Economy

The Grattan Institute and the Productivity Commission both released reports on November 22 into the affect an ageing population will have on Australia’s economy. The Grattan Institute proposed that the pension age should be raised to 70, owner-occupiers should not be exempted from the Age Pension asset tests — meaning people could be forced to sell their home when they retire — and GST should be applied to fresh food. The Productivity Commission suggests access to the Age Pension and retirement should be linked to life expectancy — to continue rising as people live longer.

A Walmart in northeast Ohio is holding a holiday canned food drive ― for its own underpaid employees. “Please Donate Food Items Here, so Associates in Need Can Enjoy Thanksgiving Dinner,” a sign reads in the employee lounge of a Canton-area Walmart. Kory Lundberg, a Walmart spokesperson, says the drive is a positive thing. This is part of the company's culture to rally around associates and take care of them when they face extreme hardships, he said.

Large-scale electoral fraud affected every aspect of the November 24 general elections in the Central American country of Honduras. This has sparked a huge political crisis, which matches and possibly surpasses the crisis produced by the coup d’etat that overthrew president Manuel Zelaya in 2009.

Six Malaysian activists from the Himpunan Hijau (Green Assembly) group have begun a three-day occupation of the entrance to the corporate headquarters of Lynas in Sydney. The Australian company has built an unwanted toxic rare earths refinery in Kuantan , Malaysia.

Lurid articles about Venezuela have peppered the Western press in recent days and weeks. The latest event that has been widely reported is the use of the military to occupy stores, including the national electronics chain Daka, with a mandate to sell products at “just prices”. This is viewed by most media outlets as further evidence of the chaotic mismanagement of the economy by the government. However, while there are serious economic problems in Venezuela, this one-sided portrayal prevents an informed debate.

Venezuela’s National Assembly granted President Nicolas Maduro the power to pass laws by decree on economic and anti-corruption issues for a period of 12 months on November 19. The National Assembly held a second and final vote on a proposal from Maduro to enact the so-called enabling law, which allows him to legislate by decree on specific issues for the period set by the assembly. Maduro has been empowered to pass laws to “fight corruption, usury, money laundering and the economic war unleashed in recent times against the country by the national oligarchy”.

Both leading candidates are claiming victory in Honduras’s disputed presidential election, Democracy Now! The race has pitted Xiomara Castro, wife of ousted President Manuel Zelaya, against right-wing candidate Juan Orlando Hernandez.

Eleven years to the day after the crew of the 80,000 tonne oil tanker Prestige heard the huge bang that marked the start of its break-up and of Europe’s most devastating oil spill, a high court panel in the Galician city of A Coruna delivered its verdict in the case on November 13. Who was guilty of an environmental catastrophe when the tanker broke in two and spilled 63,000 tonnes of sticky, sulphurous fuel oil along 2900 kilometres of Spain’s and France’s Atlantic coast?

“A new union report alleges rampant lawlessness in the lucrative and growing reality TV industry,” Josh Eidelson wrote in a November 19 Salon.com article. “The Writers Guild of America, East [WGAE], which authored the report based on a survey of current and former non-union workers, contends that it reveals an ugly reality behind top shows like 'Pawn Stars' and 'Fatal Encounters,' which have been supplanting unionized, scripted sitcoms and dramas.”

Three of the main political parties contesting the November 24 election in Honduras are accusing the oligarchy-controlled Supreme Elections Tribunal of vote manipulation and fraud following a massive voter turnout on election day.

Continuing New Zealand’s proud history of protests at sea, attempts by Texan oil giant Andarko to start deep-sea oil drilling are being blocked by a tiny sailing boat. Thousands came out to NZ's west coast beaches on November 23 to support the Oil Free Flotilla in its stand against Anadarko. More than 1000 gathered for the main event at West Auckland's iconic Piha beach, carrying colourful home-made banners with messages such as "We love our beaches", "No drill, no spill" and "Anadarko go home".

After the storm, the “shock doctrine”. This is what awaits the Philippines after the devastation wrought by Typhoon Haiyan. The familiar cycle of “disaster capitalism” allows wealthy and politically connected First World corporations to profit obscenely from the suffering of acutely vulnerable disaster-affected communities. Disaster profiteering is a parasitic tendency deeply embedded in the structures of the neoliberal global economy. It will degrade and corrupt the international “relief effort” under way in the Philippines.