Compagnie Des Villages De Vacances De L’Isle De France Limitee (COVIFRA) (COVI.mu) listed on the Stock Exchange of Mauritius under the Financial sector has released it’s 2015 interim results for the first quarter.For more information about Compagnie Des Villages De Vacances De L’Isle De France Limitee (COVIFRA) (COVI.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Compagnie Des Villages De Vacances De L’Isle De France Limitee (COVIFRA) (COVI.mu) company page on AfricanFinancials.Document: Compagnie Des Villages De Vacances De L’Isle De France Limitee (COVIFRA) (COVI.mu) 2015 interim results for the first quarter.Company ProfileCompagnie Des Villages De Vacances De L’Isle De France Limitee rents out investment properties, plant and equipment to Holiday Villages Management Services Mauritius Limited, which operates the Club Med Hotel at La Pointe au Cannoniers in Mauritius. The company is a subsidiary of MCB Group Limited. Compagnie Des Villages De Vacances De L’Isle De France Limitee is listed on the Stock Exchange of Mauritius.
Image source: Getty Images. Peter Stephens | Friday, 7th August, 2020 Stock market recovery: I’d buy bargain UK shares in an ISA now and hold them forever See all posts by Peter Stephens Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Simply click below to discover how you can take advantage of this. Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! A stock market recovery that pushes the prices of UK shares higher may seem somewhat distant at the present time. Risks to the economy’s future performance and investor sentiment are currently high. They may yet mean there is a second market crash later this year.However, long-term investors who are able to look beyond the current crisis may be able to capitalise on bargain valuations across the FTSE 100 and FTSE 250. Over time, they may return to their average valuations, and produce impressive returns for your portfolio.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…A second market crashA second stock market crash that pushes the prices of UK shares lower cannot currently be ruled out. On the one hand, a number of risks such as Brexit, coronavirus and rising unemployment could cause investor sentiment to weaken. However, on the other hand, many of those risks may be factored-in to valuations. Furthermore, some of those risks may prove to be less challenging than some investors are currently expecting.Therefore, investors should adopt a long-term view of the stock market and plan for a recovery to take years, rather than months. Past bear markets have often included periods of volatility, and have sometimes displayed short-lived bull runs that ultimately fail to be sustained. However, over the long term, indexes such as the FTSE 100 and FTSE 250 have solid track records of reaching new record highs after even the most severe bear markets.Buying bargain UK shares todayAssessing which UK shares are bargains today can be a difficult task. Some companies have low valuations that are merited due to their weak financial positions or challenging operating outlooks.However, other businesses are being penalised by weak investor sentiment towards riskier assets. Therefore, they could offer the greatest investment appeal at the present time. How so? Their valuations may not fully reflect their capacity to survive the current economic challenges, nor their ability to benefit from a likely stock market recovery.Therefore, now (as always) it is crucial to analyse UK shares before purchasing them. That is because some businesses may fare better than others in what could be an uncertain economic period. This may mean that you do not end up buying the cheapest shares in the FTSE 100 or FTSE 250. But it could mean that you find the best bargains based on price and quality.Awaiting a stock market recoveryWaiting for the prices of UK shares to recover may prove to be a challenging process for many investors. They may even experience paper losses along the way should a second market crash occur.However, by taking a long-term view after purchasing high-quality stocks, you can benefit from a very likely stock market recovery that is set to occur in the coming years – just as it has done following every other period of economic decline in history. “This Stock Could Be Like Buying Amazon in 1997” Our 6 ‘Best Buys Now’ Shares
Rough rider: Ahman Green playing for the Green Bay Packers back in 2009 LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Jack D’Arcy looks at some of the interesting characters in the USA’s first ever professional rugby side – who will face Leicester Tigers in pre-season. “… And he’s in the end zone! From a scrimmage on the five-yard line he’s touched down for a five!”Professional club rugby has finally arrived in the land of the free with the formation of the National Rugby Football League (NRFL).The franchise’s first team, the Rough Riders, will play Leicester Tigers in an exhibition match on 8 August at the home of the Philadelphia Eagles.However with no current rugby professionals being drafted by the American outfit who has made the Rough Rider’s 60-man roster? And will any of this bunch of enthusiasts attract the wandering eyes of Richard Cockerill? We take a look at some of the former NFL stars, track athletes, college players and nearly men to make the cut…Ahman Green – The All-StarA name familiar with NFL fans, Ahman Green, the former Green Bay Packer’s running back starred in the football franchise for over a decade. Green was selected for four pro bowls, the NFL’s all-star game, between 2001-2004. But at 38 years of age time is quickly running out for this once lucid strike runner. Retired since 2009 surely six years in the athletic wilderness has taken its toll but it will nevertheless be intriguing to witness how this once renowned competitor fairs in the centres.Michael Ray Garvin – The ‘new Carlin Isles’ Joel Yogerst – The one you might have heard ofThe name Joel Yogerst may ring a few distant bells with Bristol’s most ardent supporters. The American scored twice in his first ever game of rugby turning out for the club in a friendly match against Cambridge University. Described as ‘tough as nails’, by his teammates, Yogerst is hoping to represent the Rough Riders on the wing, moving from his American football position of fullback. Fellow roster member, Brock Davies also has experience in English rugby, with the Kiwi centre playing for Leicester academy and Bath in pre season fixtures. Posting the best 40-yard dash (4.28 seconds), 60-yard shuttle run (11.05 seconds), and vertical jump (46 inches) at the NRFL combine this All-American athlete might just be rugby’s next YouTube viral sensation. Michael Ray Garvin fell short in his bid to qualify for the Beijing Olympics in 2008 after failing to make the American sprint team. Not surprisingly he is aiming to start his rugby career out wide after a 100m personal best time of a blistering 10.10 seconds, eclipsing sevens hero Carlin Isles’ best ever performance of 10.24. Despite no previous rugby experience surely Garvin’s boundless athleticism will lead to some sort of future with ball in hand.Touch and go: Alex Bannister playing for the Seattle SeahawksAlex Bannister – The ProAlex Bannister enjoyed an illustrious six seasons in the NFL representing the Seattle Seahawks and Baltimore Ravens at wide receiver. He also made the coveted All-Pro team in 2003, meaning he was the best player in his position that season. At 36 years of age speed may have leaked from the veteran’s game but will hope an aptitude for contact sports will lead to equal success in the second row. Although, at just 16 and a half stone, he may need some additional brawn if he is to pack down against the game’s finest engine room operators.Tala Esera – The biggest and strongestAt over 21 stone Tala Esera is looking to the front row to make a bludgeoning impact on the fifteen a-side game. The biggest man on the Rough Rider’s roster, the Hawaiian never made it to the NFL after failing to be selected in the 2008 draft. He did however impress at 2015 NRFL combine bench-pressing 102kg a colossal 42 times in a row, more than any other player. Esera must, of course, learn the nuances of front row play before he is let loose against the Dan Coles and Davit Zirakashvilis of this world but certainly possesses the stature and raw strength to fill a prop sized hole. TAGS: Leicester TigersUSA
Support conservation and fish with NEW Florida specialty license plate Share on Facebook Tweet on Twitter Previous articleInching closer to a world without polioNext articleHow screen time affects our zzz’s Denise Connell RELATED ARTICLESMORE FROM AUTHOR Please enter your name here Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 The Anatomy of Fear You have entered an incorrect email address! Please enter your email address here Save my name, email, and website in this browser for the next time I comment. LEAVE A REPLY Cancel reply SR 429 closing briefly in preparation for Wekiva Parkway Section 2 openingFrom the Wekiva Parkway The Central Florida Expressway Authority is scheduled at night on March 25 to permanently close the County Road 435 (Mount Plymouth Road) temporary on ramp to northbound Wekiva Parkway (State Road 429). The closure is in preparation for opening CFX’s final five miles of the parkway on March 31.The new parkway Sections 2A, 2B and 2C are located between SR 46 and Kelly Park Road, and Round Lake Road and CR 435. The new 5-mile stretch includes an expressway connection to SR 46 for the first time.Opening the new sections will require the following temporary and permanent traffic impacts:– On March 31 at 6 a.m., crews will temporarily close the SR 429 southbound on ramp at SR 46. During the temporary closure, through traffic will be detoured to SR 46, CR 435 or Plymouth Sorrento Road and Haas Road.– Also early on March 31, the SR 429 southbound exit ramp to CR 435 will close permanently.– The CR 435 temporary ramp will, however, be available on March 31 for race and exhibitor traffic heading to the grand opening event. The Florida Highway Patrol will be posted at the CR 435 entrance ramp to SR 429 at 6 a.m. to guide runners and exhibitors driving to the event.– The SR 429 southbound ramp at SR 46 will reopen once the new parkway sections open later that day.Officers will be present and electronic message boards are posted to alert drivers. Bad weather or other unforeseen circumstances could delay or prolong work. Motorists are urged to use caution in the construction area for their safety and that of the work crews.The activity is part of tying in the new CFX Section 2A, from east of Plymouth Sorrento Road to CR 435, to the Florida Department of Transportation’s Section 4, which opened in 2016.The CR 435 temporary ramp was not one of the permanent interchange locations specified in the 2004 Wekiva Parkway & Protection Act. The State Legislature limited the number of permanent interchanges to curb the potential for development in the environmentally sensitive area surrounding the Wekiva River.CFX has built five parkway sections totaling 10 miles and more than $271 million in construction costs. Once completed, the 25-mile parkway will complete Central Florida’s beltway, while helping to protect the natural resources surrounding the Wekiva River. Please enter your comment!
Copy ArchDaily “COPY” + 43 Share Architects: F:L Architetti Area Area of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/423468/casa-y-f-l-architetti Clipboard Houses ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/423468/casa-y-f-l-architetti Clipboard Year: Italy “COPY” 2012 Photographs: Daniele Domenicali, Fabrizio Caudana Manufacturers Brands with products used in this architecture project Casa Y / F:L ArchitettiSave this projectSaveCasa Y / F:L ArchitettiSave this picture!© Daniele DomenicaliHouses•Turin, Italy CopyAbout this officeF:L ArchitettiOfficeFollowProductsWoodStoneConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesTurinItalyPublished on September 03, 2013Cite: “Casa Y / F:L Architetti” 03 Sep 2013. ArchDaily. Accessed 11 Jun 2021.
ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/878466/house-in-larmentera-casanovas-graus-perez-arquitectes Clipboard CopyHouses•L’Armentera, Spain Houses 2017 Save this picture!© Francisco Urrutia+ 23 Share Photographs Manufacturers: Ceràmica Ferres, Daikin, Saint-GobainStructural Calculation:Guillermo Barenys asociadosInstallations:PGI engineeringMain Contractor:Burgos&Gasull constructorsArchitects In Charge:Ana Irene Pérez Lázaro + Joan Casanovas MiñánCity:L’ArmenteraCountry:SpainMore SpecsLess SpecsSave this picture!© Francisco UrrutiaRecommended ProductsGlassSolarluxGlass Canopy – SDL AcubisDoorsECLISSESliding Pocket Door – ECLISSE LuceWindowsJansenWindows – Janisol PrimoEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornText description provided by the architects. L’ Armentera is a small town near the Fluvia river and the Emporda marshes, at about 6 Km from the coastline, with a lanscape full of fruit trees fields. In 2005, its urban growth was approved through the urbanization of a former farming area at the south side of the village, planned with straight streets and rectangular plots. The house places itself on a tiny plot, facing the street on one side and sharing the other three sides with the neighbor plots.Save this picture!© Francisco UrrutiaThe closeness of the present and future neighbours (separated 3+3 metres as the urban planning allows), the difficulty to enjoy the distant views of the beautiful Emporda landscape, and the paid attention to the climatology (protection from north wind and getting the maximum use of the sun and easterly winds), define the proposal.Save this picture!Floor PlanThe plot dimensions (18×24 metres) don’t allow to include the whole functional programme in the ground floor without renouncing an exterior space that extends the interior common spaces: living room, dining room, kitchen and studio. Thus, ground floor shapes an “L” that faces a south oriented patio, protecting the house from the north wind and the street. The first floor stands on the longitudinal axis with an apparently blind façades that avoid the own or any others direct views from the street and neighbour plots.Save this picture!© Francisco UrrutiaSave this picture!SectionSave this picture!© Francisco UrrutiaConstruction becomes the appearance. Façades are composed by a double ceramic wall, the interior is the main wall and the exterior fixed to the former and finished with lime mortar, defines an air gap with small ventilation that contains the continuous thermal insulation. The openings, with the exterior carpentry in the same plane of the thermal insulation, are protected from sun with ceramic latticework or rotang louver sheets. This allows a pleasant and excellent light and ventilation control during summer and spring, avoiding the existence of air conditioning. Roofs are partly smooth sloped in order to respect the urban regulations. There are no ceilings and thus, concrete joists, ceramic beam filler blocks and copper pipes for heating (produced by a low temperature aerothermal technology device) are exposed. Pavements in the ground floor are exposed reinforced concrete in the interior and exterior. A small swimming pool with the edge lifted as a bench is built in the garden and desired privacy of patio is trusted in the climbing plants planted through the perimeter fences.Save this picture!© Francisco UrrutiaProject gallerySee allShow lessDark Arkitekter Plans to Rejuvenate Oslo with National Theatre RehabilitationUnbuilt ProjectExploding the Cube: Yannick Martin’s Studies of a Six-Sided ShapeArchitecture News Share Spain House in L’ARMENTERA / CASANOVAS, GRAUS, PÉREZ arquitectesSave this projectSaveHouse in L’ARMENTERA / CASANOVAS, GRAUS, PÉREZ arquitectes Photographs: Francisco Urrutia Manufacturers Brands with products used in this architecture project Architects: CASANOVAS, GRAUS, PÉREZ arquitectes Area Area of this architecture project CopyAbout this officeCASANOVAS, GRAUS, PÉREZ arquitectesOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesL’ArmenteraSpainPublished on August 28, 2017Cite: “House in L’ARMENTERA / CASANOVAS, GRAUS, PÉREZ arquitectes” [Casa en L’ARMENTERA / CASANOVAS, GRAUS, PÉREZ arquitectes] 28 Aug 2017. ArchDaily. Accessed 11 Jun 2021.
Tagged with: Giving/Philanthropy Ireland Law / policy 32 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Irish government backs plans to boost charitable giving by 60% AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 9 July 2012 | News The Irish government has backed plans presented by the Forum on Philanthropy to increase the level of philanthropic and charitable giving along with developing fundraising capacity and best practice.The recommendations from the latest report from Forum, now renamed as the The Forum on Philanthropy and Fundraising, are for four activities to be implemented over the next four years:• A National “Giving Campaign”, aimed at the public, high net worth individuals and corporates in Ireland to increase their giving.• Improving the fiscal environment and incentivising greater giving.• Developing better fundraising capacity, education and training among not-for-profits.• Creating a National Social Innovation fund, supported by the Government and the philanthropic sector.The Forum’s report and recommendations were launched last week in the National Library of Ireland by An Taoiseach, Enda Kenny TD and Phil Hogan TD, the Minister for the Environment, Community and Local Government. The Minister has provided over €1.1million this year to support the Forum’s agenda.The Taoiseach said: “While the impetus for this initiative has come from the not for profit sector, my Government is more than happy to support and help to drive this important initiative”.Chairman of the Forum, Frank Flannery explained that the Forum’s target was to increase philanthropic giving in Ireland from around €500m per annum to €800m by 2016. He admitted that many people might view this as an ambitious target given the current economic difficulties, but “nonetheless we have identified significant scope for growth in Irish charitable donations and believe that this transformation is possible”.One area that the Forum will focus on is regular giving. It found that only 15% of donors in Ireland give in a regular planned fashion compared to 36% in the UK.Members of the Forum include representatives from Atlantic Philanthropies, Philanthropy Ireland, Fundraising Ireland, the Department of Finance, Business to Arts, and grantmakers like The Ireland Funds.www.philanthropy.ie/information/forum-on-philanthropy/
Melanie May | 6 August 2019 | News Kent Community Foundation (KCF) has launched The Lawson Trust Million Pound Endowment Match Challenge, to encourage giving in Kent.The Lawson Trust Million Pound Endowment Match Challenge will deliver an additional £2 million to support charities within Kent and Medway, with every £1 donated matched with another £1 donation from The Lawson Trust.The funds will be invested in perpetuity and the income gained every year will be used for charitable grant-making.The Match Challenge is open to individuals, families, trusts and foundations and businesses wishing to start an endowment fund or build upon an existing endowment fund at Kent Community Foundation.New fund-holders must be committed to setting up a named endowment fund, starting at £50,000 and current fund-holders will need to top-up by £25,000 in order to qualify for the match, with the maximum amount of match available is capped at £100,000.Josephine McCartney, Chief Executive, Kent Community Foundation, said:“Donating to a match fund appeals to philanthropists as over time, the amount distributed will outstrip the original gift, making a lasting legacy for the community. If you, your family or business decided to contribute to a match fund your endowment will be pooled with other funds held at Kent Community Foundation allowing for a broader spectrum of investments, protection of capital and increased returns. And the great news is that by investing donations, the benefit to the recipients is magnified beyond what the donor might have been able to give during his or her life.”Kent Community Foundation was set up in 2001 and has so far distributed over £34 million in grants. 224 total views, 2 views today 225 total views, 3 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis12 AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis12 Advertisement Kent Community Foundation encourages local giving with match challenge Tagged with: matched giving About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.
Jan. 25 — The working class in the U.S. has suffered devastating blows since the 2007 capitalist economic crisis. Now the threat of a new downturn is rumbling through the financial markets.City and state budgets have already been cut in the name of austerity. Government services, including those in hospitals, schools, libraries, water works and maintenance, have been privatized — sold to generate immediate revenue needed to pay the interest on bank loans. The impact of these criminal policies can be seen in Flint’s poisoned water and in decaying schools, from Los Angeles to Detroit and Philadelphia.Even as a new round of layoffs is pending, the number of people participating in the workforce has reached its lowest level in 30 years, despite population growth. Real wages, stagnant since 1979 according to an Economic Policy Institute report of Feb. 19, 2015, have not improved since then.The workers whose labor produces all wealth have been receiving a smaller and smaller portion of the value they produce. Some 56.3 percent of the U.S. population is now living paycheck to paycheck, with less than $1,000 in checking and savings accounts combined. And 24.8 percent have under $100 in their accounts. (Forbes, Jan. 6)Stagnant and falling wages, alongside the increasing productivity of labor, have led, under capitalism, to the concentration of extreme wealth in private hands at a scale unknown in history. The 62 richest people on earth now hold as much wealth as the poorest 3.5 billion. (Oxfam, Jan. 17) Five years ago, 388 super-rich held this criminal status. The staggering concentration of wealth continues unabated.One-fifth of paper value wiped outThe other feature endemic to capitalism that Karl Marx explained 165 years ago is asserting itself yet again. Capitalism — the economic system built on social production but private expropriation — has never been able to solve the lurching cycles of boom and bust caused by overproduction. The overproduction of every commodity is again shaking financial markets.Industrial production and manufacturing output have slowed to a trickle.The fall in the price of oil from more than $110 a barrel in June 2014 to below $30 today has received great attention. But a similar collapse has happened in industrial goods, steel, piping, sheet metal, coal, gold, aluminum, zinc and major food crops.Since the New Year, stock markets around the world have been dropping inexorably. From New York’s Dow Jones and the S&P 500 to the main European stock exchanges in London, Paris and Berlin; to markets in Dubai, Tokyo, Hong Kong and Shanghai; together they have lost more than 20 percent of their value, entering what is called a “bear market.”A fifth of all stock market wealth in the world has been wiped out. This may not immediately affect most workers. But the capitalists’ way of dealing with the loss of their speculative wealth is to immediately turn on workers who have less than $1,000 or $100 to their name.President Barack Obama’s State of the Union address highlighted a modest increase in service jobs at the lowest pay — from call centers to fast food restaurants. However, hundreds of thousands of workers in heavy industry, energy production, banking and financial services — from DuPont, Alcoa, John Deere and BP to Morgan Stanley — have already been laid off over the last year.Bailout deepened the crisisCapitalist economists, hesitant to use the term recession, have come up with a new term for such a long period without economic growth: “secular stagnation.” International conferences and numerous academic papers have been held on this topic. Secular stagnation is a nicely vague term that hides the reality. Capitalism, in order to expand, must find markets in which to sell its products at a profit. When it cannot do this, the entire global system goes into a spiral of crisis.Bailouts have not succeeded in jump starting the economy. Years of almost zero interest rates to encourage giant loans supposedly to stimulate production may instead have made this capitalist downturn much worse.A British paper quotes an official of the Organization for Economic Cooperation and Development: “‘The situation is worse than it was in 2007. The world faces a wave of epic debt defaults. Our macroeconomic ammunition to fight downturns is essentially all used up,’ said William White, the Swiss-based chairman of the OECD’s review committee and former chief economist of the Bank for International Settlements (BIS).” (Telegraph, Jan. 19)‘Zombie’ shipsThere is overproduction in commodities, from oil to finished products like toys, clothing and cars. There is even a glut of the huge container ships that move more than 95 percent of the world’s manufactured goods.The shipping industry is facing its worst crisis in living memory after years of rapid expansion fueled by cheap debt. The world fleet doubled in size from 2010 to 2013. (Reuters Business Insider, Jan. 20)Competition among shipping companies has pushed the building of a new generation of super freighters that can carry 19,000 containers, compared to earlier ships that carried just 5,600. It takes years to build such ships. Orders were placed when a full global recovery was expected after 2009.Shipping corporations that financed their fleets with 60 percent debt and 40 percent equity have seen that equity become worthless.Now “zombie” fleets accept freight at maverick prices just to keep going. But the owners have no hope of repaying the capital on their loans. Banks are afraid to pull the plug on these loans because then they would be forced to list the losses on their books.The Baltic Exchange, which has set shipping rates for more than two and a half centuries, says the situation its members face now is grim.Giants felled by debtEven giant multinational corporations that survived decades of past capitalist turmoil are now tottering. Years of almost zero interest spurred many of the world’s largest commodity corporations to take out huge debts to invest in further expansion and mergers. But now that the price of commodities has crashed to one-half or even one-third of a year ago, the market value of these corporations has gone into free fall.One of the largest and oldest gold and copper mining corporations, Freeport McMoRan, is in crisis after taking out big loans about three years ago to buy into oil and gas. Now, with the oil glut, the company’s stock has fallen from $60 a share to below $4. Freeport McMoRan, now valued at $4.8 billion, is carrying a debt of $20 billion, so it is slashing jobs and all capital spending. But in order to meet its debt payments, it is continuing to pump oil, even at extremely depressed prices. (New York Times, Jan. 22)In previous price slumps, commodities producers immediately cut back. But this time, due to their enormous debt, they continue to flood the market, making their situation worse.Capitalists blame their woes on ChinaThe global glut of all commodities is currently being blamed on a slowdown in the growth of People’s China — the world’s second-largest and most rapidly growing economy.The chaos and ruthless competition of the capitalist system itself are never blamed. For example, both U.S. and German corporations have exacerbated conditions in China at plants that are joint ventures. A decision by Volkswagen, GM and other major automakers to rein in their production in China due to a global glut in autos meant they first canceled workers’ bonuses at their plants. “The bonuses being scrapped typically amount to more than half of the assembly-line workers’ take-home pay.” (Reuters, Sept. 15, 2015)These international corporate giants not only cut assembly-line workers’ take-home pay, hours, break times and number of shifts, but they and other major Western firms also cut billions of dollars from major expansion plans they had in China. Of course, all these cuts in investments, announced more than three months ago, impacted on the Chinese stock market.These abrupt cuts have spurred increasing efforts to further develop more stable links and trade among China, Russia, Latin America and Africa. A Cuban article titled “Weathering the storms of the 21st century,” written days ago, said this rapidly developing trade was mutually beneficial. By 2014, the value of bilateral trade between China and Latin America was 22 times what it had been in 2000. (Granma, Jan. 19)How deep and intractable the coming crisis will be, or what will spark it, can’t be predicted. But the urgency for workers of sounding the alarm and organizing a determined fightback is beyond dispute.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Most workers have little choice when it comes to paying income taxes. The money is deducted from our paychecks before we even get a chance to listen to the rustle of the bills and the clink of the coins. Not so with big corporations. They can afford tax “advisors” who specialize in finding loopholes to reduce what they pay. Reduce by how much, you ask? How about to — zero?That’s what a new study finds — that “at least 55 of America’s largest [corporations] paid no taxes last year on billions of dollars in profits.” (New York Times Business Section, April 3)The article explains: “The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — because of a range of legal deductions and exemptions.”And the Times states, “Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates.” To add insult to injury, Amazon avoided paying $2.3 billion in federal taxes in 2020, according to the Institute on Taxation and Economic Policy. (Feb. 3)It’s a bit suspicious that this shocking information turned up in the financial pages of the Times, not the general news section. Most people would get pretty damn mad at these corporations if they saw the article. But, if the readers instead are the financial officers of big corporations, they’d see it as a juicy profit opportunity.What if the article had instead been on the front page of the newspaper, with a blaring headline about the richest corporations paying no taxes? That would be seen as a real challenge to the class of multimillionaires and billionaires who run this country. But the editors of the Times don’t want to do that.So the next time your heart sinks when you see how much is taken out of your pay, think of how the workers at FedEx, Duke Energy and Nike would feel if they found out that their bosses were paying no taxes on their own hefty profits, while faithfully deducting income taxes from their employees’ paychecks every week.What’s that Tracy Chapman song — “Talkin’ ’bout a revolution”? FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this