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Unemployment claims held steady at 21.5 million in the U.S. at the end of May 2020, according to the Labor Department. New applications for unemployment claims dropped below 2 million a week for the first time.

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Expert views that the G-7 meetings in Cornwall and the Carbis Bay pledges were not adequate in providing financing for climate change goals. Climate finance falls far short of the $100 billion planned by 2020.

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Business in the US is putting more money into equipment and technology in 2021. This will strengthen the economic recovery. US business spending rose at about 12% in the first quarter, according to the Commerce Department.

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These are key provisions in the biggest climate change bill in history- Tax credits that last for over a decade for zero carbon plants- these tax credits go to companies that build new sources of emissions free electricity, for wind turbines, solar panels, battery storage, geo thermal plants. Tax credits also for new technologies that capture and bury carbon dioxide from natural gas plants and industrial facilities before it escapes into the atmosphere and heats the planet. This technology is rarely used because of high costs. Incentives for electric vehicles- It extends a tax credit of $7500 for new electric vehicles. It adds a $4000 tax credit for used electric vehicles. Tax credit goes only to people earning $150,000 a year (300,000 for joint filers) for new EV's and $75,000 (150,000 for joint filers) for used EV's. Help for people to lower energy costs - $9 billion in rebates for Americans installing energy efficient electrical appliances. And a decade of tax credits for Americans installing rooftop solar, heat pumps, water heaters and electric HVAC, or electric heating, air conditioning and ventilation technologies. Investments in Domestic Manufacturing- $60 billion for investments in clean energy manufacturing in the US. This includes $30 billion for production tax credits for solar panels, wind turbines, batteries and critical minerals processing. $10 billion in investment tax credits to build manufacturing facilities for electric cars and renewable energy technologies. This action is to halt the shifting of clean energy manufacturing overseas to China. $27 billion towards a green bank that would finance clean energy projects in disadvantaged communities. Cracking down on Methane- the bill places a fine on methane gas emissions from oil and gas wells and pipelines and other infrastructure. Fees of $900 per metric ton in 2024 and $1500 a metric ton in 2026 when it exceeds federally set limits.    ...

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Omicron cases are up in an almost vertical line on a graph with cases doubling every 2-3 days in the UK, similar to the pattern in South Africa during the beginning of the spread in South Africa. Since then early data in South Africa show the trend in the province of Gauteng, center of the omicron outbreak in South Africa in the Johannesburg area, has reached its peak. On Dec. 16 it recorded 27% of national infections compared to 70% the week before. Head of the National Institute of Communicable Diseases in South Africa, Michael Groome, says "we had areally dramatic increase in Gauteng, which has now leveled off."  Hospital admissions in South Africa show a different pattern than earlier hospital admission rates in previous waves, with only 1.7% of cases being hospitalized in this Omicron wave compared to 19% for the Delta variant wave at a similar point in the wave, says Health Minister Joe Phaahla. In UK as of Dec. 14, this WSJ report cites health authorites saying 73% of cases in London are omicron variant, doubling every 1-2 days, with omicron making up 41% of all cases in England. In the US the Centers for Disease Control show Omicron variant making up 2.9% of all cases in US as of Dec. 11, with highest concentration in New York, New Jersey of 13.1%. Proportion of positive tests went up from 3.3% to 5% in New York City. A convention in New York City, Anime convention at Javits Center, November 23, 2021, shown in a recent NYT report, could potentially have acted as a super spreader event in New York according to NYT though not confirmed, similar to football stadiums events in Italy in March 2020. Dense atmosphere and large crowds increase the risk of a super spreader event happening, say experts. ...

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From now on the vaccination program in India will be run nationally by the federal government. This will ensure fair access to vaccines to all parts of the Indian population. Earlier vaccine costs were bid up as states and private hospitals bid up prices. Under the new national program 75% of vaccines will be given out by the federal government and 25%  by private hospitals and other private health institutions. The government in New Delhi under prime minister Modi will offer adults free vaccinations. Modi said "We will increase the speed of procuring vaccines and also increase the pace of the vaccination program." Even in private hospitals the cost of vaccine will be kept at Rupees 150 or $2.06. Experts say this is the right policy and the government has learned from errors in letting states and other private institutions run vaccine policy, which made it too fragmented and subject to too many variables, resulting in inequity, and slowing vaccination drives. The Supreme Court stepped in asking for clarity, leading to the clear policy from the federal government announced today.  Advantage of the new policy is that the responsibility lies in one place, and the federal government also has the clout to make things happen, to negotiate with companies and other parties involved effectively. India has vaccinated 222 million people but because of the population being so large at 1.2 billion this comes out to be a small fraction of the population. This puts the task of getting vaccine supplies and getting the vaccination drives to work in the only place that has the determination and the resources to deliver results by vaccinating 1.2 billion people by December 2021. It has never been done before in history says Mr. Modi, and it is a challenge that India is now taking up for itself and for the global community. It also lays the ground for India to help its neighbors in Asia and in Africa, Latin America in 2022.   ...

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At this rate China and India will through the time young people are being encouraged to pursue reading and education- and through strictly regulated social media and videogames in China and TikTok banned in India- move in the direction of developed nations and the US with 150 million users of TikTok be moving in the other direction where Brazil 126 million users and Indonesia 99 million users are. This report in MIT Technology Review says in 2022 the children and teenagers in America spent 103 minutes on TikTok. Tiktok and Facebook split the social media market with about 5 billion minutes each. If users are on both this could give an average of 206 minutes or over 3 hours a day. Consider that there is a Chinese version Douyin. In China its version of TikToK is strictly regulated for a long time now and nowhere poses the kind of threat to education, reading and building a better educated population in China than in the US. Is that a conspiracy. No, says MIT Technology Review, it is because how quickly and forcefully the Chinese governments regulates digital platforms.  It a clear failure of the US Congress and the federal government that has led to this situation where this may be the first generation of young people that are less prepared for civic responsibilities and are from the amount of time dedicated to social media spending less time on reading to to be knowledgeable, and reading in general for education.  In China action is swift. Take for example video games and addiction. In 2021 the rule was put in that children under 18 could only play video games between 8.00 pm and 9.00 pm on weekends and holidays. They are blocked from using outside of these hours. China is looking for new measures that require creators to obtain a license, and for ways for the government to regulate the social media algorithms themselves.  ...

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The European Union’s total defense spending increased by 30% from 2021 to 2024, to 326 billion euro or $341 billion. That is 1.9% of the EU’s GDP it's economic output, according to European Defense Agency. It is still short of 2%.  Britain will ramp up defense spending all the way up to 3% in 2027. Britain is short of defense equipment with transfers to Ukraine and with much of the defense budget going to maintain a nuclear deterrent. This leaves less for other defense needs. This report says most of the procurement for defense equipment goes to countries outside Europe.The Kiel Institute says 80% comes from outside EU. It is not mere shortage of funds it is the severe bottleneck from lack of defense manufacturing industry  that is putting Germany, France and UK in a situation where they are too dependent on the US. It takes years to build this capacity. Russia built it up during 3 years of war by going to a wartime economy and it now produces 4 times the ammunition Europe produces. The US did the same to match and exceed Russian capabilities and capacity, Europe lagged behind with unwillingness of Macron and of Scholz in particular to switch funds from needs in transport, infrastructure to defense. The debt brake Merkel to stop debt based infrastructure investment is what ails Germany. It has had two pernicious effects it created the AfD's surge by lowering economic growth and investment in public needs - housing, transport, public services. It worsened the SPD and CDU performance by not investing in security with no policies to return crime committing refugees to their home countries. A combination of aid and other assistance, diplomacy, secured the cooperation of countries to take them back. A strong display of action on removing refugees committing any offenses would have lessened the number of terrorism incidents. ...

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Britain's David Cameron leads the successful effort to hold down spending in the European Union's next 7 year budget plan, supported by Germany and the Netherlands. The new 2014-2020 EU budget plan holds down government contributions to the budget to 959.99 billion euros. There is a 35 billion decrease from the last budget plan after adjusting for inflation, and less than the 1.03 trillion euros proposed by the European Commission, the EU's executive body. Actual spending is set at 908 billion euros compared to 943 billion euros for 2007-2013. Cuts were made in some areas- direct subsidies to farmers went down to 277 billion euros from 337 billion euros. EU funding to tackle high youth unemployment and build transnational infrastructure increased 37% to 126 billion euros. Funds allocated for investment projects in poorer regions slightly declined to 325 billion euros. Special rebates to the UK and the Netherlands remain- the Netherlands rebate is 1 billion euros. The mood of European leaders was summarized in the words of Britain's prime minister Cameron: "Frankly, the European Union should not be immune from the sorts of pressures that we have to reduce spending, find efficiencies and make sure that we spend money wisely that we are all having to do right across Europe."...

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BBC reports on Iran protests January 2026. Protests happened with students, with women periodically over the last two decades. Iran over the years since the monarchy in the 1880's and democratic movements (parliaments) in 1900's, monarchy in the 1930's and 1960's, socialist governments 1960's. Cold War and restored monarchy in 1970's, religious theocracy 1990's till today has gone through many different governments. It was part of the British Empire (that included India/Pakistan) and Russia's buffer region in the 18th and 19th century.  After economic sanctions from US and Europe the economy depends on sanctioned oil exports. Its defense operations divert much of the funding from oil based resources away from economic development . Much of that was a result of the anticolonial socialist ideologies that spread from North Africa (Algeria, Egypt) to Iraq and Syria that led to wars in Egypt, Syria, Iraq and Afghanistan- which also led to Iraq's version the Baathist ideology invading Iran. Russia and the US have extracted themselves at much loss from these conflicts by 2025 and are posed at a historic rapprochement in relations. For Iran there is today no danger from the region or from European powers, and like the US the people and the country are asking questions about the economic and living conditions from so much in resources now diverted to external conflicts- like the US the people in the region of Iran and the entire Middle East apart from a few small oil rich regions with a tiny part of the overall population- maybe 5% in Qatar and UAE, and Saudi- feel the impact of little investment in rapid economic development of the overall region. A region with a population close to the European Union of 500 million but a tiny fraction of economic development investment for the vast majority of people in Egypt and other parts of North Africa and regions of Syria, Iraq, Iran, Afghanistan, Sudan. Most of the investment of $1 trillion is concentrated in the 10% of the population of over 500 million people in oil resource Saudi Arabia, UAE/Qatar monarchies, the rest languishing in war, and now meaningless- in terms of living standards- of anticolonial ideologies or militant religious ideologies, or internecine/ethnic conflict. ...

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The Trump Accounts for children born 2025-2028 and the Dell $6.5 billion expansion to include earlier born children may be one of the single biggest actions to rebuild the bank accounts of the next generation. It looks at the shrivelled bank accounts of today's older generation with lack of enough savings for a medical crisis and says it has got to be different from now on. The median bank account of Americans over 65 and over is $13400 which means there is little for medical health emergencies and little for needs of older Americans. Median means half have less and half have more than $13400. This is astounding for the wealthiest nation at a time when the total wealth is the highest ever in history. This report by WSJ unfortunately does not mention this at all and dwells on how this is an opportunity for banks and investment companies to get in the door to get your business. DJT as US president with a mandate from lower income Americans has designed this so that it shows the value of careful investments of small seed money. With $1000 to begin with from the government, added amounts from parents and grandparents and invested in a mutual fund that tracks the S&P 500 it will grow with the economy for 18 years, doubling two to three times on the way. It would provide funds for education increasing enrollment in higher education, increase financial literacy by showing how money grows in broad S&P 500 type index funds such as Vanguard type funds. Much of the shriveling of bank accounts for the shocking figure of $13400 median for American 65+ year olds is a result of job losses, high health care costs, wage decline  with factories outshored, hits from 2009 financial crisis caused by bank irresponsible behaviour, drug epidemics and fentanyl allowed to pour into the country, covid pandemic and stock bubbles, decline in higher education enrollment, other. The US president DJT is seeing his mandate as one that reverses these adverse situations one by one to take America back to post war prosperity and rising incomes, rising bank acocunt savings and rising hopes and aspirations for the next generation. ...

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The name on the bill says it all -The Bipartisan Debt Agreement 2023. As Budget Director Shalanda Young says if you look at it as Democratic or Republican, you have lost already. It is truly bipartisan with the support of the Minority Leader of the Senate, Republican Mitch McConnell, and the Speaker, House Majority leader Kevin McCarthy. Strange as it may sound it sets the stage for other wins as the President in the end stakes his legislative achievements, a strong economy, and a renewing America in the world, for a national bipartisan win for the presidency against his challenger Mr. Trump's purportedly national yet deeply personal agenda. It shows traces of the fights in the past of TR, of FDR, of Lincoln, and Washington, alternately Republican and Democratic but truly American in imagination and foresight.

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Iran has collected 60% enriched uranium for 2 years by 2023, enough for 2 nuclear weapons, says this report in the WSJ. Israeli premier Netanyahu says this would invite a strike if weapons grade uranium is converted into a weapon. In this situation after Iran provided drones to Russia, president Biden has renewed efforts to reduce the level of escalation in the relations with Iran, opening up talks in New York and through Oman. Iran wants money that is held in other countries for oil and gas deliveries after US economic sanctions on Iran, to be released in exchange for limits on nuclear work and prisoner release. The Biden administration has approved 2.5 billion euros in payments by Iraq. Another $7 billion could be released from South Korea if diplomatic talks lead to Iran taking steps the US seeks from Iran. 

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Presidential centers reflecting 100 years of history echo Mr. Biden's call about the struggle for the soul of America that was made in Philadelphia at Independence Hall only recently. It includes the presidential centers of the following presidents

FDR and Truman, LBJ and Kennedy, Reagan, except for Eisenhower's all of the most respected presidents of this century. If there was a presidential center for Lincoln one would think it would have also made the call that Mr. Biden has made. Economic democracy has to be part of this which Mr. Biden is implementing with his programs and working for the dignity and respect for America's workers and their families. This is reshaping America in 2023 and into the future. Germany is also following the same path- "dignity" pf workers and families uppermost for president Scholz.

 

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Biden and Xi meet at an estate outside of San Francisco in the most important meeting of 2023.  Biden says his government would continue "to preserve and pursue" high level diplomacy after the two leaders talks. President Xi said about this period of global transformations that are taking place in this century that it was important that the two countries act in a way that "benefits the two peoples and fulfills their responsibilities for human progress." The two leaders came to an agreement on fentanyl, and on AI, and setting up high level communications including direct conversation between Biden and Xi Jinping. Coming during the conflict in the Middle East and in Eastern Europe this is a really important accomplishment of Biden and Xi for the people of the two countries, setting aside differences and looking for shared interests.

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Pipelines to Corpus Christi have reached capacity as US energy production reaches record levels says this report in WSJ. In the first half of 2023 2 million barrels a day passed through this pipeline. About half of the 4.1 million barrels a day the US shipped abroad were loaded onto tankers on this part of the Texas coastline. This oil helped Europe during the shortages after the closing of access to Russian oil supplies. Because Corpus Christi has terminals that make it cheaper to ship oil out it has become a dominant hub in the US for shipments overseas. It is the closest deepwater port to the Permian basin in West Texas and New Mexico. Corpus Christ is also transitioning to a future where hydrogen is produced for energy by applying for $8 billion from president Biden's renewable energy infrastructure package.

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The US added 167,000 jobs in July 2023 from a month earlier, according to the Labor Department, less than 200,000 anticipated. Higher population numbers and higher labor force participation rates offset the increasing  number of retired people in the US. More people added to the population from immigration and more younger people participating in prime age under 54. This means the US is where it would like to be with the Fed not having to increase rates that much in coming months, says Justin Lahart of WSJ. The Labor Department increased its estimates of population by 867,000, and the labour force participation for prime age is up to 84%. These are good signals for the US economy, that there is room for more jobs growth and income growth with an unemployment rate at 3.5%, and less need for increasing interest rates by the Fed.

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Republicans won 218 seats to 211 for Democrats in a strongly contested election for the House with 6 Congressional races not yet called. Republicans unexpectedly gained 3 seats in New York to gain the majority. The NYT gives this visual presentation of where and what happened as seats switched on both sides in 2022 US Congressional midterms.

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As the world changes in 2021 after tensions in world trade, climate change and the health pandemic companies that are out of favor include Alibaba in China and Softbank in Japan. Some of these companies were overvalued and  capital markets  that supported these companies ignored the major needs in climate change, health, education, and infrastructure building. 

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London has fewer deaths than in a normal week in mid June 2020. This means that London is the first region in the UK to emerge from the coronavirus pandemic. The figures from the Office of National Statistics show that London now has fewer deaths per week than in a normal week before the pandemic, about 3% lower.

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The Lawrence Livermore National Laboratory May 2020 study cited here in the WSJ, was conducted to find how the coronavirus originated. This US government lab based in California has considerable experience on biological issues and looked at the genetic makeup of the coronavirus. It concluded that a lab accident was plausible, says this report in the WSJ. 

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The Liberal Party is falling behind the Conservatives by double digits because of cost of living and housing concerns. Mr. Trudeau's popularity is dimming. His government is a minority government that depends on the New Democrats for key votes in parliament. Mr. Trudeau talks about personal sacrifices on this job. Canada will elect a new government in 2025.

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DW.com looks at the increasing demand for Indonesian coal from Germany and other European nations, and the surge in coal prices. There is also a surge in demand of LNG from Malaysia. Germany is now the largest destination for Indonesian coal after China and India. The prohibition of Russian coal by the EU went into effect in August 2022.

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The aid package in August 2022 from US to Ukraine includes much needed air defense systems and radars that would help protect the cities and towns of Ukraine under constant bombardment leading to endless stream of refugees and displaced women and children. This and the damage to buildings and homes is the worst aspect of the war.

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March 2022 was the hottest month in India for 122 years since records began. It was also extremely dry. Scientists say such a heat wave with temperatures reaching 50 degrees centigrade in April and May in India, "would have been extraordinarily rare without the climate crisis." They say it has a 1% chance even with current global warming.