Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 301

Posts Tagged ‘profits’

‘Cash machine’ Apple creates poor societies

Posted by fidest press agency su giovedì, 29 ottobre 2015

amsterdamAmsterdam. On the same day as Apple Inc. is set to announce its financial results for the fourth quarter, the GoodElectronics Network and SOMO are publishing a critical paper on the company. The paper explains how Apple is short-changing societies by acting as a financial investor when handling its enormous company profits instead of reinvesting it into the real economy. The multinational shrewdly minimises its corporate costs through the relentless offshoring of production and related ‘activities’ to low-wage countries and tax havens. Its accumulated returns far outstretch Apple’s capacity to reinvest its earnings productively. As a result, Apple increasingly operates like a large institutional investor, investing most of its mounting cash pile in financial markets.
The case of Apple does not stand on its own but is just one example of how multinational corporations have collectively come to embrace Wall Street’s maxim of shareholder value, leading to a global ‘race to the bottom’. The overall outcome of these developments is paradoxical.
Impoverishing societies. Never before were corporations more awash with cash, outside of a small group of corporate managers and shareholders hardly anyone is benefiting. On the contrary: corporate financial investments reinforce troubling trends of high unemployment, rising debts, inequality and fiscal austerity in Europe and the US an precarious and badly paid jobs in the Global South. When governments around the globe deal with lower corporate income taxes, it leads to hikes in different types of tax and/or reductions in public investments and services. All this at a time when workers worldwide are struggling with reduced purchasing power. As a result, mounting corporate riches based on cheap labour and relentless tax dodging reinforce ballooning public and private debts.
To contribute to a more balanced and sustainable economy, multinational corporations should be forced by governments to:
pay their fair share in taxes. Ultimately, from a long-term perspective these changes will also benefit multinational corporations, including Apple and their shareholders, as the status quo is simply unsustainable.

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Letter to editor: from Obama

Posted by fidest press agency su domenica, 15 Mag 2011

Riccardo I spent this week moving boxes and getting set up in our new campaign headquarters in Chicago, but something happened in Washington that I want to make sure you know about. The CEOs from the five major oil companies — which together booked $36 billion in profits in the first quarter of 2011 alone — went to the Senate on Thursday to try to justify the $4 billion in tax giveaways they’re receiving this year. It’s a head-smackingly obvious example of how broken Washington is that there’s even a question about this. These companies don’t need and don’t deserve taxpayer money — especially with a budget deficit to close and gas prices at or near record highs. Even worse is the fact that when the Senate tries to strip these oil company giveaways, it’s likely that a minority of senators will block a vote from happening. And even if the Senate manages to pass a bill eliminating the giveaways, there’s little chance it will be brought up for a vote in the House. Here’s why: These five companies are expert manipulators of the money-for-influence game in Washington that the President is working to change. It’s simple math — they spent more than $145 million last year on nearly 800 lobbyists whose job is to defeat bills like this one. The $4 billion they’ll likely get to keep as a result represents a 2,700% return on their investment. I’d like to be able to say with certainty that you can do something to help pass this bill, but the fact is that at this stage we may not be able to affect the outcome of next week’s vote. What we can do is build a campaign that will keep a spotlight on issues like this and the fundamental reasons why Washington doesn’t work. Our campaign doesn’t take money from Washington lobbyists or special interest PACs. This organization will be a living example of doing politics a different way — from the bottom up; of, by, and for ordinary people. That example and the results we achieve on Election Day are the biggest blows we can strike against a dysfunctional system and the distorted outcomes it creates.

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Caritas in Veritate

Posted by fidest press agency su giovedì, 9 luglio 2009

Caritas Internationalis says the emphasis on justice and the common good in Pope Benedict XVI’s new Encyclical Caritas in Veritate offers a new vision of economics, politics and society based on shared duty to care for humanity and the environment.  The encyclical reflects on Pope Paul VI’s Populorum Progressio more than 40 years after its publication in the light of globalisation and the collapse of the unregulated free market economy in 2008.   Caritas Internationalis Secretary-General Lesley-Anne Knight said, “Caritas in Veritate highlights how a blind pursuit of profits over ethics had become detrimental to people and the planet. The encyclical comes at a key moment for development with decades of progress at risk. The number of people going hungry has increased by 100 million to over a billion last year.  “The crisis exposed systemic failures generated by careless speculation for the benefit of a handful of people and at the expense of millions of poor families. But the crisis offers a unique chance to refashion globalisation to work for the majority. “The encyclical offers concrete steps that policy makers should explore to put us back on the path to true development. The encyclical reminds us that finance and business can work for all of humanity not just the share-holder. The return to a more equitable model based on collective duty is crucial in closing the gap between the haves and have-nots.    “Caritas welcomes Pope Benedict’s focus on improving aid. As the G8 meets in L’Aquila, rich countries like France and Italy are cutting aid to the poorest. We appeal to them to meet their promise of committing 0.7 percent of GNI to overseas aid and to making aid work for the poor rather than the donor.  “The Pope’s challenge to reform the United Nations and economic institutions is timely. The UN, IMF and the World Bank need to ensure greater participation of poor countries in decision making. “Pope Benedict speaks of our ‘grave duty’ to protecting the environment . We hope world leaders are listening to his calls for an international consensus and that the polluters must pay the costs as they meet for talks in Copenhagen in December. As the Pope says, individuals in rich countries must change lifestyles and their consumption without responsibility if we are to protect resources. “The message to humanitarian and development workers worldwide is that in our love of humankind we strive for justice and the common good. Caritas welcomes the affirmation that true charity looks at the causes of poverty and the means to overcome it.”

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