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Daily Archives: October 8, 2020

Wall Street executives making millions during historic financial downturn

But the surge in wealth also highlights how the compensation of senior executives is designed to give them enormous windfalls, which they have gotten even during one of the sharpest economic downturns in decades. These gains are also a reminder that income and wealth in the US economy are tilted …

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JPMorgan puts $42b toward fixing banking’s ‘systemic racism’ in US

Citigroup announced last month it is committing $US1 billion toward closing “the racial wealth gap” in the United States, including $US550 million toward home ownership programs for racial minorities. JPMorgan, which has $US3.2 trillion in assets, said it expects the $US30 billion to help finance 40,000 additional mortgages for black …

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850 NBN staff paid more than $200,000 amid government pay crackdown

New figures, provided to a Senate committee, show that as of September 9 this year 4859 of its 6300 employees were paid in excess of $100,000 a year, including 733 workers on salaries worth between $200,000 and $300,000. An NBN Co spokesman said staff were employed under individually negotiated contracts, …

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Self-funded retirees urged to tap home equity as budget critics come under fire

The reverse mortgage-style scheme allows retirees to take out a loan from the government to cover living expenses, secured against their real estate, and receive payments of up to 1.5 times the pension rate. It was expanded last year to allow access by self-funded retirees, leading to a bigger take-up. …

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Multiple problems with state logging agency, damning audit reveals

An independent audit of Victoria’s state logging operations has found multiple problems, including failures to adequately survey for threatened species, identify old-growth forest or contain post-logging burns. Months after abandoning its latest attempt in a decade-long effort to gain sustainability certification from the Forest Stewardship Council Australia (FSC), Vicforests quietly …

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‘Growing a backbone’: NSW EPA praised for prosecuting Forestry Corp

Loading The tallow wood-blue gums on the Dorrigo Plateau include many hollow trees that host a range of owl species and mammals such greater and yellow-bellied gliders. “It’s awe-inspiring to go into these forests. These are just magnificent trees,” Mr Pugh said. The EPA said the charges relate to the …

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Friction at the dispatch box: Albanese hopes a sledge can turn the game

While ministers took questions from Labor about women missing out on budget help, Albanese goaded Morrison about the hens. He sounded incredulous they would be named after the eminent women who lived in The Lodge. Those who overheard say he claimed it was another sign of disrespect to women. That …

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Albanese pledges universal childcare subsidy in budget reply

Loading Mr Albanese dismissed the government’s budget as an “incoherent grab bag” of proposals and called for bigger ambitions to rebuild the country from recession with “strength and fairness” as guiding principles. “This is an opportunity to reset and renew,” he told Parliament in his budget reply on Thursday night. …

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Beachgoers keep high eye on Victoria’s changing coastline

The cameras produce three-dimensional beach models that precisely measure shoreline change as part of the Victorian Coastal Monitoring Program. These models can also be used to predict how beaches will respond to storms and rising sea levels during climate change. The program is the first successful citizen scientist program in …

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Vaccine suppliers given indemnity for ‘inevitable’ side effects

British pharmaceutical company AstraZeneca is the sponsor of the Oxford University vaccine, while the University of Queensland vaccine is being marketed by Seqirus (CSL). Plans to distribute the vaccine quickly across the population once successful phase three trials are complete mean the full safety picture will not be known when …

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