News in brief

Lacking reserve

'DRILL BABY, drill' was the clarion call of oil hungry Republicans during the last US presidential election. But having lost to Barack Obama these Republicans now must be driving around in their SUVs hooping and a hollering with delight after the White House announcement that the president would allow oil drilling along the Atlantic coastline of the US and in large tracts of the Arctic Ocean north of Alaska.

Obama, like his predecessor George Bush, says he wants to reduce the US's energy dependence on foreign sources. However, US oil reserves are only 2% of the world's total reserves and the Atlantic coastline accounts for only 6% of the 2%.

In reality, Obama is attempting to assuage conservative Democrats and some Republican congressmen so they back his climate bill. He has already made significant concessions on coal and nuclear power to woo Republicans.

Apart from disillusioning his environmentalist backers, Obama may find that 'appetite grows from eating' and that the Republican appetite for exploiting fossil fuels is insatiable.

Isa rip-off

IN THE run up to the end of the tax year (Easter Monday), the banks and building societies have been blitzing the TV and newspapers with glossy ads to entice customers to shovel more cash into Isas (individual savings accounts - introduced by Gordon Brown in 1998).

One-third of adults - around 15 million people - own an Isa. However, it seems that the greedy banks are taking savers for a ride. According to Consumer Focus (previously known as the National Consumer Council) Isa savers are being denied interest payments amounting to £1.5 billion-£3 billion each year.

The government and the financial industry have been pushing the tax breaks available on Isas but conveniently downplaying the pitiful rate of interest paid on them. The average cash Isa pays only 0.41% interest despite inflation running at 3%+.

The biggest issuer of Isas is Lloyds banking group (42% owned by the government) that has 12 million such accounts, but its Cheltenham and Gloucester cash Isa only pays 0.05% interest.

Another ruse by banks is the placing of hidden obstacles in the way of customers trying to switch Isas, with 33% of switches taking longer than five weeks.

High flyers

AS BRITISH Airways cabin crew prepared to take strike action in defence of jobs, pay and working conditions last month, seven BA executives were awarded share options worth almost £3 million. This is despite the airline pleading poverty.

The most highly rewarded director under the scheme is Keith Williams, the chief financial officer, who was awarded share options worth £812,807, on top of his £440,000 basic salary.

The Queen's Speech - What readers thought

Llanelli and West Wales Socialist Party: USA: Is Obama a socialist?

Riot cops assault Occupy protesters

US: Occupy Wall Street - Demanding jobs not cuts

Eurozone and USA - Debt crisis

Brazil welcomed Obama with the arrest of 13 protesters

US:

Clegg's text message plans make us LOL!

US embassy protest remembers Trayvon Martin

Million Hoodies March against racist murders in the US

The 'Kony 2012' phenomena

Oil:

Tanker drivers' and Tory scaremongering

World warming even faster than thought

Oil tanker drivers being balloted for strike

Banks:

JP Morgan: banksters at it again

Capitalist crisis: 'Up to half of all Icelandic families are bankrupt'

What's wrong with capitalism?

British Airways:

BA dispute: Mass meeting votes to put latest agreement to membership

British Airways cabin crew balloting on latest offer

Workplace news in brief