GLOBAL SUBSIDIES INITIATIVE

The U.S. Congress has closed a controversial loophole that allowed foreign-produced biofuels consumed outside the U.S. market to, nevertheless, benefit from U.S. subsides.  The new provision, added by the House of Representatives to the US$ 700 billion financial system bailout legislation, would end the biodiesel credit for fuel “produced outside the US for use as a fuel outside the US”.

South Korea’s ruling party is under fire in the wake of a massive subsidy scandal that reaches the upper echelons of government.  The scandal erupted on 6 October when local newspapers reported that the Vice Minister of Health, Welfare and Family affairs, Lee Bong-Hwa, illegally applied for rice subsidies.

European Member States have begun posting lists of the beneficiaries of certain EU fisheries subsidies.

Under recently introduced regulations, Member States are required to make public the names of beneficiaries of the EU Fisheries Fund (EFF). The EFF is the most significant source of EU aid to fishermen, and is scheduled to provide € 3.8 billion between 2007 and 2013.

Member States are also required to reveal on their websites the amount of public funding allocated to fishing operations under the EFF.