G20 vows to fight coronavirus impact on poor nations

Yahoo - AFP, March 31, 2020

Saudi Arabia's King Salman chaired last week's emergency G20 videoconference which
pledged a 'united front' in the fight against the coronavirus (AFP Photo/Bandar AL-JALOUD)

G20 finance ministers and central bankers pledged Tuesday to address the debt burden of low-income countries and deliver aid to emerging markets as part of a plan to combat the coronavirus pandemic.

The announcement followed a second round of virtual talks after G20 leaders pledged a "united front" last week and said they were injecting $5 trillion into the global economy to head off a feared deep recession.

The ministers and bankers from major industrialised and emerging economies also welcomed a $160 billion World Bank relief package to be deployed over the next 15 months to support its member countries, the Saudi hosts said in a statement.

They agreed to press ahead with a plan to address "the risk of debt vulnerabilities in low-income countries" and work to "swiftly deliver... financial assistance to emerging markets and developing countries", the statement said.

The announcement comes a day after the UN called for a $2.5 trillion aid package to help developing countries weather the pandemic, including debt cancellation and a health recovery "Marshall Plan".

A report from the United Nations Conference on Trade, Investment and Development (UNCTAD) said two-thirds of the global population based in developing countries -- excluding China -- face "unprecedented economic damage" from the crisis.

The ministers and bankers tasked G20 working groups to outline details of the plan by the group's next meeting on April 15.

G20 countries will work with the Financial Stability Board -- an international body set up after the 2008 financial crisis -- to coordinate regulatory measures in response to the pandemic, the statement added.

'Decisive actions'

The talks follow criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 40,000 people dead worldwide and triggered financial shock waves as some two-fifths of the globe's population is put under lockdown.

US President Donald Trump and Russian President Vladimir Putin joined last week's emergency summit chaired by Saudi Arabia's King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.

As concerns mount for poorer countries without access to capital markets or adequate health facilities, G20 leaders pledged to work with bodies such as the International Monetary Fund to deploy a robust financial package to support developing nations.

"We welcome the decisive actions many of you have taken to shield people and the economy from COVID-19, that led to a decline in volatility in major financial markets in recent days," IMF managing director Kristalina Georgieva said at Tuesday's meeting.

"Nonetheless we remain very concerned about the negative outlook for global growth in 2020 and in particular about the strain a downturn would have on emerging markets and low-income countries."

G20 trade and investment ministers also held an extraordinary meeting on Monday, as they assess the impact of the crisis on global trade.

They said they were working to ensure the flow across borders of medical supplies and equipment -- which are in short supply in some hard-hit nations -- as well as critical agricultural products, and other essential goods and services.

"We will guard against profiteering and unjustified price increases," they said in a statement, while also warning against trade barriers and disruption to global supply chains.

IMF, World Bank call for suspending debt payments by poorest nations

Yahoo – AFP, March 25, 2020

The World Bank's International Development Association fights poverty in some
of the world's poorest countries, including Central African Republic (AFP Photo/
CAMILLE LAFFONT)

The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world's poorest nations so they can battle the coronavirus pandemic.

"The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets," the Washington-based development lenders said in a joint statement.

The move aims to help countries that are home to two-thirds of the world's population living in extreme poverty -- largely in sub-Saharan Africa -- and qualify for the most generous, low-cost loans from the International Development Association (IDA) financed by wealthier nations.

"The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries" which will face "immediate liquidity needs to tackle challenges posed by the coronavirus outbreak," the organization said.

The IMF and World Bank called on the Group of 20 nations to support the initiative for "all official bilateral creditors to suspend debt payments from IDA countries that request forbearance."

In addition, the institutions called for an analysis of the financing needs these countries will face, and whether their total debt load is sustainable.

Part of the World Bank, the IDA is one of the largest sources of assistance for the world's 76 poorest countries, providing zero or low interest loans spread over 30 years or more, and grants to some distressed nations.

In the fiscal year ending June 30, 2019, IDA commitments totaled $22 billion, of which 36 percent was provided on grant terms, according to the World Bank.

Pope hosts meal for 1,500 poor and homeless

Yahoo – AFP, November 17, 2019

"How many elderly, unborn, disabled and poor persons are considered useless?
The greed of a few is adding to the poverty of many others," the pontiff said (AFP
Photo/Vincenzo PINTO)

Vatican City (AFP) - Pope Francis on Sunday hosted around 1,500 poor and homeless people for lunch at the Vatican, decrying indifference to poverty as the Catholic Church marked its World Day of the Poor.

"My thoughts go to those who... have promoted solidarity initiatives to give concrete hope to the most disadvantaged," Pope Francis told a mass in Saint Peter's Square ahead of the lunch.

"Recently I saw some statistics on poverty. They make you suffer -- the indifference of society towards the poor," the pope said, thanking medical staff who were providing free health care to the poor at the Vatican.

He also criticised what he called "the frenzy of running, of achieving everything right now, anyone left behind is viewed as a nuisance. And considered disposable."

"How many elderly, unborn, disabled and poor persons are considered useless. We go our way in haste, without worrying that gaps are increasing, that the greed of a few is adding to the poverty of many others."

The pope then joined his 1,500 guests for lunch in the Vatican's vast Paul VI Hall.

The menu consisted of lasagna, chicken nuggets with cream of mushrooms and potatoes, dessert, fruit and coffee.

"Thank you to the pope and thank you to the Vatican, because the Vatican helps so many poor people, and it also helps by providing medicine, this lunch of course, clothes, so many things," said Oscar, a Lithuanian who has lived in Italy for 13 years.

"We don't have good money because we work seven hours, eight hours, some people sometimes 10 hours for just 30 euros, so this is hard," said Gambian migrant worker Lamin Jarra.

Dozens of volunteers helped bring the poor to the Vatican and serve the food, including Lorenzo Ferraro, who stressed the importance of openness towards "the most deprived, the weakest."

"In a climate of general selfishness, the pope also remembers these people," he said.

Pope Francis on Sunday hosted around 1,500 poor and homeless people for lunch at the Vatican, decrying indifference to poverty as the Catholic Church marked its World Day of the Poorhttps://t.co/OtP4q6wiAn pic.twitter.com/NPMAO8j9iz

— AFP news agency (@AFP) 17 november 2019

Asia must quit 'coal addiction': UN chief

Yahoo – AFP, Joe Freeman, November 2, 2019

Several Asian megacities are at risk of flooding linked to global
warming (AFP Photo/Manan VATSYAYANA)

The UN chief on Saturday warned Asia to quit its "addiction" to coal, as climate change threatens hundreds of millions of people vulnerable to rising sea levels across the region.

The warning follows fresh research this week predicting that several Asian megacities, including Bangkok, Ho Chi Minh City and Mumbai, are at risk of extreme flooding linked to global warming.

Antonio Guterres said Asian countries need to cut reliance on coal to tackle the climate crisis, which he called the "defining issue of our time".

"There is an addiction to coal that we need to overcome because it remains a major threat in relation to climate change," he told reporters ahead of a meeting of the Association of Southeast Asian Nations (ASEAN) in Bangkok on Saturday.

He said countries in the region need to be on "the front line" of the fight by introducing carbon pricing and reforming energy policies.

"We are lagging behind," he said, adding that the rollback of coal could help curb rising global temperatures.

Coal remains a major source of power across Southeast Asia, where breakneck economic development has spurred soaring energy demands -- but at a cost to the environment.

Antonio Guterres said Asian countries need to cut reliance on coal to
head off the climate crisis (AFP Photo/Joe Freeman)

About one-third of Vietnam's energy comes from coal power with a slew of new plants set to come online by 2050, while Thailand is investing in fossil fuels.

Coastal areas across Southeast Asia have already seen major floods and seawater incursion linked to climate change.

New research this week showed that at least 300 million people worldwide are living in places at risk of inundation by 2050, a much bleaker picture than previous data predicted.

Destructive storm surges fuelled by increasingly powerful cyclones and rising seas will hit Asia hardest, according to the study in the journal Nature Communications.

The UN chief also spoke on Myanmar's persecuted Rohingya Muslims, nearly three-quarters of a million of whom were driven into Bangladesh in 2017.

He urged Myanmar's government to "address the root causes of displacement and allowing of the return, voluntary and in safety and dignity" to Myanmar.

"Some steps have been done but they are too small. We need to do much more," he said.

Myanmar's de facto leader Aung San Suu Kyi is also in Bangkok for the summit and is likely to face pressure over her country's treatment of the Rohingya, particularly from Muslim-majority Malaysia and Indonesia.

Myanmar has rebuffed all international pressure so far while only hundreds of Rohingya have returned to Myanmar, due to fear of further repression.

Related Articles:

"Recalibration of Free Choice"– Mar 3, 2012 (Kryon Channelling by Lee Caroll) - (Subjects: (Old) Souls, Midpoint on 21-12-2012, Shift of Human Consciousness, Black & White vs. Color, 1 - Spirituality (Religions) shifting, Loose a Pope “soon”, 2 - Humans will change react to drama, 3 - Civilizations/Population on Earth, 4 - Alternate energy sources (Geothermal, Tidal (Paddle wheels), Wind), 5 – Financials Institutes/concepts will change (Integrity – Ethical) , 6 - News/Media/TV to change, 7 – Big Pharmaceutical company will collapse “soon”, (Keep people sick), (Integrity – Ethical) 8 – Wars will be over on Earth, Global Unity, … etc.) - (Text version)

“… 4 - Energy (again)

The natural resources of the planet are finite and will not support the continuation of what you've been doing. We've been saying this for a decade. Watch for increased science and increased funding for alternate ways of creating electricity (finally). Watch for the very companies who have the most to lose being the ones who fund it. It is the beginning of a full realization that a change of thinking is at hand. You can take things from Gaia that are energy, instead of physical resources. We speak yet; again about geothermal, about tidal, about wind. Again, we plead with you not to over-engineer this. For one of the things that Human Beings do in a technological age is to over-engineer simple things. Look at nuclear - the most over-engineered and expensive steam engine in existence!

Your current ideas of capturing energy from tidal and wave motion don't have to be technical marvels. Think paddle wheel on a pier with waves, which will create energy in both directions [waves coming and going] tied to a generator that can power dozens of neighborhoods, not full cities. Think simple and decentralize the idea of utilities. The same goes for wind and geothermal. Think of utilities for groups of homes in a cluster. You won't have a grid failure if there is no grid. This is the way of the future, and you'll be more inclined to have it sooner than later if you do this, and it won't cost as much…

Water

We've told you that one of the greatest natural resources of the planet, which is going to shift and change and be mysterious to you, is fresh water. It's going to be the next gold, dear ones. So, we have also given you some hints and examples and again we plead: Even before the potentials of running out of it, learn how to desalinate water in real time without heat. It's there, it's doable, and some already have it in the lab. This will create inexpensive fresh water for the planet. 

There is a change of attitude that is starting to occur. Slowly you're starting to see it and the only thing getting in the way of it are those companies with the big money who currently have the old system. That's starting to change as well. For the big money always wants to invest in what it knows is coming next, but it wants to create what is coming next within the framework of what it has "on the shelf." What is on the shelf is oil, coal, dams, and non-renewable resource usage. It hasn't changed much in the last 100 years, has it? Now you will see a change of free choice. You're going to see decisions made in the boardrooms that would have curled the toes of those two generations ago. Now "the worst thing they could do" might become "the best thing they could do." That, dear ones, is a change of free choice concept. When the thinkers of tomorrow see options that were never options before, that is a shift. That was number four.”

“Afraid of Love” + “What’s Wrong Today”, Laguna Hills, California, US(2), Dec 9, 2018 (Kryon Channelling by Lee Carroll)

• Stagnation of the current US Politics: Compassioned (US) leaders will arise in the future
• Shortage of fresh/drinking water: Invention to make salt from salt water magnetic and remove it with water desalination process in high volumes
• Pollution on Earth: 1 - Stop killing the environment! / 2 - The rise of temperature on Earth is “temporary” and is part of the "regular" Watercycle.
• Replacement of current fossil energy source: Use of magnetics based (small/big) engines to produces electricity / free energy
• Plastic pollution in the oceans: Invention to remove the plastics gradually from the oceans

Pope demands 'predators' stop plundering the Earth

France24 – AFP, 27 October 2019

Vatican City (AFP) - Pope Francis said Sunday it was time for "predators" to stop plundering the Earth for financial gain, holding up the "scarred face of the Amazon" as a warning.

The poor are "threatened by predatory models of development", the pope said at a Mass at the end of a three-week Vatican assembly, or "synod", on the Pan-Amazonian region.

"The mistakes of the past were not enough to stop the plundering of other persons and the inflicting of wounds on our brothers and sisters and on our sister earth: we have seen it in the scarred face of the Amazon region," he said.

Some 184 Catholic bishops had gathered at the Vatican with representatives of indigenous peoples, experts and nuns, to discuss a multitude of regional concerns, from the destruction of the rainforest and the global climate emergency, to land-grabbing and the exploitation of indigenous peoples.

Francis slammed those with power who look down on others: "considering them backward and of little worth, they despise their traditions, erase their history, occupy their lands, and usurp their goods".

And he admitted that, "even in the Church", there were those who scoff at the poor or silence them as inconvenient.

The pope warned that those who prey on or discard the vulnerable and weak will pay a price eventually, saying that the poor are "the gatekeepers of heaven".

"They are the ones who will open wide or not the gates of eternal life," he said.

The bishops issued a list of recommendations Saturday on the last day of the assembly, including an appeal for Francis to make damaging the environment a sin.

They also suggested married "men of proven virtue" could be allowed to join the priesthood in remote corners of the Amazon, where communities seldom have Mass due to a lack of priests.

US trio win Nobel Economics Prize for work on poverty

Yahoo – AFP, Johannes LEDEL, October 14, 2019

It turns out you don't have to be old and male to win a Nobel prize
in economics (AFP Photo/Miguel RIOPA)

Stockholm (AFP) - A trio of Americans on Monday won the Nobel Economics Prize for their work in the fight against poverty, including Esther Duflo, the youngest-ever economics laureate and only the second woman to win the prize.

Duflo -- a 46-year-old French-American professor who has served as an advisor to ex-US president Barack Obama -- shared the Nobel with her husband, Indian-born Abhijit Banerjee and fellow American Michael Kremer "for their experimental approach to alleviating global poverty," the Royal Swedish Academy of Sciences said.

"This year's laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty," the jury said.

The science academy said that "more than 700 million people still subsist on extremely low incomes", and that around five million children under the age of five still die every year from preventable or curable diseases.

The trio found efficient ways of combating poverty by breaking down difficult issues into smaller, more manageable questions, which can then be answered through field experiments, the jury said.

'A new approach' in the fight against global poverty (AFP Photo/Jonathan 

NACKSTRAND)

Duflo is only the second woman to win the Nobel Economics Prize in its 50-year existence, following American Elinor Ostrom in 2009.

Ultra rich, ultra poor

Banerjee and Duflo are professors at the Massachusetts Institute of Technology (MIT), while Kremer is a professor at Harvard University, all based in Boston.

Duflo has made her name conducting research, together with her husband, who was her PhD supervisor, on poor communities in India and Africa, seeking to weigh the impact of policies such as incentivising teachers to show up for work or measures to empower women.

Her tests, which have been likened to clinical trials for drugs, seek to identify and demonstrate which investments are worth making and have the biggest impact on the lives of the most deprived.

"Economics have a lot to say why the times are hard and what to do about it," Duflo said at a press conference at MIT in Boston.

"The two groups that did relatively well in the world economy are the ultra-rich and the ultra-poor."

'Our vision of poverty is dominated by caricatures and cliches' (AFP Photo/

Xavier GALIANA)

But she noted that even when basic material comforts are covered for people in developed economies "their full life might have the same level of misery and unhappiness that some of the extremely poor people we study."

Banerjee said governments have not taken seriously the harm inflicted from globalisation.

"The policy response to the pain caused by globalisation was inadequate often been the wrong direction," he said.

Not enough women

Duflo told the Nobel committee in a phone interview that she didn't think it was possible to win the prize "before being significantly older than any of the three of us."

Banerjee is 58 and Kremer is 54.

Addressing the fact that so few female economists have been honoured, Duflo said this was also a reflection of the field in general.

"There are not enough women in the economics profession period, so you see this problem at all levels," Duflo told the Nobel Prize website.

In the past 20 years, more than three-quarters of economics laureates have been American white males over the age of 55.

Indian-born Abhijit Banerjee is a vocal critic of Prime Minister Narendra Modi 

(AFP Photo/SANJAY KANOJIA)

French President Emmanuel Macron hailed the "magnificent" Nobel awarded to Duflo, writing on Twitter that her work "shows that research in this field can have a concrete impact on the well-being of humanity".

Duflo said her husband and fellow laureate had "gone back to sleep" after receiving the call from the academy.

Banerjee in a later interview confessed he was not "an early morning person".

But he said he was "delighted" that research into alleviating poverty had received some attention.

The son of two economists, Banerjee grew up in Kolkata in eastern India, and has been a vocal critic of Indian Prime Minister Narendra Modi.

Ahead of elections earlier this year -- that saw Modi cruise to a second term -- Banerjee advised the opposition Congress party on its proposed guaranteed basic income guarantee scheme for tens of millions of India's poorest.

Kremer worked in schools in Kenya and helped with vaccines programmes (AFP 

Photo/Jon CHASE)

In the 1990s, Kremer used field experiments to test interventions to improve school results in western Kenya.

He has also helped develop programmes to incentivise the distribution of vaccines for diseases in the developing world.

Only Nobel not in will

Unlike the other Nobels awarded since 1901, the Economics Prize was not created by the prizes' founder, philanthropist and dynamite inventor Alfred Nobel, in his 1895 will. It was created in 1968 to mark the 300th anniversary of Sweden's central bank, and first awarded in 1969.

Each of the Nobels comes with a prize sum of nine million Swedish kronor ($914,000, 833,000 euros), to be shared if there is more than one winner in the discipline.

But unluckily for recent winners, the prize's value has lost around $185,000 in the past two years, due to the depreciation of the Swedish krona.

This year's Nobel laureates will receive their awards at ceremonies in Stockholm and Oslo on December 10, the anniversary of the 1896 death of Alfred Nobel.

Davos elites warned on populist rage, economic uncertainty

Yahoo – AFP, Nina Larson with Heather Scott in Washington, January 21, 2019

Global elites arriving in Davos for the World Economic Forum were met with
 urgent warnings about popular anger and economic uncertainty (AFP Photo/
Fabrice COFFRINI)

Davos (Switzerland) (AFP) - Global elites descending on Davos for the World Economic Forum faced urgent warnings from Oxfam and the IMF on Monday that the international economy is at risk, as swelling inequality stokes public anger.

Even before the official kick-off of the annual week of networking and socialising by the world's rich and influential, it was clear that this year's event would be shadowed by increasing instability and an upsurge in populism.

Leaders from the United States, France, Britain and Zimbabwe have stayed away from the Swiss ski resort in order to put out political fires back home, largely stoked by popular anger against the elite.

The International Monetary Fund warned in an update to its global economic forecasts that US-China trade confrontations, Brexit and other sources of uncertainty were threatening to drag down global growth even further than its already pessimistic outlook published three months ago.

International Monetary Fund Managing Director Christine Lagarde warned

 that the world economy is growing more slowly than expected (AFP Photo/

Fabrice COFFRINI)

The IMF cut the global GDP forecast for this year to 3.5 percent from the 3.7 percent projected in October. For 2020, the estimate was trimmed to 3.6 percent.

"The bottom line is that after two years of solid expansion, the world economy is growing more slowly than expected, and risks are rising," IMF chief Christine Lagarde told reporters in Davos.

"Does that mean that a global recession is around the corner?" she asked. "No. But the risk of a sharper decline in global growth has certainly increased."

Brexit worries

IMF chief economist Gita Gopinath pointed to the uncertainty surrounding Britain's divorce from the European Union, with no deal in sight just weeks before Brexit is meant to take effect on March 29.

"It is imperative for leaders to resolve this uncertainty immediately," Gopinath said.

Oxfam executive director Winnie Byanyima says that "extreme inequality is 

out of control" (AFP Photo/Fabrice COFFRINI)

And while growth is slowing, Oxfam warned in a report timed for the start of the Davos forum that inequality is not.

The UK charity found that the world's 26 richest people -- three of them set to come t to Davos this week -- now own the same wealth as the poorest half of humanity.

"Extreme inequality is out of control," Oxfam executive director Winnie Byanyima told AFP in an interview.

While billionaires saw their combined fortunes grow by $2.5 billion each day last year, the world's 3.8 billion poorest saw their relative wealth decline by 11 percent.

Oxfam warned that the growing gap between rich and poor was undermining the fight against poverty, damaging economies and fuelling public anger.

It also urged countries to slap more taxes on the wealthy.

Findings of Oxfam report on inequality (AFP Photo/Kun TIAN)

The IMF released its report at the annual gathering of economic and financial leaders and once again urged action to defuse the risks.

Several major economies saw sharp downgrades to the GDP estimates, including Germany, Italy and Mexico, along with a smaller cut for France amid the "yellow vest" demonstrations that have riven the country.

However, the US and China, the world's two largest economies and the source of much of the global risk because of a trade war, did not see revisions.

The US is expected to grow by 2.5 percent this year and by 1.5 percent in 2020. China's GDP is forecast to expand by 6.2 percent in both years, as the Asian giant endures an unaccustomed slowdown.

Weakened global economy

An "escalation of trade tensions ... remains a key source of risk to the outlook," the IMF warned, pointing to the sharp decline in stock markets in the final weeks of 2018.

Business delagates and officials flocked to Davos for the economic forum, but

 leaders from the US, France, Britain and Zimbabawe stayed away to tackle

problems back home (AFP Photo/Fabrice COFFRINI)

Washington and Beijing declared a 90-day truce on December 1, but the risk remains that tensions will flare up again in the spring and "casts a shadow over global economic prospects."

Another major concern is the potential for a more severe slowdown in China, which would have repercussions throughout Asia.

So far, a fiscal stimulus in China has cushioned the impact of the trade disputes, but the IMF insisted the two sides "resolve cooperatively and quickly" their trade disagreement.

Beyond the trade risks, the month-long US government shutdown and the possibility of a no-deal Brexit alarmed the IMF.

It forecast 1.5 percent growth for Britain in 2019, the same as in October, but warned the estimate is fraught given the unknowns of Brexit.

Obama delights sick children as Santa in Washington

Yahoo - AFP, December 20, 2018

Dressed in a Santa hat and carrying gifts, @BarackObama takes on a new role as Father Christmas for a surprise visit to sick children in Washingtonhttps://t.co/0hF9IgafCC

— AFP news agency (@AFP) December 20, 2018

Washington (AFP) - Former US president Barack Obama took on a new high-profile role as Father Christmas on Wednesday for a surprise visit to sick children in Washington.

Sporting a festive Santa hat and armed with a sack of gifts, he delighted young patients at Children's National hospital with gifts and hugs.

"I just want to say thank you to all of you guys," Obama told staff, who greeted him with rapturous cheers, in a video he shared on his Twitter account.

"We've had the chance to talk to some of the wonderful kids and their families," he added.

"As the dad of two girls, I can only imagine in that situation to have nurses and staff and doctors and people who are caring for them, and looking after them... that's the most important thing there is."

The 44th president of the United States still lives in Washington, where he last year dressed up as Santa to visit middle school students at a Boys & Girls Club in the capital.

Former US president @BarackObama takes on a new high-profile role as Father Christmas for a surprise visit to sick children in Washington pic.twitter.com/CubcRguife

— AFP news agency (@AFP) December 20, 2018

Richest one percent made 82% of wealth created last year: Oxfam

Yahoo – AFP, 22 January 2018

Residents walk on a wooden plank to cross a garbage-filled waterway in Manila
on January 17, 2018

The world's richest one percent raked in 82 percent of the wealth created last year while the poorest half of the population received none, Oxfam said Monday, as the world's elite prepared to mingle at the World Economic Forum in Davos.

A new report from the charity also found that the wealth of billionaires has grown six times faster than that of ordinary workers since 2010, with another billionaire minted every two days between March 2016 and March 2017.

Oxfam used its findings to paint a picture of a global economy in which the wealthy few amass ever-greater fortunes while hundreds of millions of people are "struggling to survive on poverty pay".

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," Oxfam executive director Winnie Byanyima said in a statement.

Oxfam also emphasised the plight of women workers, who "consistently earn less than men" and often have the lowest paid, least secure jobs. Nine out of 10 billionaires are men, it added.

The report, titled "Reward Work, not Wealth", used data from Credit Suisse to compare the returns of top executives and shareholders to that of ordinary workers.

It found that chief executives of the top five global fashion brands made in just four days what garment workers in Bangladesh earn over a lifetime.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing
economic system," Oxfam executive director Winnie Byanyima said in a statement

"The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors,"said Byanyima.

To fight rising inequality, Oxfam called on governments to limit the returns of shareholders and top executives, close the gender pay gap, crackdown on tax avoidance and increase spending on healthcare and education.

The study was released on the eve of top political and business figures meeting at a luxury Swiss ski resort for the annual World Economic Forum, which this year says it will focus on how to create "a shared future in a fractured world".

"It's hard to find a political or business leader who doesn't say they are worried about inequality," said Byanyima.

"It's even harder to find one who is doing something about it. Many are actively making things worse by slashing taxes and scrapping labour rights."

The world's richest one percent raked in 82 percent of the wealth created last year, says Oxfam. https://t.co/yr1DJ7LQ9H@AFPgraphics breaks down the numbers here pic.twitter.com/ZenyC6m2jO

— AFP news agency (@AFP) January 22, 2018

China's Xi vows to support UN, boost living standards

Yahoo – AFP, 31 December 2017

China's Xi vows to support UN, boost living standards

Beijing (AFP) - China will play its part in defending the international order and combating climate change while working to raise living standards for its own people, President Xi Jinping pledged Sunday in a New Year speech.

Xi said the nation was committed to economic reforms in 2018, the 40th anniversary of the transformation led by Deng Xiaoping, "as reform and opening-up is the path we must take to make progress in contemporary China and to realise the Chinese dream".

In a speech quoted by the state Xinhua news agency, Xi said that by 2020 all rural residents living below the current poverty line should have been lifted out of poverty.

It would be the first time in thousands of years of Chinese history that extreme poverty had been eliminated, he said.

"It is our solemn promise," Xi said.

The president also acknowledged shortfalls in the government's work.

"That is why we should strengthen our sense of responsibility and do a good job of ensuring the people's well-being," Xinhua quoted him as saying.

"The well-being of our people is the Party and the government's greatest political achievement."

On international affairs, Xi said China "will resolutely uphold the authority of the United Nations", actively fulfil the nation's international obligations and remain firmly committed to its pledges to tackle climate change.

His stance puts him at odds with US President Donald Trump, who has sharply criticised the UN and vowed to quit the 2015 Paris accord on combating climate change.