Category: Corporate Greed

Gas leak: The massive cost of not taxing companies revealed

Forcing companies that extract gas from Australian waters to pay royalties and a tax upon their surging profits would comfortably add $60 billion to the budget bottom line in coming years, independent modelling finds.

Gas leak: The massive cost of not taxing companies revealed

The Fed Should Not Punish Working People for Inflation Driven by Big Oil’s Greed | The Smirking Chimp

The current state of inflation is not domestic. It’s not wages, It’s global and driven by energy pricing greed. It’s Capitalist profit taking advantage and it needs to be stopped in it’s tracks. If the fossil fuel companies had been taxed and profits shared via royalties and higher wages inflation wouldn’t seem such a problem. The Reserve Bank raising interest rates won’t stop it. It’s global and Multinational Global Corporations are causing the price tsunami for their benefit alone.

If you own a car, pay energy bills, or buy groceries, then you have probably noticed that prices are soaring. The cost of food is up 10% and the cost of a gallon of gas is up 50% from a year ago. And in May this year, median monthly rent hit a record high at $2,002. We’re experiencing the highest levels of inflation in 40 years, which is taking a particularly harsh toll on low-income households.

The Fed Should Not Punish Working People for Inflation Driven by Big Oil’s Greed | The Smirking Chimp

Corporate chiefs warn net zero laggards – Michael West

Much of corporate Australia is outdoing the government on climate ambition but some have little more than motherhood statements and no firm plan to achieve net zero, a business forum has been told.

Corporate chiefs warn net zero laggards – Michael West

Robbing Australia: profits soar for gas giants, royalties and tax languish – Michael West

What's the scam?

Foreign gas giants Shell, Chevron, Exxon are enjoying an explosion in revenue while paying virtually no income tax and forking out just spare change in royalties. What’s the scam?

Source: Robbing Australia: profits soar for gas giants, royalties and tax languish – Michael West

Barely Legal: The Global Uber Enterprise – » The Australian Independent Media Network

In terms of the gig economy, there are few more ruthless buccaneers than this San Franciscan ride-share company that has persistently specialised in cutting corners and remaking them. Those taken aback by the latest leaked files about Uber’s conduct would do well to remember the initial stages of the company’s growth, and the protests against it. Globally, the taxi fraternity raged against the encroachment of this new, seemingly amorphous bully. Some authorities heeded their wishes, seeing an alternative option in transportation.

Barely Legal: The Global Uber Enterprise – » The Australian Independent Media Network

Time to end the party of greed – » The Australian Independent Media Network

 

Morrison has a unique campaigning method. Death by boring repetition, and a boundless lack of shame. Only today he was upset that Lismore residents are not more grateful for Government assistance. He also broke old ground today, informing us that if we vote for Labor, we will get Labor. That is something of a compliment to the Australian Electoral Commission, and a huge relief. He sees no warning in the South Australian election debacle. So, call the election. We know you now.

Source: Time to end the party of greed – » The Australian Independent Media Network

Koch Industries refuses to break ties with Russia despite Corporate America’s mass exodus | Salon.com

Charles Koch and Vladimir Putin (Photo illustration by Salon/Getty Images)

Over the past two weeks, Koch Industries has distinguished itself as one of the few major corporations to remain in Russia as the country’s president, Vladimir Putin, continues to carry a full-scale military invasion of Ukraine. Nearly 400 companies – such as McDonald’s, Starbucks, BP, Deloitte, Ford, GM, Hilton, and Netflix – have suspended their operations in or divested from the Russian economy.

Still, Koch Industries is not the only laggard. Companies like Halliburton, AbbVie, Bosch, Cargill, Subway, White & Case, Accor, and Amway have apparently refused to sever ties. Many of them have argued that breaking away from the country would be most punishing to Russian citizens, especially amid crippling U.S. sanctions.

Source: Koch Industries refuses to break ties with Russia despite Corporate America’s mass exodus | Salon.com

Riches for Australian miner equals misery for Thai villagers – Michael West Media

Kingsgate, ISDS

Pirates with Confected Rights have no concern for people

A Thai gold mine owned by Australian company Kingsgate has been accused of creating “deserted villages with broken families”. It was closed by the Thai government, but an obscure clause in a “free trade” agreement has allowed the lucrative mine in Central Thailand to reopen. Tim Ginty reports.

Source: Riches for Australian miner equals misery for Thai villagers – Michael West Media

Covid Vaccine Makers Promise Investors They’ll Hike Prices

Doctor returns a dose of the Moderna COVID-19 Vaccine to a refrigerator unit in Central Falls, RI on March 1, 2021.

behind the approved coronavirus vaccines — Johnson & Johnson, Moderna, and Pfizer — have quietly touted plans to raise prices on coronavirus vaccines in the near future and to capitalize on the virus’s lasting presence.

Covid Vaccine Makers Promise Investors They’ll Hike Prices

‘Unjustly enriched’: Mounting calls for corporate Australia to repay JobKeeper as profits recover

Automotive company Toyota was the first major corporate to announce it would repay JobKeeper.
Scott Morrison thought good governance was to pay the coroporations they never commit fraud

Corporate governance experts are urging more of Australia’s big companies to repay funds received through the federal government’s JobKeeper wage subsidy scheme, warning taxpayers will bear the brunt of the $90 billion cost for decades.

‘Unjustly enriched’: Mounting calls for corporate Australia to repay JobKeeper as profits recover

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

In September 20th, the International Consortium of Investigative Journalists (ICIJ) –the reporters who brought us the “Panama Papers” and the “Paradise Papers” — released the “FinCEN Files,” in collaboration with Buzzfeed News. The FinCEN Files are the result of a U.S. leak of 2,100 “Suspicious Activity Reports” (SARs) – covering over 18,000 transactions — filed by banks when they believe a transaction may involve fraud, corruption, or other criminal activity. SAR reports are not public. A former U.S. Treasury official leaked the documents to expose corruption.

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

Corporations Like Amazon Hire Union-Busting Labor Spies All the Time

Amazon was recently busted hiring intelligence experts to spy on Amazon workers. The practice is unfortunately common — most major multinational corporations have surveillance divisions which overlap with government intelligence agencies, creating a single, powerful security apparatus at the disposal of both the federal government and private corporations to use against workers.

Corporations Like Amazon Hire Union-Busting Labor Spies All the Time

ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)

A tax magnet collects dollars from a map of Australia.

Key points:

The ATO’s corporate tax transparency data again shows that hundreds of companies have been able to reduce their tax bills to zero
ATO deputy commissioner Rebecca Saint said the agency was still seeing some companies avoid tax by shifting profits offshore
Company financial accounts do not always give the full picture of tax positions and the ATO wants companies to be more transparent

via ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)

Wall Street billionaires join forces to create $670b powerhouse

Brookfield chief Bruce Flatt.

Isn’t this against all investment principles that the greater the diversity of shares the lesser the risk? That there’s safety in numbers. Doesn’t this principle apply to management of investments? It wasn’t that long ago the people of America had to bail out the Chase Manhattan Bank the worlds biggest bank. Has 2008 been forgotten? (ODT)

More deals ahead

Billionaire bond trader Jeffrey Gundlach is also an indirect part of this universe. Oaktree owns 20 per cent of his DoubleLine Capital LP after spending about $US20 million for its stake in 2009.

Such constellations of billionaires are likely to become more common as the world of finance consolidates. Marks expects plenty more deals.

“The industry is continuing to drive toward concentration of greater amounts of money in fewer groups,” he said. “Strategic partnerships are going to be a theme for the future.”

Wall Street billionaires join forces to create $670b powerhouse

Universities increase profits at low-paid workers’ expense

Universities have become institutions whose primary aim is to make money, in particular by attracting more high paying overseas students than their competitors and cutting back on labor costs of both academic staff and support services.

Source: Universities increase profits at low-paid workers’ expense

Unclaimed wages likely to top one billion dollars

 

A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.

The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.

via Unclaimed wages likely to top one billion dollars

It’s raining bonuses at RFG after horror for investors, franchisees

Retail Food Group paid some of its top brass lavish pay packets over the past 12 months even as its market value decimated from a high of $897 million to just $77 million during that time.

The revelations of hefty salaries and additional bonuses at RFG came as the embattled franchise chain which owns the Gloria Jeans and Donut King brands among other businesses announced on Friday it had appointed restructuring expert Peter George as its new chairman.

via It’s raining bonuses at RFG after horror for investors, franchisees

It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Greed is good. Or so said Michael Douglas’ character Gordon Gekko in the 1980s hit film Wall Street. Gekko went further, stating “Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind”.’

But greed also leads Australian banks to steal from dead people.

via It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Fake News this is Fake

The industry spends billions of dollars per year convincing Americans that bottled water is safer than tap—even though more than two-thirds of the product comes from municipal water sources

via Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Apartments recently built and under construction in Sydney

via Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

There were other concerning details in the contract, like the high rates Whitefish was charging for labor. The company was paying $240 an hour for a general foreman and $227 for a lineman. For some context, the U.S. Bureau of Labor Statistics says first-line supervisors of construction sites make about $43 an hour and construction laborers make about $23 an hour.

Source: Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

The long read: For a century, the East India Company conquered, subjugated and plundered vast tracts of south Asia. The lessons of its brutal reign have never been more relevant

Source: The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian

Heather Bresch, Mylan executive who came under public scrutiny this week for raising EpiPen prices, reportedly raised prices more than 20% on 24 products

Source: EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian