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Report by Intl. Trade Union Confederation says "company profit-taking" is a major cause of the global food crisis

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30 March 2009

New ITUC Report: Global Food Crisis Set to Worsen

Author: International Trade Union Confederation

A new report released by the International Trade Union Confederation predicts a worsening of the already serious global food crisis…The report, “A Recipe for Hunger, How the World is Failing on Food”, targets financial speculation and massive profit-taking by a few multinational companies as the major causes…Another major factor, as governments and companies seek alternatives to fossil fuels, is the increase in production of biofuels at the expense of food production…Speculation on food prices has led to huge profits for a small number of extremely powerful global commodity trading companies at the expense of the poorest countries.

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1 March 2009

[PDF] A Recipe for Hunger: How the World is Failing on Food

Author: International Trade Union Confederation (ITUC)

[T]he current price level of basic food staples is still much higher than it was…The food crisis has affected everyone but most of all the worst off…[D]eregulation in trade and financial markets has mainly favoured agrofood multinationals…Much of the problem can be ascribed to the multinational corporations that control the majority of international trade in maize and other grains…[I]nvestors like hedge funds have sought out the agricultural commodity market in search for high-yield gains. The massive increase in speculative investment has been a contributing factor in driving up prices of basic food staples…[T]he production of organic material for biofuels has diverted large amounts of food crops into the fuel tanks of cars…[refers to Archer Daniels Midland, Chiquita, Del Monte Fresh Produce, Dole, Fyffes, Monsanto, Nestlé, Noboa]

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