LyrArc Article Gist
The origins of Covid in a lab leak is now gaining credibility says this report in the NYT. Prior to this politics played a large part in shaping views on the origins of Covid. Each country presented its own version of events. Research in China was financed by the US according to the reports, was China unaware of the risks involved, what would have been the correct role of the US. Could China have provided the immediate cooperation to fight Covid in a concerted way. These questions remain unanswered and each country trying to present the situation in a public relations way overlooks the fact that both US, China and the rest of the world incurred significant once in a century loss of life with a pandemic. Solutions are meant to protect all the world's people, excluding none, including all, so that all countries benefit from this and benefit from the introspection of understanding where errors were made.

LyrArc Article Gist
UK prime minister Sunak makes changes to policies of the UK post-Brexit that bring the UK closer to France and the European Union. This follows a deterioration of Britain's relations with the EU and France under Boris Johnson during the years Brexit happened. Sunak also comes up with a different policy for Northern Ireland closer to the EU's position. Mark Landler has covered Britain and the EU for NYT over three decades. He calls Boris Johnson's approach bombastic and one that made loud claims for "Global Britain" with little to show in results.

Sunak's challenges are in Britain with strikes across transportation, health sector and NHS, and the cost of living crisis. Labour party is seen as having better solutions and as more caring in its policies for both the environment, workers and families in 2023.

LyrArc Article Gist
Pakistan issues Islamic bond at an interest rate of 7.95%, the highest it has paid on such a bond, for $ 1 billion loan. Pakistan's foreign exchange reserves have dropped below $17 billion. A Saudi loan of $3 billion has proved insufficient to build up reserves ahead of international payments coming due. Neighboring Sri Lanka also faces international payments difficulties and is receiving assistance from India. 

The situation in South Asia remains a strange one to someone from outside South Asia with trade and commerce between India and Pakistan missing. This comes as the global supply chain is being renewed along new lines and manufacturing is taking a new role under Made in India and Atman Nirbhar Bharat. Better trade and commerce and financial relations would improve the ease of living for people in all parts of South Asia, giving trade and commerce a chance to define relations and usher a new era of peaceful cooperation.

LyrArc Article Gist
The federal government in the US is providing internet connections to rural part of America through its Internet for All program. The Biden administration has committed $60 billion to this program. At what point is satellite service that is less reliable but more cost efficient an alternative, asks this report in WSJ if service in Montana can cost $300,000 per location, or in a Indian reservation in Nebraska at $54,000 per household. These are remote locations and require drilling in mountainous areas and under the Missouri river. For the majority of locations the  average FCC Rural Digital Opportunity Fund location cost is $1753, the Treasury Capital Project Fund $3313, and the tribal projects are outliers for isolated spots. The government prefers fiber optic cables because this is good for generations to come for upgrading, and the benefits of this service will make rural areas of America attractive to live in for decades to come, say officials.

LyrArc Article Gist
Surveys of American, European and Japanese companies show souring of outlook for China investment. And Biden administration new rules leading to investment of China profits in the US economy. About $110 billion moved out of yuan denominated China bonds since 2022. There is a sharp decline in the profits of US and EU companies in China that are reinvested in China after China's sporadic lockdowns in 2022 and increase in interest rates in the US. WSJ Analysis shows $170 billion profits reinvested in 2021 to net decline in third quarter 2023 outflows of capital over inflows declining by $11.8 billion, the first ever since 1998. Unlike in the past profits are being repatriated back out of the country so that investments can be made in the US economy or in other countries in the supply chain. This is a fundamental shift as risk of doing business in China increases. 

LyrArc Article Gist
2023 is the year of huge aviation orders. Some even say this may stave off a recession. Biden says this would create 1 million jobs in the US. Modi names about 10 American states that will benefit from India's growing civilian and military aircraft needs. The biggest order in aviation history was one of 500 single aisle planes from Airbus by India's Indigo Airlines. Before this order Air India made an order of 470 planes from Airbus and Boeing. Riyadh Air and the Saudi airline also place large orders. 

WSJ cautions that it takes 6 years for planes on order to be delivered. There are production and regulatory issues. Some of the orders can be pared down. One expert says it is a way to get in line for planes to be delivered by planning ahead as the Indians have done by foresight about rapidly growing demand.

LyrArc Article Gist
Who is the oldest Nobel prize winner in history? John Goodenough, a Nobel at age 97 years, who invented the lithium ion battery at a Lab in Oxford in 1974. John Goodenough is a good example for Joe and Jill Biden's idea of an America that puts more emphasis on the public good, and of the Christian (and Buddhist) virtues that life can only be well lived without greed and delusion.  He was an Episcopalian- what the Church of England is called in America.  He received no royalties for the lithium ion battery invention, only 6 decades of salary at Oxford, MIT and UT Austin. Goodenough persevered through a difficult childhood, studied mathematics at Yale because of his dyslexia, and physics at the University of Chicago under scientists Edward Teller and Enrico Fermi, getting a doctorate in 1952. 

LyrArc Article Gist
US economic growth was 2.4% in the second quarter of 2023. Even though the Fed increased rates at 10 consecutive meetings by 5% since March 2022 to tackle inflation the US economy appears strong. Large investments in the trillions of dollars in US manufacturing and infrastructure, tackling climate change is what is different this time compared to the past 2 decades when bad decisions were made with twin wars in the Arab and Muslim world, and the supply chain was transferred to China, investments were neglected in infrastructure, education and health in public goods, and capital markets allocated money with decreasing advantage to the economy. President Biden was in a unique position after the pandemic to take stock of all these mistakes and move the nation forward in positive directions in a decisive way in scale as well as in spirit and determination. That he has done so is more proof of the resilience of America.

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NYT looks at the movies "Oppenheimer" and "The Day after Trinity." Christopher Nolan's film about the scientist who spearheaded the development of the atomic bomb was at theaters July 21. Else's documentary "The Day after Trinity," was made in 1981 and shown again by the Criterion Channel without a subscription to a new generation of viewers to keep alive its message and its relevance. The war in Eastern Europe and nuclear threats have created a surging interest in how the world entered a new era after Hiroshima. Else, now a professor at UC Berkeley, says this story needs to be told to a new generation, and by a new group of storytellers. It also shows the paradox of a thoughtful soul in Oppenheimer who never intended for his invention to be used and the savage nature of this creation.

LyrArc Article Gist
Two leading funds Jana Partners and the Cal State Teachers Retirement System raise questions about the iPhone addiction among young people turning into a health crisis. The Wall Street Journal asks readers to comment on the issue how to respond, what teachers and parents need to do, what Apple needs to do. Many teachers say the drift is towards shorter and shorter attention spans for children, and children lacking the essential ability to delve deeper into learning topics. One teacher says the iPhone does not belong in high schools. One response is that it is the responsibility of parents, yet another response says parents are getting exhausted in the process. This parent calls it like playing a game of whack--a-mole from hell. Take away the iPhone and the same thing goes on in the computer, then on smart TV, finally the parent has to return the laptop because lessons are done online.

LyrArc Article Gist
Reports from automotive experts in Stuttgart show German car companies and suppliers are not well prepared for the competition in electric cars. Their leadership may not be taken for granted in electric car world causing threats to jobs, tax revenue and growth. It was in a Stuttgart garage that Daimler and Maybach invented the internal combustion engine 136 years ago in 1884.

The Institute for Employment Research of the German government prediction is that if electric cars make up 23% of all cars sold in 2035 the country would lose 20 billion euros in output, 0.6 percentage of GDP, and 13% of its 870,000 auto industry workforce. This is because China is emerging as a formidable competitor in electric cars and has invested heavily in this sector.

As in broad band infrastructure shown in a recent report in Lyrarc, Germany has failed to invest enough in electric cars.

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Biden will visit France for D-day and Italy for G-7 meetings in June, followed by a television debate in Atlanta. The concern about families struggling to make a living with high housing costs and grocery bills continues at the White House and president Biden says he is concerned telling one Congressman- "I care. I know people are hurting."  The Biden policies have worked for unemployment and for economic growth as the US is the only advanced economy in the world to return to pre-pandemic growth. Economic growth is now forecast at 1.7% for 2024 says WSJ, higher than the 1% forecast in January. Younger people in particular and newer voters who did not vote in 2020 are not informed about the economy and only see the difficulty making ends meet in living costs. These are the young people president Biden is making an effort to reach.

LyrArc Article Gist
The WSJ first reported just days before the 2016 presidential election about National Enquirer suppressing a story relating to Karen McDougall and the former president. That story did not get much media coverage. In 2018 WSJ reported a similar story relating to Stormy Daniels and the former president. At the time not much attention was paid to these stories says WSJ and the legal consequences were not anticipated. Last week a NY jury made a conviction on 34 counts of the former president Trump on the Stormy Daniels hush money payment with testimony by the former president's lawyer David Cohen. During the history of the US since its founding in 1776 under men of courage and leadership qualities of George Washington, John Adams and Jefferson, to the recent presidents from Lincoln, Teddy Roosevelt, FDR, Truman, Eisenhower, Kennedy-LBJ, never faced a situation of this kind. 

LyrArc Article Gist
The Bell 212 helicopter that crashed in dense fog over East Azerbaijan due to technical failures leading to death of president Raisi and the foreign minister of Iran, was originally built in 1971 for the Canadian Armed Forces. Later supplied to the US Army and in 1988 manufactured in Quebec, then discontinued in 1998. Iran and other countries in eastern Europe still use Bell 212 helicopters which were widely used for commercial purposes. Iran has to contend with difficulty of getting spare parts from the US and Canada. The only other crash reported for Bell 212 is one in 1986 in North Sea oil facilities in dense fog. Reports say the 50 year old Bell 212 depends on visual flight conditions meaning only what the pilot can see from his seat which would have made it very difficult in the steep mountain slopes of eastern Azerbaijan. 

LyrArc Article Gist
Japan win 2-1 in a exciting women's soccer game with Brazil in Paris Olympics. In the last minutes of the game Japan sent a ball over the goalie's head for a goal from long distance. It was a stunning goal by Momoko Tanikawa in the 96th minute of the game, with Japan coming from behind to win. In the first 90 minutes of the game Japan had not scored, missing one penalty kick for a hand foul. Brazil had already scored in the 56th minute. It was only in added time in the 92nd minute that captain Saki Kumagai scored on a penalty kick to equalize.  It was then within 4 minutes that Momoko Tanikawa a 19 year old substitute made an incredible shot from 30 metres distance to take the goal keeper by surprise, going over his head and sailing gently into the goal.

LyrArc Article Gist
BBC News looks at the situation in Bordeaux, France, after the Front Populaire wins the election. The NFP has a seasoned candidate in this parliamentary seat who can greet people by name. The RN candidate is 18 years old and is new to campaigning, showing that the RN of Le Pen had to field candidates with very little time for preparation in a snap election. People in Bordeaux and NFP supporters say 2025 and 2026 are years in which the Front Populaire has to deliver on cost of living actions to improve the lives of people struggling to make a living. For this to happen Macron has to give the NFP the chance to govern in the interests of the people of France and not obstruct actions needed to tackle cost of living. The Socialist parties have the experience to govern and obstruction would only further reduce the popularity of the Les Republicains and Macron's party.

LyrArc Article Gist
Senator John Thune of South Dakota who had the support of Senators Daines and Mullin, and of retiring Republican Minority Leader won in a 3 way race against John Cornyn of Texas and Rick Scott of Florida. Scott of Florida had support of the MAGA allies of DJT. His liability was the way he had run the party as head of the Congressional campaign of 2022 with poor results. DJT stayed aloof from the race only saying he expected the Senate leader to defer to his policy for Ukraine.

Thune won 29 votes to 24 for Cornyn. His way of running the senate will be more open than Mitch McConnell's, getting more feedback from Senators, and more open to amendments. Priorities are securing the border and reauthorizing the tax cuts.

Thune seems a good choice so that the president gets to hear views of all members in the Senate and is well informed to make decisions.

LyrArc Article Gist
Investopedia's Hiranmayi Srinivasan gives the average year over year Consumer Price Index by president as prepared by the Bureau of Labor Statistics's Adrian Nesta, and offers discussion of each president and inflation rates from Eisenhower to Biden. The highest Jimmy Carter and Gerald Ford, both lost the election for second term. Nixon and Biden are next. Nixon survived the high inflation rates. During the Biden presidency something else happened the pandemic which made people feel worse and compare the preceding president's inflation rate at 1.9% compared to 5.7% average per year. 5.7% adds up to about 23% increase over 4 years. The worst part was that basic food items eggs, bread and other groceries may have been priced at much more than 23%, and with added burden of higher monthly rent as landlords increased rent by much more than 23%. This meant dipping into savings and money saved for a house, destroying the American dream.

LyrArc Article Gist
Donald Trump says of Susie Wiles who transformed his campaign with quiet determined old style demeanor-

"Susie just helped me achieve one of the greatest political victories in American history. She is tough, smart, innovative, and is universally admired and respected. It is a well deserved honor to have Susie as the first-ever female chief of staff in United States history. I have no doubt that she will make our country proud.”

Suzie says-

"There are changes we must live with in order to get done the things we’re trying to do."

“In my early career things like manners mattered and there was an expected level of decorum." From Lincoln to Eisenhower there was this level of decorum.

"And so I get it that the GOP (Republican party) of today is different."

LyrArc Article Gist
By large margins voters have favorable opinions of Harris and Walz. For 52% of the WSJ survey Harris has the right temperament to be president, for Trump this was 42%. 40% of voter sample have unfavorable views of Walz compared to 50% for Vance. 82% of the voter sample say they know enough information about Harris to make a firm opinion. Even though media presents it as people not so familiar with Harris. A big difference is seen in views about Project 2025- only 9% have favorable views of Project 2025 that would terminate civil servants, restrict abortion access, and end the Department of Education. 57% have unfavorable views of Project 2025, 53% very unfavorable views.

These are general trends. Harris is changing perceptions on her handling of the economy and cost of living by outlining her plans for specific action on housing, child care and food costs.

LyrArc Article Gist
Shohei Ohtani being in the playoffs is everything a sport would hope for, says baseball commissioner Rob Manfred. Ohtani has led the Los Angeles Dodgers to a great playoff season against the San Diego Padres.

He has given LA Dodgers the best record in baseball with 54 home runs, 130 runs batted in and stolen 59 bases. His every move is followed in Japan and it has made the LA Dodgers Asia's favorite baseball team. There is the Ohtani effect on Major League Baseball reviving the whole game with fans and viewers around the world.

Yet for six years he played for the Anaheim Angels where the Angles never used his talent in the way they should have, says Lindsey Adler in the WSJ. The patience and preparation has come just at the right moment for the 30 year old Ohtani as he crossed over in LA to the Dodgers.

LyrArc Article Gist
Speaking to Cadena Sur, a Spanish radio network, EU Commission Vice President, Joaquin Alumnia said the EC will have plans to monitor the restructuring of each bank that gets EU funds. He said: "Whoever gives money never gives it for free. There will be people coming to Spain to make sure the money will be properly used."

LyrArc Article Gist
Kevin Maurer looks back at 15 years of covering Afghanistan since 2004, and asks was it worth it.  The conflict has cost 145,000 lives for the U.S. period of the war alone. Not counting the war in which the Russians were involved in the decade before the U.S. involvement. In fact the Russian involvement in Afghanistan was costly enough to hasten the collapse of the Soviet Union and bring Gorbachev to power to unwind the war and make the changes that led to the collapse of the Berlin Wall.  2400 U.S. servicemen dead and 20,000 Americans wounded. The cost to the U.S. is $737 billion for this war, according to a report in 2018 from Brown University's Costs of War Project. Just as the Soviet Union showed the damage from this war the U.S. has seen the cost of this war and foreign entanglement in another war that started accidentally with international interventions in the Iran-Iraq region as a cost that was borne with consequences. This includes the neglect of infrastructure and the damage to the middle class prosperity built up in the 1950's and 1960's after the Second World War. The U.S. got into this war with 9/11 attacks on New York City. By 2010 what began as a war fought by a few Special Operations teams turned into a war with troop levels reaching 100,000. Presidents Bush and Obama both failed to end the war by winning it. In 2014 finally combat operations stopped and American troops mainly conducted anti-terrorism operations and trained Afghan forces. In recent years the war has gradually disappeared from the national discussion in the U.S. and is barely talked about. President Trump wants to end the war even if it means talking to the Taliban and negotiations directly with the Taliban are ongoing.  One result of this war is the aversion to costly international entanglements and the highly unpopular nature of the conflicts. There are serious costs of the conflict in terms of neglected domestic priorities including infrastructure, loss of U.S. technological edge in key industries, and the competition from China, an the investments in health, education, services that were not made, the increase in inequalities and the diminishing of the middle class. The global financial crisis of 2008, the result of faulty banking, added an economic dimension through the loss of middle class savings in the U.S., worsening the financial situation of the middle class in the U.S.    ...

LyrArc Article Gist
Google's share of the online ad market falls below 50% for the first time. Changes are made to management. The US federal government seeks a breakup of Google because of its business practices. Major law suits are pending for the US Justice Department investigating Google business practices.

LyrArc Article Gist
Qualcomm's acquisition of Netherlands based chipmaker NXP for $39 billion using cash overseas is part of its diversification effort. Autos make up about 41% of NXP business, and is an effort to position Qualcomm to benefit from the high tech automobile, as smartphone business slows. After the acquisition mobile phones will make up 48% of revenues instead of 61% before the acquisition. Share price of Qualcomm was up 12% with this deal at a 34% premium on NXP's share price.