Billionaires recover pandemic losses within no time

25 Janvier, 2021, 11:58 | Auteur: Auguste Feret
  • Jeff Bezos speaking in September 2019

In a report geared to inform discussions at the World Economic Forum's online panels of political and business leaders this week, Oxfam said the richest 1,000 people have already managed to recoup the losses they recorded in the early days of the pandemic because of the bounce back in stock markets. "India's 100 billionaires have seen their fortunes increase by Rs 12,97,822 crores since March previous year which is enough to give every one of the 138 million poorest Indians a cheque for Rs 94,045 each", the report said. In fact, the report said the increase in wealth of the top 11 billionaires of India during the pandemic could sustain the rural job scheme MGNREGA for 10 years or the Health Ministry for 10 years.

The report said, out of a total 122 million Indians who lost their jobs in 2020, 75 percent or 92 million jobs, were lost in the informal sector.

The billionaires taken into account for the report include Mukesh Ambani, Gautam Adani, Shiv Nadar, Cyrus Poonawalla, Uday Kotak, Azim Premji, Sunil Mittal, Radhakrishan Damani, Kumar Mangalam Birla, and Laxmi Mittal, whose interests span sectors like coal, oil, telecom, pharmaceuticals, education, and retail.

Findings of the report showed that rich got richer during the pandemic. Oxfam estimates that as many as 500 million more people were living in poverty as a result of the pandemic, reversing the decline in global poverty seen over the last two decades.

"The report shows how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession and the biggest economic crisis in the history of independent India, while millions of people are struggling to make ends meet".

Economists in 79 countries who were surveyed by Oxfam said they projected their countries would experience an "increase" to a "major increase" in income inequality due to the pandemic.

"Their increasing wealth should be used instead to save millions of lives and billions of livelihoods". The wealth of Indian billionaires grew 35 per cent during the lockdown and 90 per cent since 2009 to $422.9 billion.

Homeless shelter in Dublin on 20 January 20201

The combined wealth of 10 men increased during the coronavirus pandemic by $540bn (£400bn), Oxfam has found.

Mirroring this global inequality trend, Ireland's own nine billionaires saw their fortunes increase by €3.28 billion since March - a tenth of which would pay for a Covid-19 vaccine for every person in the Republic of Ireland.

Oxfam argued in its report that fairer economies are the key to a rapid economic recovery from Covid-19.

East Asia and Pacific's 610 billionaires have seen their fortunes increase by $1.3 trillion dollars since March, enough to give all 64 million people forced into poverty by Covid-19 in the region a cheque for $20,000 each. "Their mass exodus on foot triggered by the sudden lockdown turned the health emergency into a humanitarian crisis", said the Oxfam report.

In this regard, it found that only 6 per cent of the poorest 20 per cent households had access to non-shared sources of improved sanitation, compared to 93 per cent of the top 20 per cent households in India.

The non-profit group said other top India billionaires like Shiv Nadar, Cyrus Poonawalla, Uday Kotak, Azim Premji, Sunil Mittal, Radhakrishan Damani, Kumar Manglam Birla and Laxmi Mittal working in sectors like coal, oil, telecom, medicines, pharmaceuticals, education and retail also saw an exponential rise in wealth since March past year.

Facebook envoie un curieux signal — Réseaux sociaux
Face à la polémique engendrée par l'annonce de ses nouvelles conditions d'utilisation, WhatsApp a décidé d'en repousser l'entrée en vigueur.

China surpasses United States as largest recipient of FDI in 2020
It is the amount of foreign direct investment that fell globally in 2020, from $ 1.5 trillion in 2019 to $ 859 billion in 2020. It was the lowest level since the 1990s and 30% below the investment trough that followed the 2008-09 global financial crisis.

Capitals beat Sabres in shootout despite Alex Ovechkin sitting out
In the second period, the Capitals extended their lead with a goal from Nick Dowd, but the Sabres tied it right back up. This brings up a lot of questions heading into Sunday's rematch and the future of the Caps' season.

Conseillé:

  • Joe Biden to reinstate Covid travel restrictions on travellers from UK

    Joe Biden to reinstate Covid travel restrictions on travellers from UK

    The South Africa variant has not been discovered in the United States, but another variant - originating in the United Kingdom - has been detected in several states.
    Angers: Tout savoir sur Bordeaux

    Angers: Tout savoir sur Bordeaux

    Au Matmut Atlantique, les Marines et Blancs vont jouer le match Bordeaux - Angers SCO. Les Girondins de Bordeaux ont très bien démarré la rencontre.
    Spinderella Blasts Salt-N-Pepa Lifetime Biopic

    Spinderella Blasts Salt-N-Pepa Lifetime Biopic

    Spinderella has filed a lawsuit against Salt-N-Pepa claiming she is owed millions in royalties and other damages. Fans of trailblazing female rappers Salt-N-Pepa can catch their new biopic tonight, January 23, at 8 p.m.
  • With COVID-19 variant positives, Michigan pauses athletics

    With COVID-19 variant positives, Michigan pauses athletics

    Michigan State on Thursday, at Rutgers on Feb. 1, at home against Minnesota on Feb. 4 and at home against Maryland on Feb. 7. Games with IN (1/30), Northwestern (2/3), and MSU (2/6), would also presumably be postponed due to the shutdown.
    UAE cabinet gives nod to establishing an embassy in Israel

    UAE cabinet gives nod to establishing an embassy in Israel

    Also Sunday, the Israeli government gave the green light to the agreement with Morocco, ahead of its final approval by parliament. The UAE and Israel agreed to normalise relations in August, a deal forged largely over shared fears of Iran.
    Trump coronavirus adviser says some saw it as 'hoax'

    Trump coronavirus adviser says some saw it as 'hoax'

    Deborah Birx made public appearances throughout 2020 as an advisor to the Trump Administration on pandemic response. When asked about President Joe Biden's executive orders on the pandemic, Birx said, "I was an N of 1".
  • Tom Brady vs. Patrick Mahomes: QB eras collide Super Bowl LV

    Tom Brady vs. Patrick Mahomes: QB eras collide Super Bowl LV

    Aided in part by a defensive pass interference penalty on Kevin King, on of two bad plays from the cornerback on the afternoon. The Bucs converted for a first down, and then Brady connected with receiver Scotty Miller for a 39-yard touchdown.
    Only Six New County Cases Reported Friday

    Only Six New County Cases Reported Friday

    The far northeastern province of Heilongjiang reported another 29 cases, linked partly to an outbreak at a meat processing plant. As of Sunday, more than 417,000 people have died from Covid-19 in the United States , according to Johns Hopkins University .
    Plane crash kills president, 4 players from Brazilian soccer club Palmas

    Plane crash kills president, 4 players from Brazilian soccer club Palmas

    The Brazilian soccer club Palmas lost four players and its president to a plane crash on Sunday. Palmas Futebol e Regatas was founded in 1997 and plays in Brazil's fourth division.
  • Scottish leader accuses Boris Johnson of 'fearing democracy' over independence issue

    Scottish leader accuses Boris Johnson of 'fearing democracy' over independence issue

    Support for a United Ireland stands at 42% according to the polls, versus 47% who object to Northern Ireland leaving the UK. A Panelbase within the survey found that Scotland would vote for independence by a margin of 52 per cent to 48 per cent.
    UK's COVID-19 variant is more deadlier than the original one?

    UK's COVID-19 variant is more deadlier than the original one?

    Ian Jones, professor of Virology at the University of Reading, said "the data is limited and the conclusions preliminary". Pubs, restaurants, entertainment venues and many shops are closed, and people are required to stay largely at home.
    La nouvelle sortie de Grenier sur son avenir — Rennes

    La nouvelle sortie de Grenier sur son avenir — Rennes

    Il s'était déjà montré particulièrement accédé à la 40e minute, après avoir été averti... "L'agacement n'est pas sur notre match". C'est un peu décevant mais il ne faut pas s'arrêter là-dessus " a accusé l'ancien Lyonnais.


Populaire

Pakistan Announce 17-man Squad for First Test Against South Africa
He played in the Indian Premier League in the United Arab Emirates and home series against Sri Lanka. Middle-order batsmen - Azhar Ali, Babar Azam , Fawad Alam , and Saud Shakeel.

Klopp upbeat despite 'frustrating' FA Cup loss to Manchester United
Manchester United striker Marcus Rashford is to have a scan on a knee injury suffered during Sunday's 3-2 FA Cup victory against Liverpool . "Have to look forward now, a job to do on Thursday", Milner tweeted.

Uncapped Odogwu and Randall in England squad for Six Nations
Notable omissions are Wasps flanker Jack Willis and Bath back Jonathan Joseph, who are named in a 12-man shadow squad . Kyle Sinckler, who is now on a suspension and will miss the game against Scotland has been left out.

Australia approves Pfizer Covid 19 vaccine for emergency use
Pfizer's vaccine met safety, efficacy and quality standards and has been approved for people aged 16 and older, the TGA said. Some of the more commonly heard of vaccines such as Pfizer, Moderna and AstraZeneca are already being distributed.

L1 : Lille gagne à Rennes et colle au PSG
Lille poursuit sa route dans cette saison de Ligue 1 , avec une troisième victoire cosnécutive par un but d'écart. A la 24e minute, le LOSC a cru obtenir un pénalty après une faute sur Jonathan David .

Trump's ex-White House press secretary plans to run for governor
The three are running to succeed current Governor Asa Hutchinson , a Republican who is unable to run next year due to term limits. Tim Griffin (R) and Attorney General Leslie Rutledge (R), both of whom have already said they will run.

Kansas Advances Anti-Abortion Measure on Roe’s Birthday | Government and politics
The measure was approved 86-38, giving abortion opponents two votes more than the two-thirds majority necessary for passage. If the measure is approved by a two-thirds majority in both chambers, it would go in August 2022 primary ballot .

World drug tycoon arrested in the Netherlands
While living in secret, however, he attended lavish parties and even lost $85 million at a casino in Macao in a single night. Tse Chi Lop has been likened to Mexico's El Chapo due to his crimes and the police tracked the drug lord for over a decade.

Lyon en balade à Saint-Étienne avant de recevoir les Girondins
Une soirée très agréable pour l'attaquant, qui avait d'ailleurs débuté avant la rencontre. Marcelo et Kadewere ont notamment signé un doublé chacun.

'Happy 10 Years Old Friend!'
Universal Music Publishing Group also celebrated the momentous occasion, noting some of its achievements in the past 10 years. In an "On this day" tweet , the entertainment giant said: Adele "graced the world with her iconic second studio album".