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Indian billionaires saw their combined fortunes more than double during the COVID-19 pandemic, and their count shot up by 39 percent to 142, while the wealth of the ten richest is enough to fund school and higher education of children in the country for 25 years, a new study showed on Monday. In its annual inequality survey released on the first day of the <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword>'s online <keyword id="10572200" type="General" weightage="20" keywordseo="Davos-Agenda-summit" source="Orion">Davos Agenda summit</keyword>, <keyword id="69945" type="General" weightage="20" keywordseo="Oxfam-India" source="Orion">Oxfam India</keyword> further said that an additional one percent tax on the richest 10 percent can provide the country with nearly 17.7 lakh extra oxygen cylinders, while a similar wealth tax on the 98 richest billionaire families would finance <keyword id="6199405" type="General" weightage="20" keywordseo="ayushman-bharat" source="Orion">Ayushman Bharat</keyword>, the world's largest health insurance scheme, for more than seven years. The COVID-19 pandemic saw a huge rush for oxygen cylinders and insurance claims during the second wave last year. On wealth inequality, Oxfam report further said that 142 Indian billionaires collectively own wealth of USD 719 billion (over Rs 53 lakh crore), while the richest 98 of them now have the same wealth as the poorest 55.5 crore people in the bottom 40 per cent (USD 657 billion or nearly Rs 49 lakh crore). If each of the 10 richest Indian billionaires were to spend USD one million daily, it would take them 84 years to exhaust their current wealth, while an annual wealth tax applied to multi-millionaires and billionaires would raise USD 78.3 billion a year that would be enough to increase government health budget by 271 per cent or eliminate households' out-of-pocket health budget and leave some USD 30.5 billion. Noting that COVID-19 may have begun as a health crisis but has become an economic one now, Oxfam said the wealthiest 10 per cent have amassed 45 per cent of the national wealth while the share of the bottom 50 per cent of the population is a mere 6 per cent. It further said that the inadequate governmental expenditure on health, education and social security has gone hand-in-hand with a rise in the privatisation of health and education, thus making a full and secure COVID-19 recovery out of reach for the common citizen. The study urged the government to revisit its primary sources of revenue generation, adopting more progressive methods of taxation and assessing its structural issues that permit such wealth accumulation by the rich. Additionally, the government should also redirect revenue towards health, education and social security, treating them as universal rights and as a means of reducing inequality, thereby avoiding the privatisation model for these sectors, Oxfam said. "We call upon the government to redistribute India's wealth from the super-rich to generate resources for the majority by reintroducing the wealth tax and to generate revenue to invest in the education and health of future generations by imposing a temporary one per cent surcharge on the rich for health and education," it said. On gender inequality, Oxfam India said women accounted for 28 per cent of all job losses and lost two-thirds of their income during the pandemic. It further said India's 2021 budget allocation for the <keyword id="173679" type="General" weightage="20" keywordseo="ministry-of-women-and-child-development" source="Orion">Ministry of Women and Child Development</keyword> is less than half of the total accumulated wealth of the bottom ten of India's billionaire list and just a 2 per cent tax on individuals with an income of over 10 crore could increase the ministry's budget by an astounding 121 per cent. If the wealth of the first 100 billionaires is accumulated, they could fund the National Rural Livelihood Mission scheme, responsible for creating Self Help Groups for women, for the next 365 years. On health inequality, the report said a 4 per cent wealth tax on the 98 richest families in India would finance the Ministry of Health and Family Welfare for more than 2 years and noted that their combined wealth is 41 per cent more than the Union Budget of India. On education inequality, the study said a 1 per cent of tax on wealth of the 98 billionaires in India can fund the total annual expenditure of the department of school education and literacy under the Ministry of Education, while 4 per cent of tax on their wealth can take care of Mid-Day-Meal programme of the country for 17 years or Samagra Sikshya Abhiyan for 6 years. Similarly, a 4 per cent tax on the wealth of the 98 billionaires would be enough to fund the Mission POSHAN 2.0, which includes Anganwadi Services, POSHAN Abhiyan, Scheme for Adolescent Girls, and National Creche Scheme, for 10 years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">Even after the LIC IPO, Indian government may be well short of its divestment target ⁠— for a third year in a row</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-hcl-tech-indian-oil-hero-motocorp-and-other-hot-stocks-on-january-17/slidelist/88941679.cms">HDFC Bank, HCL Tech, Indian Oil, Hero MotoCorp and other hot stocks on January 17</a>

Wealth of India's ten richest enough to fund school, higher education of every child for 25 years, reveals Oxfam study

<ul class="summary-list"><li>World leaders are concerned former President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> did irreversible damage to <keyword id="6354914" type="UNKNOWN" weightage="60" keywordseo="democracy">democracy</keyword>, according to European Commission President Ursula von der Leyen.</li><li>"We are worrying about whether democracy itself might have been permanently damaged in the last four years," she said, expressing horror at the <keyword id="10554785" type="UNKNOWN" weightage="60" keywordseo="capitol-siege">Capitol siege</keyword>.</li><li>The EU chief said Trump and the Capitol attack showed how important it is to "address the darker sides of the digital world."</li></ul>Leaders across the world are concerned former President Donald Trump may have done irrevocable damage to democracy, European Commission President Ursula von der Leyen <a href="https://ec.europa.eu/commission/presscorner/detail/en/speech_21_221">said on Tuesday</a>."A year ago, my bilateral talks revolved primarily around the question: Would the US government impose punitive tariffs on European carmakers? Today, a year later, we are worrying about whether democracy itself might have been permanently damaged in the last four years," von der Leyen said during a virtual speech at the <keyword id="100810" type="COMPANY" weightage="60" keywordseo="Davos">Davos</keyword> Agenda summit, hosted by the World Economic Forum.The EU chief went on to say that the violent insurrection at the US Capitol on January 6, which was <a href="https://www.businessinsider.com/trump-provoked-attempted-coup-capitol-sat-back-and-tweeted-2021-1">provoked by Trump</a>, underscored how imperative it is for leaders to "address the darker sides of the digital world.""Images like we saw a few weeks ago, when an angry mob stormed the Capitol, were beyond my imagination," von der Leyen said.<div type="image" title="capitol siege riot ladder" height="2000" width="3000" msid="80490049" hostid="261"></div>"Like for so many of us, the storming of the Capitol came as a shock to me," von der Leyen went on to say. "We are always quick to say: Democracy and values, they are part of our DNA. And that is true. But we must nurture our democracy every day, and defend our institutions against the corrosive power of hate speech, disinformation, fake <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> and incitement to violence.""In a world where polarizing opinions are the loudest, it is a short step from crude conspiracy theories to the death of a police officer," she added, and the Capitol siege "unfortunately" showed the world just how "true" that is.Five people were killed as a result of the violence on January 6, including a police officer. Trump routinely used Twitter to spread disinformation on the US election, including baseless claims of mass voter fraud, which helped set the stage for the deadly violence at the Capitol. He's been permanently banned from the platform.Prior to the mayhem at the Capitol, Trump engaged in a weekslong effort to overturn the election result. Shortly before his supporters descended upon the Capitol, Trump delivered a lie-filled speech in which he falsely claimed to have won the election and urged his supporters to "fight like hell.""If you don't fight like hell you're not going to have a country anymore," Trump said at the time. Trump was impeached in the House in mid-January for inciting the Capitol attack, and his trial is set to begin on February 9. Von Der Leyen is not alone in her concerns about the long-term impact of Trump's presidency on global democracy. Trump spent years showering dictators with flattery while undermining democratic institutions in the US. From habitually attacking the free press to attempting to overturn a free and fair election, <a href="https://www.businessinsider.com/trump-the-most-anti-democratic-president-in-modern-us-history-2020-11">Trump repeatedly skirted democratic norms</a> and <a href="https://www.businessinsider.com/historians-election-experts-warn-trump-behaving-like-mussolini-2020-9">mirrored the behavior of authoritarian leaders.</a>Leaders across the globe condemned Trump over the Capitol siege, and expressed dismay about the consequences for democracy more broadly. "The enemies of democracy will be happy about these unbelievable pictures from Washington, DC," Heiko Maas, the German foreign minister, said in <a href="https://twitter.com/HeikoMaas/status/1346917794827309057">a tweet.</a>And as the leader of a country as powerful as the US, political scientists have warned that Trump has potentially helped validate democracy-eroding practices from leaders in other parts of the world. "Trump's push to overturn the election results may undermine democracy abroad by legitimizing anti-democratic behaviors. We have already seen leaders in Hungary, Turkey, and elsewhere emulate Trump's rhetoric about 'fake news' to dismiss criticism," Erica de Bruin, a political scientist at Hamilton College, recently told Insider.

World leaders are worried Trump 'permanently' damaged democracy, EU chief says

Geneva, Two Indian companies - <keyword id="66595" type="COMPANY" weightage="20" keywordseo="Dalmia-Cement">Dalmia Cement</keyword> and Tata Steel - on Wednesday joined a new initiative launched at the <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in Davos to accelerate the decarbonisation of heavy industry and transport. The <keyword id="10660822" type="COMPANY" weightage="20" keywordseo="mission-possible-partnership">Mission Possible Partnership</keyword> (MPP), a new coalition formed to accelerate the decarbonisation of global industries representing 30 per cent of global emissions, was launched at the Davos Agenda. Run by the Energy Transitions Commission, Rocky Mountain Institute, the 'We Mean Business' coalition, and the World Economic Forum, the Mission Possible Partnership aims to accelerate several pathways for decarbonising heavy industry and transport by unifying the critical actors needed to influence and enable industry transformation at speed and scale. The partnership builds on the success of the Mission Possible Platform (MPP), which launched at the <keyword id="6355833" type="COMPANY" weightage="20" keywordseo="united-nations">United Nations</keyword> Secretary General's Climate Action Summit in 2019, and has grown from 30 companies in 2019 to 400, who all are committed to working on concrete actions towards net-zero. The partnership will help more industries mobilise resources, align across a greater number of organisations, and accelerate the 'race to zero'. This initiative will help carbon-intensive sectors reach their targets and bring in the systemic change needed to succeed by providing a clear path to 'net zero'. "The number of countries announcing net-zero emissions targets by 2050 has grown during 2020 and is significant," said Dominic Waughray, Managing Director, World Economic Forum. "As well as more commitments, the key will also be implementation, so that our pathways are on track by 2030. This will likely require big collaborations and partnership between governments, industry, finance and innovation. It is something we can do together, and the launch of the partnership at the Davos Agenda will accelerate these efforts in the run-up to COP26 in November." "To decarbonise the global economy, we must think and act like the global economy," said Nigel Topping, UK High-Level Champion, COP26. "The climate action system needs ambitious national pledges under the <keyword id="3087299" type="PERSON" weightage="20" keywordseo="Paris-agreement">Paris Agreement</keyword> and robust net-zero commitments from global industries. The Mission Possible Partnership aims to spur these commitments and create sectoral pathways to accelerate our progress in the Race to Zero." The MPP is centred on the idea that the Paris Agreement, with its focus on national targets, will not generate the plans and solutions necessary to achieve efficient and effective transition strategies for global industries on its own. The most important missing piece of the global climate action architecture is an effort by sectors, complementing country-centric strategies with action from global industries to unlock technology and energy transformation. In late 2021, the partnership will aim to showcase net-zero agreement breakthroughs in shipping, aviation, trucking, chemical and steel sectors. Within three years, it hopes to help companies complete climate action agreements for these seven sectors covering 30 per cent of global emissions. Within five years, it aims for clear shifts in investment patterns across the seven sectors and will be pursuing net-zero climate action agreements in additional sectors, potentially food and agriculture. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gamestop-short-sellers-have-lost-5-billion-this-year-as-reddits-day-trader-army-squeezed-their-bearish-bets/articleshow/80471605.cms" data-type="tilCustomLink">GameStop short-sellers have lost $5 billion this year as Reddit's day-trader army squeezed their bearish bets</a> <a href="https://www.businessinsider.in/policy/economy/news/imf-projects-11-5-growth-rate-for-india-in-2021-only-major-economy-to-record-double-digit-growth/articleshow/80468095.cms" data-type="tilCustomLink">IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth</a>

Tata Steel and Dalmia Cement join a new climate initiative launched at the World Economic Forum in Davos

<ul class="summary-list"><li>The World Economic Forum's annual summit at Davos runs from Tuesday to Friday this week.</li><li>Teen climate activist Greta Thunberg and President Donald Trump are both attending, and could see each other again.</li><li>Last time they saw each other, at the UN General Assembly in New York last September, Thunberg created a viral moment when she glared at Trump as he walked past her.</li><li>The 17-year-old activist and 73-year-old president have never directly spoken to each other directly before, and Thunberg said she didn't want to speak to him because he wouldn't listen anyway.</li><li>However, they have traded barbs online in the past.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul>Teen climate activist Greta Thunberg and President Donald Trump are due to face off again, this time at the World Economic Forum's annual meeting at Davos, Switzerland.Both are scheduled to give speeches on Tuesday, the first day of the summit.Thunberg spoke on a sustainability panel at 8 a.m. local time (2 a.m. ET) and is set to speak again at 1 p.m. local time (7 a.m. ET), while Trump is due to speak at 11:30 a.m. CET (5:30 a.m. EST), <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2020/programme">according to the forum's official agenda</a>.Air Force One arrived at Zurich Airport around 8:50 a.m. CET Tuesday. The president then took a helicopter to Davos, <a href="https://www.theguardian.com/business/live/2020/jan/21/davos-2020-donald-trump-greta-thunberg-climate-mark-carney-wef-day-one-live?page=with:block-5e26b7908f0879d539efc061#block-5e26b7908f0879d539efc061">The Guardian reported</a>.This will be the second time the 17-year-old and 73-year-old come face to face. Last time they met was in September 2019, during the UN General Assembly in New York.There Thunberg stared down Trump from a distance as he and his entourage walked past. She did not attempt to speak to him, and he did not appear to see her at all.Thunberg has said multiple times she has no plans to meet Trump, saying there is no point because he won't listen to her or other experts anyway.<a href="https://www.businessinsider.com/greta-thunberg-meeting-donald-trump-waste-of-time-2019-12">She told the BBC's "Today" radio program last month</a> that if she saw Trump at the UN climate summit in December, she would not have spoken to him."Honestly, I don't think I would have said anything because obviously he's not listening to scientists and experts, so why would he listen to me?" she said."So I probably wouldn't have said anything. I wouldn't have wasted my time."Trump announced the US withdrawal from the landmark 2015 Paris climate agreement in his first year in office.Earlier this month <a href="https://www.nytimes.com/2020/01/03/climate/trump-nepa-climate-change.html">The New York Times also outlined</a> plans from this administration to end requirements for federal agencies to take climate change into account when they assess the environmental impacts of infrastructure projects.Trump has also patronized Thunberg on Twitter, to which Thunberg responded by trolling him back.After seeing her <a href="https://www.businessinsider.com/greta-thunberg-tearful-speech-un-climate-action-summit-2019-9">impassioned speech</a> at the UN General Assembly in September, <a href="https://www.businessinsider.com/donald-trump-tweet-greta-thunberg-speech-un-climate-action-summit-2019-9">Trump tweeted</a>: "She seems like a very happy young girl looking forward to a bright and wonderful future. So nice to see!"Shortly afterward, Thunberg <a href="https://www.businessinsider.com/greta-thunberg-trump-new-twitter-bio-un-speech-2019-9">changed her Twitter bio to</a>: "A very happy young girl looking forward to a bright and wonderful future."In December, Trump also responded to Thunberg's being named <a href="https://www.businessinsider.com/greta-thunberg-bio-climate-change-activist-2019-9">Time magazine's 2019 Person of the Year</a> by <a href="https://twitter.com/realDonaldTrump/status/1205100602025545730">tweeting that she should</a> "work on her Anger Management problem, then go to a good old fashioned movie with a friend! Chill Greta, Chill!"Immediately afterward, she changed her bio to: "A teenager working on her anger management problem. Currently chilling and watching a good old fashioned movie with a friend."One of the biggest themes of this year's summit, which ends Friday, is the climate crisis.However, many of the financial, political, and celebrity elites traveling to the event <a href="https://www.businessinsider.com/davos-guests-private-jets-climate-crisis-2020-1">will continue to travel there by private jet</a>, which is hugely damaging to the environment.Thunberg has vowed never to take planes because of their carbon emissions, and usually only takes trains to travel. Last year she <a href="https://www.businessinsider.com/why-greta-thunberg-sailing-to-new-york-not-dialing-in-2019-8">sailed across the Atlantic Ocean for two weeks</a> from Plymouth, England, to New York City to visit the Americas.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/greta-thunberg-twitter-troll-response-to-critics-trump-2019-12">Greta Thunberg has once again proven herself a savvy Twitter troll. Here are the presidents, pundits, and celebrities she has put in their place.</a></li><li><a href="https://www.businessinsider.com/qa-climate-activist-greta-thunberg-on-global-strikes-2019-9">'Giving up cannot be an option': An interview with teenage climate activist Greta Thunberg</a></li><li><a href="https://www.businessinsider.com/davos-guests-private-jets-climate-crisis-2020-1">Davos says it is focusing on the climate crisis, but its billionaires and world leaders are still arriving on private jets</a></li><li><a href="https://www.businessinsider.com/alexandria-ocasio-cortez-greta-thunberg-flight-shame-movement-germany-sweden-2019-8">Alexandria Ocasio-Cortez and Greta Thunberg want everyone to fly less to fight climate change. Germany and Sweden are already embracing the 'flight shame' movement.</a></li></ul>

Greta Thunberg and Trump will face off again at Davos. Here's what happened the first time they met, and what they've said about each other since.

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s pharma exports have increased 138 per cent in April-October 2022-23 compared to the same period of 2013-14 when the country became the pharmacy for the world. India's pharma exports witnessed a growth of 138 per cent since April-October 2013-14, from Rs 37,987.68 crores in 2013-14 to Rs 90,324.23 crores in 2021-22. Union Health Minister <keyword id="2607815" type="General" weightage="50" keywordseo="mansukh-mandaviya" source="Orion">Mansukh Mandaviya</keyword> in a tweet attaching an infographic of India's pharmaceutical exports over these years said India's medicine exports are heading the world. "India is Healing The World India's export of pharma products registered a tremendous growth of 138 per cent in April-October 2022 over the same period in 2013 under <keyword id="13996183" type="General" weightage="50" keywordseo="pm-narendra-modi-ji" source="Orion">PM Narendra Modi Ji</keyword>'s visionary leadership has emerged as a Global Pharma Powerhouse!" Mandaviya said in a tweet. Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in January while addressing the Davos Summit said that India was now a pharmacy to the world and is the third-largest pharma-producer in the world, adding that India saved crores of lives during the Covid-19 pandemic by supplying vaccines and essential medicines to many countries under 'One Earth One Health' vision. "In this time of Corona, we have seen how India following the vision of 'One Earth, One Health' is saving crores of lives by giving essential medicines, and vaccines to many countries," PM Modi had said while delivering the 'state of the world' address virtually at the World Economic Forum's Davos Agenda. Building on the outstanding performance in the previous FY 2020-21, Indian pharma exports once again registered a healthy performance in 2021-22. The pharma exports in 2021-22 sustained positive growth despite the global trade disruptions and drop in demand for COVID-related medicines. In May, Indian pharma companies enabled by their price competitiveness and good quality, made a global mark, with 60 per cent of the world's vaccines and 20 per cent of generic medicines coming from India. The share of pharmaceuticals and drugs in our global exports was 5.92 per cent in May. Indian pharma companies have a substantial share of the prescription market in the US and EU. The largest number of FDA-approved plants outside the US is in India. Even in the year, 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 Bn with a YoY growth of 18 per cent. The extraordinary export growth in 2020-21 was achieved by braving the frequent lockdowns, global supply chain disruptions and the depressed manufacturing sector. Indian pharma industry played a pivotal role in fighting against the COVID pandemic and demonstrating to the world that we continue to be a reliable and dependent partner when it comes to dealing with a global health crisis. The Indian vaccine industry developed Covid vaccine with indigenous technology in collaboration with India's research institutions like the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV) within the shortest time on par with highly developed countries like America and the EU. India provided 115 million doses of vaccines to more than 97 countries. As part of the trade agreements, India has also signed a cooperation agreement with the UAE and Australia which will give enhanced access to Indian pharma products in these markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/union-labour-ministry-summons-amazon-india-over-layoffs/articleshow/95703264.cms">Union Labour Ministry summons Amazon India over layoffs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambani-says-india-will-become-a-40-trillion-economy-by-2047/articleshow/95692457.cms">Mukesh Ambani says India will become a $40 trillion economy by 2047</a>

India's pharma exports up by 138% over 2013-14: Health Minister Mansukh Mandaviya

<ul class="summary-list"><li>The 1,000 richest people on Earth have already recovered from coronavirus-related <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">wealth</keyword> losses, an <keyword id="6412407" type="UNKNOWN" weightage="60" keywordseo="Oxfam">Oxfam</keyword> study revealed.</li><li>Meanwhile, it could take more than a decade for those in poverty to recover, the charity said.</li><li>The top 10 billionaires, including Jeff Bezos, have enough money combined to pay for a <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> vaccine for everyone in the world, it said.</li></ul>It took nine months for the top 1,000 billionaires in the world to bounce back from financial losses triggered by the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword> - but billions of people will remain in poverty for more than a decade, according to a new <a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621149/bp-the-inequality-virus-250121-en.pdf">Oxfam survey</a> released on Monday.The study, called "The Inequality Virus," said that the combined wealth of billionaires increased by $3.9 trillion between 18 March and 31 December 2020, driven by a booming stock market and government support, the study said.It took names from the real-time <a href="https://www.forbes.com/real-time-billionaires/#25f21933d788">Forbes' 2020 Billionaire List</a>, which lists Amazon's CEO Jeff Bezos, Tesla and SpaceX's CEO Elon Musk, Microsoft's co-founder Bill Gates, Facebook's CEO Mark Zuckerberg, and Berkshire Hathaway's CEO Warren Buffett in the top 10.Jeff Bezos is currently the world's richest person, according to the list.Oxfam noted that the world's wealthiest were "mainly white men."With their wealth rising by half a trillion dollars, these 10 billionaires have more than enough money combined to pay for a COVID-19 vaccine for everyone on the planet, and to make sure no one ends up in poverty, the study said.The top-1,000 richest people have all recovered any wealth they lost at the start of the pandemic - in comparison, it took five years after the financial crisis in 2008 for the world's richest people to return to their pre-crisis levels, the study said.As part of the Oxfam study, a global survey of 295 economists from 79 countries found that 87% of respondents expected income inequality in their country to increase or majorly increase as a result of the pandemic.More than 50% of those economists said gender inequality would likely or very likely increase.Gabriela Bucher, executive director of Oxfam, said in a <a href="https://www.oxfam.org/en/press-releases/mega-rich-recoup-covid-losses-record-time-yet-billions-will-live-poverty-least">statement</a> on Monday: "The deep divide between the <keyword id="50835" type="PERSON" weightage="60" keywordseo="Rich">rich</keyword> and <keyword id="6370434" type="UNKNOWN" weightage="60" keywordseo="Poor">poor</keyword> is proving as deadly as the virus.Read more: <a href="https://www.businessinsider.com/how-the-coronavirus-vaccine-may-help-pharmacies-and-retailers-2021-1?r=kd-sub">The pandemic dented pharmacy chains like CVS and Walgreens, but the vaccine rollout could give them a boost</a>"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, <keyword id="6354525" type="UNKNOWN" weightage="60" keywordseo="healthcare">healthcare</keyword> workers, and market vendors- are struggling to pay the bills and put food on the table," she said.Women and marginalized minorities, who are "bearing the brunt of this crisis," are more likely to go into poverty, become hungry, and be excluded from healthcare, Bucher said.The Oxfam study is being published on the opening day of the World Economic Forum's "<a href="https://www.weforum.org/events/the-davos-agenda-2021">Davos Agenda</a>," at which business executives, politicians and global leaders discuss the state of the global <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> during a six-day virtual summit.According to the Forbes Billionaire list, Bezos is the wealthiest man on Earth with a net worth of $191.5 billion, Musk is close behind with a net worth of $183.2 billion, while Gates' net worth amounts to $121.5 billion.

The world's 1,000 richest people have already bounced back from COVID-19 wealth losses, but it could take more than a decade for the poorest to recover, Oxfam warns

<div type="image" title="biden europe china" height="1063" width="2126" msid="80855065" hostid="261"></div><ul class="summary-list"><li><keyword id="6357018" type="DEFINITION" weightage="60" keywordseo="Analysis">ANALYSIS</keyword>: <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> risks an early rift with America's European allies, over their relations with <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.</li><li><keyword id="28249" type="COMPANY" weightage="60" keywordseo="europe">Europe</keyword> has signed a pact with Beijing despite warnings from the White House.</li><li>The President must look to other countries to form an alliance against Chinese authoritarianism. </li></ul>The EU's High Representative, Josep Borrell, <a href="https://www.institutmontaigne.org/en/blog/sinatra-doctrine-building-united-european-front">has previously described</a> the EU's global diplomatic strategy as Europeans doing it 'My Way' in reference to Frank Sinatra's famous song.But this new so-called Sinatra doctrine risks creating a new wedge in transatlantic relations between Biden and his European allies when it comes to China.Unlike Biden, who agrees with <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> in seeing the rise of China as a threat to American interests, most European nations are committed to forging an apparently ever-closer relationship with Beijing.<h2>Europe sees China as the future</h2><div type="image" title="Merkel China" height="1749" width="3500" msid="80855070" hostid="261"></div>This shift towards China can be seen clearly in public attitudes among European citizens.A <a href="https://www.theguardian.com/world/2021/jan/19/majority-of-europeans-say-china-will-overtake-broken-us-within-decade">survey of 15,000 people</a> in 11 European countries last month indicated that a majority of Europeans believe America's political system is broken, that China will be the leading power in the world within 10 years, and that President Biden will be unable to halt US decline on the world stage after the Trump administration.So it is not surprising that last month German Chancellor Angela Merkel at the Davos World Economic Forum refused to take America's sides against China.She <a href="https://www.politico.eu/article/merkel-sides-with-xi-on-avoiding-cold-war-blocs/">said that she agreed</a> with Chinese President Xi Jinping who had spoken out the day before against a new Cold War with the West. "I would very much wish to avoid the building of blocs," she said, <a href="https://www.politico.eu/article/merkel-sides-with-xi-on-avoiding-cold-war-blocs/">according to Politico.</a>"I don't think it would do justice to many societies if we were to say this is the United States and over there is China and we are grouping around either the one or the other. This is not my understanding of how things ought to be."Showing impeccable Franco-German alignment, French President Macron also used an Atlantic Council event on February 4 to <a href="http://www.xinhuanet.com/english/europe/2021-02/06/c_139726499.htm">warn against</a> "a situation to join all together against China, arguing this would be "a scenario of the highest possible conflictuality (sic)."<h2>Europe refuses to condemn Chinese human rights abuses</h2><div type="image" title="macron china xi" height="1499" width="3000" msid="80855079" hostid="261"></div>A few weeks earlier, the European Union announced that the EU and China had concluded in principle the negotiations for a Comprehensive Agreement on Investment (CAI).This announcement came after seven years of negotiations and was possible thanks to the personal intervention of President Xi, who had made last-minute concessions to seal the deal before the end of the year. The CAI improves market access for European companies to the Chinese market in a number of areas. But it fails to redress substantially the imbalance between EU and Chinese market access: The EU market remains much more open to Chinese investment than vice versa.Nor will it address the Chinese treatment of labor rights, which were reportedly the last hurdle in the negotiation of the agreement.Forced labor is well documented in China, including in special camps in its western region of Xinjiang, and there are no independent trade unions. The European Commission highlighted that the deal commits China "to working towards the ratification of the outstanding ILO [International Labor Organization] fundamental Conventions."But it does not entail any deadline for the ratification of these Conventions. Shi Yinhong, an advisor to China's State Council, pointed out that China will never agree to change its rules on labor rights. In fact, this would be incompatible with China's party-state system of governance.Asked before the conclusion of negotiations how the EU could sign an investment agreement, Merkel <a href="https://www.bilaterals.org/?xinjiang-forced-labour-concerns">replied</a>: "We take these ILO standards very seriously and will make a good balance." But how can the EU really balance economic benefits with value losses? How much economic gain justifies implicitly condoning human rights abuses?<h2>The EU China deal is a major diplomatic victory for China</h2><div type="image" title="Xi Jinping" height="747" width="1495" msid="80855083" hostid="261"></div>On the other hand, the CAI is beneficial to China in three main respects. First, the deal preserves and encourages EU investment in China, to fuel China's economy and technological development. Second, it legitimizes the regime in the eyes of domestic and international public opinion (despite recent behavior in Hong Kong, Taiwan, Xinjiang and elsewhere).Finally, and perhaps most important of all, the CAI hinders policy coordination on China between the EU and the United States under the new Biden administration.Such coordination could result in a united front against China and would be more difficult to handle than dealing with each separately. However, as we heard from the German and French leaders, China can be reassured there will be no such common front.<h2>Biden wanted Europe to stand with the US against China</h2><div type="image" title="europe china" height="1063" width="2126" msid="80855088" hostid="261"></div>Before his inauguration, Biden had declared his desire to work more closely with US allies and partners in order to coordinate a stronger response to China. However, European partners chose not to take heed, preferring to clinch an immediate deal with China instead.Last October, under the Trump Administration, the EU and the US had agreed to hold a regular high-level dialogue on China. However, the dialogue has not yet taken place.Biden <a href="https://joebiden.com/americanleadership/">pledged during his election campaign</a> to organize during his first year in office a global Summit for Democracy, to "bring together the world's democracies to strengthen our democratic institutions, honestly confront the challenge of nations that are backsliding, and forge a common agenda to address threats to our common values", including "defending against authoritarianism".Given the experience of the CAI and the recent statements by the German and French leaders, it is clear that the US President cannot count on the Europeans to form an alliance against Chinese authoritarianism.It must now instead turn to other democracies in Asia or seek smaller coalitions of like-minded partners elsewhere.<ul><li>Theresa Fallon is the founder and director of the Centre for Russia Europe Asia Studies (CREAS) in Brussels</li></ul>

Biden cannot rely on America's European allies to stand up to China

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Justin Sullivan/Getty Images</div></div></div>Bill Gates isn't just the richest man on earth, he also seems to be the most optimistic.On Wednesday, he published<a href="https://www.project-syndicate.org/commentary/gates-foundation-2016-priorities-by-bill-gates-and-melinda-gates-2016-01"> an essay on the worldwide effort</a> to end poverty by 2030, and he says that he's very much a believer that it can be done. "There is good reason for optimism about progress on reducing inequity," he writes. He published the essay from Davos, Switzerland, where the World Economic Forum is taking place this week.Gates points out that since the turn of the century, "Maternal deaths have almost halved; child mortality and malaria deaths have halved; extreme poverty has more than halved." Plus, thanks to the Global Fund, a project supported by the Gates Foundation, 17 million lives have been saved from malaria, AIDS, and tuberculosis. Progress like that is encouraging him to believe that in a mere 14-ish more years, poverty can be wiped out. That's the cornerstone of the <a href="http://www.globalgoals.org/" target="_blank">Global Goals</a> plan, which was been signed by the United Nations' 193 countries agreed in September."We are confident that this is not only possible, but that we will see major breakthroughs along the way, which will provide unprecedented opportunities to people in poor countries. Indeed, we think their lives will improve faster in the next 15 years than at any other time in history - and that their lives will improve more than anyone else's," Gates writes.It all hinges on several big "ifs" though. People worldwide need to work together to fight the kinds of infectious diseases that hit the world's poorest hardest. The treatment of women and girls worldwide needs to vastly improve."They need better access to health care, especially family-planning services; expanded economic opportunities; and more decision-making power over their own lives (which in turn requires greater social participation and public leadership)," he says.The poorest nations need better access to affordable tech. "Scientific and technological advances - from new vaccines and hardier crops to much cheaper smartphones and tablets - are among the greatest drivers of poverty reduction," he says.Gates is disappointed in the level of funding for R&amp;D for tech that will help the poor. The crux of his essay is that he wants to see G7 summit in Japan in May add that as an agenda item and to agree to double R&amp;D funding by 2020.Gates also points out another big benefit of eliminating poverty worldwide by 2030: It will reduce many other problems, from migration to terrorism. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-sachs-ending-extreme-poverty-2015-7">'Ending extreme poverty is within reach'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BvNWI0djrSqnlBTIGGL5oanS0Yx7MJO2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Bill Gates: We can end poverty by 2030

The recently concluded annual <keyword id="69007" type="ORGANIZATION" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> reinforced <keyword id="102110" type="ORGANIZATION" weightage="20" keywordseo="WEF">WEF</keyword>’s image as an event where elite leaders from the world of business and politics debate select themes inside comforting enclosures. The world outside remains distrustful about what they talk and weather their deliberations will translate into actionable items. 
 
There are two reasons why this is so. For one, across the world people mostly don’t trust business and political leaders. According to the annual ‘Trust Barometer’ survey published by Edelman, a public-relations firm, there is widespread scepticism about the ethics practised by political and business leaders. When those surveyed were asked if they trust leaders to “tell the truth, regardless of how complex or unpopular it is”, only 18% said they trusted business leaders, whilst a paltry 13% said they trusted political leaders. This huge element of mistrust means people across the globe take what select leaders debate at events like WEF with a pinch of salt. 
 Secondly, according to a recent study by Oxfam, the richest 1% of the global population will by the next year amass more wealth than the remaining 99%. As inequality—one of the key themes on which leaders debated at Davos—keeps widening, summits like WEF are seen as an exercise for the elite and by the elite, which excludes the huge majority who are battered at the lower end of the earnings spectrum. In fact, the average income of the richest 10% of nations in the Organisation for Economic Co-operation and Development (<keyword id="6356984" type="ORGANIZATION" weightage="20" keywordseo="OECD">OECD</keyword>) is now nine times larger than that of the poorest 10%, bolstering argument that inequality is growing. Rightfully, a section of leaders gathered at the forum, including Bill and Marissa Gates and <keyword id="226811" type="ORGANIZATION" weightage="20" keywordseo="Oxfam-International">Oxfam International</keyword> executive director Winnie Byanyima argued for enhancing support for developing nations. 
 
With last year being the warmest on record, climate change resurfaced as another key theme, with ‘environmentalists’ including former US vice-president Al Gore, describing global warming as ‘the biggest challenge in the history of human civilisation. 
 The rising conflict in the Middle East, with militant Islamic groups imprisoning and beheading innocent victims to drive home their secessionist agenda, has made political stability another key topic of debate. No wonder, top Middle Eastern leaders Egypt’s president <keyword id="2017168" type="UNKNOWN" weightage="20" keywordseo="Abdel-Fatah-al-Sisi">Abdel Fatah al-Sisi</keyword> and Jordan’s King Abdullah are making their presence felt. 
 
With Sir Tim Berners-Lee, the inventor of the World Wide Web, being one of keynote speakers, technology in general and cyber security in particular elicited a heated discussion with participation from Google’s Eric Schmidt and Microsoft’s Satya Nadella. Leaders also deliberated on the direction of quantitative easing globally and diverging monetary policy stances between Europe and the US and the ramifications of the fast falling oil prices. 
 A strong 100-member Indian delegation led by Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> signalled the resurgence of India as a key business and investment destination after <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> took charge in May last year. Enthused by a slew of recent policy initiatives—revival of seven mega projects worth Rs 21,000 crore; raising of overseas investment limits in sectors such as defence; ordinances on land acquisition, coal auctions and insurance; and progress in setting the stage for unveiling of GST—that enlivened India’s image as an investment destination, the Indian delegation had a hectic schedule meeting the bigwigs of global trade which is expected to lead to increased capital inflow going ahead. 
 
Clearly, the Modi camp is expecting a leg-up to the ‘Make in India’ campaign from the global investment community in the aftermath of the impressive Indian representation at the forum. 
 
Image: Indiatimes

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