SolidarityEconomy.net

. Teachers buy ports
The Ontario Teacher’s Pension Fund bought four container terminals for $2.4B from Hong Kong’s Orient Overseas International. Two ports are in New York/New Jersey and the other two in Vancouver. The Pension fund specializes in infrastructure assets.

. China: the rich get richer the poor get poorer
The real income of China’s poorest ten percent fell by 2.4 percent in the last two years. Incomes increased for the other 90 percent, but China, which had relatively even income distribution in 1980 is now less equal than the US and Russia. In addition the Chinese definition of poverty is very low, only 5 percent of the average per capita income, whereas in the US the poverty level is set at 12 percent of average income.

On the environmental front China is planning to build the world’s largest solar power station in the northern province of Gansu hoping to create 100mw of electricity.

. Maoists win in Dutch election
The Socialist Party won 26 seats in parliament to become the Netherlands third largest party. Founded in 1972 and concentrating its work in factories, party leader Jan Marijnissen became a national figure helping to lead the anti-EU campaign a few years back. The party increased its seats by 17 capturing 18 percent of the nation’s vote. The center-right party won the most with 41 seats, and the social-democratic Labour Party captured 32. An anti-immigration party won 9 seats, the Greens 7 and the Party for Animals 2. The Socialist Party, now somewhat distant from its Maoist roots, called for canceling corporate tax cuts, less defense spending, better pensions and free childcare for working parents.

. Finland hopes to maintain high road economic development
Finland, with 5.2 million people has achieved much faster growth than the European average while still maintaining a generous welfare system, high wages and comparatively higher corporate tax rates. But jobs are starting to slip away to China and next door neighbor Estonia as low wages are attracting some important Finnish corporations such as Nokia and Elcoteq.

. German workers unhappy with “robust” neoliberal economy
While the financial press is happy with Germany’s economic performance, 78 percent of the German people are dissatisfied with their government. The Financial Times writes, “Unemployment is shrinking and the economy has generated hundreds of thousands of jobs since January. After years of restructuring, companies are among the most competitive in Europe and thriving on export markets.” But as Manfred Gullner, head of the Forsa polling group noted, “the problems is that most people experience a widening rift between the positive headlines and their personal situation, they are losing faith in politicians’ ability to bridge this gap.” Longer hours, lower pay, more temporary jobs and high corporate profits create a sense of injustice. As in the US, the neo-liberal definition of a good economy never asks “good for who?”
(Financial Times, 11/22/06, p. 4. “Robust economy fails to ease discontent with Merkel,”
Bertrand Benoit.)