Economy

The tribulations of major European banks, starting with “venerable institutions” like the Monte dei Paschi di Siena (the world’s oldest bank) and Deutsche Bank (Germany’s largest), have raised the spectre of a repeat of the crash of 2008 — a “Lehman Brothers times five” in the words of one market analyst.

Deutsche Bank has been found to be seriously under-capitalised, both according to the standards set under the Basel III international bank regulation standards and according to its own targets. The same goes for British giant Barclays.

Long-term US activist Angela Davis addressed an overflowing lecture theatre at Melbourne University on October 24.

In a wide-ranging lecture and discussion, Davis looked at the criminalisation and incarceration of communities most affected by poverty and racial discrimination.

Davis drew upon her own experiences in the 1970s, when she spent 18 months on trial after being placed on the FBI’s “Ten Most Wanted List”.

Members of the National Union of Workers (NUW) at Caltex’s site in Lytton, Queensland voted to start indefinite industrial action on October 25.

NUW members decided to take indefinite action following attempts by the company to effectively cut workers’ wages by 15%. They had been pursuing a modest annual increase in line with the Consumer Price Index, to protect their current conditions.

A new report has found that methane leakage and fugitive emissions from unconventional gas fields are likely to be much higher than industry estimates, largely because it is neither accounting for nor reporting on them.

The Federal Court has overturned the federal government’s decision to allow a $180 million deep sea port on Melville Island near Darwin without an environmental assessment.

Approval of the Port Melville oil and gas marine supply base on the banks of the near pristine Apsley Strait was reversed on October 21 after legal action by the Environmental Defenders Office (EDO) on behalf of Environment Centre NT (ECNT).

The decision means the operation of the base at Port Melville now has no Commonwealth approval and all operations must cease.  

The NSW Coalition has sold 50.4% of the publicly-owned power distribution network Ausgrid to a consortium of AustralianSuper and IFM Investors. It is spinning it as a "win" for the mums and dads. The reality is otherwise. Without public ownership of energy, we have very little chance of moving swiftly to more sustainable options, as the climate science demands.

Ultimately, the only way to ensure a secure future for jobs is to replace the whole capitalist system with one in which human need is prioritised above corporate profits.

The NSW government wants to privatise hospitals in Maitland, Wyong, Goulburn, Shellharbour and Bowral. But people are fighting back. Brett Holmes, general secretary of NSW Nurses and Midwives’ Association, lays out the arguments.

The Huttonham Estate in Preston was one of Victoria’s first public housing estates when it was built in the 1940s.

Once home to 60 families, the houses were demolished five years ago and the land has been untouched and vacant ever since.

Now the Victorian government has revealed plans to build 68 public housing units and an unknown number of privately-owned dwellings on the land.

Housing groups say the land should be used for its intended purpose of housing low-income residents amid skyrocketing property prices in Melbourne.

In a coordinated effort on United Nations Day on October 24, the Knitting Nannas Against Gas (KNAG) made long-overdue citizens’ arrests of some of the biggest climate criminals in the land.

“The Great NannArrest” involved citizen’s arrests of MPs, including Prime Minister Malcolm Turnbull at his eastern Sydney electorate office.

When they found the PM missing in action at his Edgecliff office, they arrested another Malcolm — a man wearing a mask.

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