LyrArc Article Gist
Gill and Jaiswal get India to 257 for 4 wickets past PM's 11 Australia's 240 all out in a 1 day cricket match in Canberra.

LyrArc Article Gist
The dollar closes at below the 100 yen mark for the first time in 12 years it closed at 99.32 yen on Friday. See the other piece on March 15, 2008 about dollar concerns of the Fed. Japan's Finance Minister and Economy Minister showed their concern in statements on Friday.

LyrArc Article Gist
India and ASEAN sign a preferential trade agreement, and separately ASEAN signed a preferential trade deal with Australia and New Zealand. These agreements cover about $70 billion of trade in 2006. About 100 such trade deals have been signed in the 7 years since the launch of the Doha Round.

LyrArc Article Gist
Has the world missed opportunities for progress in renewables? The 2022 Global Renewable Report by REN21 international policy network answers this question. The renewables accounted for 20% of world's energy use in 2011. In 2021 it advanced only 8 percentage points to 28% over 10 years. This is important because use of coal, oil and gas increased by 4% and carbon emissions by 6% in 2021 with the end of lockdowns from the pandemic and increased energy consumption, according to International Energy Agency.

Something is wrong also in the capital going into subsidies to reduce prices of oil and gas which are $18 trillion for 2018 to 2020, $5.9 trillion in 2020 alone. Compare this with the $366 billion invested in renewables in 2021 and one can see the huge dimensions of the problem facing the world, this planet Earth that we live in.

LyrArc Article Gist
There are 240 Norwegian and Finnish companies in India, says this report in The Hindu. Nordic countries are providing green technologies to India. At the Nordic-India Summit held in Copenhagen in May 2022, the five Nordic prime ministers and prime minister Modi agreed to intensify cooperation on digitalisation, renewable energy, maritime industries and the circular economy. Denmark is helping India with ports and logistics. Trade ministers of Norway and Finland visiting India together  Feb 9-10 describe the efforts to provide Nordic technology solution in green transition to India. Trade between Norway and India has doubled in the last 3 years and the Norwegian Sovereign Wealth Fund is likely to become on the largest investors in India at $17.6 billion. Vestre us Norway's Minister of Trade and Industry, Skinnari is Finnish Minister of Development Cooperation and Foreign Trade. 

LyrArc Article Gist
Mr. Macron told television viewers of a national debate with Le Pen that "she wants to take France out of the European Union, she just doesn't say it." The debate showed the clear differences between Macron and Le Pen on the European Union, on Russia and the invasion of Ukraine, on Le Pen's ties with Russia that Macron noted  during the debate. Le Pen brought up the raising of the pension age to 65 which Macron says would be done very gradually over 10 years, and Macron responded by saying this was to be able to increase pension payments and increase investments in the economy.

A snap poll by polling firm Elabe showed that for viewers of the debate the candidate they found most convincing was Macron at 59% and Le Pen at 39%.

 

LyrArc Article Gist
India experienced heat waves in March 2022, with the affected areas including Gujarat, Uttarkhand, Jammu and Kashmir, Himachal Pradesh. The IMD, Indian Meteorological Department declared India's first heat wave on March 11, and several heat waves since then.  IMD declares a heat wave when temperatures reach 40 degrees Celsius or 104 degrees Fahrenheit at low elevation. A heat wave is also considered to be taking place when temperatures are 4.5 degrees above normal, with 6.4 degrees called "severe." Senior climate scientists at IMD say heat waves in India are now more frequent and severe with unusual weather conditions in 2022.

2021 and 2022 reports of the Intergovernmental Panel on Climate Change (IPCC) warn that South Asia  faces conditions for heat waves and humidity related heat stress in coming decades. Marine heat waves are also more frequent.

LyrArc Article Gist
Russia is expected to earn nearly $321 billion from energy exports in 2022, up more than a third from 2021. This more than anything else is supporting the currency. It also means Europe will continue to buy Russian oil and gas through 2022. The rest of the reason experts say for the resilience of the rouble is  that Russia has put in place capital controls and raised interest rates to 20%. This they say is an artificial boost and the rouble is likely to weaken in the long term. 

The steps take to keep the value of the rouble and also the damage to the trading and economic relationship Russia had with the world after invasion will reduce growth in Russia. Growth of 2.8% in 2022 will turn into 10-15% contraction in the economy in 2022. 

LyrArc Article Gist
The new tiered system of tighter restrictions passed in the British parliament 291 to 78 with 51 Tory rebels voting against and 10 Tories abstaining. Labour abstained from the vote getting it to pass. Tory rebels are voting with their constituents in Tory seats in parliament that have lower rate from coronavirus and see the restrictions hurting the lives of people in their areas. The prime minister had to make a special plea to them to get it passed including promising to review in granular detail these areas which needed lifting restrictions because of low infection rates.

Other steps the government is taking are to seek emergency approval of vaccines with the first approval done for Pfizer vaccine. This means Britain will be the first country to start vaccinations in 24-48 hours- December 3 or December 4.

LyrArc Article Gist
Epidemic of betel nut addiction that affects China is the subject of this report in The Times. Chinese doctors study in 2017 shows that oral cancer patients related to use of the betel nut for chewing in recreational use could reach 1 million b y 2030. Betel nut is being banned in some cities. Advertising of betel nut online or on television is now banned. Over $10 billion is made by the betel nut producers and it has become a part of the local economy in the province of Hunan says this report. This shows the problems of public health that remain to be tackled in China, as well as India, after achievements in sanitation tackled the basic problems of disease. Tobacco use is a major problem in both countries, and a major danger to public health, with awareness happening only now.

LyrArc Article Gist
Watching your favorite sports team in soccer or baseball is getting costlier and more complicated as televison sports is distributed not just through cable but also streaming services. WSJ looks at a changing television sports industry. Cable television sports services such as Diamond Sports setup by Sinclair network distribute through Comcast cable television. Diamond Sports borrowed $8 billion before going into bankruptcy following expensive sports deals with local baseball teams.

It could not get Comcast to pay the high fees it asked for from Comcast for the Yankees channel leading to a blackout. Cable television users who do not watch sports resent having to pay $10 or more for sports channels broadcast by cable television providers. Cord cutting is a trend. Diamond setup its own streaming services following bankruptcy and is renegotiating its deals with local baseball teams.

LyrArc Article Gist
The WSJ of August 24 has flaws in that no questions were asked on wages and benefits for workers and climate change. About 73% of voters see Mr. Biden's age as a factor. Voters have not grasped Biden's vision for America. A Trump 10% margin for vision and record of accomplishments is unusual considering it is Mr. Biden who is making the changes on climate change, wages and income, infrastructure building with trillions of dollars of funding. The poll itself has issues because it was done by a Republican poster who is working for the Trump campaign and does not have questions on climate change or wages and benefits of workers. President Biden does well on infrastructure, on jobs, and the effects of inflation are being tackled by increase in wages and benefits supported by Biden.

LyrArc Article Gist
Kingsley Coman walked through the doors of PSG's Academy when he was 8 years old, and walked out 10 years later unwanted scored the only goal of the Champions league final in Lisbon between Paris PSG club and Munich Bayern club. A kid from the banlieus, the suburbs of immigrants around Paris undoing the billion dollar club of Paris PSG. People in Paris were astounded and a bit angry. The coach of Bayern Munich Mr. Flick is also a student of Zidane the French coach of Real Madrid in his approach of emphasizing home grown talent and younger players who are promising rather than depend on big names like Neymar or Messi.

Alphonso Davies is a immigrant from Ghana, and other younger young players such as Kimmich were the key additions to the talent of Muller for Bayern.

LyrArc Article Gist
As the US central bank, the Fed, considers cutting high interest rates that affect housing costs and mortgages this WSJ report looks at the consumer debt in September 2024. It says consumer debt is at $17 trillion in 2024. This is high except that when inflation adjusted it is only 3% above the consumer debt in 2019, the peak happened in 2008 before the banking induced financial crisis. Then there is the question of what the debt composition is. Here overall debt has grown by 4% yet credit card debt is up 11%, not a good sign when the interest rates charged by banks is 12%, by cards 22%. Households are paying off credit card debt by borrowing from sources with lower interest costs.

This is more evidence why many households are hurting as debt servicing remains as and additional cost of living issue for Americans.

LyrArc Article Gist
Prince Salman's efforts to launch an IPO of Saudi Arabian National Oil Company faces resistance from Saudi bureaucrats. Prince Salman wants to reduce the country's dependence on oil revenue, and hoped to use the IPO generated $100 billion to make investments in other industries. Saudi technocrats see risks in the plan- as costing consumers billions of dollars in higher gasoline prices, legal risks and public scrutiny. The IPO has been pushed back to 2021. Large new investments such as solar generation hub also face passive resistance in the bureaucracy. New investments policies have led to a Saudi recession in 2017, and reduced investment and consumer spending. Prince Salman sees it differently, once telling Theresa May of Britain that even if he got 50 of the 100 things he wanted done, that would be 50 not done otherwise. Salman has a disdain for the bureaucracy and has tight control over the country. He has led popular social changes such as letting women drive and taking away the power of religious police to make arrests. The Economy Minister has slowed down a plan to sell state assets such as government owned hospitals,airports, because conditions are not ideal. A plan to invest $7 billion in Uber was shelved. Aramco chairman Mr. Falih has reduced the size of investmetns including for the solar energy generation project. A plan to have ARAMCO listed on the New York Stock Exchange preferred by Prince Salman has been changed with advisers suggesting the London Stock Exchange as a place with lower risks of law suits under U.S. tort laws. Saudi executives at ARAMCO also pointed out that to reach the $2 trillion valuation that the Prince has in mind for ARAMCO the company would have to sell gasoline to Saudis at market rates, tripling oil prices in the kingdom -costing consumers $98 billion. The advisers believe it is more prudent financially to raise debt. Under that plan ARAMCO could raise debt to buy the Public Investment Fund's (PIF) 70% stake in state owned chemicals company Saudi Basic Industries Corp. which would infuse PIF with $70 billion, almost as much as generated by a IPO for ARAMCO. On solar energy Mr. Falih lowered the plan from 1500 gigawatts to 200 at a cost of $200 billion. Under a new plan this is at 60 gigawatts from solar and wind with 70% produced by the Public Investment Fund, the state's investment fund.   ...

LyrArc Article Gist
A history of French nuclear energy. How it got started in the area known as Beaumont-Hague. The decision of the French government to pursue nuclear energy and set up new nuclear plants. The efforts to Frenchify the early nuclear technology developed by Westinghouse in the U.S. Today nuclear plants produce 78% of its electricity. Setting up the industry has cost about $120 billion and France has accepted the risks of spradic radiation leaks. Electricity accounts for 20% of French energy consumption, oil takes up 49%, leaving France still dependent on foreign oil.

LyrArc Article Gist
A government shutdown looms in the U.S. as talks over DACA and immigration collapse between Republicans and Democrats, following a derogatory comment about Haitian immigrants by the president. Earlier talks led to a proposal by Senators Durbin and Graham which offered legalization to Dreamers -children of people illegally entering the country- a 10-12 year path to citizenship, their parents offered 1-3 year renewable work permits, and $1.6 billion in funding for a wall or border fence on the Mexican border. President Trump rejected that proposal.

LyrArc Article Gist
US Airways has the weakest hub network of the old carriers. With continued problems for air travel from the poor economy the airline is estimated by analyst reports to lose $600 million in 2009, this on top of $!.5 billion in prior years. Robert Herbst of airline financials.com says that the airline has leveraged everything it could to raise cash and doesnt have any other ways. It sold 26 millio shares to Citigroup for $100 million. An increase in luggage fees is expected to raise $400 million this year.

LyrArc Article Gist
In comments to the Financial Inquiry Commission bankers Blankfein and Dimon show a lack of comprehension of the magnitude of the global financial crisis and their role in it. Blankfein says this kind of crisis was a once in a 100 years event and one should't react. Dimon says such crises happen every 5 to 7 years and is not something to get overly concerned about. And they offer no solutions or problem solving ideas, except to resist any form of regulation that would strictlly limit damage from a future crisis.

LyrArc Article Gist
Reagan adminstration Budget director, David Stockman, faults the Republicans for not controlling runaway spending, and for tax cuts when the deficit was already growing to unmanageable proportions. The Republican party he says, has not acted responsibly by opposing tax increases for the nation's richest taxpayers of three percentage points. He adds in the municipal bonds and the $7 trillion of new deficits, and says with this the total debt reaches $18 trillion by 2015, a Greece style 120% of gross domestic product, which calls for much needed austerity.

LyrArc Article Gist
A presidential decree made in Feb. 2011 requires foreign companies to cut stakes in mining companies to less than 50%. Previously upto 80% ownership was allowed in mining companies by foreign companies. The regulations show that foreign investors with 100% of ownership of mines are required to reduce their stakes by 20% within 6 years, 30% by 7th year, 37% by 8th year, 44% by 9th year, 51% by 10th year, selling to domestic investors. The idea is to maintain a share in domestic ownership of assets. Mining contributes 12% of Indonesia's GDP.

LyrArc Article Gist
The Smer-Social Democracy party led by Robert Fico won an absolute majority in the Slovakian parliament. Smer-Social Democracy party won 83 of 150 seats in parliament. The party campaigned on the theme that the austerity measures were too hard on the poorer segments of society, and did not do enough for job creation. Unemployment in Slovakia is at 13%. The shift also marks changing opinion in Hungary, France, and other EU countries about austerity measures and the impact on countries with high unemployment, in the absence of efforts to stimulate job creation.

LyrArc Article Gist
Hillary Clinton's championing of softer issues such as promoting the use of new safer clean cookstoves by hundreds of millions of women in the developing world. She persuaded top Chinese foreign policy official Dai Bingguo to put the cookstoves on the agenda for this years meeting in Beijing. In September 2010 Clinton helped setup a partnership led by the UN Foundation to give 100 million of these cookstoves to women by 2020. Smoke from poorly ventilated stoves kills about 2 million people each year, with about a quarter of the deaths in China.

LyrArc Article Gist
Fiat announced that it will buy all the U.S. government's shares in Chrysler. This comes a few days after Fiat payed back $1.3 billion to buy an additional 16% of Chrysler, increasing ownership to 46%. Fiat will have a 52% ownership stake in Chrysler after the purchase. By the end of the year Fiat says it expects to own 57% of Chrysler. Under the loan agreement Fiat automatically gets 5% of Chrysler if it begins producing a car rated at 40 miles per gallon. Chrysler earned $116 million in the first quarter of 2011.