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☆ America’s largest companies are fueling inequality, says new study
▼ + stars: | 2024-03-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

About 90%, or $1.1 trillion, of that profit went to shareholders through stock buybacks and dividend payments, according to new research from anti-poverty organization Oxfam International. At the same time, the study found, only 10 of those 200 companies have made public statements in support of paying a living wage. For some of those companies, the average CEO-to-worker pay ratio is now above 1,500 to 1, the nonprofit confederation found. Oxfam’s study found that on average, pharmaceutical companies paid just 11.6% in taxes in 2022 (that’s down from 11.8% in 2021). Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: —, we’ll, ”, Irit Tamir, Joe Biden, Donald Trump, Matt Egan, Devin Nunes, Dave Calhoun, Chris Isidore, Calhoun, Max Organizations: CNN Business, Bell, New York CNN, CME, Oxfam International, Oxfam, Corporations, Institute for Policy Studies, Tax, Truth Social, Trump Media, Trump Media & Technology Group, Corp, Digital, Trump, Nasdaq, Big Tech, ”, overvaluing Trump Media, SEC, Twitter, CNN, Boeing, CNBC, Alaska Airlines, Max Locations: New York, United States

☆ The extravagant Ambani pre-wedding party was an affront to the millions of Indians in poverty, critics say
▼ + stars: | 2024-03-08 | by ( Joshua Zitser | Spriha Srivastava | ) www.businessinsider.com time to read: +5 min

But critics say it showed a telling disregard for the struggles of the many millions of Indians living in poverty. Spanning three days, the pre-nuptial event included a private performance by Rihanna, which estimates suggest cost up to $9 million. AdvertisementTripathi pointed out that 800 million of India's 1.4 billion population receive monthly food rations of wheat or rice. Sohini Kar, an associate professor at the London School of Economics, whose work focuses on urban India, told BI she agrees. Anant Ambani and Radhika Merchant serve traditional Gujarati food to villagers ahead of their pre-wedding celebrations on the outskirts of Jamnagar, India.

Persons: —, Anant Ambani, Asia's, Radhika Merchant, Rihanna, Nita Ambani, Shyam Bihari, WaterAid, Haldia, Rakhi Tripathi, Tripathi, Sohini Kar, Kar, St Louis Fed, Mukesh Ambani, Ratan Tata, Nita, Stringer Organizations: Service, Business, Bank, New, of Management, London School of Economics, BI, Oxfam International, St, Bloomberg, Architectural Digest, Reliance Foundation, Reuters Locations: India, Delhi, Asia, Mumbai, Jamnagar, Gujarat

☆ The world will have its first trillionaire within a decade, but poverty won't be eradicated for another 229 years, report finds
▼ + stars: | 2024-01-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

In just three years, the world has witnessed a "supercharged surge in extreme wealth," new data shows. In the U.S. alone, billionaires are 46% richer than they were in 2020, while the three wealthiest men — Elon Musk, Jeff Bezos and Larry Ellison — have increased their net worth by 84%, a recent Oxfam report on global inequality found. If current trends continue, the world will have its first trillionaire within a decade, but poverty won't be eradicated for another 229 years. "We expect to see continued concentration of extreme wealth at the very top," added Rebecca Riddell, policy lead economic and racial justice at Oxfam. There are, however, signs of progress, noted Steven Hamilton, assistant professor of economics at George Washington University.

Persons: — Elon Musk, Jeff Bezos, Larry Ellison —, Amitabh Behar, Rebecca Riddell, Steven Hamilton Organizations: Oxfam, America, U.S . Census, Interim, Finance, House Republicans, George Washington University Locations: U.S

☆ Wealth inequality and 'billionaire supremacy' have gotten so bad that at this rate, it will take 230 years to end poverty
▼ + stars: | 2024-01-20 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

Oxfam International published its inequality report, finding it could take 230 years to end poverty. AdvertisementIt will take multiple centuries to end poverty at the rate we're going, according to a recently published report. Oxfam International published its inequality report this month, detailing a slew of grim predictions about the ever-widening wealth gap. Advertisement"To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people," the report's authors concluded. AdvertisementThe participation of global governments in the initiative to decrease wealth inequality will determine whether the world lapses into a future of "billionaire supremacy" or public power, the Oxfam report concluded.

Persons: —, Rebecca Riddell, Nabil Ahmed, Alex Maitland, Max Lawson, Anjela, Oded Galor, Galor Organizations: Oxfam International, Service, Oxfam

Political Cartoons View All 253 Images"Very soon Oxfam predicts that we will have a trillionaire within a decade. With Brazil hosting this year's Group of 20 summit of leading industrial and developing nations, Lawson said it was a “good time for Oxfam to raise awareness” about inequalities. Brazilian President Luiz Inacio Lula da Silva has put issues that concern the developing world at the heart of the G20 agenda. To calculate the top five richest billionaires, Oxfam used figures from Forbes as of November 2023. For the bottom 60% of the global population, Oxfam used figures from the UBS Global Wealth Report 2023 and from the Credit Suisse Global Wealth Databook 2019.

Persons: — Tesla, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, Warren Buffett, ”, Amitabh Behar, John D, Musk, Lawson, Luiz Inacio Lula da Silva, Forbes, ___ Pylas Organizations: Oxfam, Amazon, Oracle, Rockefeller of Standard Oil, Forbes, Brazil, UBS Global, Credit Suisse Global Wealth Locations: DAVOS, Switzerland, Swiss, Davos, Saudi Arabia, Ukraine, London

☆ The wealth of the world’s five richest men more than doubled since 2020
▼ + stars: | 2024-01-14 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

His wealth soared to $245.5 billion at the end of November, up 737% from March 2020, after accounting for inflation. Amazon founder Jeff Bezos had a fortune of $167.4 billion, up 24%; while Oracle founder Larry Ellison’s wealth totaled $145.5 billion, up 107%. US billionaires, many of whom derive their wealth from the equity in the companies they lead, are $1.6 trillion richer. Seven out of 10 of the world’s largest public companies have either a billionaire CEO or a billionaire as its principal shareholder. What’s more, the top 1% holds 43% of the world’s financial assets, according to Oxfam, drawing on data from Wealth X.

Persons: Nabil Ahmed, ” Ahmed, Elon Musk, Bernard Arnault, Jeff Bezos, Larry, Warren Buffett, Amitabh Behar Organizations: CNN, Forbes, Oxfam, Workers, Tesla, SpaceX, Amazon, Oracle, Berkshire Hathaway, Wealth, Oxfam International’s Locations: Davos, Switzerland, United States, Asia, Europe, “

☆ Israel-Hamas War Israel Says Its Troops Are in the Heart of Gaza City
▼ + stars: | 2023-11-08 | by ( Aaron Boxerman | Victoria Kim | ) www.nytimes.com time to read: +6 min

The Shati refugee camp in Gaza City was one of the neighborhoods hit by Israeli airstrikes on Monday. Hundreds of thousands of people have remained in northern Gaza despite warnings to move south. David Satterfield, U.S. special envoy for Mideast humanitarian issues, estimated on Saturday that at least 350,000 to 400,000 people remained in northern Gaza. Bushra Khalidi, Oxfam International’s policy lead for the Palestinian territories, said that her in-laws were among the many people who had abandoned their homes in Gaza City, only to return. In their case, the place where they had sought refuge, in central Gaza, received an evacuation order from the Israeli military.

Persons: Al Salya, ”, “, Ms, Ahmed Ferwana, Al Shati, Ferwana, Iyad, David Satterfield, Mohammed Dahman, Bushra Khalidi, ‘, ’ ”, Khalidi, Mohammad Abu Salmiya, Al Shifa, ” Dr, Abu Salmiya, Arijeta Lajka, Riley Mellen, Iyad Abuheweila Organizations: Jinan Al, The New York Times, Associated Press, United Nations, Hamas, Oxfam Locations: Gaza City, Gaza, Jinan, Jinan Al Salya, Rafah, Egypt, Jabaliya, Swiss, Rimal, Al Shifa, Israel, Al

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

☆ Ajay Banga: Indian American businessman is the new president of the World Bank
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +4 min

The election came after World Bank board members interviewed Banga for four hours on Monday. Biden congratulated Banga on his “resounding approval” to run the World Bank, which he described as “one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe.”“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. “It is a challenging moment, but it’s a moment where the World Bank remains more vital than ever, and where getting the evolution of the World Bank is absolutely critical,” the official said. “The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process … on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the bank said. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

☆ World Bank board aims to pick next president by early May, U.S. nominee expected soon
▼ + stars: | 2023-02-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

[1/2] A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. The bank's executive directors affirmed their commitment to an "open, merit-based and transparent selection process" for the new leader, and said countries could nominate candidates beginning Thursday through March 29. The World Bank board gave a list of criteria and relevant experience for would-be applicants, including "effective communication and diplomatic skills" and also said it "would strongly encourage women candidates to be nominated." The bank has never had a permanent woman president in its 77-year history, although current International Monetary Fund chief Kristalina Georgieva served as acting president for about two months in early 2019. The United States has historically selected the president of the bank, but some developing countries and civil society groups are challenging that tradition.

☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
▼ + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.

☆ The richest 1% of people amassed almost two-thirds of new wealth created in the last two years, Oxfam says
▼ + stars: | 2023-01-16 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Over the last two years, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says. A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. The remaining 99% of the global population collected just $16 trillion of new wealth, the global poverty charity says. It suggests that the pace at which wealth is being created has sped up, as the world's richest 1% amassed around half of all new wealth over the past 10 years. It's time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow 'trickling down' to everyone else," Bucher said.

☆ Oxfam calls for 'billionaire-busting' policies, says the world's top 1% has been getting richer much faster than everyone else
▼ + stars: | 2023-01-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The top 1% has garnered two-thirds of the $42 trillion new wealth created since 2020, per UK non-profit Oxfam. Oxfam's calling on governments to impose much higher taxes on the super-rich to redistribute wealth. That's twice as much as what the rest of the 99% managed to amass in new wealth, Oxfam said citing Credit Suisse data. Just four cents of every tax dollar come from wealth taxes, according to Oxfam's analysis based on data from the Organisation for Economic Co-operation and Development. Oxfam published its report just as the World Economic Forum commences on Monday in Davos, Switzerland.

☆ The top 1% captured nearly twice as much new wealth as the rest of the world over last two years: Oxfam
▼ + stars: | 2023-01-15 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

The top 1% have captured nearly twice as much new wealth as the rest of the world during that period, according to Oxfam’s annual inequality report, released Sunday. At the start of the pandemic, global governments, particularly wealthier countries, poured trillions of dollars into their economies to prevent a collapse. It’s the first time that extreme wealth and extreme poverty have increased simultaneously in 25 years, said Oxfam. Tax the richTo counter this growing inequality, Oxfam is calling on governments to raise taxes on their wealthiest residents. Oxfam believes the rates on the top 1% should be high enough to significantly reduce their numbers and wealth.

☆ Climate justice gets harder as world population passes 8 billion
▼ + stars: | 2022-11-15 | by ( Gloria Dickie | ) www.reuters.com time to read: +4 min

These are also among the countries most vulnerable to climate impacts, and most in need of climate finance. "A SIGN OF HUMAN SUCCESS"Globally, the 8 billion population milestone represents 1 billion people added to the planet in just the last 11 years. Even while the global population reaches ever-new highs, demographers note that the growth rate has fallen steadily to less than 1% per year. "A big part of this story is that this era of rapid population growth that the world has known for centuries is coming to an end," Wilmoth said. Rapid population growth combined with climate change is likely to cause mass migration and conflict in coming decades, experts said.

☆ Yemen crisis: How you can help
▼ + stars: | 2015-04-06 | by ( Cnn Staff | ) edition.cnn.com time to read: +1 min

CNN —Since Saudi-led coalition airstrikes and intense fighting began in Yemen in late March, it’s estimated that 600 people have been killed. The International Committee of the Red Cross called for an immediate 24-hour ceasefire, to allow humanitarian aid in the most needed areas. As fighting continues in Yemen, several organizations are trying to help provide food, water and medical supplies that are desperately needed. While groups are trying to deploy the necessary resources to Yemen, some have had to temporarily evacuate their staffs for security reasons. Here’s how you can help:Action Against HungerCAREDoctors Without BordersInternational Committee of the Red CrossInternational Rescue CommitteeMercy CorpsOxfam InternationalSave the ChildrenUNICEFUnited Nations FoundationWorld Food Programme

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