparked ugly scenes in Paris in the Place de la Bastille, where riot police have deployed tear gas on crowds gathered to protest Le Pen's second-place finish. Reaction from the markets was decidedly warmer: the euro hit a five-month high after the projection was announced.

Now read Pauline Bock on the candidate most likely to win, and the NS'profiles of Macron and Le Pen.

 

Patrick Maguire writes about politics and is the 2016 winner of the Anthony Howard Award.

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