Economy

As more people start to share scientists' long-expressed concerns over climate change, revelations of big bank energy market manipulations highlight Wall Street's entrenched stake in the fossil fuel economy that is heating up the planet.

Tony Abbott has promised a 1.5% cut in the company tax rate if the Liberal-National Coalition wins the September 7 election. It will cost about $2.5 billion a year and it is exactly the opposite of what Australian society needs. Big business needs to pay more, not less, tax.

Nicolas Maduro completed his first 100 days since being sworn in as president on July 29 — a period marked by his new street government initiative, Latin American solidarity, and debate over spiked inflation and moderate economic growth. Maduro’s presidency began amid protest and claims of electoral fraud from Venezuela’s right-wing opposition. They continue to reject the results of the April 14 presidential election in which Maduro won 50.6% of the vote, a 1.6% margin over Henrique Capriles. Since then, polls have pegged his approval rating around 56%.

Cuban Vice-President Jose Ramon Machado Ventura praised Ecuadorian President Rafael Correa and Venezuelan President Nicolas Maduro on July 31 for their fight against US imperialism. Machado said greater Latin American integration was aiding development across the region during the closing session of the 12th summit of the Bolivarian Alliance for the Peoples of Our America (ALBA) in Ecuador. But he stressed that social movements should lead the charge.

Detroit hit the Trifecta on July 18 — the third in a series of body blows that politicians have landed on the city’s working people. The Michigan legislature passed “right-to-work” in December and gave the governor the right to impose “emergency managers” on cities two days later. When Detroit’s emergency manager Kevyn Orr announced Chapter 9 bankruptcy on July 18, he was following a predicted trajectory that will lead to further impoverishment and privatisation.

If Bangladesh represents the worst of exploitation in clothing factories, India is home to the most rapacious conditions for auto workers. Auto workers and union supporters in Manesar, India, launched an indefinite dharna (sit-in and hunger strike) on July 18. They demanded the release of jailed co-workers. A staggering 147 workers have spent a year in jail on trumped-up criminal charges after a company-provoked altercation led to the death of a human resources manager who supported the union. Hundreds have pledged to take part in the dharna.

NSA whistleblower Edward Snowden finally left Moscow's airport, where he had been stuck for weeks evading capture by the United States government, on August 1 after being granted political asylum for one year in Russia. Snowden had sought to apply for asylum in places such as Ecuador and Venezuela.

Outsourced truck drivers contracted to perform work for the Australian multinational company Boral have been on an indefinite strike since June 25 in Dangjin in South Korea’s South Chungcheong province. Boral specialises in the supply of building materials. Its headquarters are in Sydney and it employs more than 15,000 people in Australia, the United States and across Asia.

For the second time in six months, Tunisia's government has been thrown into chaos after the killing of a left-wing leader. Mohamed Brahmi, a leader of Tunisia's Popular Front, was assassinated on July 25. Brahmi was attacked by two men on motorbike outside his home in Ariana, a suburb of Tunis, and was shot 11 times. He was taken to Mahmoud Matri Hospital, where he was pronounced dead on arrival. His widow M'barka told radio station Mosaique FM: “He died as a martyr to his opinion and position”, Tunisia Live said. She added that “he was killed by a terrorist gang”.

In the aftermath of the April 24 Rana Plaza collapse, the plight of Bangladeshi garment workers occupied global media attention in a way it never had before. The inconvenient thing about Rana Plaza, as far as the fashion brands that rely on outsourced sweatshop labour were concerned, was that so many workers — more than 1100 — died in one spectacular incident.

The Barack Obama administration has proposed new regulations for hydraulic fracturing on 756 million acres of public and tribal lands. The rules were written by the drilling industry and will be streamlined into effect by a new intergovernmental task force, established by the president, to promote fracking ― a practice that has been linked to water poisoning, air pollution, methane emissions and, most recently, earthquakes.

Former Brazilian president Lula, who helped found the ruling Workers’ Party (PT) and governed from 2003–2010, took his time to comment on the wave of protests that erupted in mid-June, bringing millions onto the streets. But when he finally gave an interview, he warmly welcomed the protests: “Brazil is living an extraordinary moment in the affirmation of its democracy. We are a very young democracy ... It’s only to be expected that our society should be a walking metamorphosis, changing itself at every moment.”