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Oxfam

World’s richest 1% earned 82% of new wealth in 2017: Oxfam

PARIS: 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…

Apple, Microsoft, other US firms hiding $1.6 trillion in offshore tax havens: Oxfam

WASHINGTON: The 50 largest US companies, including Apple, Microsoft and Wal-Mart, are parking about $1.6 trillion in offshore tax havens to reduce their US tax burden, according to a study published Wednesday.  Poverty-fighting organization Oxfam America said the sum for 2015 was a $200 billion increase over the prior year. The report cites the companies' own data. While not illegal, the companies "used a secretive network of 1,751 subsidiaries in tax havens to stash" their earnings outside the United States, Oxfam…

Four Indonesians wealthier than poorest 100 million: Oxfam

JAKARTA: The four richest Indonesians are wealthier than the poorest 100 million people in the country, a study has found, highlighting how huge numbers have been left behind as the economy booms. Oxfam said that President Joko Widodo had failed to fulfill pledges to fight inequality and called on the government to urgently increase spending on public services and make corporations and the wealthy pay more tax. Indonesia has enjoyed an economic boom that has reduced the number of people living in extreme poverty but…

‘Eight men own half the world’s wealth’

LONDON: Eight men own the same wealth as half the world's population, a level of inequality which "threatens to pull our societies apart", Oxfam said on Monday ahead of the World Economic Forum opening in Davos. The wealth of the world's poorest 3.6 billion people is the equivalent to the combined net worth of six American businessmen, one from Spain and another from Mexico. Picked from Forbes' billionaires list, they include Microsoft founder Bill Gates, Mark Zuckerberg who co-founded Facebook, and Jeff Bezos, founder…

BISP to provide vocational training to youth with Oxfam cooperation

ISLAMABAD: Benazir Income Support Program (BISP) will provide vocational and technical training to eighty beneficiaries or their family members in Lahore and Karachi who would be integrated in the market for employment. In this regard, a Memorandum of Understanding (MoU) was signed between the Benazir Income Support Program (BISP), Young Parliamentarians Forum (YPF) and Oxfam International. The trained beneficiaries will also attend entrepreneurship courses in several private universities and other institutions. They…