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US Senate Passes Sudan Divestment Bill!



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Fri Dec 14, 2007 1:09 am
Via says...



Yes! Finally! Making strides in saving a country.

WASHINGTON, Dec 13 (Reuters) - Despite Bush administration opposition, the U.S. Senate gave a green light to a grass-roots effort urging investors to withdraw their funds from companies doing business in Sudan because of violence in its Darfur region.

The Senate approved legislation on Wednesday letting U.S. state and local governments, as well as mutual funds and private pension funds, divest their investments in companies involved in four Sudanese business sectors including its oil industry.

Activists have pressed investors to divest their holdings in companies such as PetroChina Co. Ltd (0857.HK: Quote, Profile, Research), whose parent company, China National Petroleum Corp, is helping Sudan drill for oil. Malaysia's state-owned Petronas [PETR.UL] and India's Oil and Natural Gas Corp Ltd ONGC.Bo are also targets.

U.S.-based Capital Research & Management Co, Lazard Asset Management Co Ltd, and Blackstone Asia Advisors Ltd, were among the top 10 largest institutional holders of ONGC shares as of the end of September, according to Reuters Company Views.

The same data base showed Capital Research & Management Co, Barclays Global Investors NA and Vanguard Group, Inc were among the top 10 investors in PetroChina Co. Ltd. joined by units of California-based Franklin Templeton Investments and FMR Corp, better known as Fidelity Investments.

The bill, aimed at pressuring the Sudan government to end the violence in Darfur, now goes to the U.S. House of Representatives, where a vote is expected soon.

But it is uncertain if President George W. Bush would sign it. The U.S. State and Justice Departments have argued the measure would interfere with presidential foreign policy.

Sudan has been the focus of grass-roots divestment activism because of the conflict in its Darfur region, which has taken some 200,000 lives since rebels took up arms against the government in 2003. Khartoum mobilized proxy Arab militia to help quell the revolt, and the United States says the resulting violence amounts to genocide.


The fact that Bush was against this makes me wish it were 2008.

Read the rest of the article HERE.
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Sun Dec 16, 2007 2:43 am
Cade says...



It's about time. Pity Bush doesn't know what "genocide" means.
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Sun Dec 16, 2007 2:45 am
Via says...



Seriously! And even if it makes it past the HofR there is a good chance Bush won't sign it, and we can't wait until there is another president in office to push it through. It should have happened three years ago!

Oh how I have missed you Coll :)
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Mon Jan 07, 2008 6:37 pm
motherflippinflapjacks says...



I was so excited when I found out about this. I have been lobbying for this thing to pass since early this year and it was sooo awesome to find out that the president let it through. That was a giant leap for american citizens to help end the genocide and I'm glad it passed.
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I tell the neophyte: Write a million words–the absolute best you can write, then throw it all away and bravely turn your back on what you have written. At that point, you’re ready to begin.
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