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Profits of 32 of the world’s largest companies jumped by $109bn in 2020, while 1/2 billion people are expected to be pushed into poverty, @Oxfam's latest research finds.
A World War II-style COVID-19 Pandemic Profits Tax could raise billions to fight the pandemic. 1/
A World War II-style COVID-19 Pandemic Profits Tax could raise billions to fight the pandemic. 1/
That cash is already heading out the door - the 25 most profitable global corporations in the S&P Global 100 Index are expected to pay shareholders over $378bn in 2020 — equivalent to 124% of their profits. 2/
The tactics used by some pandemic profiteers is seriously messed up.
Bayer took a £600m emergency loan from the UK gov, then paid €2.75bn in dividends. BASF got a £1bn loan & paid out €3.03bn.
Hope they'll be sending tax payers a thank you card.
It gets worse... 3/
Bayer took a £600m emergency loan from the UK gov, then paid €2.75bn in dividends. BASF got a £1bn loan & paid out €3.03bn.
Hope they'll be sending tax payers a thank you card.
It gets worse... 3/
US clothing retailer Kohl’s paid out $109m in dividends after they cancelled $150m in orders, leaving garment workers to face the consequences.
The people who make our clothes are among the poorest in the world, and corporations go and pull the rug from under them. 4/
The people who make our clothes are among the poorest in the world, and corporations go and pull the rug from under them. 4/
Nigeria's largest cement company, Dangote Cement, allegedly fired more than 3,000 staff while they're expected to pay 136% of its profits to shareholders in FY2020. 5/
19 oil & gas companies are expected to receive $1.9bn in tax breaks as part of the US government bailout package...all of it will be spent on fighting the climate crisis.
Yeah right! Despite a combined net loss of $61.7bn oil companies managed to pay out $31bn to shareholders 6/
Yeah right! Despite a combined net loss of $61.7bn oil companies managed to pay out $31bn to shareholders 6/
I could go on...and on and on. @Oxfam has exposed more than 400 large companies from around the world for irresponsible practices around COVID-19. 7/
What should we do about it? Well you'll have to read @Oxfam's latest report to find out!
https://www.oxfam.org/en/research/power-profits-and-pandemic
(Spoiler alert: excess profit taxes, corporate governance reforms, mandatory human rights due diligence and a move towards a co-operative economy) 8/
https://www.oxfam.org/en/research/power-profits-and-pandemic
(Spoiler alert: excess profit taxes, corporate governance reforms, mandatory human rights due diligence and a move towards a co-operative economy) 8/
Congrats to @GneitingUwe @NikoLusiani @itamir77 and everyone else involved in this epic piece of research.
For fellow geeks out there, the dataset is public for your to dive into.
For fellow geeks out there, the dataset is public for your to dive into.
