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'World's richest 1% get 82% of the wealth', says Oxfam

'World's richest 1% get 82% of the wealth', says Oxfam

Business
The gap between the super rich and the rest of the world widened last year as wealth continued to be owned by a small minority, Oxfam has claimed.Some 82% of money generated last year went to the richest 1% of the global population while the poorest half saw no increase at all, the charity said.Oxfam said its figures - which critics have queried - showed a failing system.It blamed tax evasion, firms' influence on policy, erosion of workers' rights, and cost cutting for the widening gap. Oxfam has produced similar reports for the past five years. In 2017 it calculated that the world's eight richest individuals had as much wealth as the poorest half of the world.This year, it said 42 people now had as much wealth as the poorest half, but it revised last year's figure to 61. Oxfam said the re...
Bell-Boeing receives $35 million contract to upgrade V-22 Ospreys

Bell-Boeing receives $35 million contract to upgrade V-22 Ospreys

Business
Jan. 19 (UPI) -- Hardware and software upgrades for the V-22 Osprey aircraft are included in a $ 34.9 million contract awarded to Bell-Boeing JPO, the Defense Department has announced.The contract, announced Thursday by the Department of Defense, sets the company up to provide upgrades for 28 flight training devices to integrate necessary software into Marine Corps and Air Force V-22s.First introduced in 2007, the aircraft is a tri-rotor helicopter with vertical takeoff and landing capability, designed to merge a helicopter's functions with the long-range cruising ability of a turboprop airplane.Work on the contract, which is expected to be finished in April 2022, will mostly be performed in Virginia, Oklahoma and Texas, with the rest spread through locations in Pennsylvania, Missouri, Flo...
Britain's May, France's Macron shore up defense commitment

Britain's May, France's Macron shore up defense commitment

Business
Jan. 19 (UPI) -- A summit meeting between British Prime Minister Theresa May and French President Emanuel Macron yielded a commitment to enhanced defense cooperation, the British government announced.After the meeting on Thursday at Royal Military Academy Sandhurst, Britain's military college, a British government statement said France will increase its support for the Forward Presence battle group in Estonia. The group, a NATO initiative led by Britain, was organized in 2016 to deter potential Russian aggression against vulnerable NATO countries on the Russian border.Britain will also deploy helicopters to Mali to provide logistical support for French troops operating a counterterrorism mission.May and Macron agreed to the creation of a two-country defense council in which the French and ...
Revealed: Carillion link to ministers' board reforms

Revealed: Carillion link to ministers' board reforms

Business
Ministers want the chairman of one of Britain's biggest construction‎ groups to spearhead a new corporate governance code for private companies - even as the sector draws intense scrutiny in the wake of Carillion's liquidation.Sky News has learnt that Greg Clark, the Business Secretary, has been asked to sign off the appointment of James Wates to lead the review.City sources said that Mr Wates, who has chaired Wates Group‎ since 2013, was expected to have been named by the Department for Business, Energy and Industrial Strategy (BEIS) in the last few days.They said this weekend that an announcement had been delayed because of the collapse of Carillion, with ministers scrambling to contain the fallout from one of Britain's most significant insolvencies for decades.Although Wates is one of t
Donald Trump and the US economy in six charts

Donald Trump and the US economy in six charts

Business
Donald Trump took his place in the White House exactly one year ago. Since then he has repeatedly claimed to be behind a new rise in the American economy. Here, six charts explore his relationship with US growth, the labour market and trade.1. The American economy is growingDonald Trump has spoken of his desire to turbo-charge the US economy to a growth rate of as high as 6%.The latest figures, released by the US Department of Commerce in December, show that it grew at an annual rate of 3.2% in the third quarter of 2017. However, after the US central bank, the Federal Reserve, raised interest rates for the third time in 2017 in December, it is possible growth will slow in the coming months.2. US stocks have had a record runThe Dow Jones Industrial Average - which follows the shares of 30 m...