Billionaires $3.9 trillion richer as poor suffer in widening covid-19 divide

Agencies
January 25, 2021

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London, Jan 25: Billionaires including Amazon's Jeff Bezos and Tesla founder Elon Musk have seen their wealth soar during the Covid-19 pandemic while the world's poor face years of hardship, charity Oxfam said on Monday as it demanded steps to tackle inequality.

Nations have a "shrinking window of opportunity" to build a fair, green recovery, according to "The Inequality Virus" report, published as global leaders tune in for the World Economic Forum's virtual "Davos Dialogue" meeting.

"We stand to witness the greatest rise in inequality since records began," Gabriela Bucher, executive director of Oxfam International, said in a statement as the charity called for higher wealth taxes and stronger protections for workers.

"Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills."

Covid-19 has unleashed an economic storm that hit the poor and vulnerable hardest, with women and marginalised workers facing the worst of job losses and the World Bank warning more than 100 million people could be pushed into extreme poverty.

It could take more than a decade to reduce the number of people living in poverty back to pre-crisis levels, Oxfam said.

Meanwhile, the collective wealth of the world's billionaires rose $3.9 trillion between March and December 2020 to reach $11.95 trillion, the report calculated.

The 10 richest men - a list led by Bezos and Musk which also includes LVMH luxury group's CEO Bernard Arnault, Microsoft's Bill Gates and Facebook CEO Mark Zuckerberg - saw their net worth increase by $540 billion in the same period, Oxfam said.

That sum would be enough to prevent anyone from falling into poverty as a result of the pandemic and pay for a vaccine for everyone on earth, researchers calculated.

The pandemic marks a "pivotal" point which has exposed economic disparities and built support for "transformative" policies, Oxfam said, calling for higher taxes on wealth and corporations alongside stronger protections for workers.

A temporary tax on excess profits made by the 32 global corporations that have profited the most during the pandemic could have raised $104 billion in 2020, Oxfam said.

International cooperation would be key to implementing many changes, said Jayati Ghosh, an economics professor at the University of Massachusetts Amherst who was among the economists polled by Oxfam for the report.

The administration of new US President Joe Biden will spur "more willingness" for joint action on issues including a crackdown on tax havens and a bailout for developing nations, she told the Thomson Reuters Foundation by phone.

"There are some very, very big hurdles, but there are many things that can be done very quickly," she added.

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News Network
November 27,2025

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Authorities at Pakistan’s high-security Adiala Jail in Rawalpindi on Wednesday dismissed speculation about the condition of imprisoned former Pakistan Prime Minister Imran Khan, rejecting rumours that he had been moved out of the facility or was in danger. Officials said Khan was in “good health” and described the viral death claims as “baseless.”

“There is no truth to reports about his transfer from Adiala Jail,” the Rawalpindi prison administration said in a statement, according to Geo News. “He is fully healthy and receiving complete medical attention.”

Amid swirling rumours on social media, Imran Khan’s party, Pakistan Tehreek-e-Insaf (PTI), urged the federal government to issue an official clarification and demanded that authorities allow his family to meet him immediately, Dawn reported.

The frenzy began after Khan’s three sisters called for an impartial probe into what they described as a “brutal” police assault on them and other PTI supporters outside Adiala Jail last week. Soon after, several social media handles circulated unverified claims alleging that Khan had been “killed” inside the prison.

The rumours intensified when a handle named “Afghanistan Times” claimed that “credible sources” had confirmed Khan’s “murder” and that his body had been moved out of the jail — allegations that have not been verified by any credible agency.

Imran Khan, PTI’s patron-in-chief, has been lodged in the Rawalpindi prison since August 2023 in multiple cases. For over a month, an undeclared restriction has prevented family members and senior PTI leaders from meeting him. Khyber-Pakhtunkhwa Chief Minister Sohail Afridi has reportedly been denied access despite making seven attempts.

In a letter to Punjab Police Chief Usman Anwar, Khan’s sisters — Noreen Niazi, Aleema Khan, and Dr. Uzma Khan — said they were “peacefully protesting” outside the jail when police allegedly launched an unprovoked assault after streetlights were switched off.

“At 71, I was seized by my hair, thrown to the ground and dragged across the road,” Noreen Niazi said, alleging that other women present were also slapped and manhandled.

Adiala Jail officials reiterated that speculation over Imran Khan’s health was unfounded and insisted that his well-being was being ensured, Geo News reported.

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News Network
December 5,2025

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New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said. 

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period. 

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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