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Samsung shipments of Galaxy smartphones S4 is estimated at 7 million per month for the 2nd quarter of 2011, increasing from the 6 million a month for the earlier model S3 smartphones, but much lower than the expected 10 million a month S4 shipments. Because other manufacturers can also make the Android smartpones and the uncertain reception for new features such as waterproof or large zooming camera lens, the sales of the Galaxy models do not have the same momentum as they did in 2012. Samsung gets over 70% of operating profits from smartphones. According to IHS iSuppli 63% of smartphone components are sourced inhouse by Samsung providing a cushion for margins and profits. Unlike Apple Samsung makes its own displays and memory chips preferring to do manufacturing within the company. About 5.7% of Samsung's operating profit in 2012 was from sales of components to Apple, according to Sanford Bernstein. Markets have apparently priced in the slower sales of Galaxy and the prospect of a drop in smartphone prices, with Samsung stock price down 10% in June 2013, and the share price at 6.4 times forecast 2013 earnings, according to FactSet. Apple shares trade at 10.8 times 2013 earnings....

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A slowing economy is expected to worsen the situation for nonperforming loans at India's banks. At State Bank of India nonperforming loans are at 5.7% on total loans at June 30, 2013, increasing from 5% the prior year. Standard & Poors figures show the ratio of nonperforming loans increasing sector wide from 3.4% in March 2013 to 3.9% in March 2014 and 4.4% in March 2015.

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Paul Volcker's words of reassurance that the basic structures are now in place or in the process of being set up including coordinated international action to deal with the global financial crisis. But the markets are looking for confidence and immediate injections of capital and for the government to mitigate risk so that financial institutions lend to one another. And this experts like Reinhart a former Federal Reserve official say is missing as Paulson and Trichet made assurances that action is on its way after the G-7 meeting in Washington, but would not say when, except as Trichet suggested to "keep one's composure".

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Jay Powell signals that protecting working families from inflation even as he attacks inflation and strong labor market to moderate wage increases that could hurt jobs is a difficult balancing act that he wants to get right. Here are his own words at the Brookings Institution- "My colleagues and I do not want to overtighten because... cutting rates is not what we want to do too soon. That's why we're slowing down and going to try to find out way to what that right level is." He said he did not rely on forecasting that could be inaccurate and is feeling his way through this. It showed - the remarkable humility of this central bank governor unlike any of the last five decades, and he was warmly received by Brookings. He is keenly aware that the pandemic has hurt labour market participation as many have retired and some are still struggling to join the labor market, and there are other working families in the labor market who are being hurt by inflation.    ...

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About 75% of French women oppose the pension changes in France planned by president Macron. Women get 40% lower pension than men, yet they work longer and harder in roles taking care of children, and helping elderly, and face age discrimination at work. Women are structurally underpaid and their pensions are lower as a result. And they work long exhausting hours, says this report. It says women stand to lose the most from a reform in pensions. It also disproportionately affects lower skilled workers who start work early and women says FR24, who would be required to work for longer years.

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Two women Khayat and Effantin with diplomas in bakeries and pastry making get enough experience and learn techniques to open a woman's bakery in the 9th Arrondissement Le Condorcet called Neighborhood Bakery, Boulangerie de Quartier. 100% home made products at a bakery shown in this report in Le Monde.fr.

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Black people reflect on the Obama presidency and what it means to them during the last year of the presidency.