Economy

The interim report of Royal Commissioner Kenneth Hayne on the crimes and greed of the Big Four banks underlines the urgent need to radically overhaul the banking and financial system.

The Electrical Trades Union (ETU) Western Australia branch has tightened the screws on the Australian Labor Party over its betrayal on the Trans-Pacific Partnership (TPP-11) agreement.

On July 6, Haiti exploded. By the tens of thousands, Haitians poured into the streets of Port-au-Prince to demand the resignation of President Jovenel Moise. Robert Roth looks at the roots of the rising that ousted the prime minister and forced a government back down.

The protests were sparked by the government’s announcement that it would cut or remove subsidies on fuel. This led to a 38% rise in petrol prices, with the price of kerosene jumping 50% to US$4 a gallon.

The Production of Money: How to Break the Power of the Bankers
Ann Pettifor
Verso
London, 2017
192 pages
Fictitious Capital: How Finance is Appropriating Our Future
Cederic Durand
Translated by David Broder
Verso
London, 2017
176 pages

Mexico’s next president, Andres Manuel Lopez Obrador (AMLO for short) is still three months away from taking office, but some of his campaign trail promises already seem distant, writes Ryan Mallett-Outtrim from Puebla.

Back in July, AMLO became the first left-wing candidate in Mexico’s modern history to win a presidential election, though he has to wait until December 1 to take office.

Food delivery giant Foodora is leaving Australia owing $28.3 million in debts to workers and small business, plus more in unpaid taxes.

This huge debt is small change for Foodora’s parent company, Delivery Hero, which is worth $14.7 billion. Based in Germany, Delivery Hero trades in 40 countries and is attempting to further expand its global reach.

There has been ongoing reporting of individual instances of bank malpractice and occasional reporting of large scale institutionalised malpractice. Reporting of the banking royal commission hearings has quickened the pace. But nobody, including the media, joins the dots: the key financial institutions are structurally given to corrupt practices, writes Evan Jones.

"I don't want to lie to myself anymore. I don't want to create the illusion that my presence in the government means we're up to the challenges, and so I've decided to quit the government." With those words, France's environment minister Nicolas Hulot announced during a live radio interview that, after 15 months in the role, he was parting company with President Emmanuel Macron.

It had been planned to be a lavish celebration on the Pnyx hill next to the Acropolis in Athens where the citizenry would hold popular assemblies in the ancient democratic period.

The angry aftermath of the forest fires last month put paid to Greek Prime Minister Alexis Tsipras hosting European Union and other luminaries in such a way. The event was to mark the formal end of the country’s subordination to the austerity memorandums enforced on it by the “troika” of the European Commission, the European Central Bank (ECB) and International Monetary Fund.

Amid the chaos of #libspill, the Coalition government's signature plan to cut the big business tax rate from 30 to 25% for companies with turnover above $50 million was blocked in the Senate on August 22. The vote was 36 to 30.

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