By Will Morrow, 22 August 2019
The report demonstrates how the financial markets serve as a mechanism for the transfer of wealth up the income scale, from the working class to the corporate elite.
By Nick Beams, 17 August 2019
South Korea announced this week that it has removed Japan from a list of countries that qualify for accelerated supply of South Korean products, after Japan had imposed a similar measure against South Korea on August 2.
By Nick Beams, 16 August 2019
The gyrations in financial markets and the growing signs of recession—threatening to set in motion a crisis even more severe than that of 2008—pose vital political issues before the working class in every country.
By Nick Beams, 13 August 2019
There is now a historically unprecedented situation in bond markets where it is estimated that some $15 trillion worth of government bonds are trading at negative yields, meaning an investor who purchased the bond and held it to maturity would make a loss.
By James Cogan, 13 August 2019
The ruling elite requires Australia’s incorporation into US war preparations to be accompanied by slandering any public opposition as the product of “Chinese interference.”
Costa Rican public health workers strike against tax changes, privatization plans
13 August 2019
Thousands of hospital and clinic workers across Costa Rica carried out a two-day strike last week to protest a tax reform bill that has imposed additional burdens on workers and led to underfunding of services.
By Nick Beams, 10 August 2019
The British GDP data ended a week of deepening uncertainty in financial markets and growing fears of a recession in major areas of the global economy.
By Bryan Dyne, 9 August 2019
A new report by the United Nations warns that anthropogenic climate change, if left unchecked, will render a steadily increasing portion of Earth essentially uninhabitable.
As German industrial production records “devastating” fall
By Nick Beams, 8 August 2019
The signs of a global slowdown, if not an outright recession, are most evident in Germany and the Asia-Pacific region, where three central banks cuts their interest rates yesterday.
By Nick Beams, 8 August 2019
A global currency conflict will take the economic warfare being waged by the US against “strategic competitors” such as China as well as its nominal allies to a new level.
By Jerry White, 7 August 2019
Global automakers are destroying hundreds of thousands of jobs as sales fall and a brutal competition unfolds to dominate the market for electric vehicles and other new technologies.
By Nick Beams, 6 August 2019
Stock markets fell sharply around the world yesterday, amid fears of a currency war, after China allowed its currency, the renminbi, to pass through the benchmark of 7 to the US dollar.
By Nick Beams, 3 August 2019
In its analysis of the latest turn in the trade war, the South China Morning Post said China had to decide either to a walk away from the negotiations or make major concessions to the US.
“GM has made all of these profits and we’re getting shafted”
By our reporters, 2 August 2019
The closure of the facility, which once employed upwards of 4,000, is the latest economic blow to workers in the Detroit area, once the center of global auto manufacturing.
By Nick Beams, 2 August 2019
The decision to impose a 10 percent tariff on $300 billion worth of Chinese goods, covering a wide range of consumer products, represents the most significant intensification of the more than year-long trade war to date.
By Paul Bartizan and Richard Phillips, 2 August 2019
Multiple faults in new apartment buildings have become a factor in the bursting of a debt-fuelled property bubble that is threatening thousands of jobs.
By Kranti Kumara and Keith Jones, 31 July 2019
The sole “crime” of the 13 jailed auto workers was to challenge the poverty-wages and repressive sweatshop conditions at Maruti Suzuki.
By Matthew Taylor, 31 July 2019
Last Tuesday’s vote represents the latest effort in a years-long conspiracy by Mayor Lenny Curry and his backers to sell off the Florida city’s utility to private interests.
Retired teachers on hunger strike across Ecuador
31 July 2019
The government of Lenin Moreno has asked thousands of retired teachers to accept payment in government bonds, rather than cash, in an effort to rob retirees of their pensions.
By Shannon Jones, 30 July 2019
Continuing sales declines, led by China and India, are leading to massive job losses and attacks on autoworkers as transnational companies seek to maintain high levels of return.
By Nick Beams, 30 July 2019
A memorandum on the WTO issued Friday by the White House represents a significant challenge to the structure of the world’s major trade regulatory body.
Amid significant fall in investment
By Nick Beams, 27 July 2019
Data on investment and industrial production show that pro-corporate tax cuts have not produced the resurgence in manufacturing and investment forecast by Trump.
By Mike Head, 27 July 2019
“When businesses are nervous, they don’t want to invest,” Philip Lowe warned a corporate lunch audience.
By Jerry White, 26 July 2019
The Japan-based automaker says it will cut 6,400 jobs in Japan, the US, Mexico, Britain, Spain, India and Indonesia by the end of March 2020.
By Nick Beams, 26 July 2019
In response to a question at his press conference following the European Central Bank meeting, President Mario Draghi said the outlook for European manufacturing was getting “worse and worse.”
Amid growing signs of global slowdown
By Nick Beams, 25 July 2019
The conflict has become more fraught since the US Commerce Department decided to place Huawei on its entity list, effectively banning it from supplies of US components for its operations.
By Nick Beams, 22 July 2019
The participants at the conference were acutely conscious of the fact that what was at stake in their deliberations to establish a new world economic order was nothing less than the survival of their rule.
By Nick Beams, 20 July 2019
Trump is demanding that the Fed drop all pretence of “independence” and openly serve as an instrument of Washington’s economic war against its global competitors.
As US senators deepen attack on Huawei
By Nick Beams, 18 July 2019
Because it functions as a transhipment hub for final destinations in the rest of Asia, a sharp decline in exports from Singapore last month points to an economic slowdown across the region.
By Nick Beams, 17 July 2019
While the growth figure is still within the official target range, there are clearly growing concerns in Beijing that it could go lower in the months ahead.
By Nick Beams, 15 July 2019
While Beijing continues to maintain that it is open to discussions, the evidence indicates it has all but given up on any prospect of reaching an agreement.
By Nick Beams, 11 July 2019
Fed Chairman Powell’s testimony to Congress yesterday was warmly welcomed by the financial markets, with Wall Street’s S&P 500 index at one point surpassing 3,000, a new record.
As industry analyst calls UAW-automaker negotiations “Kabuki theatre”
By Jerry White, 9 July 2019
With negotiations set to begin on July 15, workers are determined to overturn decades of givebacks accepted by the United Auto Workers.
By Eric Ludlow, 9 July 2019
Woolworths, one of Australia’s two major supermarket chains, last month announced a restructure that endangers thousands of jobs across the country.
By Marianne Arens, 9 July 2019
Workers are fighting against the wage dumping of parent company Riva Stahl, which is trying to pit them against the rest of the workforce to force down wages.
By Richard Tyler, 9 July 2019
According to the International Labour Office, there are 40.3 million people in conditions of modern slavery across the world, including 10 million children .
Costa Rican public health workers strike over pay cut, government policies; truckers block highways
9 July 2019
Three Costa Rican public health unions began strike action July 4 against government policies while Costa Rican truckers blockaded highways over imposition of a value added tax.
As economic conflicts intensify
By Nick Beams, 8 July 2019
Under conditions of its relative economic decline, the US regards China's industrial and technological development as intolerable, and will use all methods necessary to prevent it.
By Nick Beams, 5 July 2019
In a “key finding,” the report states that “increases in top labour incomes are associated with losses for everyone else, with both middle class and lower-income workers seeing their share of income decline.”
By Nick Beams, 4 July 2019
In a major speech, Mark Carney pointed to a “sea change,” defined as a “profound transformation,” in the global economy, with “worrying” portents.
By Peter Symonds, 3 July 2019
Trump made clear that he expected Morrison and the Australian government to back the US in its confrontations on all fronts—in particular against Iran and China.
By Jean Shaoul, 2 July 2019
Protesters were met Sunday with tear gas, stun grenades and live ammunition that killed at least seven people and injured 181 more.
By Tom Carter, 2 July 2019
Over a two-year period, 567 workers were injured at Amazon’s DFW7 fulfillment center in Fort Worth, Texas.
By Kevin Reed, 2 July 2019
Behind the recent report on the creation of an Oversight Board to oversee “content decisions” at Facebook is a plan for social media censorship in defense of the global capitalist system.
By Samuel Davidson, 2 July 2019
Blaming high costs from fire damage, Philadelphia Energy Solutions announced the closure of the largest oil refinery on the US East Coast.
By Nick Beams, 1 July 2019
Trump’s theatrical overtures of peace toward North Korea after the G20 summit were belied by the Senate’s passage of the biggest military budget in American history.
By Andre Damon, 29 June 2019
World leaders gathered in Osaka, Japan for the G20 summit amid the relentless promotion of trade war, protectionism and militarism.
By Will Morrow, 28 June 2019
A global restructuring is underway, with all the automakers relying on the trade unions to seek to suppress the seething and growing opposition of autoworkers.
By Nick Beams, 28 June 2019
The sideline meeting is widely viewed as the last chance to restart trade negotiations that broke down in early May.
By Matt Rigel, 28 June 2019
The Minnesota Nurses Association is working to sell out nurses in Minneapolis-St. Paul metro region by negotiating contracts at some hospitals while others remain unsettled.
Greek dockers plan 24-hour strike; Irish health workers strike; sit-in strike at South African chrome mine
28 June 2019
Greek dock workers have announced a 24-hour strike on Wednesday July 3, which is expected to heavily impact ferry services in the busy tourist season.
By Dilruwan Vithanage, 27 June 2019
International credit rating agency Moody’s revised down its prediction for this year from 3.4 percent to 2.6 percent.
By Nick Beams, 25 June 2019
The fact that Laffer’s theories were exposed as economic nonsense from the outset did not in any way lessen their influence because they encapsulated the unrelenting drive for increased wealth that has dominated the ruling elite over the past four decades.
As contract talks set to begin
By Jerry White, 21 June 2019
The industry publication Automotive News says the automaker will demand the hiring of more low paid temps and cuts to existing health care benefits.
By Robert Campion, 21 June 2019
Washington deepens ties with Taipei in preparation for war against mainland China.
By Bryan Dyne, 21 June 2019
The airline captain’s statement to Congress exposed the negligence of Boeing and questioned the relationship between the company and regulatory agencies.
Italian and French dockers refuse to load ship to protest Saudi Arabia war in the Yemen; UK Bridgend Ford workers strike vote against closure
21 June 2019
Protests against the Saudi war in Yemen continued by French and Italian dockworkers, while Ford workers in Britain voted 83 percent for strike action against threats to shutter the facility.
By Nick Beams, 20 June 2019
Fed chairman Jerome Powell gave a clear indication that rate cuts were on the table, pointing to “significant changes” in the statement of its policy-making body.
By Roger Jordan, 19 June 2019
The Trudeau government has curtly dismissed the suggestion of former Liberal Prime Minister Jean Chrétien that Ottawa use its legal prerogative to block Meng’s extradition.
By Jerry White, 17 June 2019
Workers in Chattanooga were correct to reject, for the second time, “representation” by the United Auto Workers, a corrupt agent of corporate management.
By Nick Beams, 17 June 2019
The push for an interest rate cut has increased, after Morgan Stanley’s Business Conditions Index revealed a record decline for June, falling to its lowest level since the financial crisis in December 2008.
By Nick Beams, 11 June 2019
In an interview with CNBC, Trump attacked opponents of his tariff measures within US business groups and renewed his offensive against the Federal Reserve on interest rates and monetary policy.
By Nick Beams, 10 June 2019
One financial analyst told the Wall Street Journal the markets were a “slave to liquidity, and when the Fed is accommodative, it’s a good sign for the markets.”
By Jerry White, 10 June 2019
US workers have seen a mere 1.1 percent increase in real wages over the last year.
By Nick Beams, 7 June 2019
Trump’s threat to use tariffs against Mexico over immigration has sent a shock wave through the international trading system because it makes clear the US is prepared to use economic and trade warfare measures to pursue all of its policy objectives.
By Zachary Thorton, 7 June 2019
Over 1,200 miners face a precarious future after the third-largest US coal producer declared bankruptcy.
By Barry Grey, 5 June 2019
US stock prices shot up Tuesday, reversing weeks of declines, after Federal Reserve Chairman Jerome Powell signaled that he was prepared to slash interest rates.
By Steve James, 4 June 2019
Three recent reports and surveys have exposed intensifying levels of mass poverty, alongside the grotesque accumulation of wealth by a few.
By Andre Damon, 3 June 2019
The “cold war” between the United States and China took a major step toward becoming a “hot” war over the weekend at the annual Shangri-La defense summit in Singapore.
By Nick Beams, 3 June 2019
US Defense Secretary Patrick Shanahan delivered a 40-minute blast against China accusing it of seeking “Indo-Pacific hegemony in the near-term and, ultimately, global pre-eminence in the long-term.”
By Nick Beams, 1 June 2019
In pursuit of his political agenda, Trump has made clear he is prepared to resort to the unprecedented use of economic measures, with far-reaching international ramifications.
By Nick Beams, 30 May 2019
An editorial published in the state-owned People’s Daily warned that the US should not underestimate China’s ability to fight a trade war.
By Tom Hall, 27 May 2019
The proposed deal with the French automaker will be used to eliminate “redundancies,” particularly in FCA’s unprofitable European operations.
By Nick Beams, 25 May 2019
Steve Bannon has called for Huawei, the Chinese telecoms firm, to be driven out of US and Europe, declaring this is ten times more important than any trade deal.
By Nick Beams, 24 May 2019
The Financial Times cited one fund manager who said it was “panic mode” and “people are realising that the economy could be a lot slower than we thought.”
By Anthony Torres, 23 May 2019
The unions and company are using a procedure for so-called voluntary redundancies introduced in the Labor Law initiated by the Socialist Party and imposed by Macron.
By Nick Beams, 23 May 2019
The actions by the Trump administration against the Chinese telecoms giant Huawei have sent shock waves through the global economy and the international trading system.
By Andre Damon, 21 May 2019
Google and other companies have announced measures that would effectively destroy Huawei, the second-largest global smartphone maker and the world’s largest maker of telecommunications equipment.
By Nick Beams, 20 May 2019
US intelligence chiefs have held meetings with major American companies, providing them with classified information to warn of the dangers of doing business in China.
By Patrick Martin, 18 May 2019
The main criticism of Trump’s trade policy by congressional Democrats and most presidential candidates is that the president should focus exclusively on China and enlist Canada, Mexico and the European Union in an anti-China coalition.
In another escalation of trade war against China
By Nick Beams, 16 May 2019
The latest US action is an escalation in what could be described as a drive to “weaponise” all arms of the state in the economic confrontation against China.
By Nick Beams, 14 May 2019
The fundamental and irresolvable contradiction of world capitalism, between world economy and the nation-state system, lies at the root of the accelerating US-China trade war.
By Nick Beams, 13 May 2019
The increasingly belligerent US rhetoric is being matched by action expected to target another $300 billion worth of Chinese goods with tariffs of 25 percent.
By Nick Beams, 11 May 2019
A week ago, a deal had been expected, but that scenario was blown up when the Trump administration accused Beijing of backtracking on its commitments.
By Nick Beams, 10 May 2019
Trump said talks with Chinese representatives would proceed, but “I have no idea what’s going to happen.”
By Nick Beams, 9 May 2019
The US is demanding China submit an inventory of laws and regulations it will enact to guarantee compliance with any trade deal—in effect dictating economic policy to Beijing.
By Nick Beams, 9 May 2019
In its maniacal drive for higher profits, increasingly generated by the parasitic inflation of stock prices, finance capital and its mouthpieces in politics and the media demand that more cheap money be made available through the slashing of interest rates.
On eve of trade talks in Washington
By Nick Beams, 6 May 2019
Trump’s threats, aimed at putting intense pressure on Chinese negotiators when they sit down with their US counterparts on Wednesday, could have the effect of blowing up the talks.
By Nick Beams, 4 May 2019
One of the main sticking points is agreement on the procedure by which US tariffs imposed on $250 billion worth of Chinese goods would be lifted if a trade agreement is reached.
By Robert Stevens, 1 May 2019
After it was leaked that Huawei could help build the British 5G network, the Trump administration is threatening to shut Britain out of “Five Eyes” intelligence sharing.
Preparing for World War Three
By Niles Niemuth, 30 April 2019
Nearly three decades after the end of the Cold War, the world’s capitalist elite, led by the United States, are preparing for a devastating conflict of global proportions.
By Nick Beams, 26 April 2019
While share prices soar, the global economic outlook has worsened, with growing signs of a downturn.
By Robert Stevens, 26 April 2019
For Corbyn’s faction, the political function of these talks over Brexit is to side-line a discussion on the political crisis facing the government that could precipitate a general election.
By Penny Smith, 26 April 2019
Ford’s thinly veiled threat to criminalize teachers’ strikes must be taken as a serious warning: emboldened by the unions’ complicity, the Tories are escalating their class-war assault.
By Nick Beams, 26 April 2019
Calls for “reform” of the capitalist economy advanced by billionaire CEOs in the US and supported by “left” economists are motivated by deep fears of the implications of the shift to the left in broad sections of the American population.
Miners’ union sells out five-month long strike at Sibanye Stillwater in South Africa
26 April 2019
The South African Association of Mineworkers and Construction Union agreed to a deal ending the five-month strike by gold miners on the same terms as the “slave labour” agreement signed with three other unions.
By Jessica Goldstein, 23 April 2019
The findings of the report showed that among OECD countries, a growing number of middle-income earners perceive “that the current socioeconomic system is unfair.”
By Deepal Jayasekera, 23 April 2019
The crisis facing Jet Airways, and which has caused it to ground all its aircraft, is part of a global crisis of the aviation industry.
By Nick Beams, 19 April 2019
Among the most contentious issues that remain unresolved are which US tariffs would continue force and the establishment of an enforcement mechanism.
By Gustav Kemper and Peter Schwarz, 12 April 2019
The German government is pushing for the combination of Deutsche Bank and Commerzbank to establish a financial behemoth capable of competing with the US and China.