THE GUARDIAN: Voters back increase amid reports of growing poverty linked to Covid-19 pandemic
Geneva is to raise its minimum wage to almost £3,500 a month, reported to be the highest in the world, after locals approved the measure in a surprise vote result sparked by reports of growing coronavirus-linked poverty in the Swiss city.
The canton’s 500,000 voters passed the increase proposed by local unions and leftwing parties, after twice rejecting it in 2011 and 2014.
The minimum hourly wage will rise to just under £19.50 an hour, more than twice the rate in neighbouring France, with a guaranteed minimum monthly salary of 4,086 Swiss francs (£3,457) based on a 41-hour working week, or 49,000 Swiss francs (£41,430) a year, in one of the world’s most expensive cities to live. » | Kim Willsher in Paris | Wednesday, September 30, 2020
Wednesday 30 September 2020
Tuesday 29 September 2020
12 Myths About Taxing the Rich | Robert Reich
Friday 25 September 2020
After Covid: Will Brexit Be the Next Shock for Britain's Economy? | DW News
Britain is struggling with the economic impact of the coronavirus pandemic. A major supermarket just announced they'll start rationing items amid fears of 'second wave' panic buying. But things could get even worse after a no-deal Brexit. The British Retail Consortium warns that tariffs would push up prices - hitting shoppers and retailers alike.
Half of British businesses will be inadequately prepared when/if the Brexit transition phase runs out at the end of the year. That's according to a poll taken by the British chamber of commerce. 51 percent have not yet taken the steps recommended by the government for trade to continue to function seamlessly. That's why the government in London is getting ready for a worst-case scenario. One reason why businesses are so poorly prepared is the coronavirus pandemic. The companies have been focussing on coping with the consequences of the lockdown.
A think tank with economists from London's King's College has concluded that a No-Deal Brexit could have three times the negative impact on the British economy as the coronavirus. The consequences of the pandemic may be more drastic in the short term, but in the long term, a No-Deal Brexit would leave deeper scars.
Half of British businesses will be inadequately prepared when/if the Brexit transition phase runs out at the end of the year. That's according to a poll taken by the British chamber of commerce. 51 percent have not yet taken the steps recommended by the government for trade to continue to function seamlessly. That's why the government in London is getting ready for a worst-case scenario. One reason why businesses are so poorly prepared is the coronavirus pandemic. The companies have been focussing on coping with the consequences of the lockdown.
A think tank with economists from London's King's College has concluded that a No-Deal Brexit could have three times the negative impact on the British economy as the coronavirus. The consequences of the pandemic may be more drastic in the short term, but in the long term, a No-Deal Brexit would leave deeper scars.
Monday 21 September 2020
Fears over Second Covid Lockdown Wipes £50bn Off FTSE 100
THE GUARDIAN: Sharp falls in Europe and US as investors worry about further economic shutdowns
Shares in London have had their worst losses in more than three months amid fears that a second wave of coronavirus cases will force the government into harsh lockdown measures that will damage the economy.
The FTSE 100 – the leading benchmark of the UK stock market – closed more than 200 points down at 5,804 points on a day of sharp falls in equities in both Europe and North America.
More than £50bn was wiped off the value of leading UK-quoted companies as hopes of new treatments for Covid-19 were outweighed by concerns about a double-dip recession.
Larry Kudlow, Donald Trump’s economic adviser, expressed the views of many jittery investors when he said there was a worry that the UK and other parts of Europe may shut down again because of the virus. » | Larry Elliot, Economics editor | Monday, September 21, 2020
Shares in London have had their worst losses in more than three months amid fears that a second wave of coronavirus cases will force the government into harsh lockdown measures that will damage the economy.
The FTSE 100 – the leading benchmark of the UK stock market – closed more than 200 points down at 5,804 points on a day of sharp falls in equities in both Europe and North America.
More than £50bn was wiped off the value of leading UK-quoted companies as hopes of new treatments for Covid-19 were outweighed by concerns about a double-dip recession.
Larry Kudlow, Donald Trump’s economic adviser, expressed the views of many jittery investors when he said there was a worry that the UK and other parts of Europe may shut down again because of the virus. » | Larry Elliot, Economics editor | Monday, September 21, 2020
FinCEN Money Laundering Leaks: Deutsche Bank Is Under Fire | DW News
Germany's largest bank Deutsche Bank is no stranger to scandals. But the leaked FinCEN files suggest the bank was aware it was facilitating suspicious transactions amounting to over $1 trillion dollars, including for a period after it had promised to clean up its act. Deutsche Bank accounts for 62% of all Suspicious Activities Reports (SARs) filed to FinCEN in the leaked documents.
Between 1999 and 2017, $2 trillion (€1.68 trillion) in transactions were flagged by financial institutions' internal compliance officers as suspicious. Reasons include possibly money laundering, sanctions violations or other criminal activities. Of these, $1.3 trillion (€1.09 trillion) worth of transactions passed through Deutsche Bank, which reported the activities to FinCEN. This is not the first time Deutsche Bank has been implicated in suspicious money transfers. In 2015 it agreed to a $258 million fine for violating US sanctions. A probe by US and New York banking regulators found the bank had moved $10.9 billion (€9.2 billion) on behalf of Iranian, Libyan, Syrian, Burmese and Sudanese financial institutions sanctioned by the US between 1999 and 2006. The bank was accused of carrying out transactions for its customers using "non-transparent methods and practices" to disguise its actions.
Deutsche Bank has been penalized many times in the past for facilitating suspicious activities. So why would they continue even after the hefty penalty of $258 million in 2015? For Tim White, a consultant at AML Right Source, an anti-money laundering consulting firm, the answer is simple: Money. White says that "by going ahead with these suspicious transactions, banks are making more money than the possible cost of the violations."
Between 1999 and 2017, $2 trillion (€1.68 trillion) in transactions were flagged by financial institutions' internal compliance officers as suspicious. Reasons include possibly money laundering, sanctions violations or other criminal activities. Of these, $1.3 trillion (€1.09 trillion) worth of transactions passed through Deutsche Bank, which reported the activities to FinCEN. This is not the first time Deutsche Bank has been implicated in suspicious money transfers. In 2015 it agreed to a $258 million fine for violating US sanctions. A probe by US and New York banking regulators found the bank had moved $10.9 billion (€9.2 billion) on behalf of Iranian, Libyan, Syrian, Burmese and Sudanese financial institutions sanctioned by the US between 1999 and 2006. The bank was accused of carrying out transactions for its customers using "non-transparent methods and practices" to disguise its actions.
Deutsche Bank has been penalized many times in the past for facilitating suspicious activities. So why would they continue even after the hefty penalty of $258 million in 2015? For Tim White, a consultant at AML Right Source, an anti-money laundering consulting firm, the answer is simple: Money. White says that "by going ahead with these suspicious transactions, banks are making more money than the possible cost of the violations."
FTSE 100 Shares Plunge amid Fears over Second Covid Lockdown
THE GUARDIAN: Airlines and pub firms among hardest hit after Matt Hancock’s warning UK is at tipping point
Shares in London have come under severe pressure amid fears that a second wave of Covid-19 cases will force the government into harsh lockdown measures that will damage the economy.
The FTSE 100 – the leading benchmark of the UK stock market – was down almost 200 points in early trading and on course for its worst day in three months.
With the health secretary, Matt Hancock, warning that the UK was at a coronavirus “tipping point” and that people tended to contract Covid-19 in social settings, shares in travel and hospitality companies were among the hardest hit by the sell-off. » | Larry Elliot, Economics editor | Monday, March 21, 2020
Shares in London have come under severe pressure amid fears that a second wave of Covid-19 cases will force the government into harsh lockdown measures that will damage the economy.
The FTSE 100 – the leading benchmark of the UK stock market – was down almost 200 points in early trading and on course for its worst day in three months.
With the health secretary, Matt Hancock, warning that the UK was at a coronavirus “tipping point” and that people tended to contract Covid-19 in social settings, shares in travel and hospitality companies were among the hardest hit by the sell-off. » | Larry Elliot, Economics editor | Monday, March 21, 2020
Thousands of Britons Living in EU Told Their UK Bank Accounts Will Be Closed
THE GUARDIAN: Lloyds and Barclays among banks taking action due to lack of post-Brexit trade deal
Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UK’s failure to agree a post-Brexit trade deal.
Lloyds, Barclays and Coutts have informed retail and business customers that they will lose their accounts before or when the Brexit transition period ends on 31 December and more banks are expected to follow suit.
Lloyds Banking Group, which includes Halifax and Bank of Scotland, has contacted its 13,000 customers in the Netherlands, Slovakia, Germany, Ireland and Portugal, warning them they must make alternative arrangements as the bank is no longer allowed to offer services. » | Anna Tims | Monday, September 21, 2020
Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UK’s failure to agree a post-Brexit trade deal.
Lloyds, Barclays and Coutts have informed retail and business customers that they will lose their accounts before or when the Brexit transition period ends on 31 December and more banks are expected to follow suit.
Lloyds Banking Group, which includes Halifax and Bank of Scotland, has contacted its 13,000 customers in the Netherlands, Slovakia, Germany, Ireland and Portugal, warning them they must make alternative arrangements as the bank is no longer allowed to offer services. » | Anna Tims | Monday, September 21, 2020
Saturday 19 September 2020
Secret Billionaire: The Chuck Feeney Story
This documentary, produced by RTÉ Factual, describes the life of Chuck Feeney, philanthropist and founder of The Atlantic Philanthropies. Learn more about his Giving While Living approach to philanthropy here
Billionaire Chuck Feeney achieves goal of giving away his fortune. Read the Guardian article here
Billionaire Chuck Feeney achieves goal of giving away his fortune. Read the Guardian article here
Friday 18 September 2020
Thursday 17 September 2020
Wealth of US Billionaires Rises by Nearly a Third During Pandemic
THE GUARDIAN: Report includes Jeff Bezos, whose personal fortune has risen by 65% since 18 March
The already vast fortunes of America’s 643 billionaires have soared by an average of 29% since the start of the coronavirus pandemic, which has at the same time laid waste to tens of millions of jobs around the world.
The richest of the superrich have benefited by $845bn , according to a report by a US progressive thinktank, the Institute for Policy Studies.
The report calculated that 643 billionaires in the US had racked up $845bn (£642bn) in collective wealth gains since 18 March, when lockdowns began across the US and much of the rest of the world. The collective wealth of the billionaire class increased from $2.95tn to $3.8tn. That works out to gains of $141bn a month, or $4.7bn a day.
Over the same period, more than 197,000 Americans have died from coronavirus and more than 50m Americans have lost their jobs. » | Rupert Neate | Thursday, September 17, 2020
The already vast fortunes of America’s 643 billionaires have soared by an average of 29% since the start of the coronavirus pandemic, which has at the same time laid waste to tens of millions of jobs around the world.
The richest of the superrich have benefited by $845bn , according to a report by a US progressive thinktank, the Institute for Policy Studies.
The report calculated that 643 billionaires in the US had racked up $845bn (£642bn) in collective wealth gains since 18 March, when lockdowns began across the US and much of the rest of the world. The collective wealth of the billionaire class increased from $2.95tn to $3.8tn. That works out to gains of $141bn a month, or $4.7bn a day.
Over the same period, more than 197,000 Americans have died from coronavirus and more than 50m Americans have lost their jobs. » | Rupert Neate | Thursday, September 17, 2020
Tuesday 15 September 2020
Pandemic Profiteering: Amazon Caught Price Gouging as Jeff Bezos's Wealth Soared to $200 Billion
Monday 14 September 2020
Germany: The Discreet Lives of the Super-Rich | DW Documentary
The rich in Germany been never been as well-off as they are today and assets have never been so unevenly distributed. But who are they? How do they live? And what do they think of their country? A journey into the discreet world of the super-rich.
One percent of Germans own over a quarter of the country's assets, whilst half of the country’s citizens have no assets at all. But while the German media report on the growing poverty in the country on a daily basis, little is known about the super-rich. They keep a very low profile and can walk the streets unrecognized. "Manager Magazin” says there were around 200 billionaires living in Germany in 2018, and their numbers are increasing. The documentary "Top of the World" asks why rich Germans are so unwilling to talk about their wealth. Its author immerses himself in the discreet world of big money and meets financial advisors with 800 years of family tradition behind them and billionaires such as drugstore king Dirk Rossmann and mail-order company heir Michael Otto - as well as a self-made businessmen such as Rainer Schaller. They talk about their notions of money and justice, the origins of their wealth and their fear of social envy.
One percent of Germans own over a quarter of the country's assets, whilst half of the country’s citizens have no assets at all. But while the German media report on the growing poverty in the country on a daily basis, little is known about the super-rich. They keep a very low profile and can walk the streets unrecognized. "Manager Magazin” says there were around 200 billionaires living in Germany in 2018, and their numbers are increasing. The documentary "Top of the World" asks why rich Germans are so unwilling to talk about their wealth. Its author immerses himself in the discreet world of big money and meets financial advisors with 800 years of family tradition behind them and billionaires such as drugstore king Dirk Rossmann and mail-order company heir Michael Otto - as well as a self-made businessmen such as Rainer Schaller. They talk about their notions of money and justice, the origins of their wealth and their fear of social envy.
Extreme Poverty 'Will Double by Christmas' in UK because of Covid-19
THE GUARDIAN: End of coronavirus job and income support expected to spark 61% rise in food bank use
Britain’s largest food bank network has warned that UK destitution rates will double by Christmas alongside an explosion in demand for charity food parcels, as coronavirus job and income support schemes are wound down.
The Trussell Trust predicts that at least 670,000 extra people will become destitute in the last three months of the year – a level of poverty that leaves them unable to meet basic food, shelter or clothing needs – if the government withdraws Covid support for low-income households.
Despite unprecedented demand for charity food since lockdown – 100,000 people used food banks for the first time between April and June – the trust said ending furlough in October would trigger a rise in food bank use of at least 61% – equivalent to a year-on-year increase of 300,000 parcels. » | Patrick Butler, Social policy editor | Monday, September 14, 2020
Britain’s largest food bank network has warned that UK destitution rates will double by Christmas alongside an explosion in demand for charity food parcels, as coronavirus job and income support schemes are wound down.
The Trussell Trust predicts that at least 670,000 extra people will become destitute in the last three months of the year – a level of poverty that leaves them unable to meet basic food, shelter or clothing needs – if the government withdraws Covid support for low-income households.
Despite unprecedented demand for charity food since lockdown – 100,000 people used food banks for the first time between April and June – the trust said ending furlough in October would trigger a rise in food bank use of at least 61% – equivalent to a year-on-year increase of 300,000 parcels. » | Patrick Butler, Social policy editor | Monday, September 14, 2020
Sunday 13 September 2020
The Death of Your Social Security (w/ Nancy Altman)
USA Political and Economic Collapse
Thursday 10 September 2020
New Claims for State Unemployment Benefits Remained High Last Week
THE NEW YORK TIMES: More than four months after Americans began emerging from the coronavirus-caused lockdown across most states, the job market remains treacherous, according to new data from the Labor Department.
More than 857,000 workers filed new claims for state unemployment insurance last week, before seasonal adjustments, a slight increase from the previous week. Although the unemployment rate has fallen to 8.4 percent, the level of layoffs reflects the challenges for many workers in the fitful recovery.
On a seasonally adjusted basis, the total was 884,000, unchanged from the revised figure for the previous week.
In addition, about 839,000 new claims were filed under a federal program called Pandemic Unemployment Assistance, which provides assistance to freelancers, part-time workers and others who do not ordinarily qualify for state benefits. That figure, which is not seasonally adjusted, represented a rise from 748,000 the previous week.
“Permanent job losses are mounting,” said Rubeela Farooqi, chief U.S. economist for High Frequency Economics. “There are a large number of people who are being sidelined and could fall out of the labor force.” » | Thursday, September 10, 2020
More than 857,000 workers filed new claims for state unemployment insurance last week, before seasonal adjustments, a slight increase from the previous week. Although the unemployment rate has fallen to 8.4 percent, the level of layoffs reflects the challenges for many workers in the fitful recovery.
On a seasonally adjusted basis, the total was 884,000, unchanged from the revised figure for the previous week.
In addition, about 839,000 new claims were filed under a federal program called Pandemic Unemployment Assistance, which provides assistance to freelancers, part-time workers and others who do not ordinarily qualify for state benefits. That figure, which is not seasonally adjusted, represented a rise from 748,000 the previous week.
“Permanent job losses are mounting,” said Rubeela Farooqi, chief U.S. economist for High Frequency Economics. “There are a large number of people who are being sidelined and could fall out of the labor force.” » | Thursday, September 10, 2020
The UK Is One of the Most Corrupt Nations on Earth
THE GUARDIAN: Fortunes are being made by political favourites, while Brexit could cement London’s reputation for money laundering
Fear, shame, embarrassment: these brakes no longer apply. The government has discovered that it can bluster through any scandal. No minister need resign. No one need apologise. No one need explain.
As public outrage grows over the billions of pounds of coronavirus contracts issued by the government without competition, it seems determined only to award more of them. Never mind that the consulting company Deloitte, whose personnel circulate in and out of government, has been strongly criticised for the disastrous system it devised to supply protective equipment to the NHS. It has now been granted a massive new contract to test the population for Covid-19. » | George Monbiot | Thursday, September 10, 2020
Cummings ally's PR firm given Covid-19 contracts without tenders »
Fear, shame, embarrassment: these brakes no longer apply. The government has discovered that it can bluster through any scandal. No minister need resign. No one need apologise. No one need explain.
As public outrage grows over the billions of pounds of coronavirus contracts issued by the government without competition, it seems determined only to award more of them. Never mind that the consulting company Deloitte, whose personnel circulate in and out of government, has been strongly criticised for the disastrous system it devised to supply protective equipment to the NHS. It has now been granted a massive new contract to test the population for Covid-19. » | George Monbiot | Thursday, September 10, 2020
Cummings ally's PR firm given Covid-19 contracts without tenders »
No-deal Brexit Means Food Price Rises, Warns Morrisons
THE GUARDIAN: Fruit and vegetables most at risk of price hikes due to storage issues as supermarket unveils big drop in profits
Supermarket prices will go up unless the UK government negotiates a tariff-free Brexit deal with Europe, the boss of Morrisons, Britain’s fourth-largest grocery chain, has warned.
“From our point of view representing British consumers we would like the government and the leaders of the country to negotiate a deal that includes no tariffs UK to Europe or Europe to the UK because tariffs do drive inflation,” said David Potts, the chief executive of the Bradford-based supermarket. He added that avoiding inflation was particularly important in a “recession year”. » | Sarah Butler | Thursday, September 10, 2020
Supermarket prices will go up unless the UK government negotiates a tariff-free Brexit deal with Europe, the boss of Morrisons, Britain’s fourth-largest grocery chain, has warned.
“From our point of view representing British consumers we would like the government and the leaders of the country to negotiate a deal that includes no tariffs UK to Europe or Europe to the UK because tariffs do drive inflation,” said David Potts, the chief executive of the Bradford-based supermarket. He added that avoiding inflation was particularly important in a “recession year”. » | Sarah Butler | Thursday, September 10, 2020
Tuesday 8 September 2020
Nasdaq Drops over 4% as Tech Sector Sell-off Continues
THE GUARDIAN: Tesla shares plunged 21%, Apple fell 6.7% and Amazon dropped 4.3% while all major US markets were in the red
The US tech sell-off on Wall Street extended to a third day on Tuesday, with electric carmaker Tesla among the biggest fallers suffering its worst day in nearly six months.
The tech-heavy Nasdaq stock market dropped over 4%, following similar falls on Thursday and Friday. Wall Street was closed on Monday for the Labor Day holiday.
Shares in Tesla fell 21% on Tuesday, while Apple was down 6.7% and Amazon down 4.3%. » | Dominic Rushe in New York | Tuesday, September 8, 2020
The US tech sell-off on Wall Street extended to a third day on Tuesday, with electric carmaker Tesla among the biggest fallers suffering its worst day in nearly six months.
The tech-heavy Nasdaq stock market dropped over 4%, following similar falls on Thursday and Friday. Wall Street was closed on Monday for the Labor Day holiday.
Shares in Tesla fell 21% on Tuesday, while Apple was down 6.7% and Amazon down 4.3%. » | Dominic Rushe in New York | Tuesday, September 8, 2020
Rattner: Recovery Not 'V-Shaped,' Major Job Loss Disparities | Morning Joe | MSNBC
Monday 7 September 2020
Sunday 6 September 2020
Talks over Post-Brexit EU Trade Deal Continue - BBC News
Thursday 3 September 2020
Germany Announces Shift in Approach to China Relations | DW News
Wednesday 2 September 2020
Prof. Richard D Wolff on the Four Reasons Capitalism Is Imploding
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