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LyrArc brings in selected articles from many of the world's top publications.

Articles are selected by experts and you can see the gist of the important articles.

Puerto Rico Races to Rescue Its Pension Fund

3 Groups   
New York Times - 11.26.2012 Original article ›
Mary Williams Walsh, Mary, Williams, Walsh
LyrArc Article Gist
Puerto Rico's main pension fund for 250,000 government workers is only 6% fundeed and is expected to run out of money by 2014. Another pension fund for 80,000 teachers is only 20% funded. Puerto Rico faces problems with lack of economic growth, widespread tax evasion. The economy has gone through a five year recession. A new government was elected in 2012 which promised not to layoff government workers and teachers and find ways to fund pensions. Electronic receipts are now made a requirement for financial transactions to ensure sales taxes are collected. There are risks of a downgrade in credit ratings.
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Scotland, U.K. Grapple Over Autonomy

3 Groups   
Wall Street Journal - 01.12.2012 Original article ›
Ainsley Thomson, Ainsley, Thomson, Cassell Bryan Low, Cassell, Bryan Low
LyrArc Article Gist
Plans by the Scottish National Party to hold a referendum in 2014 on the issue of independence from Britain. Polls by ComRes, Ipsos Mori and YouGov have generally shown the range of support of 29-36%. A more recent poll in Oct 2011 by ComRes showed 49% of Scots support independence. The other option to independence is a greater transfer of powers from Britain to Scotland. The Cameron government wants such a referendum held earlier when the sentiment for independence is not as strong. The Scottish National party won a majority of seats in the Scottish parliament in the last elections.
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France Signs Nuclear Pacts with India

2 Groups   
Wall Street Journal - 12.06.2010 Original article ›
Amol Sharma, Amol, Sharma
LyrArc Article Gist
France signed a framework agreement with India to build 2 nuclear reactors in the state of Maharashtra, along with supply of nuclear fuel for 25 years. The reactors would be sold by state owned company Areva SA. France plans to sell 6 nuclear reactors to India in future years. India has 4,560 megawatts of nuclear power and plans to increase this 14 fold by 2032. The French project will provide 10,000 megawatts. US suppliers are trying to get a change to liability laws in India that will transfer liability to plant operators, before concluding nuclear deals.
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Nissan Leaf: A Road Test

2 Groups   
Wall Street Journal - 12.20.2010 Original article ›
LyrArc Article Gist
Test drive of a Nissan Leaf in a Michigan winter. The cold weather significantly cuts into the car battery's capacity. The heater alone can take up 25% of the energy. This Leaf had 91 miles of driving range on its readout. Nissan says the car has a 100 mile range. The EPA required Nissan to state the range as 73 miles. In wintry weather in cold weather states the range can be much less. For this reason Nissan is first introducing the Leaf in warm weather states such as California and states in the southern US.
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Profits Face Headwinds

2 Groups   
Wall Street Journal - 01.10.2011 Original article ›
Paul Vigna, Paul, Vigna, John Shipman, John, Shipman
LyrArc Article Gist
High unemployment and sluggish growth in hiring-only 1.1 milllion jobs added in 2010 and only 103,000 in December 2010, according to the Labor Department- will restrict profit growth. Industries such as airlines, food, construction and telecom that lagged the recovery, will continue to face difficulties. Airlines face higher fuel prices and labor wage pressures. Standard and Poor's expects profits for the S&P 500 Index companies to reach a 3 year peak in the ist quarter 2011, then move lower for the next 5 quarters. Earnings reached $22.62 a share for these companies, up 29% from one year ago.
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Downturn's Ugly Trademark: Steep, Lasting Drop in Wages

4 Groups   
Wall Street Journal - 01.11.2011 Original article ›
Sudeep Reddy, Sudeep, Reddy
LyrArc Article Gist
The longer the recession, the lower the wages on the next job and the quality of work in the next job, says Columbia University labor economist, Till von Wachter. It may take years for the wages of these workers to catch up to what they were before the recession. From 2007 to 2009, more than half the full time workers who lost jobs they had held for more than 3 years, and then found full time work by early 2010 reported wage declines, according to the Labor Department. About 36% reported the new job paid at least 20% less than the earlier job.
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Spain Comes to the Aid of Its Banks

2 Groups   
Wall Street Journal - 01.25.2011 Original article ›
Christopher Bjork, Christopher, Bjork
LyrArc Article Gist
Spain's finance minister, Elena Salgado, says the state backed Fund for Orderly Bank Restructuring, will acquire direct equity stakes in the Cajas, Spain's regional banks, for upto 5 years. The Bank of Spain's preliminary estimates of the capital needs of the banking sector are below 20 billion euros, according to Salgado. The Spanish government will raise the Tier 1 capital requirements for all banks to 8% and will inject capital into lenders that do not meet the new requirements. The moves are designed to reassure investors who lack information about the true financial condition of the cajas.
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On Street, Pay Vaults to Record Altitude

9 Groups   
Wall Street Journal - 02.02.2011 Original article ›
Aaron Lucchetti, Aaron, Lucchetti, Stephen Grocer, Stephen, Grocer
LyrArc Article Gist
Total compensation and benefits at publicly traded Wall Street banks and securities firms was a record $135 billion in 2010, according to an analysis by the Wall Street Journal. This is up 5.7% from the $128 billion in 2009 for the same firms. The 25 largest financial firms saw revenues increase to $417 billion. Things are going back to where they were before the financial crisis with total compensation and benefits now exceeding the levels in 2007. In 2010 deferred compensation made up half of the total pay compared to being one third of total pay in prior years.
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Booming economy, government programs help Brazil expand its middle class

1 Links 5 Groups   
Washington Post - 01.03.2010 Original article ›
Juan Forero, Juan, Forero
LyrArc Article Gist
Brazil's growth is seeing a surge in the size of the middle class. Since 2003 about 32 million people have entered the middle class and 20 million haven risen above poverty, in a country of 198 million people, according to the Center for Social Policies at the Getulio Vargas Foundation, a Rio policy group. Marcelo Neri, the foundation's economst says 8.5 million jobs were created since 2003 and an active social policy has been pursued in one of South America's most unequal societies.These policies provide food assistance to the poor and low interest credit for first time buyers and small business owners.
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The Banker at the Center of the Storm

4 Groups   
BusinessWeek - 04.22.2010 Original article ›
Yalman Onaran, Yalman, Onaran, Gavin Finch, Gavin, Finch
LyrArc Article Gist
Fabrice Tourre joined Goldman Sachs in 2001 right out of Stanford University. He worked in the mortgage securitization trading operation. Emails written by him are helping the SEC investigate whether Goldman knew but did not share with investors the way in which hedge fund John Paulson & Co. helped select the underlying mortgage backed assets he was going to bet against. One former SEC lawyer says, the SEC may be hoping that Fabrice Tourre, the 27 year old Frenchman who joined Goldman right out of Stanford University, would be easier to put pressure on to reveal what he knows and other fradulent transactions.
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Original article 1 minute, gist 1 minute

Eager Consumers Buy iPhone 4

3 Groups   
Wall Street Journal - 06.23.2010 Original article ›
Juro Osawa, Juro, Osawa, Cecilie Rohwedder, Cecilie, Rohwedder, Ian Sherr, Ian, Sherr
LyrArc Article Gist
Since 2007 Applle has sold 50 million units of the Apple iPhone, making it Apple's largest business. With the New iPhone 4 analysts expect Apple to sell about 37 million phones in the fiscal year to September 2010. This would be a 79% increase over the 20.7 million sets sold in the prior year. And of global sales analysts say about 55% of sales for the iPhone are from outside the US, compared to 25% 2 years ago. There is a lot of excitement among iPhone fans waiting in line at Apple stores in Europe and Japan, long before the stores opened.
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Nestor Kirchner, Ex-Leader of Argentina, Is Dead at 60

3 Groups   
New York Times - 10.27.2010 Original article ›
Alexei Barrionuevo, Alexei, Barrionuevo
LyrArc Article Gist
Nestor Kirchner was a not so well known governor of the Patagonian province of Santa Cruz when he won the elections in the first round by only 22% of the vote in 2003. He steered Argentina out of the financial crisis in 2003 and Argentina has seen high growth rates with booming agricultural exports to China throughout the decade. In 2007 his wife Christina Kirchner was elected president and Nestor Kirchner assumed the leadership of the governing Peronist party. After initial difficulties and low ratings Christina Kirchner's ratings improved to over 40% in 2010 as growth rates approached 9.5%.
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Populist Party Makes Gains in Serbian Elections

6 Groups   
New York Times - 05.06.2012 Original article ›
Dan Bilefsky, Dan, Bilefsky
LyrArc Article Gist
The Progressive Party of Tomislav Nikolic wins 23.5% of the parliamentary vote, the Democratic party of president Boris Tadic 22.1% and the Socialist party of Ivica Dacic 16%. Serbians cast a protest vote against high unemployment of 24% and corruption in government. There is still a sense that the joining the EU is the best option for Serbia. Even though nationalist parties, some allied to former president Milosevic, won a significant portion of the vote, the nationalist sentiment is balanced now with a sense that Serbia must now look to the future for what is best for the next generation and economic progress.
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May Car Sales Keep Up Healthy Pace

1 Links 13 Groups   
New York Times - 06.01.2012 Original article ›
Bill Vlasic, Bill, Vlasic
LyrArc Article Gist
Auto sales in the U.S. reached 1.33 million vehicles in May, a 25% increase over the previous year, with the previous years figures skewed by the tsunami in Japan and shortages for Japanese manufacturers. The seasonally adjusted annual sales rate was 13.8 million vehicles. Employment increased to 644,000 workers in the U.S. auto industry, an increase in the first quarter of 2012 of 6% over the prior year, according to Bureau of Labor Statistics. The basic reason for the increased demand is the aging of cars on the road to about 10.8 years, according to vehicle registration information.
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U.S. Auto Sales Keep Rising

2 Links 13 Groups   
Wall Street Journal - 06.02.2012 Original article ›
Jeff Bennett, Jeff, Bennett, Neal E. Boudette, Neal, E., Boudette
LyrArc Article Gist
U.S. auto sales in May 2012 increased by 26% over the prior year. Toyota sales were up 87% to 203,000 bringing its market share up by 5 percentage points to 15.2%. Honda's sales were up 48% to 134,000, according to Autodata. Overall seasonally adjusted sales were up from the 11.7 million vehicles in 2011 to 13.8 million vehicles in May 2012. Ford's sales were up to 216,000, with a 30% increase in sales of F-series pickup trucks. A cause for concern for Ford would be the 35% of sales in May to rental companies and fleet buyers.
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ChemChina to Buy Controlling Stake in Pirelli

2 Groups   
Wall Street Journal - 03.27.2015 Original article ›
Eric Sylvers, Eric, Sylvers
LyrArc Article Gist
ChemChina, a unit of China National Chemical, plans to acquire Italian tiremaker Pirelli & C. SpA. The intial bid id for a 26% stake in Pirelli owned by Camfin for 1.8 billion euros. The next step is for ChemChina to bid for the rest of Pirelli's stock outstanding at $15 a share. This values Pirelli at about 7.1 billion euros. China National Tire & Rubber Co., the ChemChina unit, gains from the acquisition by acquiring Pirelli's technology to upgrade its products and increase market share in China. Pirelli's CEO Provera will remain CEO and headquarters, R&D, will remain in Milan.
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The Insecure American

2 Links 9 Groups   
New York Times - 05.29.2015 Original article ›
Paul Krugman, Paul, Krugman
LyrArc Article Gist
Krugman points to some striking data in a U.S. Federal Reserve study, showing 47% of Americans do not have the money to meet an unexpected expense of $400 without selling something they own or borrowing. The is the 2nd year of this Federal Reserve study. It shows alarming information about the condition of retirement savings- about 30% of nonelderly Americans say they have no retirement savings or pension, and reported going without some kind of medical care because they could not handle the expense. About 25% say they or a family member experienced financial hardship this year.
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Where to GoIf You Want To Marry a Millionaire

1 Groups   
Wall Street Journal - 01.17.2014 Original article ›
Eric Morath, Eric, Morath
LyrArc Article Gist
Maryland, New Jersey, Connecticut and Hawaii are the four leading states with the most millionaires in the U.S. since 2006. 7.7% of the households in Maryland are millionaires compared to about 1 in 20 in the U.S. or 6.15 million households. North Dakota has moved up with the natural gas Bakken field production and many affluent workers with new pickups. Nevada, Arizona, Michigan and Florida moved down the list after the economic slump. These figures are from Phoenix based on Census and Fed Reserve data. It does not include real estate, only assets that can be invested.
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U.S. Productivity Growth Has Taken a Dive

1 Links 3 Groups   
Wall Street Journal - 02.04.2014 Original article ›
Prescott, Ohanian
LyrArc Article Gist
The U.S. annual productivity growth rate has averaged about 1.1% since 2011, says Nobel prize winner Prescott, about half the 2.5% rate since 1948. If productivity growth remains low his estimate is that U.S. living standards will increase by only about 12% by 2024, instead of 28% at the historical rate of productivity growth. A similiar situation happened in Japan after its financial crisis in the 1990's, with low productivity growth not deflation being the primary cause. The rate of new business startups is important to improve productivity growth as this has fallen behind since 2011.
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Workers Shed Caution, in a Healthy Sign for Labor Market

2 Groups   
Wall Street Journal - 02.10.2014 Original article ›
Neil Shah, Neil, Shah
LyrArc Article Gist
The U.S. "quit rate" reflecting job churn in the economy with workers leaving for better job opportunities increased to 1.8% in Nov. 2013, increasing from 1.2% low in Sept. 2009, according to the Labor Department. 2.4 million workers resigned in Nov. 2013. This includes workers retiring and choosing not to work. The quit rate was about 2.1% betwen 2000 and 2006. About 20% of the churn is from the lower paying hotel and restaurant sector. As the U.S. population ages and workers look for more stable jobs the number of workers leaving jobs is declining since the 1990's.
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Japan Cushioned From China Slowdown

1 Groups   
Wall Street Journal - 07.15.2013 Original article ›
George Nishiyama, George, Nishiyama
LyrArc Article Gist
Japan is not seriously affected by the slowdown in growth in China. Sales in China of Toyota, Uniqlo, and other companies are increasing. Japan's exports to China increased by 8.3% in May 2013 over the prior year. Toyota expects China sales to grow by 7% in 2013, compared to a decline of 4.9% in 2012. There is high demand for SUV's. Nissan and Honda expect sales increases in 2013 of 6% and 25%. Komatsu sales are recovering because of infrastructure projects in rural areas of China. Bank of Japan Governor Kuroda says the bank will monitor China closely, particularly the shadow banking system.
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India's Lower House Passes Food Bill to Help Poor

3 Links 6 Groups   
Wall Street Journal - 08.26.2013 Original article ›
Biman Mukherji, Biman, Mukherji, Niharika Mandhana, Niharika, Mandhana
LyrArc Article Gist
India's lower house of parliament passes a Food Security bill which provides subsidized rice, wheat and other grains to the poorer sections of society, covering about 75% of people living in the rural areas and 50% of the people in cities. The legislation increases the cost of food subsidies by $4 billion to $20 billion a year. Because of high levels of malnutrition in rural areas in India, especially among children, the program helps the needy. Brazil's Bolsa Familia program is more far reaching in helping the poor because it also requires vaccinations of children and making sure children attend school.
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Former Greek Defense Minister Convicted of Graft

3 Groups   
Wall Street Journal - 10.07.2013 Original article ›
Nektaria Stamouli, Nektaria, Stamouli, Alkman Granitsas, Alkman, Granitsas
LyrArc Article Gist
Akis Tsochatzopoulos, 74, a former defense minister from the socialist Pasok Party, is given a 20 year sentence for taking 55 million euros in bribes from a number of arms deals. He was defense minister from 1996 to 2001, and the charges relate arms purchases in that period of Russian TOR-M1 short range missiles and German submarines. He is already serving a eight year sentence for other offenses. Submarine deals with Germany at what were thought to be inflated prices were a topic of discussion as the Greek crisis and unemployment worsened in 2010-2012.
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Angry Liberals Edge Toward a Mutiny

3 Groups   
Wall Street Journal - 12.18.2009 Original article ›
Naftali Bendavid, Naftali, Bendavid, Peter Wallsten, Peter, Wallsten
LyrArc Article Gist
The healthcare reform bill has lost the support of the SEIU (the Service Employees International Union) , and the AFL-CIO union. Its also lost the support od Howard Dean and of his Democracy for America. Voters aged 18-34 and Hispanics are much less enthusuastic for he party. And only 23% of blue collar workers in December 2009 express positive feelings about the Democratic party in a Wall Street Journal/NBC News poll, a 30 point drop from February 2009. And the same poll showed that there just isn't the same level of interest in voters who back Democrats or Obama.
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Thain Resigns From BofA

7 Groups   
Wall Street Journal - 01.22.2009 Original article ›
Dan Fitzpatrick, Dan, Fitzpatrick
LyrArc Article Gist
Bank of America CEO loses confidence in Thain after a brief meeting on January 22, 2009, in which Thain was asked about mounting losses at Merrill, which Lewis had learned of from other Merrill executives and not from Thain. Lewis says he could not get agood explanation of what was happening or why. Thain was head of Merrill when Bank of America made the $50 billion acquisition of Merrill on Sept 15, the same week that Lehman Brothers collapsed. Merrill was in a perilous situation with the government intervening to arrange the acquisition on short notice.
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