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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.

Obama ratings sink to new lows as hope fades - The Washington Post

9 Groups   
Washington Post - 09.06.2011 Original article ›
Jon Cohen, Jon, Cohen, Dan Balz, Dan, Balz
LyrArc Article Gist
The Washington Post-ABC News poll of August 29- Sept 1, shows 60% of respondents disapprove of the way the Obama administration has handled the U.S. economy. Of these 60%, half "strongly disapprove." Two to one the respondents say they are worse off today financially than at the beginning of Obama's term in 2008. This is the response to the famous Reagan question for Jimmy Carter- "are you better off today?" On the issue of the size of government and services, only 38% of respondents say they want to see a larger government with more services, and 56% say they want to see a smaller government with less services.
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Original article 6 minutes, gist 1 minute

Business Investment as a Key to Recovery

  
New York Times - 09.10.2011 Original article ›
N. Gregory Mankiw, N., Gregory, Mankiw
LyrArc Article Gist
Business investment has been extremely weak since the global financial crisis of 2008-2009. This covers spending on investment goods - on equipment, software, inventory accumulation, residential and nonresidential construction. Compared to the 1982 recession non residential fixed investment has staged a weak recovery. In the 2 years after the 1982 recession nonresidential fixed investment went up by 27%, whereas in the last 2 years it is up only 12%. Spending on business equipment and software declined twice as much in this recession as in the recession of 1982, according to Mankiw. The comparison with 1982 is because the U.S. experienced 10% unemployment during that downturn.
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Income Slides to 1996 Levels

1 Links 25 Groups   
Wall Street Journal - 09.14.2011 Original article ›
Conor Dougherty, Conor, Dougherty
LyrArc Article Gist
Earnings of the typical American man working full-time year round declined in 2010, and is now in inflation adjusted terms below the level in 1978, according to the U.S. Census Department. The income of a typical Ameircan family has declined for three consecutive years and is now at $49,445 for 2010. This is the level reached in inflation adjusted terms in 1996. 15.1% of the American people lived below the poverty line in 2010, and 22% of children lived below the poverty line. The poverty line is set at $22,314 for a family of four in 2010. Statisics from the U.S. Census Department.
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China Rebuffs Hopes for Bailout

1 Links 7 Groups   
Wall Street Journal - 09.26.2011 Original article ›
Bob Davis, Bob, Davis
LyrArc Article Gist
Gao Xiqing, vice chairman, president of China Investment Corporation, told a panel discussion during meetings of the International Monetary Fund, on September 24, 2011, China cannot be expected to provide solutions to the eurozone debt crisis. Xiqing said: "We're not saviors. We have to save ourselves." He added that CIC would consider buying bonds of troubled eurozone countries -"if it has a risk profile that fits into our allocation, but don't expect us to buy more than our risk appetite would take." And the head of China's central bank, Zhou Xiaochuan, told the panel that China cannot raise its growth rate because of inflation and other problems from unsustainable growth.
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HTC Investors Head for Exits

6 Groups   
Wall Street Journal - 08.08.2012 Original article ›
Spencer E. Ante, Spencer, E., Ante, Aries Poon, Aries, Poon
LyrArc Article Gist
HTC was the first company to come out with a smartphone using Google's Android software in 2010. By the second quarter of 2011 HTC's share of the global smartphone market climbed to 10.7%, only to see a sharp decline in 2012 dropping to 2.2% according to IDC, as it faced stronger competitors Samsung and Apple. Second quarter 2012 revenues were down 27%, and an expected drop of about 50% in the third quarter. Samsung and Apple invest significantly more in distribution and marketing, and discount prices on older high end models making it difficult for HTC to compete. In 2012 the company's value declined by 50%.
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Lego Chief Sees Weak U.S. Demand for Toys

1 Links 4 Groups   
Wall Street Journal - 08.31.2012 Original article ›
Jens Hansegard, Jens, Hansegard
LyrArc Article Gist
Lego chief executive, Jorgen Vig Knudstrop, sees strong growth in Japan, S. Korea and China, and weak growth in India because of a lack of a developed retail distribution system. Sales increased by over 50% in Asia and 23% in the U.S. in the first half of 2012. Lego benefitted from a new product launch called Lego Friends, which is construction toys for girls. Product introductions based on movie themed sets also helped increase sales. Knudstrop says in an interview that he sees weaker U.S. sales in the next 2-3 years because of higher taxes to reduce the deficit and less consumer spending.
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A Look at Case-Shiller, by Metro Area

  
Wall Street Journal - 09.25.2012 Original article ›
Phil Izzo, Phil, Izzo
LyrArc Article Gist
A careful examination of the Case-Shiller 20 City Index shows that even though housing prices increased by 5.9% year to date through July 2012, when looked at year over prior year only 2 cities Minneapolis and Detroit show an increase over 6%, other than Pheonix at 16%. It increased only 1.2% over the prior year in July 2012. Sixteen cities showed increases, Atlanta, Chicago, Las Vegas and New York showed declines. For this reason the interpretation of this one month data should be done cautiously as it can be skewed by unusual factors such as lower short and foreclosure sales according to experts.
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Rosneft CEO Sechin Enters Spotlight After BP Deal

8 Groups   
Wall Street Journal - 11.01.2012 Original article ›
Gregory L. White, Gregory, L., White
LyrArc Article Gist
Igor Sechin, CEO of Russian oil company Rosneft, talks to the Journal's Gregory White after the completion of the BP-Rosneft deal giving BP nearly 20% stake in Rosneft. He says his goal is to make Rosneft "the most efficient." The deal made Rosneft the largest oil company in the world. Sechin sees that not as a goal set by management. Sechin started out as an aide to Putin in the early 1990's, and became chairman of Rosneft in 2004. The deal with BP gives Rosneft access to western technology to become the most efficient oil company in Russia. Sechin sees Rosneft's core business as technology.
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Tony Hall to Take Helm at Scandal-Shaken BBC

4 Groups   
Wall Street Journal - 11.23.2012 Original article ›
Jeanne Whalen, Jeanne, Whalen
LyrArc Article Gist
Tony Hall, who joined the BBC in 1973, worked there for 28 years, heading the News Section from 1996 to 2001, was selected to head the BBC. His selection comes after the recent ethics problems at the BBC. The BBC is a major British institution with a 90 year history of providing news on world affairs. It reaches an estimated 240 million people worldwide. His selection was well received in Britain, with the host of the TV show Question Time saying hearing the announcement felt similiar to what it would have sounded to men in the Royal Navy when they heard that Winston Churchill was back.
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Mark J. Carney Seeks Greater Challenges at Bank of England

3 Groups   
New York Times - 11.26.2012 Original article ›
Ian Austen, Ian, Austen
LyrArc Article Gist
Mark Carney, chief of the central bank of Canada, was chosen to be the next Governor of the Bank of England, succeeding Mervyn King. Carney's private sector experience with Goldman Sachs has given him contacts with people in the city of London and in British industry. He also studied at Oxford for a doctorate in economics. He helped Canada strengthen the economic reforms made in the previous 15-20 years, in his position as head of the Bank of Canada, say experts. This helped Canada withstand the 2008 financial crisis better than other countries. He says he can "play a constructive role in relaunching this institution with its new responsibilities."
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Cutting Hours Instead of Jobs

1 Links 5 Groups   
Wall Street Journal - 11.21.2011 Original article ›
Justin Lahart, Justin, Lahart
LyrArc Article Gist
The U.S. has 22 states that offer some form of work sharing programs to reduce layoffs by having workers work for shorter hours and receive partial unemployment insurance. This is a variation of the "kurzarbeit" programs that have helped Germany reduce layoffs during 2009 and during the period of high unemployment in Germany following the reunification of the country. Worksharing has major benefits in high tech and manufacturing industries where it is difficult to replace employees when the downturn is over and demand picks up. For the economy as a whole it reduces the stress of higher unemployment from cyclical swings in the economy.
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British Prime Minister Cameron’s veto of E.U. pact splinters his coalition - The Washington Post

7 Groups   
Washington Post - 12.11.2011 Original article ›
Anthony Faiola, Anthony, Faiola
LyrArc Article Gist
Nick Clegg, deputy prime minister, and the leader of the British Liberal Democrats party, the junior member in the coalition government in Britain, said he was "bitterly disappointed" by prime minister Cameron's decision to reject a pact for 27 EU nations to revise E.U. treaties. He told the BBC in a long interview :"This is bad for Britain." Britain is close to becoming a country "hovering in the mid-Atlantic and not being taken seriously in Europe." But he said "it would be a disaster" for the Liberal Democrats to withdraw from the coalition. Cameron's conditions for protecting Britain's financial industry were rejected by Merkel and Sarkozy.
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Original article 3 minutes, gist 1 minute

Toyota Debuts New Compact Hybrid Aqua

6 Groups   
Wall Street Journal - 12.27.2011 Original article ›
Yoshio Takahashi, Yoshio, Takahashi
LyrArc Article Gist
Toyota introduces the Aqua hybrid model in Japan with advance orders of 60,000. This model will be introduced wordwide as the Prius c. Toyota plans to introduce 11 hybrid models in the two years till the end of 2012. The Aqua is the 6th hybrid of the 11 models. The Aqua has fuel efficiency of 35.4 kilometres per liter, higher than the 32.6 of the larger Prius model. Its starting price is 1.69 million yen or $22,000. A lot depends on the hybrid models, as Toyota has set an ambitious target of increasing sales by 20% in 2012, after a 6% drop in sales in 2011.
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Sclerosis in China's Economic Veins

1 Links 1 Groups   
Wall Street Journal - 11.23.2010 Original article ›
Wsj Online, Wsj, Online
LyrArc Article Gist
Derek Scissors writes that the effects of stimulus weakens over time, even in economies like China's that are only partly market based. And he says China has used stimulus for years. He says that in 2001, fixed investment was at 38% of GDP, investment growth 12% and revised GDP growth 8%. In the first 3 quarters of 2010, GDP growth was 10.6%, but this required investment growth of 24% and that was with fixed investment now equal to 72% of GDP. These figures suggest the difficulty of getting growth at higher and higher levels of investment. His view is that more likely than a crisis is a stalling economy.
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Oil Industry Cranks Up Spending

1 Groups   
Wall Street Journal - 12.29.2010 Original article ›
Russell Gold, Russell, Gold
LyrArc Article Gist
James West, energy analyst at Barclay's Capital, who co-authored a survey of 402 companies, estimates that the oil industry will spend $490 billion in 2011 to search for and extract oil and gas. This is up 11% from 2010. This spending includes increases in costs for finding and extracting oil and gas in hard to reach areas. The largest companies, including Exxon, Shell, Chevron and BP, are expected to increase spending by 16% to $108.6 billion. Chevron recently announced a 29% increase in spending, partly to develop large off-shore projects in Western Australia, the South China Sea and the Gulf of Mexico.
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In Greece, a Brewer'€s Dream Runs Into Frustration

1 Groups   
New York Times - 01.29.2011 Original article ›
Landon Thomas Jr., Landon, Thomas, Jr.
LyrArc Article Gist
The problem of poor competitiveness in Greece which is stifling the economy. A recent analysis by research firm Variant Perception based in London, shows severe pricing distortions in the Greek economy. The cost of labor in Greece from 2005-2010 was, on average, 25% higher than in Germany. And small business is muffled by the bureaucracy and old rules and restrictions. Compared to Greece, Ireland, Portugal and Spain have lower labor costs. This increases the trade deficit for Greece. Greece has one of the highest number of lawyers per capita in the world, one lawyer for every 250 people compared to 272 in the US.
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The Making of a Euromess

3 Groups   
New York Times - 02.15.2010 Original article ›
Paul Krugman, Paul, Krugman
LyrArc Article Gist
Krugman says the European Union countries were not ready for the euro and the current crisis shows this. Spain with its peseta could have regained its competitiveness with a 20% devaluation, after years of inflation as money flowed into Spain from other countries including Germany and fueled the housing boom. Or Spain would have received stimulus funds from the central government, if it was an American state like Florida. Instead Spain now has to work through this crisis with high unemployment and painful deflation. Greece faces severe austerity measures and is more to blame for its mess, because of faulty accounting to cover up its problems.
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U.K.: Devaluation No Balm

3 Groups   
Wall Street Journal - 03.10.2010 Original article ›
Richard Barley, Richard, Barley
LyrArc Article Gist
The U.K.'s deficit in trade in goods widened to 8 billion pounds in January 2010, even with the 25% decline in the value of sterling against the dollar and the euro. This suggests that devaluation is not likely to help rebalance the economy and things will have to be adjusted the hard way in the manner being done in Greece, Ireland and possibly Spain with cuts in spending. In the past the devaluations were accompanied by drop in interest rates, but this time interest rates are already low. And the U.K.'s weak manufacturing and excessive reliance on financial services does not help in boosting exports.
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GOP 'Young Guns' attack Obama and former party leaders in new book

8 Groups   
Washington Post - 09.03.2010 Original article ›
Perry Bacon Jr., Perry, Bacon, Jr.
LyrArc Article Gist
Reps. Eric Cantor (Va.), Kevin McCarthy (Calif.) and Paul Ryan (Wis.) have jointly written a book "Young Guns," that completely distances the new leadership in the Republican party from the leaders of a prior generation. The book says the older Republican leadership "betrayed its principles," by not controlling spending. See the the link to David Stockman who has criticized previous Republican administrations for their attitude to spending, including President Reagan. A recent NBC/WSJ poll shows only 24% of those polled seeing the Republican party positively. The idea is to differentiate the younger leaders as new voices in the party, different from the party's previous role.
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Blue Dogs Face Sharp Losses in Midterms

1 Groups   
Wall Street Journal - 10.26.2010 Original article ›
Gerald F. Seib, Gerald, F., Seib
LyrArc Article Gist
Of the 54 Blue Dog in the House, six have retired, 39 are in competitive races, and 22 of those are in pure toss-ups, according tot he Cook Political Report. Blue Dogs are Democrats from the conservative districts, which says one expert makes them an endangered species anyway. The result will be that the returning Congress will have Democrats who are more liberal than the previous Congress. The same dynamc is being repeated on the Republican side with some 50 newcomers expected, and they are not from the political centre. This will make for a very polarized Congress, with less opportunity for new legislation in areas where it is needed.
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Stocks Face Dark Side of Gridlock in Capital

3 Groups   
Wall Street Journal - 11.01.2010 Original article ›
E.S. Browning, E.S., Browning
LyrArc Article Gist
The Dow Jones Average in the US went up by 11.3% since August 26, 2010, in anticipation of the Fed's quantitative easing, and the Republican win in the House and a filibuster capable 41 seats in the Senate. But on the eve of the midterm election in the first week of November 2010, the mood is changing. There is considerable concern that the Dow Jones average may have gone too far. Experts question the advantages of gridlock in Washington, especially when strong government action may be necessary in a crisis. And there are questions on how effective the Fed can be this time when the interest rates are already near zero.
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Currency Fight With China Divides U.S. Businesses

1 Groups   
New York Times - 11.16.2010 Original article ›
David Barboza, David, Barboza
LyrArc Article Gist
Critics say China's currency is undervalued by 20%. China is only willing to increase the value of the yuan by 3% this year, fearing that a signifcant revaluation will lead to the closure of textile and other factories in the coastal areas that operate on a small profit. Facing high unemployment the US is not willing to let this happen gradually. US businesses that manufacture in the US and export to China would benefit if the yuan appreciates significantly. Retailers such as Wal-Mart and textile producers with offshore manufacturing at contract sites in China are on the other side as they benefit from the lower value of the Chinese currency.
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Cheap Natural Gas Unplugs U.S. Nuclear-Power Revival

2 Links 13 Groups   
Wall Street Journal - 03.15.2012 Original article ›
Rebecca Smith, Rebecca, Smith
LyrArc Article Gist
The increase in natural gas supplies from shale in the U.S. is dampening the interest of energy companies in the development of nuclear reactors. It is also changing the whole trajectory for energy sources in the U.S. The Energy Information Administration's forecasts for new additions of power generation capacity 2010-2035 show that natural gas will be the dominant source with 58.1%, nuclear is only 4%. Wind is 13% and other renewables including solar is 16%, giving renewables about 29%. Coal and fossil fuels are at 8% and hydropower 1.6%. This is a major development in the energy industry, for the U.S. efforts to reduce dependence on imported energy supplies.
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Why Stocks Look Too Pricey

1 Links 5 Groups   
Wall Street Journal - 04.07.2012 Original article ›
Ben Levisohn, Ben, Levisohn
LyrArc Article Gist
A detailed discussion of P/E ratios and opinion of different experts on why the U.S. stock market may be overpriced in 2012. The divergence between P/E ratios in Europe and the U.S. is of special concern. P/E ratios for 10 years in Germany and France are at 12, compared to 22 for the U.S. The gap between U.S. and German and French valuations is about 10%, compared to a 120 year average of 1.7 percentage points, says the chief investment officer of Citi Private Bank in London. Safety is one factor, but the divergence is too wide to be accounted for by safety alone.
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France Moves to Make Labor More Flexible

2 Links 12 Groups   
Wall Street Journal - 05.01.2012 Original article ›
William Horobin, William, Horobin, Gabriele Parussini, Gabriele, Parussini
LyrArc Article Gist
France's CFDT trade union says both Sarkozy and Hollande have shown agreement with a plan for workers to show flexibility in wages and benefits in return for preserving jobs. This comes at a time when France's trade deficit is widening. It was 69.6 billon euros in 2011. Hourly labor costs in France are 34.20 euros, 14% higher than in Germany, where similiar wage restraint was shown by the unions during the last decade to reduce high unemployment. It is 20% higher than the euro-zone average, according to Eurostat. Now France is looking to adopt some aspects of the German model to improve competitiveness and reduce unemployment.
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