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Mega-rich recoup COVID-losses in record-time yet billions will live in poverty for at least a decade

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The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, reveals a new Oxfam report today. ‘The Inequality Virus’ is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’.

The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back.

A new global survey of 295 economists from 79 countries, commissioned by Oxfam, reveals that 87 percent of respondents, including Jeffrey Sachs, Jayati Ghosh and Gabriel Zucman, expect an ‘increase’ or a ‘major increase’ in income inequality in their country as a result of the pandemic.

Oxfam’s report shows how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet. It reveals how the pandemic is deepening long-standing economic, racial and gender divides.

• The recession is over for the richest. The world’s ten richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began —more than enough to pay for a COVID-19 vaccine for everyone and to ensure no one is pushed into poverty by the pandemic. At the same time, the pandemic has ushered in the worst job crisis in over 90 years with hundreds of millions of people now underemployed or out of work.
• Women are hardest hit, yet again. Globally, women are overrepresented in the low-paid precarious professions that have been hardest hit by the pandemic. If women were represented at the same rate as men in these sectors, 112 million women would no longer be at high risk of losing their incomes or jobs. Women also make up roughly 70 percent of the global health and social care workforce − essential but often poorly paid jobs that put them at greater risk from COVID-19.
• Inequality is costing lives. Afro-descendants in Brazil are 40 percent more likely to die of COVID-19 than White people, while nearly 22,000 Black and Hispanic people in the United States would still be alive if they experienced the same COVID-19 mortality rates as their White counterparts. Infection and mortality rates are higher in poorer areas of countries such as France, India, and Spain while England’s poorest regions experience mortality rates double that of the richest areas.
• Fairer economies are the key to a rapid economic recovery from COVID-19. A temporary tax on excess profits made by the 32 global corporations that have gained the most during the pandemic could have raised $104 billion in 2020. This is enough to provide unemployment benefits for all workers and financial support for all children and elderly people in low- and middle-income countries.

Gabriela Bucher, Executive Director of Oxfam International, said:

“We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus.”

“Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic —shop assistants, healthcare workers, and market vendors— are struggling to pay the bills and put food on the table.

“Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry, and more likely to be excluded from healthcare.”

Billionaires fortunes rebounded as stock markets recovered despite continued recession in the real economy. Their total wealth hit $11.95 trillion in December 2020, equivalent to G20 governments’ total COVID-19 recovery spending. The road to recovery will be much longer for people who were already struggling pre-COVID-19. When the virus struck over half of workers in poor countries were living in poverty, and three-quarters of workers globally had no access to social protections like sick pay or unemployment benefits.

“Extreme inequality is not inevitable, but a policy choice. Governments around the world must seize this opportunity to build more equal, more inclusive economies that end poverty and protect the planet,” added Bucher.

“The fight against inequality must be at the heart of economic rescue and recovery efforts. Governments must ensure everyone has access to a COVID-19 vaccine and financial support if they lose their job. They must invest in public services and low carbon sectors to create millions of new jobs and ensure everyone has access to a decent education, health, and social care, and they must ensure the richest individuals and corporations contribute their fair share of tax to pay for it.

“These measures must not be band-aid solutions for desperate times but a ‘new normal’ in economies that work for the benefit of all people, not just the privileged few.”

Follow the link to read the report: https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621149/bp-the-inequality-virus-250121-en.pdf

Business

Mosi premium lager goes green: a celebration of national pride

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AS an iconic and truly Zambian beer that is well loved at home and abroad, Mosi Premium Lager has been a beacon of national pride and culture through the many years. While offering great taste to consumers, the internationally-awarded beer for quality has taken on an exciting refreshed look. Inspired by the vast greens in our beautiful country, the popular beer has decided to go green as a step to not only tasting great but also keeping up with the times and offering a progressive and stylish looking beer. Identifying Mosi Premium Lager with a colour that symbolises our national spirit of oneness is an effort to combine the youthful energy of the beer with the green elements in our everyday lives as Zambians.

From hosting the country’s biggest music festival to empowering the arts and design industry, Zambian Breweries has often brought Zambians together in celebration of truly Zambian moments inspired by Mosi Premium Lager. “In our landscape, our great people and delicious food of this country, we believe that being Zambian should be embraced and celebrated. Despite our differences, we can all agree that the most phenomenal Zambian moments are better experienced together. The ‘Our Green’ campaign is about us sticking together as Zambians and celebrating the national treasure we all share in Mosi Premium Lager. And that is why we brought all these Zambian inspired Greens together for Mosi’s new look as a symbol of our unity despite our differences”, said Zambian Breweries Country Director Jose Moran.

Mosi Premium Lager will embark on highlighting the diversity in the greens across the country in promotional activities that will showcase the new look and high energy of the brand. Consumers can look forward to experiencing the iconic beer that they love with an undeniably better look in the comfort of their homes or safely outside of their homes as we combat the on-going coronavirus pandemic and the world begins to slowly open up. Further details of the “Go Green” campaign can be found on the Mosi Premium Lager social media pages on Facebook and Instagram using hashtag #OurMosiOurGreen.

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Business

Zambia’s High Com. to South Africa Maj. Gen. Miti (rtd) assures SADC countries that the August 12 elections in Zambia will adhere to the tenets of democracy

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ZAMBIA’S High Commissioner to South Africa Major General Jackson Miti has assured the Southern African Development Community (SADC) countries that the August 12 elections in Zambia will adhere to the tenets of democracy.

Major Miti said Zambia envisages holding a free and fair election just like it has been the case in the past elections.

He was speaking at the SADC Heads of Mission meeting in Pretoria, South Africa.

Major Miti mentioned that international and local election observers have been invited to ensure that the electoral process was credible.

He also said election campaigns would be held under strict COVID-19 guidelines and protocols.

The diplomat also expressed gratitude to SADC member countries over their goodwill messages ahead of this year’s tripartite elections.

And SADC Head of Mission chairperson His Excellency General Paulino Macaringue urged Zambia to ensure that democracy thrived in the forthcoming elections.

General Macaringue, who is also Mozambican High Commissioner to South Africa, said democracy should be the ultimate winner in the elections.

This is contained in a statement by First Secretary Press and Public Relations at the Zambia High Commission in South Africa, Naomi Nyawali.

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International

The Body of late H.E. Dr. Joseph Chilengi, Zambian ambassador to Turkey returns home today

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THE body of late Ambassador of the Republic of Zambia to the Republic of Turkey, Joseph Chilengi, will arrive in Lusaka today at Kenneth Kaunda International Airport aboard a Turkish Military Aircraft at 20:30 hours.

According to a statement issued, Secretary to the Cabinet Dr Simon Miti said President Edgar Lungu has since accorded Dr Chilengi an official funeral.

He said the burial will take place on Monday May 17 at Leopards Hill Memorial Park in Lusaka preceded by a funeral church service at Miracle Life Church in Roma Township off Zambezi Road at 10:00 hours.

Dr Miti said President Lungu has to the effect declared Monday a day of national mourning in honor of Ambassador Chilengi.

“During the period of national mourning all flags will fly at half-mast while activities of entertainment in nature should be suspended from 06:00 hours to 18:00 hours.
Members of the public are further advised that in line with the public health guidelines on preventing the further spread of Covid-19 at public gatherings, attendance at the Official Funeral Church Service and burial at the Leopards Hill Memorial Park has been restricted to 250 invited family members and representatives of the Government,” he said.

Ambassador Chilengi died on Tuesday 11th May, 2021 at Güven Hospital in Ankara where he was receiving medical attention.

(Picture by Ministry of Foreign Affairs)

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Foxdale Forest – Phase 2 Selling

ZAMBIA: COVID-19 STATS

15 May 2021, 2:25 AM (GMT)

Zambia Stats

92,409 Total Cases
1,260 Deaths
90,777 Recovered

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