Economy

  • Illawarra unemployment highest in the country

    The Illawarra regions of Shellharbour, Shoalhaven and Kiama combined have the highest unemployment rate in the country, at 15.3%, the Australia Bureau of Statistics said. This is 178% higher than the national average of 5.5%. If Wollongong is included, the average figure is 10.2%, 85% higher than the national average. The decline in manufacturing has hit the region hard. In 2011, Bluescope announced it would sack 700 workers at its Port Kembla steelworkers. In response to those sackings, Patrick Stevedoring announced the next month that it was sacking 160 wharf workers at Port Kembla.

  • Banks hiding ‘financial weapons of mass destruction’

    As the global financial crisis unfolded in October 2008, part of the Australian government’s response was to provide unlimited guarantees of bank deposits and wholesale funding. One result was that the big four banks got bigger while little was said of the $13.8 trillion in off-balance-sheet derivatives to which they were exposed. Derivatives operate in a global over-the-counter (OTC) market that is almost totally unregulated.

  • Brazil: The giant awakens

    Brazil is in revolt. What started as a protest about a R$0.20 rise (about $0.10) in bus fares has turned into a mass nationwide movement against corruption, the rising cost of living, starved public services and money squandered on sporting mega-events. Events are moving fast with protests growing and spreading to new cities each day, and it is far from clear when or how it will end.

  • Greek gov't splits over broadcaster closure

    Democratic Left pulled its ministers out of Greece's ruling coalition cabinet on June 21 after talks to resume state television broadcasts collapsed. MPs from the party, which makes up the third part of the ruling coalition, were angered by the abrupt shutdown of broadcaster ERT on June 11 and met to decide whether to continue backing Prime Minister Antonis Samaras.

  • Greece: Struggle over public broadcaster unites left

    The protests and demonstrations over the announced closing of the whole Greek Public Television and Radio Network (ERT) by the Greek government on June 11, are not only about the proposed firing of 2650 workers, nor are they simply a protest about the severe blow to quality broadcasting and entertainment.

  • Venezuela: UN notes huge progress against malnutrition

    The Food and Agriculture Organisation of the United Nations (FAO) recognised Venezuela on June 16 as one of 18 countries that had achieved exceptional progress toward reducing the prevalence of malnutrition. Measuring progress from 1990-1992 until 2010-2012, the FAO determined that 20 countries had cut the proportion of hungry people by half, satisfying the first of the United Nations’ Millennium Development Goals (MDG) originally set for 2015.

  • 'We will never give up our struggle' ― a voice from the Saharawi refugee camps

    Minetu Larabas Sueidat is a young Saharawi woman living in refugee camps in Tinduf in the south-west of Algeria. Western Sahara, the land of the Saharawi people, has been occupied by Morocco since 1975. In 1991, the United Nations brokered ceasfire between Morocco and the pro-independence Polisario Front that supposed to include a referendum on self-determination, which has still not occurred.

  • Catalonia: Left unites to pays homage to Andreu Nin

    It took 76 years and one day since his abduction on the orders of Stalin during the Spanish Civil War (1936-39), but on June 17 all parties of the Catalan left came together in Barcelona to recognise the contribution to the Catalan and Spanish working people of revolutionary fighter Andreu Nin. At midnight on June 16, 1937, Nin, the general secretary of the Workers Party of Marxist Unification (POUM), was abducted by Stalinist agents outside the POUM’s headquarters.

  • Ecuador: Assembly passes law democratising media

    In an atmosphere of festive social mobilisation, the National Assembly of Ecuador adopted the Organic Communications Law on June 14, mandated by the 2008 Constitution. It has taken more than four years for the law to come to light. The law is part of a new democratising trend with respect to communications that is taking shape across Latin America. The most significant antecedent for this is Argentina’s Audiovisual Media Law.

  • United States: All Occupiers phones logged

    “In light of news that every day the entirety of telecom giant Verizon’s call system records are handed over to the NSA, news that Occupy Wall Street protest attendees’ cellphones were logged should hardly come as a shock,” said Salon.com on June 7. “It nonetheless bears noting that cellphone metadata of march and rally participants was likely specifically logged, as security expert Steven Ramdam recently noted. “This means that individuals were directly targeted for their engagement with First Amendment-protected activity.”

  • ANZ ‘banksterism’ destroys jobs

    This is a speech by Peter Boyle, the Socialist Alliance candidate for the seat of Sydney, at a picket outside an ANZ bank in Sydney on June 21. *** We called this demonstration following news of more job cuts by the ANZ bank despite its recent rise in profits. In April this year, ANZ announced a record half-year profit of $3.18 billion. This is 10% up on last year. ANZ is reaping massive profits at the expense of its workers. And to add insult to injury, ANZ boss Mike Smith has become the highest paid corporate CEO in Australia — his pay packet was $10.1 million last year.