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South Korean president president Yoon is shown on the US aircraft carrier Theodore Roosevelt during the Freedom Edge military exercises of South Korea, US and Japan near the Korean peninsula in June 2024.

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China and Japan have reached an agreement at meetings between the Japanese prime minister, Mr. Noda, and China's president Hu Jintao, to start direct trading of their currencies. This agreement will give a greater international role for the Chinese currency, the yuan.

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Race and religion as a quiet issue for both candidates in the 2012 U.S. presidental candidates, with Obama and Romney both reticent and unwilling to talk about the defining aspect of their lives fearing voter prejudice.

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A 1500 metres women runner who chooses to stay at her farm in Vermont than stay in Boston with New Balance running team to practice. She reflects on her pregnancy and having a child while competing in the US.

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China is gradually getting back to normal. With few new infections from coronavirus, factories are starting production again, and stores are reopening, people gradually coming outdoors.

For factories there is one problem- as Europe and the U.S. battle the coronavirus and impose their own lockdowns demand has evaporated. Factories are seeing canceled orders and having to operate with smaller number of workers.

All the graphs shown in this report for Beijing traffic congestion, Guangzhou subway rides and property transactions show the curves for 2020 way, way below the curves for 2019.

This also gives some idea of what the road ahead will look like in the U.S. and Europe. That the recovery will take time and patience after a difficult period ahead tackling the coronavirus state by state. Lost jobs, diminished confidence and fallen income will take time to recover.

 

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Donadio and Povoledo give a biographical account of Berlusconi and Italy in the 1990's, as Berlusconi made his ascent to power. They describe the centrist vacuum that Berlusconi filled with a mix of charm, loyalty politics, and ownership of media interests, with his Forza Italia. It left Italy poorer than before after years of economic stagnation. Berlusconi had promised to revive Italy with policies different from the polarized parties of the Communists and the Left and the right wing Christian Democrats. It was to the very end based on the personality of Mr Berlusconi. And it failed to bring new economic energy to Italy.

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France's Health minister announces that health care workers will not be allowed to work after September 15, 2021 or receive a salary if they are not vaccinated. Health pass will be required to access bars, restaurants, trains and flights in France.

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Bundesbank President Axel Weber told German lawmakers that Greece may need as much as 80 billon euros to avoid default. He said Greece's situation is deteriorating and "the numbers are changing all the time." Weber is a member of the ECB's governing council and a leading candidate to succeed Trichet as ECB President. So far Greece has 30 billion euros approved by the eurozone countries and 15 billion euros expected from the IMF.

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At a time of online retailing one retailer, Irish retailer Primark in Europe, has stuck to analog and retailing with bargain clothing in stores. It has avoided the online trend since its founding in 1969. It has about $10 billion in sales in Europe and plans to open 26 stores in the US.  Clothing for men and women and children that costs $10-$20 can be found in these stores. It is useful at a time when Europe and the US are facing a cost of living crisis. And when Bangladesh clothing factories are suffering from a one third drop in sales bringing the country's foreign exchange dollar reserves crisis levels of $26 billion.

It is Dublin based and owned by ABF Foods a British company, that is in turn owned by a Weston Canada family. Like Inditex based in Galicia it is based in a smaller European location. It has one third the sales of Inditex's Zara and half of Sweden's H&M. 

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Media networks express views of their billionaire owners at social media networks such as Elon Musk's X (Twitter) and Fox News in the way the issues facing the country are framed and by the moderators such as Bret Baier and Carlson leaving many major issues such as infrastructure, education, incomes and jobs unaddressed. Musk's X social media network formerly Twitter shows a taped interview of Mr. Trump by Tucker Carlson just when Republican candidates including Mike Pence and Chris Christie, Nikki Haley, were in a televised debate on Fox News network on August 23. Mr. Trump said of Fox News network that the network was not particularly friendly to me, and said he avoided the debate to not be harassed by the other candidates. The 12 million viewers on Fox News compares with impressions on the social media network which had 690,000 likes and 180,000 reposts, fragmenting what the Republican party base would see and offering no real delving into the real economic issues facing the country. ...

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Useful tips as people go back to the office, from a number of experts in the WSJ. Walking, biking to work or driving to work is safest. Use of public transit requires masks, sanitizer, frequent hand washing afterwards and caution. Surfaces such as elevator buttons, doorknobs and printer or device buttons should be disinfected regularly- use a tissue paper or paper towel to handle them and then use hand sanitizer. Meetings should be done with social distancing of six feet distance, and reduced number of participants. All should wear masks. Taking meetings outside where airflow is more is a good idea. Reduce number of meetings, as the meetings have not been very productive ways to get work done and many workplaces already have too many meetings. Avoid lunch dates outside, even in the open, with colleagues. A better way is to eat on your own and then take a masked or socially distanced walk with a colleague afterwards, say experts. High touch communal items should be replaced in offices such as coffeepots water coolers, and bulk snacks and this should be done by the companies as they prepare the new layout and arrangements.   ...

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Bell Labs, the home of American innovation, from the transistor and the silicon solar cell to communications satellites and fiber optic cable systems. It also developed Unix and C, software languages that form the basis of todays computer languages.

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Prime minister Modi's visit to the US comes at a time when US president Biden is eager to show the US is fully engaged in the Indo-Pacific region with its allies in the Quad 4 countries- Australia, Japan and India. The recently announced Aukus defense agreement brought together 2 members of the Quad 4 the US and Australia, plus the UK. Aukus is designed to strengthen US presence as a naval power in the Indo-Pacific region in the Indian and Pacific oceans around India, Southeast Asia, China, and across the Pacific. After a futile engagement in Afghanistan the US is reorganizing its presence where it is strongest- in the oceans. In a way that Britain once did in the eighteenth and nineteenth century, the US is dominant in the high seas. US naval power far exceeds that of all navies in the world combined. This is meant to reassure India, Bangladesh, Sri Lanka, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Australia and Japan, which together have close to twice the population of China, that the US has not diminished its presence in any way from that it had in the 1950's following the Second World War. With this new framework India enters discussions that will focus on health to deal with the pandemic and its after effects, with security and rule of law in the Indo-Pacific region, with trade, technology, new supply chain manufacturing structure in which India plays a key role. With this new focus and clearing past engagements made by other US  presidents, including some mistaken policies, the US emerges as a new force in the Indian ocean, China seas and Pacific ocean region.  On September 23 Modi meets Tim Cook for what could be new supply chain arrangements that Apple could be preparing as it and other US corporations build new supply chain structures to rebuild US manufacturing technologies capabilities that were lost to China over the period 2000-2020. During that period manufacturing technology knowhow was shifted out of the US in a mistaken policy that assumed design and invention were sufficient for the US to keep. The first step in this direction was a change of CEO's at Intel Corp with US president Biden pushing for new US technology reclaiming policy. Following that the new CEO at Intel Corp, Patrick Gelsinger, completely reassessed Intel's mistaken policies of ceding its entire semiconductor manufacturing technologies capabilities to Taiwan and China. Intel made a U turn and is now investing all or most of $50 billion in the US instead of in China or Taiwan.  On September 24 Modi meets Mr Biden to discuss trade, investment, defense, and security. On the same day the leaders of Japan, Australia, Mr. Suga and Mr. Morrison join Modi and Biden for the Quad 4 talks. Indian infrastructure capabilities and Indian economic growth would be key goals to strengthen India along its land borders along Tibet occupied region and Himalayas as part of the overall effort to build a new US and allied presence in Asia.  On September 21 Modi attends a Covid Summit that will look at the way forward in the aftermath of the pandemic and ways to vaccinate the remaining unvaccinated population in the world, as well as vaccination passports.  ...

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Germany's social-affairs minister, Ursula von der Leyden, presents the "fourth poverty and wealth report," in March 2013. The issue of inequality is arousing public sentiment in Germany with this becoming an election issue along with the euro crisis and energy reform. The term Gerechtigkeit means "justice" in German and is associated with the idea of equality. The Social Democrats Party and the Greens talk about this in terms of "social scissors" opening wider. The Minder Initiative which passed in Switzerland enabling shareholders to restrict executive pay has led to public discussion in Germany for a similiar approach to be adopted by Germany. The ruling Christian Democratic Party (CDU) of Angela Merkel and the Bavarian Christian Social Union (CSU) party are different from other parties in Europe because of their Catholic and Lutheran roots which favor social solidarity. The FDP party in the ruling coalition supports free market principles but lacks popular support. The Economist cites the work of the German think tank DIW on inequality, which shows inequality showing sharp rise after German reunification around 1991, especially in East Germany. The situation moderates with improvements in inequality in East Germany and a slight improvement in West Germany after 2005. Both East and W. Germany have moved up overall in the Ginni coefficeint which measures inequality from about 0.4 in 1991 to about 0.5 in 2010, showing that the situation has stabilized at a higher level of inequality. Part of this could be because of the shift to temporary workers at lower wages about this time as German industry made efforts to keep wages down and improve competitiveness, even as overall conditions in the economy improved in the last decade. The Economist cites another study by the Initiative for a New Social Market Economy, a German think tank, which compares Germany with other members of the OECD. Germany ranks closer to Scandinavian countries in seventh place in this study, but does poorly in equal oportunities with 14th place. Germany lags behind other OECD and European countries in opportunities for women to work full time. Germany lacks enough daycare facilities for small children so that their mothers can work full time. There is a shortage of about 150,000 for preschool daycare openings in Germany, acccording to information cited by Deutsche Welle from government sources....

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This WSJ editorial says the recent agreement at the Caterpillar Joliet plant in llinois is not about leverage but about increasing U.S. manufacturing competitiveness. As U.S. competitivness improves and the economy grows wages will increase. It does little service to management, labor and the U.S. economy for above market wage rates to lead to loss of manufacturing competitiveness as happened in the U.S. automobile industry, resulting in closing of plants.

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A problem the renewable energy industry faces is how to store energy so that it can meet demand when it is cloudy or calm, conditions when solar panels and wind energy generators are not working. A company in Switzerland is working on a novel solution. It uses cranes to lift 35 ton bricks that are stacked to form a 400 foot tower. When energy is needed the kinetic energy from bricks coming down powers generators. 

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This report in the Times says there are divisions in 10 Downing Street, between Mark Sedwill, the top civil servant, and the prime minister, Boris Johnson on implementation of a coronavirus plan, Mr. Sunak the finance minister and Mr. Johnson on reopening of the economy and the spending plans. There are also frustrations among Tory MP's, women, and ministers, who are left out of the centralized decision making where only a few people around Mr. Johnson- Gove, Hancock, Sedwill, Sunak, Cummings - know what is going on.  Mr. Johnson has not rested well says the Times and Mr. Sedwill also had the virus it is reported. Mr. Hancock is not trusted by Tory MP's to execute the plan correctly for testing, tracing and isolation of clusters, crucial to controlling the pandemic and restoring confidence in the economy. Mr. Johnson also face the prospect of an inquiry into nursing homes- he responded to Keir Starmer of the Labor party in parliament that he"bitterly regrets" what happened there. More money is being poured to control this. There is a sentiment of acceptance that Brexit talks are going nowhere and Britain simply walks out with no deal.   ...

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The work in the US Congress in the hands of Senator Schumer and Representative Pelosi to get the Biden plan for families and workers approved. This means pulling in all members of Congress from the Democratic Party to support president Biden's plan and winning some Republican support.

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U.S. President Lyndon Baines Johnson was committed to spending on a war overseas and domestic priorties for the Great Society program at home. Johnson struggled with Congress to meet the costs of both. He even suggested a 10% tax surcharge to pay for the war and domestic programs. Dallek says 79% of American opposed a tax increase in 1968. Republican Richard Nixon was elected U.S. president that year.

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Saudi Oil minister Ali Naimi increased his previous estimate for oil prices needed to balance the needs of producers and consumers. His new estimate is $90, up from the previous estimate of $80. This will give upward momentum to oil prices. The fall in the price of the dollar is affecting OPEC countries, including Libya, Algeria and Venezuela. These countries are looking for a price of $100.

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Most of the comments to this editorial in the Journal attributed it to the editorial writer's lack of understanding of local conditions in India. The editorial writer would have to read carefully the draft of the Indian Congress government's anti-corruption bill and understand each of the clauses in the light of local conditions to realize why they were drafted - to make the anti corruption body totally ineffective. The Hazare bill couod be improved but not by taking out its powers in the light of local conditions and rendering it meaningless, which is why there is strong support from public opinion among students, small businessmen, housewives, farmers and the general public for an effective version of the bill.

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Schumacher of DW.com provides insights into the referendum in Italy in which the "no" vote has a lead. Some aspects of the constitutional reforms are not positive and reduce representation, Renzi's failure to guage public frustration especially after the failure of Mayor Marino in Italy to improve services and infrastructure, the coalescing of different strands of public opinion from right to left in a referendum such as in Brexit especially with a failure to improve economic conditions for the middle class, make a "no' vote likely.

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German chancellor Merkel met with leaders of Germany's 16 federal states to come up with an exit plan for reopening the economy from the lockdown in phases. In the first phase shops with up to 800 square metres of space will reopen on April 20. Bookshops, libraries, car dealers, bicycle shops, and museums will open too. Larger retailers will wait till May 4 to reopen. On May 4 school children in primary school can attend school and teenagers can take exams. Germany has 133,000 infected cases, 3592 deaths. Merkel warned that the performance with coronavirus was "fragile and provisional success" and the need for social distancing measures. A ban on gatherings of more than 2 people from separate households will remain in place till May 1. The government will strongly recommend that face masks be worn in public and in shops, public transport. Mass events will be prohibited till September. Bars clubs and restaurants will remain closed at least till May 3, or beyond. ...