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This Times leading article on UK government's coronavirus policy says it is inconsistent, and a muddled effort just as the third wave is accelerating. It asks the public to be cautious when going outside and still opens nightclubs with covid passports not required till the end of September. By August cases could reach 100,000 say experts so that the nightclub and bars reopening can only fuel the rise in cases. The British government must be aware that the Netherlands opened nightclubs and bars in June and this led to a sudden jump in cases with 40% of new cases coming from nightclubs.  The policy is undermining public confidence. It is doing this at the same time as it is asking people to self isolate for 10 days. The policy also does not require covid vaccination pass for all events and for shops and restaurants as is being done in France and in other countries on a regional basis as in Germany. 

 

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France has renewable energy potential for wind farms that is similar to Britain with its long coastline. The Saint Nazaire wind farm with 80 turbines opens on the Atlantic coast with president Macron saying it is time to go twice as fast as other countries in Europe. France gets only 7% of its energy from wind compared to 22% for the UK, 23% for Germany and 44% for Denmark.  Saint Naziare wind farm took 10 years after protests from environmentalists, fishermen and other groups. France is looking at diversifying its energy capabilities so that it is not too dependent on nuclear energy. Macron says- "Our neighbors are going twice as fast. we have to get rid of the legal disputes and the delaying tactics."

Three wind farms will come on stream in months in Normandy and Brittany. A floating wind farm is proposed for the Mediterranean. Macron wants to see more nuclear reactors. He also says the key to better energy supply is diversification.

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Suggestions are not to take Fridays off but instead take Mondays off and sometimes break the week with Wednesday off. Fridays off are seen as a drawback because one is seen cramming five days work into four that week. Here a Unilever manager manages her 15 days off and another week that she gets after 18 years service to somehow add the weekends to get 9 days off for a break using 5 vacation days. Taking vacations for less than a week are seen as not productive for reducing stress at work and for getting better sleep. Procrastinating vacations to when work gets slower is not recommended as the answer for many is work never gets slower and you could end up overworking. Planning ahead lets this Unilever manager plan trips that act as rejuvenating experiences up and down the Eastern seaboard after getting her vacation life in order following some misssteps. She shows how with 20 days she could create 50 days vacation during the year adding in public holidays.

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Tories White Paper on "leveling up" by Michael Gove is out and gets a scathing review from Karl Holbrook of the Northern Echo. 

Holbrook says you can't spend 15 million pounds in one of the wealthiest areas of the country, Javid's constituency Bromsgrove in Worcestershire, and nothing in Knowsley, one of the poorest in the North of England , and call it "leveling up." He says he has little hope that the Tories will get much done without the funding to back it up. And he says one cannot plaster this up with 12 new slogans masquerading as missions in a White Paper as Michael Gove has done and expect people in England to buy it. Labor under Tony Blair and his "Middle Way" - let the huge inequalities between the north of England and the south develop under its watch- more muddled than middle in any way one looks at it today. He says this northerner has had enough of waiting.  

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Car buying has changed permanently in 5 ways, says this report in WSJ. There are fewer cars made and fewer cars on manufacturer's and dealer's lots, cars are more expensive these days. Car sales have dropped from 17 million before the pandemic to 13 million and up only to 15 million in 2023 as more cars were made. Carmakers have learned to make money by selling fewer cars concentrating on the pricier cars and reducing cars available in the lower end of price range. Used car prices are up on average to $30,000. New car prices have surged to an average of $47,000 in 2022 and 46,000 in 2023.  New car loans are up from average $562 to $733. The share of leased light vehicles has dropped from 30% to 20% of cars sold and carmakers are offering fewer lease deals as demand is easily fulfilled. With fewer leased cars coming in the dealers have to actually go out and buy them. 

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Hillary Clinton responds to a question from a 15 year old school girl in a Pennsylvania suburb of Haverford, who spoke about the damage done by Trump's crude comments about women. The girl Brennan Leach, asked Hillary Clinton, how Mrs. Clinton could help girls understand that they are much more than their looks. Clinton told the girl that "many women online were being bullied," and that this had to stop. She told the largely female crowd in Haverford gym that "Lets be the best we can be. Lets be proud of who we are."  The girl Brennan had lost a friend to suicide last year, and was especially concerned about the effect on girls of bullying at a period of middle and high school, which is a sensitive time for girls growing up. Trump had made many disparaging comments about women during the entire election campaign in 2016, without the kind of media sense of shock that one would have expected for such comments during previous moments in American history. ...

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Roland Nelles gives 6 reasons why chancellor Merkel is likely to run for chancellor in 2017 and do well. Nelles says the alternative is a Greens, Left party, SPD coalition as in Berlin. But the rest of Germany is too conservative and the very idea of that coalition could bring conservatives together behind Merkel, including the CSU. It would give CDU voters second thoughts about switching to the anti-immigrant AfD party. Also important he says is that the immediacy of the refugee issue could fade as the German government better handles the refugee situation, including security, housing and integration. And as the agreement with Turkey is holding for controlling flow of refugees and turning them back. Also compared to SPD Merkel is still 8-10 points ahead in polls today says Nelles, so that there are still many Merkel supporters. In addition to what Nelles says, Strack in DW.com points out how Merkel's openness even showing emotions sometimes, about how the refugee crisis caught her and the German government unprepared, could help her in coming months. ...

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The debate in the U.S. Congress about whether pandemic jobless benefits are deterring people from returning to work. Are extra $600 weekly payments affecting the way people return to work. The surge in the pandemic in many states in July could also be a factor. The extra weekly jobless benefits amount to about $18 billion a week and are set to expire unless Congress renews them.

The enhanced payments of about $15 an hour in the U.S. for a 40 hour week amount to $600, before regular state unemployment benefits are added in. Researchers say 68% of unemployed workers receive more benefits than they did working. Some of this added benefit during the pandemic helps people to stay home for work that involves contact with people such as in travel and food increasing risk of spread, which can be a good investment in prevention. In other work such that involves no contact or which can be done from home, there is good reason for incentives for gradual return to work.

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America whether under Eisenhower or under Truman, Johnson or Reagan embodied some measure of fairness and good sense. How this was lost when it comes to pharmaceutical pricing under Bush in 2003 and Obama in 2008 is shown here in a WSJ podcast. Bush and Republican allowed Medicare to pay for pharmaceuticals yet taking away its right to negotiate prices. Obama and Democrats in 2008 this podcast shows allowed the Bush introduced violation of good financial common sense to continue in exchange for support for Obamacare from the manufacturers. Over 15 years by 2019 pharmaceutical costs soared and remaining goodwill withered, this podcast shows. During this same period the financial industry went through a similar cycle and with it the ideas of a free market economy. The free market economy like everything else in life depended on good common sense, and a sense of how it benefits all, as both Adam Smith and the country's principal founders constantly reminded people.      ...

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Higher savings, covid assistance checks, and cheap credit led to higher consumer spending in the second half of 2020. This lasted through the higher inflation in 2022 when consumer spending outpaced inflation by two percentage points. The share of monthly income set aside for savings dropped from a high in April 2020, to 7.5% in December 2021, to 3.4% in December 2022. This is rapidly reversing with increase in mortgage rates and interest rates by the Fed to 4.75%, home and car sales the lowest in a decade. Inflation is at 5% year over year and wages up 4.6% in December year over year. The labor market is tight with about 10 million unfilled jobs and unemployment at 3.4%. Tech and other companies that overly expanded during the pandemic and are under antitrust oversight are laying off some employees. A recession is possible but this depends on how Jay Powell at the Fed reads the employment situation so that it brings down inflation but not so much that it hurts American workers. ...

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Kamala Harris says she will tackle immigration head-on at the Arizona rally August 10, 2024. She said she would Pass the Lankford- Biden Immigration Bill and sign it into law. It is the bill that passed the Senate and was given no chance in the House because of it being opposed by Trump for use as an election issue.

Harris said-

“I was attorney general of a border state. I went after the transnational gangs, the drug cartels and the human traffickers. I prosecuted them in case after case and I won, so I know what I’m talking about.”

“He talks a big game about border security but he does not walk the walk."

“We know our immigration system is broken and we know what it takes to fix it: comprehensive reform. That includes strong border security and an earned pathway to citizenship,” 

 

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Biden joins Harris at an event in Largo, Maryland on August 15 2024, the first time president Biden joins Harris for a rally after Harris takes on the role of nominee. Biden is sort of on this ticket as the nominee Harris's mentor and colleague. Harris runs on Biden's achievements and the president will forever be part of the Harris team with experience to get important legislation through Congress in the years ahead. At the rally Biden and Harris focus on cost of living and how Medicare now brings down prices of out of control pharmaceuticals. President Biden is the first president to restore Medicare's right and obligation to the American people to negotiate fair prices for pharmaceuticals. This right and obligation was stripped from Medicare by the younger president Bush in one of the worst decisions of a Republican president since World War II, causing terrible hardship from corporate greed to hard working American families. 

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The key people in the effort to implement DJT agenda of the Border and renewing the Tax cuts that expire on Dec 31, 2025 are Senate Majortiy Leader John Thune, Deputy Senate majority Leader. Alos playing a part are the Budget Committee chair Lindsay Graham and Mike Crapo of Idaho who chairs the Senate Finance Committee. Here is the approach Tohn Thune plans to use. He will do it two step, first getting the Border right by committing additional resources including offsets of cost from clean energy tax credits. Only after enough technology and resources for Border Patrol are made to secure the Border will the second step of tax cut renewal be taken up.  The process Thune plans to use is budget reconciliation which requires only a simple majority in the US Senate. Things are tight in Congress, in the House very tight with 217-215 and in Senate 53-47. Budget reconciliation means cannot add to budget deficits beyond 10 year window and bill have to budgetary. ...

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What US companies did not get early on is that as China's economy advanced local companies could make the same products for less and innovate to take a big share of the market. Ford exited China and GM took  $5 billion charge on its China business. Chinese makers of cars, EV's, laptops and cell phones have the major share of the market. In 2024 US companies chastened by their experience and failing to compete in China are reticent about tariffs impacting their market share in China. Other reasons China was growing at over 10% in the last year of Obama's second term. In 2024 China is struggling to reach 5%.  Following Covid, housing industry collapse, as US and Europe block China's exports, China's public is growing wary of spending. There are only 800 Americans studying in China in 2024 compared to 11,000 in 2019. There are 290,000 Chinese students in US. ...

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Keir Starmeir, a human rights lawyer for 20 years, heads the Labour Party negotiating team in negotiations with Theresa May for a cross-party Brexit deal. He says about 150 Labour MP's would reject a Brexit deal that is lacking a confirmatory second referendum on Brexit. He also said Labour risks losing Remain voters tempted to vote for the Liberal Democrats or Change UK. Starmier said it is time to call time on the cross party talks in a few days.

Recalling his days as a human rights lawyers Starmier says he never thought he would be defending those values of society which were considered part of British society. Starmier says this battle for values is much bigger than one political party.

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The median net worth of Hispanic and Black families has been severely affected by the recession. Because minorities hold a much larger part of their assets in household equity the foreclosure crisis and the recession have had a devastaing impact on both minority groups. The median net worth of Hispanic families dropped by two thirds and black families by half after the 2008 recession from the 2005 figures, and was around $6000 for 2009 for both groups, according to data from the Pew Research Center. The Pew report shows median net worth of a white family is 20 times that of a black family, and 18 times that of a Hispanic family, with the gap between these minorities and whites twice as large in 2009 compared to the period before the recession in 2005. This was even true for Asian American families, whose median net worth dropped by half from 2005 to 2009, to $78,000. The figure for whites dropped much less from $135,000 to $113,000 during the same period. Another significant finding is that within each group the share of the wealthiest 10% of the people increased between 2005 and 2009, for all households this went up from 49% to 56%, for Hispanics from 56% to 72%, for Blacks from 59% to 67%....

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The 10 year Greece government bond yield was 9.183% on May 14, 2013, according to Tradeweb, declining from a high of about 30% during the peak of the eurozone financial crisis in 2011.

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Hinrichs takes position as head of Ford Asia Pacific and Africa operations. Prior to this he worked for GM for 10 uears and with aprivate equity firm in Chicago with automotive supplier operations.

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Many people don't lose weight using semaglutide the drug in Ozempic. About a third lose less than 10% or less and those who lose weight its about 5%-20%. A lot more effective and sure to work as one gets older, safer is to change one's diet to a healthy diet that includes nuts, fruits and vegetables and healthier grains called ancient grains. There is so much potential in that because for two decades people have neglected it and gone inthe wrong direction. Say a simple exercize routine and healthy food intake each contribute 10%, and wellbeing/wellness with nature or meditation/ travel  another 10% you have 30% improvement that will stay forever as new habits get to replace the old. Its called NEFTY Nature, Exercise, Food, Travel, Youthfulness. And its synergistic meaning that one fits into the other more you do in one helps promote the others. Healthier food gets you in the in the right amounts gets you inclined to more exercise, travel adds to the sense of wellbeing, and Nature complements it all. Just taking a walk with bare feet in the grass, seeing the trees and the flowers and the birds in Spring outdoors gets you to feel better and great, nothing that artificial drugs can do. The next thing your blood tests will surely come out better, your next health exam will be better. NEFTY is the process and it is all about process, when the process is good the results for overall health are good one can be sure of that. And this converts into higher productivity and a better feeling at work creating a virtuous cycle. As a people one has neglected it for too long. A little effort for every kind of person reaps huge results. JUST DO IT. ...

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The third or booster dose of vaccine is needed to take out the Omicron variant. The UK Health Security Agency analyzed data from 581 Omicron cases and thousands of Delta cases to calculate how effective vaccines such as Pfizer and Astra Zeneca were against the Omicron variant. This early analysis shows a third booster dose prevents around 75% of people from getting any coronavirus symptoms. The double dose of the vaccine however provides good protection against severe coronavirus that needed hospital treatment says the UK Health Security Agency. Of equal concern is the rate of spread of the Omicron variant. Here this BBC report shows graphs of UK National Health Security Agency which show the rate of spread is rapid with cases doubling every 2-3 days. For the UK which on December 10 had about 1265 cases this means says this BBC report that the number of Omicron cases could be well above 100,000 in the UK by the end of December. The BBC graph shows the curve for Omicron cases moving in a close to vertical direction upwards. Reports say the experience in South Africa where the Omicron variant was first detected is similar in pattern causing rapid spread. ...

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The situation in 2010 in Monterrey, Mexico's third largest city after Mexico City and Guadalajara, which produces 10% of the country's economic output. Many Americans and affluent Mexicans are leaving Monterrey as two drug gangs the Zetas and the Gulf cartel launch a war in the city. Even the U.S. consulate is taking steps to move out children from the city. Long term resident expatriates are also leaving. Many leave for Texas. Local police forces are corrupted and this leaves the drug gangs free to roam in the city especially after 10 pm and often in broad daylight. So many executives from Cemex, headquartered in Monterrey, are leaving the city that CEO Zambrano is calling those leaving "cowards."

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Gilead Sciences contracts with seven Indian generics drug makers to provide Hepatitis drug Sovaldi at $10 a pill for a 24 week course. These Indian companies will pay royalties to Gilead Sciences and supply the market in poor countries. There are about 350,000 deaths from Hepatitis C each year, most of them in middle income or poor countries. Worldwide about 180 million people are infected with Hepatitis C. There is intense criticism for the $1000 a pill charged for Sovaldi in the U.S., with $10 billion in sales for 2014 already set for the new drug's 12 week regimen that costs about $84,000. Gilead spends about 19% of sales on R&D.

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There was some question about the accelerated depreciation tax break for new investment that is part of the business side to the stimulus package. It lets business take 50% of the depreciation upfront and the 10% thats allowed for a straight 10 year depreciation. A study at the University of Michigan and other expert opinion showed that this tax break had minimal effect when it was introduced in 2002. But other experts say that it was because there was not much taxable income after the meltdown and the bursting of the tech bubble at that time. This time there is a good deal of taxable income and it might have some effect.

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Paul Barrett, Assistant Managing Editor of Business Week says the year 2009 will represent a year of lost opportunity to reform the financial system. The Obama administration and Congress did not have the courage to do what is needed, and did not take Paul Volcker's advice on the danger of ahandful of banking institutions controllig a major portion of global banking assets. The WSJ reported that the world's 10 biggest banks account for about 70% of global banking assets, up from 59% before the crisis. It is ayear he says of missed opportunities and little was done in so many areas, including derivatives regulation and the credit rating agencies continue doing business as before with clear conflict of interest inherent in their practices. Barrett says genuine reform fizzled, and we will regret it. The Obama administration and Congress let themselves be influenced by the banking lobbyists and bankers, just as they allowed genuine health reform opportunities to slip in 2009.

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Argentine president Christina Kirchner asks trade unions to accept wage increases of 18% instead of 25%. Estimates of inflation in Argentina range from 20% to 25%. Official estimates of 10% inflation are highly understated.