Displaying items by tag: business and economy

The Chancellor’s biggest tax package in fifty years has sparked fears within businesses and banking. Also, in an unusually outspoken statement, the IMF (which works to stabilise the global economy, and also funds countries in need of economic rescue) has openly criticised the tax cuts plans, warning that they will likely fuel the cost-of-living crisis by increasing inequality and pushing up prices. While the Government said the measures will kickstart economic growth, markets are raising alarms, plunging the pound to a record low of $1.03 on 26 September. Christians Against Poverty (CAP) says the government's 'short term' economic policy will tip millions more into poverty, and former Bank of England governor Mark Carney accused the Government of ‘undercutting’ key economic institutions. The bank will now buy £65bn government bonds to try to protect pensions. 

Donald Trump’s administration has proposed a rule to tighten food stamp restrictions that would cut about 3.1 million people from the programme. Currently 43 US states allow residents automatically to become eligible for food stamps through the Supplemental Nutrition Assistance Program (SNAP) if they receive benefits from another programme, Temporary Assistance for Needy Families - TANF. The proposal, which would save the government $2.5bn a year, requires people receiving TANF to pass an income and assets review to determine eligibility for SNAP. Trump said many Americans now using SNAP do not need it, given the strong economy and low unemployment, and should be removed to save taxpayers $15bn. At present SNAP provides free food to 40 million, 12% of the total population. Last year a Trump-backed effort to pass restrictions through a farm bill was blocked by Congress, following a month-long, partisan debate.

Lim II went to a construction site in Kuwait, where he worked day and night for five months, but was not paid. His salary was sent straight to Pyongyang. Over the years, an estimated 150,000 North Korean men and women have been recruited and sent abroad to work for the ruling Kim family. Toiling in factories and on construction sites around the world, they have generated billions of dollars for the pariah state. Reporters in a documentary met defectors who confirmed that the cash earned overseas was going directly to fund the development of the country’s nuclear missile programme. A former high-ranking official spoke of Office 39, which manages thousands of companies and factories overseas and provides half of the country's gross domestic product. ‘Our main goal was to make foreign cash, and this foreign cash business is a complete secret.’