85 People Hold As Much Wealth As Poorest 3.5 Billion

Oxfam: Richest 1% own nearly half of world’s wealth

The richest 1% own 46% of global wealth

Almost half of the world’s wealth is owned by just 1% of the world’s population, according to a report published just days before the start of the World Economic Forum’s annual meeting, where the topic of rapidly increasing income disparities will be a major focus.

In its study titled “Working for the Few,” the British-founded development charity Oxfam concludes that the $110 trillion wealth of the 1% richest people on the planet is some 65 times the total wealth of those floundering at the “bottom half” of the world’s population.

Further, this poorer “bottom half” now has about the same amount of money as the richest 85 people in the world, and the wealthiest grew their share of bounty in 24 out of 26 countries surveyed between 1980 and 2012, the study says. The research was compiled using data from Credit Suisse’s World Wealth report and the Forbes’ billionaires list.

“In the last 30 thirty years seven out of 10 people have been living in countries where economic inequality has increased,” Nick Galasso, one of the co-authors of the study, told USA TODAY. “This is a trend that has been unfolding globally for the last two or three decades. What we’ve not seen is any political will toward curbing it.”

Read more » USA Today
http://www.usatoday.com/story/news/world/2014/01/20/davos-2014-oxfam-85-richest-people-half-world/4655337/

Times Square bomb plot: Pakistani Army major arrested

A Pakistani Army major, who was until recently a serving officer, has been arrested in connection with the failed Times Square bomb plot.

By Rob Crilly, in Islamabad

Pakistani and US sources say there is evidence that mobile phone calls were exchanged between Major Adnan Ejaz and the suspected would-be bomber, Faisal Shahzad, who was arrested on May 3 as he attempted to fly out of New York.

A Pakistani law enforcement sources said that the major had mobile phone contact with Shahzad on the day of the attempted bombing, including one conversation at the same time the bomber was allegedly parking his car loaded with propane tanks and explosives.

He had also met the naturalised American in Islamabad, he claimed.

Shahzad, the son of a retired Pakistani Air Force officer, has told interrogators he received training from the Pakistan Taliban in its rugged mountain stronghold of Waziristan.

Pakistan’s military and intelligence services have a long history of working with Jihadi organisations as an instrument of foreign policy.

Read more » The Telegraph
http://www.telegraph.co.uk/news/worldnews/asia/pakistan/7772507/Times-Square-bomb-plot-Pakistani-Army-major-arrested.html