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Why the top 1% like things the way they are

Economy, Neo-liberal economics, United States 30 Responses »

Aug 142011

Is growing income inequality the logical end in the relentless quest for the highest return on capital? What are the implications of our current model of economic development? Continue reading »

Mubarak family’s wealth “could reach RM213bn”

Accountability, Africa 33 Responses »

Feb 052011

“Mubarak family fortune could reach $70bn, say experts – Egyptian president has cash in British and Swiss banks plus UK and US property”.

That’s the headline of a Guardian report.

I can’t say I am surprised. He joins the ‘illustrious’ ranks of US-backed dictators such as Suharto, the Shah of Iran, and Marcos, who enjoyed fabulous wealth while their people suffered from poverty and repression. That’s also what happens when the political elite mix business with politics and engage in lots of corporate wheeling and dealing.

Here’s an excerpt from the Guardian report:

President Hosni Mubarak’s family fortune could be as much as $70bn (£43.5bn) according to analysis by Middle East experts, with much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast. Continue reading »

Petronas’ RM600 billion profit: Where has it all gone?

Accountability, Energy resources, Malaysian finance/business, Public transport 42 Responses »

Jun 032008

So the figure has been revealed. Petronas’ group profit before taxes, royalties, dividends and export duties amounted to RM570 billion for the period from its establishment in 1974 to 31 March 2007.

If you include the figure for the period until 31 March 2008, then you are probably looking at a figure closer to RM700 billion, with the higher oil prices.

Let’s see the breakdown of that RM570 billion: