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From Occupy, to the IMF: Inequality lands on the agenda of elite policy meeting

WASHINGTON - From the Occupy movement, to the corridors of power: the rallying cry against inequality could be heard the last few days in a setting far removed from the street demonstrations that sprouted in 2011. The past week's global financial meetings heard repeated warnings about inequality and its deleterious effect on economic growth.

Income gap in South Korea widens at fast pace: ADBI

SEOUL, March 10 (Yonhap) -- South Korea ranked fifth among 28 Asian countries in how fast income disparity worsened over the past two decades, a report showed Monday. Twelve of the countries in the Asia-Pacific region experienced growing income inequality between 1990 and 2010, according to the report by the Asian Development Bank Institute (ADBI). The report, titled "Rising Inequality in Asia and Policy Implications," was based on the countries' Gini coefficients, which were multiplied by 100 for easier reading. A number closer to zero means less severe income inequality.

Income gap in South Korea widens at fast pace: ADBI

SEOUL, March 10 (Yonhap) -- South Korea ranked fifth among 28 Asian countries in how fast income disparity worsened over the past two decades, a report showed Monday. Twelve of the countries in the Asia-Pacific region experienced growing income inequality between 1990 and 2010, according to the report by the Asian Development Bank Institute (ADBI). The report, titled "Rising Inequality in Asia and Policy Implications," was based on the countries' Gini coefficients, which were multiplied by 100 for easier reading. A number closer to zero means less severe income inequality.

To see U.S. wealth gap, look no further than Washington

By Ian Simpson WASHINGTON (Reuters) - President Barack Obama is making income inequality an issue in midterm elections, and proof of the gap between rich and poor is close at hand right outside the White House. The booming District of Columbia features the wealthiest high-income strata among big U.S. cities and more poor people than the national average, leading analysts to call it a microcosm of the larger U.S. economy.

Redistributing wealth through taxation not a drag on economic growth: IMF paper

OTTAWA - A new paper by researchers at the International Monetary Fund appears to debunk a tenet of conservative economic ideology — that taxing the rich to give to the poor is bad for the economy. The paper by IMF researchers Jonathan Ostry, Andrew Berg and Charalambos Tsangarides will be applauded by politicians and economists who regard high levels of income inequality as not only a moral stain on society but also economically unsound.

Gap between rich and poor is widest in some prosperous US cities, study finds

WASHINGTON - The gap between the wealthy and the poor is most extreme in several of the United States' most prosperous and largest cities. The economic divides in Atlanta, San Francisco, Washington, New York, Chicago and Los Angeles are significantly greater than the national average, according to a study released last week by the Brookings Institution, the Washington-based think-tank . It suggests that many sources of both economic growth and income inequality have co-existed near each other for the past 35 years.

Gap between rich and poor is widest in some prosperous US cities, study finds

WASHINGTON - The gap between the wealthy and the poor is most extreme in several of the United States' most prosperous and largest cities. The economic divides in Atlanta, San Francisco, Washington, New York, Chicago and Los Angeles are significantly greater than in the rest of the country, according to a study released Thursday by the Brookings Institution, the Washington-based think-tank . It suggests that many sources of both economic growth and income inequality have co-existed near each other for the past 35 years .

South Africa union unyielding on platinum strike

There seemed to be no end in sight for South Africa's platinum sector strike, now in its fifth week, as union workers hardened their opposition to a wage offer Thursday. Hours after top platinum mines issued a take-it-or-leave-it ultimatum, the Association of Mineworkers and Construction Union said it would achieve its demand for a minimum wage of $1,125 "however necessary". "We are encouraged by the determination of our members to confront capital head on and demand what is just and equitable," the union said in a statement.

Gap boosts wages for US employees

US retailer Gap Inc. announced Wednesday that it will voluntarily boost the minimum wage of US employees to $9 an hour in 2014 and $10 an hour in 2015. Gap said the policy change will affect about 65,000 workers in the US. "Our analysis determined that by increasing hourly pay for US employees to a minimum of $10 in 2015, we can strengthen our ability to attract and retain a skilled, enthusiastic and engaged workforce," Gap said on its website. The policy applies to all Gap stores, which include the namesake brand, Banana Republic and Old Navy.

Watchdog report stokes US minimum wage debate

President Barack Obama's plans to raise the minimum wage could lift 900,000 people above the poverty line but may cost half a million jobs, a congressional watchdog said Tuesday. The non-partisan Congressional Budget Office report offered ammunition for both the White House and Republicans in what is likely to be a tense debate ahead of mid-term congressional elections in November.
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