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Artists from Hong Kong, Taiwan and mainland China give different interpretations of the period from the Opium Wars in 1842 to the rise of Communist China at an exhibition of art in Hong Kong, March 23- May 10, 2015.

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Alexis Tsipras and the Syriza government in Greece call for a referendum on July 5, 2015 on the spending cuts and policy changes proposed by the European Union and the IMF.

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The Obama administration delays a decision on the Keystone pipeline till after the 2012 election. State Department officials say they will extend their review of the 1700 mile Keystone pipeline so that Nebraka's objections about the pipeline route affecting drinking water from the Ogallala Aquifier - which provides drinking water to Nebraskans- can be addressed. Kerri Ann Jones, of the Bureau of Oceans and International Environmental and Scientific Affairs, says choosing a new route inside Nebraska will mean a new environmental assessment is required, taking an additional 15 months. In addition to environmental concerns, the Obama administration is concerned about how approval would affect enthusiasm for Obama's re-election in 2012 among environmentally conscious voters. TransCanada officials point out that of the 14 routes considered in the review by the State Department, one route entirely bypasses the Sandhills region and the Ogallala Aquifier, and six routes reduce the pipeline mileage crossing Nebraska....

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On the production side output has fallen to an estimated 1.6 million barrels a day(U.S. government and independent analyst estimate) from nearly 3 million barrels a day in 1998. But even this is an estimate, PDVSA says its daily output is about 2.2 million barrels a day, and plans to boost it 4 million barrels a day by 2012. PDVSA points out that the oil exports to the US have remained steady at 1.5 million barrels a day. The content links to oil policy are 1. PDVSA direct involvement in economic development and social goals. 10% of annual investment budget to go to socail programs or about $1 billion a year. For private oil companies in joint ventures with government 3.3% of the local investment budget is required to go to social programs. Oil service companies include community projects such as low income housing in their bids. And spend 5% of the value of the contract in hiring worker owned service companies. Adding road construction and subsidized food programs the spending approaches $8billion for 2005 according to PDVSA. quote: "its not easy... but there will be no more projects with their backs turned to our reality." Rafael Ramirez President of PDVSA told industry executives in June. 2. According to the WSJ PDVSA's diminished production has cut world output by more than 1 %. PDVSA's 2004 financial results show exploration investment was only a meager $60 million in 2004 down from a small $174 million in 2001. Current wells are so old that that the ir output declines by about 23% a year, drilling new wells only keeps production levels stable. This decline can be seen also in the backdrop of the major strike in late 2002 and early 2003. At the time Chavez fired 19000 employees of PDVSA who opposed his policies. The employment levels are only now back to pre-strike levels. ...

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Alibaba's TMall faces strong competition in retail sales from JD.com in 2015.

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The simple fact that countries like Greece and Portugal cannot adjust their exchange rates under the existing euro currency arrangement remains a critical problem says Krugman. Krugman points out that till 2007 Greece's budget deficit was no higher than America's as ashare of GDP than the deficits America ran in the 1980's, and Spain actually ran a surplus. The global financial crisis changed all that as inflows of capital dried up, revenues plunged and deficits jumped. Now membership in the euro area becomes a sort of trap in that Greek costs which rose quickly in the boom years now need to come down in relation to German costs, and the only feasible way of doing that would be to devalue the Greek currency, now impossible under the euro currency arrangement. The euro currency he says is in serious danger unless forceful action is taken to avoid a chain reaction that starts with a Greek default.

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The FDIC report in Feb. 2012 shows improvement in bank lending to $130 billion, for the 4th quarter of 2012. This is an increase of 1.8% over the previous quarter. Lending to commercial and industrial borrowers increased by $62.8 billion, or 4.9%. Smaller commercial and industrial loans of less than $1 million increased for the first time since 2010. Banking profits for 2011 were up to $119 billion, up 40% from the prior year. Banking revenues for 2011 declinedby 4.5% from 2010, as a result of low rates and slower loan demand.

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Dennis Muilenburg succeeds Jim McNerney as CEO of Boeing in July 2015. He is former head of Boeing's defense and space business. Muilenburg's challenges include reducing costs on the 787 Dreamliner, and adapting its defense business to the situation of cuts in U.S. defense spending for reducing the deficit. Muilenburg was made president and COO in Dec. 2013.