LyrArc Article Gist
Tim Walz uses a sports metaphor about being one behind, fighting for every inch in this football game to score, as he brings to life this final effort of 75 days to win the election for president Kamala Harris, for president Biden, and for workers and families across the 51 States. Read the full speech at the Convention as Tim Walz accepts the Democratic nomination for Vice President. "Their Project 2025 will make things much, much harder for people who are just trying to live their lives. They spend a lot of time pretending they know nothing about this. But look, I coached high school football long enough to know, and trust me on this: When somebody takes the time to draw up a playbook, they’re going to use it. And we know, if these guys get back in the White House, they’ll start jacking up the costs on the middle class. They’ll repeal the Affordable Care Act. They’ll gut Social Security and Medicare. And they will ban abortion across this country, with or without Congress. Here’s the thing. It’s an agenda nobody asked for. It’s an agenda that serves nobody, except the richest and the most extreme amongst us. And it’s an agenda that does nothing for our neighbors in need. Is it weird? Absolutely. Absolutely. But it’s also wrong, and it’s dangerous. It’s not just me saying so, it’s Trump’s own people. They were with him for four years. They’re warning us that the next four years will be much, much worse." ...

LyrArc Article Gist
Pandemic era child learning setbacks are the subject of this report in the WSJ. The children who were learning to read in the first year of the pandemic have the lowest reading proficiency in 20 years, US national data shows. It is tough to make up for learning loss. It could take five years or more for today's fourth graders to read proficiently unless the pace accelerates. Graduation rate from high school depends on how well third graders can read. Literacy levels at that age are critical. Reading affects the content they absorb in other subjects. Without any guide to tackling pandemic type learning loss its is mostly about winging it with educators hoping getting in more tutoring groups, more summer school will work. This report looks at educators in the Nashville School District and the results they have gained, the work that is being done.

LyrArc Article Gist
After all the talk of slowing growth in Britain the royals keep up the spirits in England with the rebound in their activity.

Shown here with David Beckham and Dame Helen Mirren, the royals including Charles and Camilla, are bursting with energy after an illness. Charles is keen on filling every open hour in his daily calendar, not wanting any downtime. Charles sees this style of staying occupied all the time as the best way to staying healthy.

Camilla and Kate Middleton are doing the same with their own busy schedule visiting schools and boosting spirits around England.

After an event with an Italian chef "slow" food dinner Charles says it would be a British understatement if he said he was looking forward to a visit to Italy in April 2025.

LyrArc Article Gist
The government controlled Securities Association of China says a fund of 120 billion renminbi ($19.4) billion is set up July 3, 2015 to buy shares in the larger more stable companies and reduce selling of shares from brokerage firms portfolios. This is not likely to have much impact because of its small size, and because the volatility is concentrated in small and medium size firms stocks which had doubled since June 2014, and were hit by the sharp decline in June 2015. The stock exchanges in Shanghai and Shenzen also suspended initial public offerings. Share prices have dropped by about 30% since June 12 on the Shanghai and Shenzen stock exchages. With the surge in the Chinese stock market prices till June 12, 2015, share prices of many small and medium sized companies doubled or even quadrupled in value. The overall index on the 2 exchanges doubled because as the smaller stocks quadrupled the large blue chips went up by about a fourth in value. The overall Shanghai market went up 149% to June 12, 2015, over the prior year. It is down 28.6% as of July 5, 2015 since June 12, 2015. A stock index of 100 large mainland Chinese companies traded both in Shanghai and Hong Kong were up about 24% by contrast. A major problem is the margin trading with loans to investors from stock purchases up nine times in 2 years and informal financial companies charging annual interest rates of over 20%. Small investors focussed on small and medium sized firms because they were going up the fastest, and many risked their life savings. Younger workers were also part of the group caught up in the frenzy of stock buying. Shares in the larger companies are only about 30% of the overall value of companies on the Shanghai Stock Exchange....

LyrArc Article Gist
Trade patterns are changing as shipments to the US by China dropped 21% and goods were shifted to Southeast Asian countries where exports went up 21%.

LyrArc Article Gist
The Commerce Department report shows GDP growth of 0.7% annual rate for first quarter 2017, down from 2.1% the prior quarter. Sharp drop in consumption with weaker retail sales, to 0.3% caused the slowdown. It was also attributed to seasonal factors. with a warm winter reducing energy spending. Expectations did not keep up with the hard data on spending. A Trump bump is expected with growth in the range of 2% for the rest of the year.

LyrArc Article Gist
Joe Nocera talks to experts like Simon Johnson at MIT. Johnson says that when he talks to other experts, after a two minute discussion, they say we should just nationalize the banks. Here Christopher Whalen, a veteran bank analyst, of Institutional Risk Analyst, and Joshua Rosner of research firm Graham-Fisher, say the same thing, with the phrases, lets get on with it or just do it. Says Simon Johnson, thats what we told emerging market countries, Thailand in 1997, or Russia in 1998, when he worked at the IMF. He says we told them to close down some of the banks, and take over the others, and inject government capital. He adds its the best practices, and its straightforward. So asks Nocera, is Geithner talking about the stress test banks will be subjected to, as first step preceding nationalization, more of a calculated approach to gradually introduce the idea of nationalization. But he isnt sure, as Geithner also told David Brooks of the NYT, that governments were not so good at managing banks. No one knows for sure. But says Nocera thats exactly what the government did to solve the S&L crisis. And the man who was former chairman of the FDIC, and helped run the program for the Resolution Trust Corporation, says the government did a pretty good job of it, taking over banks, replacing top managers and directors, and stripping out the bad assets and selling off the now healthy banks to private buyers. So can it be done again and will it be that hard? Yes, its been done before, and its not that hard say these experts. Every month that the administration and Geithner procrastinate puts the banks in a deeper hole, and will mean more layoffs and a worse crisis, even years taken to recover. What he has'nt mentioned is that even if after some procrastination the government gets around to doing it to clean up the mess, there is one added complication this time that is different than what happened with the S&L crisis or with the Swedish cleanup, or the Japanese cleanup after 2003, this time the global economy is caught up in the crisis which makes recovery that much tougher....

LyrArc Article Gist
Responding to criticism of the Clinton Foundation which has affected Hillary Clinton's ability to win voter support in her contest with Bernie Sanders, the Clinton family has decided to take action in August 2016. The Clinton Global Initiative will be discontinued in 2017. Bill Clinton and Chelsea Clinton will stop raising funds for the Clinton foundation. The Clinton Foundation will not accept funds from foreign donors. What started as a do-good effort to raise funds for worthy causes such as world health, poverty and hunger turned out -because of its very success in raising large amounts of money from corporate donors- into a distraction for the election campaign of Hillary Clinton in 2016. It opened up Hillary Clinton to charges of having conflicts of interest from outsiders Sanders and Trump. Hillary Clinton discontinued her association as a board member of the foundation in 2015 when she began her campaign. Bill Clinton continued to give paid speeches and raised $2.6 million. All that fund raising appears to have been a big mistake and not even fair to the candidate, as it gave rise to misperceptions about the candidate going far beyond what the Clintons ever understood about was happening. As former Labor Secretary Robert Reich put it, it gives rise to accusations of impropriety that may affect an election, without the voters getting a chance to evaluate the candidates on the basis of what each candidates program or agenda is. In this the Clinton family may have realized that in retrospect the entire foundation activity appears to be a small matter, when put next to the choices facing the U.S. and the world in 2016 for the next decade and beyond. The Clinton Foundation in future would be managed by people independent of the Clinton family and circle. The next step would be setting it up as a public foundation, a new board and professional staff. Was it all worth the problems it has created for voters being able to get a clear idea of what each candidate offered, an not acting as a huge and dangerous distraction which Hillary Clinton and the country and the world could do without, considering the significance of making good choices in a general election- very much so. The foundation and the fund raising made it possible for outsiders Sanders and Trump to turn this election into one of slogans and accusations, to which the Clintons were unprepared to respond, acting as a distraction  which was bad for the country and the world. ...

LyrArc Article Gist
Laurence Peter of the BBC News describes a meeting of EU leaders in December 2016. The new Europa building with its space egg shape will be the location of the next summit in 2016, adding to a sense of history that the EU idea has witnessed since the 1950's, even optimism about far it has come at a time of a few setbacks.  He points out that Theresa May was not without persons to talk to at the meeting, though some video clips showed her looking lonely. EU president Martin Schulz said he was emotional seeing students crying after the Brexit vote, but that it was time to find solutions and not be emotional today. Lunch was offered at the meeting by Spain and Portugal, to mark the 30 years since they joined. People forget how much the European Community meant to the two countries after decades of suffering under fascist dictatorships- it meant new hope and an opportunity to set things right. Problems facing the EU today include, the frustration at the carnage in Aleppo, Syria, how to deal with Britain and Brexit, setting up an asylum system that will work, dealing with Ukraine and Russia without making the situation worse, and remaining concerns about the Greece debt crisis. ...

LyrArc Article Gist
Unilever sales -after excluding acquisitions, disposals and currency effects- were up 7.8% in the 3rd quarter of 2011. Sales in emerging markets were up 13%, and now provide over half of Unilever's business. Unilever achieved these gains through price increases of 5.8% and volume up by 19%. Unilever faces rising costs for oil, palm oil, petrochemicals and plastics. The increase in commoditiy costs added 2.5 billion euros to costs compared to the prior year. To cope with rising costs Unilever is improving packaging, logistics, sourcing and reducing purchasing costs. Unilever's strategy is to selectively increase prices to keep margins from falling.

LyrArc Article Gist
Wal-Mart's efforts to boost its smaller stores as customers go to competitors when they make midweek trips for small basket size fill-in supplies. Sales at Wal-Mart for the year ending Jan 31, 2014, show flat sales. By comparison sales at its smaller stores and neighborhood markets were up 5%. Online sales were up 30% to $10 billion and are growing rapidly. Wal-Mart's sales forecast for 2014 are for sales to increase modestly by 3%. It will incur additional $330 million in benefit costs for healthcare under the new law for workers signing up for its healthcare plan.

LyrArc Article Gist
Though making much noise and controversy the closure of DEI efforts comes also from ineffectiveness says the WSJ. More can be achieved by parents and a culture of reading and math in schools to create larger and larger pools of talented minority workers to take up senior positions.  DEI for Diversity, Equity and Inclusion efforts 2020-2023 for 13 million workers at S&P 500 companies were analyzed by the WSJ in a Jan. 2025 study. For senior manager roles 2020-2023 DEI efforts under Biden have not yielded much- Black and Hispanics each make up about 5% of senior managers, the increase for Blacks 0.35% and for Hispanics and Asians about 1.9%. It shows not much has changed after DEI efforts in companies such as Amazon with a million employees. Active DEI efforts at Amazon 2020-2023 yielded slight changes- 67 to 69% nonwhite out of 1 million workforce. Active DEI efforts at Amazon 2020-2023 yielded 5.5% black of all senior managers from 3.6%, and slightly higher for managers of Asian descent. At farm equipment manufacturer John Deere 83% of the workforce in 2023 was white, 62% senior managers white men and another 19% senior managers white women, even after DEI efforts. Only a small group of 800 technicians saw an increase from 16% to 27% or about additional 80 black technicians hired.  ...

LyrArc Article Gist
Britain's economy shrank by 0.5% in the last quarter of 2010, according to Office for National Statistics. Unemployment went up to 7.9% and 2.5 million jobless. Inflation up from 3.3% in the year to November, to 3.7% in December 2010. Mervyn King, governor of Bank of England, says inflation will go up to 4-5% in 2011. The austerity plan is only now beginning to go into effect and creates a difficult year. The VAT, a consumption tax, goes up to 20% from 17.5% on Jan 4th, and public spending cuts go into effect in April. With consumption depressed, higher investment and exports are the two areas supporting growth. There is a risk that the Bank of England will have to raise interest rates, as it left interest rates at 0.5% in December 2010. Under these conditions not much of a recovery can be expected in 2011-2012.

LyrArc Article Gist
Intel's business model depends on making large investments in the latest technologies in chipmaking facilities. It continues its strength by ending 2014 with $14.1 billion in cash, after paying out $4 billion in dividends and buying back about $10 billion in stock. Profit margins improved during 2014, with net income up 39% to $3.7 billion or 74 cents a share, from 2013 level. Revenue is up 6% to $14.7 billion. 2015 outlook is for "mid single digit" growth in revenue with continued growth in PC's and servers. PC business was up 3% in the 4th quarter 2015, and the server business up 25% reflecting business investment in cloud computing. However mobile business continues to struggle with losses of $4.2 billion. Intel still depends a lot on PC and server chips for growth, with $49 billion of $55.8 billion in 2014 sales coming from PC's and server chips.

LyrArc Article Gist
Renault SA sales increased by 3.2% to 2.7 million cars in 2014. Renault does not sell vehicles in the U.S., and it has only a small operation in China. Sales in emerging markets outside of Europe declined from 50% of sales to 46%. Sales in Brazil were up 0.3% and sales in Argentina declined by 40%. Sales in Russia declined. The sales outlook in emerging markets Brazil and Russia is poor for 2015. Renault has been a laggard in China, and plans to make large investments to catch up with competitors. Sales in Europe were significantly better. Sales were 577,601 in France for 2014, an increase of 5.5% over prior year. The most popular model is the Dacia, with sales up 19.1% in 2014 to 511,465, now making up 18.9% of total sales. Renault plans to introduce 5 new models in 2015, and forecasts sales growth of 2%.

LyrArc Article Gist
Teachers are packing up classrooms for the last time says this report in WSJ. Worn out by the covid pandemic, under staffed schools and political battles teachers are leaving in large numbers. About 300,000 public school teachers and other staff left the field during the 27 months of the pandemic, according to Bureau of labor Statistics data. More teachers are thinking of doing the same, A National Education Association poll conducted in 2022 found 55% of teachers saying they would leave earlier than planned. Teachers are finding better pay and working environment in other professions and in business. Teachers of younger students in the early grades say teaching should be about kids learning but that isn't true anymore. 

LyrArc Article Gist
Without Ataturk the Anatolian heartland of Turkey would have been broken up between the European powers Britain, France and Russia after Britain defeated the Ottoman Empire in World War I. In 1920 Ataturk organized the resistance effort to keep the country of Turkey together from Agora, the city now called Ankara. By 1923 after many battles as leader of the Turkish army he was able to get the colonial powers to agree to the existence of a modern Turkish state. Between 1923 and 1938 he organized a literacy effort when only 12.5% of Turks could read and write by giving Turkish a Latin Alphabet with the help of American John Dewey. He used modern European countries as a model for the new Turkish state.

LyrArc Article Gist
China's population decline and fewer working age people is likely to reduce the high capital accumulation that sustained rapid growth in the past. China's dependency ratio- population of children and elderly relative to the 15 to 64 year old age group went up to 46% in 2021 from 34% in 2010, says WSJ. This means less savings accumulation, and less of the enormous pool of cheap capital of the last 2 decades that led to fast growth. That period is ending. This makes the subsidy based approach to push key industries such as chips and solar panels in the past much more difficult in the future, says Nathaniel Taplin in the WSJ. 

LyrArc Article Gist
The US midterm elections as seen from Europe. This headline in FR24 says Mr. Trump's grip over the party is waning. In Pennsylvania's crucial Senate seat Trump supported an affluent TV health show host Mr. Oz who failed to beat a small town mayor Mr. Fetterman who turned this into a scrappy contest in every county in Pennsylvania. Fetterman saying he would fight for workers and families every step of the way. In race after race for governors and for Congress many of the more Trump loyal candidates did not do as well against Democrats who had learned that they need to put up a determined and scrappy fight for the working class and families.

LyrArc Article Gist
Kylian Mbappe is from Bondy, one of the northern suburbs of Paris. Ayoub Simour and Angelique Chrisafis give this report from Bondy and the Banlieu immigrant communities of France that have been wrongly stigmatized. Mbappe grew up here, with a Cameroonian father who was a soccer coach and Algerian mother who was a professional handball player. This is one of the poorest areas of France and one of the youngest. Both parents were youth workers. Football has put a smile on every face here after the troubles of the pandemic. Mbappe says "our neighborhood is an incredible melting pot of different cultures." Mbappe tells Sports Illustrated that he learned "values" and "respect" in the banlieu.

LyrArc Article Gist
This report in the WSj shows the work of 477 on the ground workers and economists at government agency Bureau of Labor Statistics. These workers track changing prices on hundreds of thousands of goods and services every month. This work adds up to form the Consumer Price Index which shapes policy of central banks on inflation and cost of living increases for Social Security, government policy on inflation. Thus report looks at one day in the life of Ms. Mascitis, 50, as a price BLS price checker, visiting an auto mechanic shop for the cost of a rear brake job, full brake replacement, and a visit to grocery stores where she sees problems of shrinkage in packaging that affect price. 

LyrArc Article Gist
The new excitement of scenic train travel. The Manhattan New York to Burlington, Vermont, on Amtrak's Ethan Allen Express takes you through the Hudson River Valley and to the shores of Lake Champlain with its fresh mountain air away from the hustle and bustle of New York City. It is an 8 hour ride to this lively university town in the north country near Canada. "I like to see it lap the Miles/ And lick the Valleys Up/And then around a Pile of Mountains," says Emily Dickinson of train rides even in a period of steam engine driven trains. Today's trains with glass around you are even better for the view of Nature.

LyrArc Article Gist
The Naval Innovation and Indeginization Organization of the Indian Navy, NIIO, sets. a new pace and direction for the Indian Navy and its mission in the Indian Ocean. The goal is to use the idea of the Gati Shakti plan to bring together industry, academia, research organizations, government in partnership for adopting 75 indeginized innovations in a few years. In the last year 54% of the Indian defense budget was given to companies within India for product and services, and in the coming year the plan is for it to go up to 70%, according to defense minister Rajnath Singh. This means even aircraft carriers will be be developed and built in India at Indian shipyards using Indian technology.

LyrArc Article Gist
The US economy declined by 0.2% in the second quarter of 2022 or 0.9% on an annualized basis. What does this mean? NYT provides a look with a breakdown of where this comes from. Business and residential construction went down by 11-12% as they are interest rate sensitive sectors and the Fed has raised interest rates by 0.75 of a percentage point twice in 12 months. Yet consumer spending was holding up and increased by 1% in the second quarter. 

Fed chairman Powell told a conference yesterday that he still sees a pickup in spending in the second half of 2022 as buyer balance sheets are good, the labor market is strong, and wages are increasing.

LyrArc Article Gist
Oil prices at the pump for automobiles are declining for the seventh straight week. Prices declined to about $4. In Texas the average is about $3.67 a gallon. California has the highest gas prices at an average of $5.46 a gallon. The price decline is a result of rapidly slowing growth in China. China and India are still getting oil supplies from Russia which frees up oil supplies for the US to import. 

Public in the US is also cutting back on driving and the miles driven is likely to see a drop of 5-10% this summer. There is better planning of trips to combine errands. This helps combating climate change through conservation efforts that were neglected during the last decade.