World's 722 biggest companies 'making $1tn in windfall profits'
Key Excerpts from Article on Website of The Guardian (One of the UK's Leading Newspapers)
Posted: July 23rd, 2023
The world's 722 biggest companies collectively are making more than $1tn a year in windfall profits on the back of soaring energy prices and rising interest rates. The companies made $1.08tn this way in 2021 and $1.09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020. Windfall profits are defined as those exceeding average profits in the previous four years by more than 10%. Energy companies recorded the highest windfall profits. Of the 45 energy firms on Forbes list of the 2,000 biggest companies, they made on average $237bn a year in windfall profits in 2021 and 2022. Many food and beverage corporations, banks, pharmaceutical companies and retailers also reported a surge in profits during a cost-of-living crisis in which more than a quarter of a billion people in 58 countries experienced acute food insecurity in 2022. Those profits have stoked accusations of "greedflation" – pushing through excessive price increases and driving up inflation. Katy Chakrabortty, Oxfam's head of advocacy, said "A corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families. The windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people."
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