August 7th, 2007

African, Asian Leaders Seek New Solutions to Old Problem of Poverty, Unemployment
African, Asian and Caribbean leaders pledged Tuesday to provide millions of people with wider access to education, land and loans in some of the world's poorest nations. Government and corporate leaders from about 20 countries agreed to undertake policies to encourage development "with the ultimate aim of eradicating poverty," according to an action plan issued at the end of the three-day Langkawi International Dialogue in northern Malaysia. Malaysian Prime Minister Abdullah Ahmad Badawi said the Langkawi plan of action was not binding on any governments, but he voiced confidence that the leaders would work for their people's welfare.

Affordable no more
Residents of government-funded housing complex fear for future after it's sold, turned into condos
In 2005, one year after a vehicle accident left Tom Anderson a quadriplegic, he found the perfect home at Monarch Place. It was Red Deer's new, government-funded, all-wheelchair-accessible apartment complex -- a 65-unit crown jewel in the city's affordable housing plan. It boasted wide doorways, hand rails, even room to accommodate his special wheelchair in the shower. Then the unthinkable happened. Tom Anderson is afraid he won't be able to find another place to live after Monarch Place, an affordable/disability housing project in Red Deer, was sold and converted into condos. His rent is doubling to $1,000 a month; his income is $1,050. Tom Anderson is afraid he won't be able to find another place to live after Monarch Place, an affordable/disability housing project in Red Deer, was sold and converted into condos. His rent is doubling to $1,000 a month; his income is $1,050. Affordable housing was transformed into hot condo property. The non-profit agency that ran Monarch Place quietly sold it this spring to a private developer, which converted the building into condominiums and resold them to dozens of private investors. Some units are now being flipped for profit.

Money transfer measures raise concerns
Canada's recent tightening of money laundering rules aims to shine a light on the murky world of money transfer businesses, but it could have the unintended consequence of driving the industry underground, experts say. The federal government introduced regulations in June requiring financial institutions to more closely scrutinize customers. Money service businesses will also now have to register with the government. Registration is meant to boost transparency in a sector that's unregulated and little understood. Some estimates peg annual remittances by immigrants sending money home at $8-billion a year. The World Bank estimates that over $232-billion (U.S.) is transferred globally through formal channels by private citizens each year. While many welcome efforts to clean up the industry, registries and a lack of clarity render the move costly and ineffective, said academic experts and people who run money transfer firms.