Two of the world’s largest oil companies, Shell and BP gave their CEOs massive pay increases after the industry raked in a record-breaking $451 billion in profits last year. Former CEO of Shell, Ben van Beurden, received $12 million in 2022, a 50% raise in compensation. The CEO of BP, Bernard Looney, received a 126% increase in compensation.
A new review from government watchdog Accountable.US found meatpackers that own plants named in a recent federal illegal child labor citation have histories of more widespread labor abuses, price hiking, and soaring profits. In February 2023, the U.S. Labor Department imposed $1.5 million in child labor fines against Packers Sanitation, Inc.
House Republican Leadership Is Pushing An Extreme Agenda Of Cuts To Social Security And Medicare, A National Abortion Ban, And Potentially Ending Aid To Ukraine In Their War Against Russia.
The Federal Open Markets Committee (FOMC), the Federal Reserve body which determines interest rates, was expected to continue hiking rates in November and December 2022 despite warnings that doing so would cause a recession and add as many as 3.2 million people to unemployment lines by the end of 2023.
On October 14, 2022, “grocery giant” Kroger announced plans to buy Albertsons Companies for $24.6 billion, threatening to create a “corporate behemoth” second only to Walmart in grocery industry market share. If the two companies successfully combine, they would control nearly 5,000 stores reaching about 85 million households across the U.S.
The Supreme Court Case Brackeen v. Haaland concerns the validity of the Indian Child Welfare Act (ICWA), which gives preference to Native American guardians in cases concerning the custody of Native American children.
Immediately after the Inflation Reduction Act (IRA) was signed into law on August 16, 2022, corporate America was already eyeing accelerated share repurchase (ASR) programs as a way to rush their stock buybacks before the IRA’s new 1% on the transactions becomes effective after December 31, 2022.
With the added threat of dangerous weather, consumers continue to struggle under the weight of high gas prices despite the falling cost of oil.
On September 26, 2022, oil fell below $80 a barrel for the first time since January. However, prices for consumers are still 13% higher than when oil was this cheap.
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