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Nobel economics prize jointly awarded to labour market expert David Card

11/10/2021 Comments Off on Nobel economics prize jointly awarded to labour market expert David Card

Nobel economics prizeNobel economics prize jointly awarded to labour market expert David CardCanadian-born academic wins prize with Joshua Angrist and Guido Imbens Larry ElliottMon 11 Oct 2021 08.59 EDTFirst published on Mon 11 Oct 2021 08.57 EDTA labour market expert whose work influenced the introduction of the UK’s minimum wage has been named as a joint winner of the Nobel economics prize.David Card, a Canadian-born economist, was one of three US-based academics given the prestigious award for their work on whether economic theory is supported by real-life situations.The trio – Card, Joshua Angrist, an American, and Guido Imbens, from the Netherlands – were cited for their work on natural experiments, which is said to have revolutionised empirical research.UK’s supply chain crisis hits confidence; Nobel prize in economics awarded – business liveRead moreCard, who received half the 10m Swedish kronor (£838,000) prize fund, made his name with a paper that studied whether an increase in New Jersey’s minimum wage from $4.25 to $5.25 an hour in 1992 cost jobs in the fast-food industry.Contrary to previous research, Card and his fellow economist Alan Krueger found that employment in New Jersey restaurants increased after the minimum wage was raised.The widely cited paper was seized on by Gordon Brown and his then economics adviser Ed Balls to justify their plans for a UK national minimum wage, which was introduced in 1999. Although there is now cross-party support for …

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Donald Trump’s own treasury secretary blocked Ivanka World Bank role – report

10/10/2021 Comments Off on Donald Trump’s own treasury secretary blocked Ivanka World Bank role – report

Ivanka TrumpDonald Trump’s own treasury secretary blocked Ivanka World Bank role – reportSteven Mnuchin said to have stopped move likely to have upset world leaders, which ‘came incredibly close to happening’ Martin Pengelly in New York@ …

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Ireland ends 12.5% tax rate in OECD global pact

07/10/2021 Comments Off on Ireland ends 12.5% tax rate in OECD global pact

IrelandIreland ends 12.5% tax rate in OECD global pactLow-tax policy of past 18 years had attracted multinationals such as Google and Facebook to Dublin What does the Irish tax deal mean for multinationals? Lisa O’Carroll in Dublin@ …

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‘Facebook can’t keep its head in the sand’: five experts debate the company’s future

07/10/2021 Comments Off on ‘Facebook can’t keep its head in the sand’: five experts debate the company’s future

Facebook‘Facebook can’t keep its head in the sand’: five experts debate the company’s futureWhistleblower Frances Haugen testified the company is harming children and putting profits over safety, but what lies ahead? Johana BhuiyanThu 7 Oct 2021 06.00 EDTThe congressional testimony of Frances Haugen is being described as a potential watershed moment after the former Facebook employee turned whistleblower warned lawmakers must “act now” to rein in the social media company.But the impact of the hearing – in which Haugen used her time at Facebook and leaked internal research to build a case that it is harming children, destabilizing democracies, and putting profits over safety – is uncertain, as lawmakers, experts and regulators remain split over the path forward. The Guardian spoke to several experts across the tech industry about what could and should lie ahead for Facebook. The interviews have been edited and condensed for clarity.‘Surveillance capitalism is as immoral as child labor’Roger McNamee, early Facebook investor and member of Facebook’s oversight boardFrances Haugen’s revelations and testimony before Congress are devastating to Facebook. She is courageous, authoritative, and utterly convincing. We knew about the issues before, but she changed the game by providing internal documents that prove Facebook’s management had early warning of many horrible problems and chose not to take appropriate steps. In her testimony, she confirmed that the incentives of Facebook’s business model lead to the amplification of fear and outrage to the detriment of public health and democracy.When …

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Fast track to disaster? Brazil’s Grain Train plan raises fears for Amazon

07/10/2021 Comments Off on Fast track to disaster? Brazil’s Grain Train plan raises fears for Amazon

BrazilFast track to disaster? Brazil’s Grain Train plan raises fears for Amazon Bolsonaro’s government plans to build a 1,000km railway to export soya beans despite warnings of a ‘catastrophe’ for indigenous people and the environmentTom Phillips in Sinop, Novo Progresso and BrasíliaThu 7 Oct 2021 06.00 EDTLast modified on Thu 7 Oct 2021 12.57 EDTThe Final Countdown blared from speakers and the crowd broke into applause as one of Jair Bolsonaro’s top lieutenants strode into the Amazon auditorium with glad tidings of a railroad to the future.“The ‘Grain Train’ is going to happen,” Brazil’s infrastructure minister, Tarcísio de Freitas, told the hundreds of mostly male spectators who had flocked there in a caravan of high-end SUVs.To the assembled members of Brazil’s agribusiness elite – among them several of the president’s most militant supporters – the “Ferrogrão” (Grain Train) is a long-held dream: an almost 1,000km railway that, if built, will link Brazil’s soya-growing heartlands with the northern ports that send their beans east to Asia.“It’s fabulous. The region will explode,” celebrated Adenir da Silva, one of the excitable locals who had come to welcome Bolsonaro’s minister to Sinop, the agricultural boomtown where the planned railroad would begin. Behind him a crane had hoisted an enormous Brazil flag into the morning sky in honour of the VIP visitor.To opponents, however, the R$25.2bn ($4.6bn/£3.4bn) project is a nightmare: yet another nail in the coffin of the world’s largest tropical rainforest and the indigenous …

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Global deal on 15% minimum tax rate for multinationals edges closer

05/10/2021 Comments Off on Global deal on 15% minimum tax rate for multinationals edges closer

Global economyGlobal deal on 15% minimum tax rate for multinationals edges closerAlmost 140 countries understood to be in final OECD talks on measures to stop firms moving profits to tax havens Richard Partington and Lisa O’CarrollTue 5 Oct 2021 10.58 EDTLast modified on Tue 5 Oct 2021 12.17 EDTAlmost 140 countries are edging closer to a global deal on the taxation of multinationals, with agreement on a minimum 15% rate of corporation tax set to be announced as part of a landmark statement at the OECD in Paris on Friday.Governments representing more than 90% of the world economy are understood to be in the final stages of talks on a global minimum rate and other measures designed to stop multinationals shifting profits into tax havens.It is understood the accord will update several key details from an outline statement signed by 130 countries in July. Sources indicated a 15% rate was likely to be settled upon as part of the OECD’s Inclusive Framework tax negotiating forum, in a move backing down from an earlier agreement for a minimum of “at least 15%”.In a sprint to agree further details after almost a decade of negotiations, the push to issue a statement comes before a key meeting between G20 finance ministers taking place in Washington next week.Ireland, one of nine countries that declined to sign the OECD headline agreement in July, is expected to sign the landmark deal on Friday.The French economy minister, Bruno …

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Facebook whistleblower accuses firm of serially misleading over safety

05/10/2021 Comments Off on Facebook whistleblower accuses firm of serially misleading over safety

FacebookFacebook whistleblower accuses firm of serially misleading over safety Frances Haugen filed at least eight complaints against the company regarding its approach to safety Dan Milmo Global technology editorTue 5 Oct 2021 07.50 EDTLast modified on Tue 5 Oct 2021 08.44 EDTThe Facebook whistleblower, Frances Haugen, who testifies at the US Congress on Tuesday, has filed at least eight complaints with the US financial watchdog accusing the social media company of serially misleading investors and politicians over its approach to safety.The complaints, published online by the news programme 60 Minutes late on Monday, hours before Haugen’s testimony to US senators at 10am EDT (3pm BST), are based on tens of thousands of internal documents that Haugen copied shortly before she quit Facebook in May.The complaints and testimony from Haugen, who stepped forward on Sunday as the source of a damning series of revelations in the Wall Street Journal, are taking place against a backdrop of operational chaos for Facebook, whose platforms, including Instagram and WhatsApp, went offline around the world for nearly six hours on Monday.The first whistleblower complaint filed to the US Securities and Exchange Commission relates to the 6 January riots in Washington, when crowds of protesters stormed the Capitol, and alleges that Facebook knowingly chose to permit political misinformation and contests statements made by its chief executive, Mark Zuckerberg, to the contrary.“Our anonymous client is disclosing original evidence showing that Facebook … has, for years past and ongoing, …

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Facebook putting profit before public good, says whistleblower Frances Haugen

04/10/2021 Comments Off on Facebook putting profit before public good, says whistleblower Frances Haugen

FacebookFacebook putting profit before public good, says whistleblower Frances HaugenInternal papers show firm is lying about making progress against hate, violence and misinformation, ex-employee says Kari Paul and Dan MilmoMon 4 Oct 2021 06.12 EDTFirst published on Sun 3 Oct 2021 20.27 EDTA former Facebook employee has accused the company of putting profit over the public good, after coming forward as the whistleblower who leaked a cache of internal documents that have placed the tech firm in its worst crisis since the Cambridge Analytica scandal.Frances Haugen, 37, said the thousands of documents she had collected and shared with the Wall Street Journal and US law enforcement showed the company was lying to the public that it was making significant progress against hate, violence and misinformation.“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook. And Facebook, over and over again, chose to optimise for its own interests, like making more money,” she said.In an interview with the news program 60 Minutes on Sunday, Haugen explained her decision to speak out about the internal workings of Facebook, saying she had become alarmed by what she perceived as company policies that prioritized profit over public safety.“The version of Facebook that exists today is tearing our societies apart and causing ethnic violence around the world,” she said.Haugen said she was recruited to join Facebook as …

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Pandora papers: biggest ever leak of offshore data exposes financial secrets of rich and powerful

03/10/2021 Comments Off on Pandora papers: biggest ever leak of offshore data exposes financial secrets of rich and powerful

Pandora papersWorld newsPandora papers: biggest ever leak of offshore data exposes financial secrets of rich and powerful Millions of documents reveal offshore deals and assets of more than 100 billionaires, 30 world leaders and 300 public officialsG …

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As a whistleblower prepares to speak out, what can be done to rein in Facebook?

01/10/2021 Comments Off on As a whistleblower prepares to speak out, what can be done to rein in Facebook?

FacebookAs a whistleblower prepares to speak out, what can be done to rein in Facebook?Pressure grows on social network after US senators challenge Instagram over impact of app on children’s mental health Dan Milmo Global technology editorSat 2 Oct 2021 01.00 EDTLast modified on Sat 2 Oct 2021 05.28 EDTUS lawmakers have left Facebook in no doubt this week that revelations about the impact of its Instagram app on teen mental health have further damaged the company’s reputation. The Democrat senator Richard Blumenthal said the social network was “indefensibly delinquent” in its behaviour and had “chosen growth over children’s mental health”, after the Wall Street Journal (WSJ) reported that Facebook’s internal research had flagged concerns that its photo-sharing app was damaging the wellbeing of young users.The pressure on Facebook is likely to increase on Sunday when a whistleblower appears on US TV to claim that the company is lying to the public and investors about the effectiveness of its attempts to remove hate, violence and misinformation from its platforms.The whistleblower, who has submitted thousands of internal documents to the US financial regulator, will then appear at a Senate hearing on Tuesday.The WSJ report and the whistleblower’s appearance take place against a backdrop of active attempts to rein in the power of Facebook and other tech companies. Here are some of the proposals being considered for regulating Facebook.A break-upThe US competition watchdog, the Federal Trade Commission, has lodged a lawsuit demanding that …

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