LyrArc Article Gist
A proposal to transfer debt in excess of 60% of GDP of all eurozone countries into a single fund to be paid off in 25 years is gaining attention in Germany. It is seen as finding acceptance with Germany's Constitutional Court. Angela Merkel, the German chancellor, says eurobonds are unconstitutional in Germany. Germany calls instead for greater European integration and transfer of powers from sovereign governments to a European banking supervisory authority. In early June 2012 discussions continued in Berlin between Manuel Barroso, president of the European Commission and Angela Merkel of Germany. The German position is summarized in the words of German finance minister Schauble, when he said that Germany could not hand over its credit card to other countries.

LyrArc Article Gist
GE's share price falls below $10. It has dropped 77% in 1 year from the 52 week high of $38.52 a share. Last time it hit this level was April 17, 1995. And its GE Capital unit faces problems. For years it generated half of GE's profits, now it had to sell its commercial paper to the government when markets dried up last fall. It has had to use a government bond guarantee program for bond issuance in recent months, even though it was at one time one of the largest corporate bond issuers. It has been unable to sell its $30 billion private label credit card operations and it appliances and light bulb units, as there are no buyers. As the stock drops GE has to consider cutting the dividend of $1.24 per share, to keep more cash to navigate this crisis. GE's Immelt continues to have his managers focus on the operations, and its business reviews that were conducted weekly are now conducted daily, and the monthly reviews are conducted weekly. But being proactive hasn't helped in this environment. ....

LyrArc Article Gist
The 8 hour Beatles documentary "Get Back" by director Peter Jackson is described as "mesmerizing" by Jason Gay in the WSJ. It shows the making of the "Let it Be" Album, ending in a rooftop London concert, the band's final creative period. It featured on Disney+ on November 25. It is a performance but an exhilarating one, with none of the documentary devices, no rambling talk heads, just the camera taking you there, says Jason Gay, to let you see the band's talents and shortcomings.

LyrArc Article Gist
The Hindustan Times provides this look at the construction of a new 1000 bed hospital in Bandra Kurla complex exhibition area of Mumbai  that will be used for isolation of coronavirus cases. The hospital will be ready in time to tackle an expected further surge in cases in Mumbai by the end of May. The hospital will be equipped to handle another 5000 beds says the Mumbai municipal authority, MMRDA. Several hospitals are being built such as this one to tackle the surge in cases as Mumbai has about 25% of cases in India of coronavirus.

LyrArc Article Gist
Mr. Tom Tugendhat, chairman of the select committee on foreign affairs, a Tory MP, says UK companies are vulnerable to takeover by foreign state backed entities and calls for new laws to protect British companies. Prime minister Boris Johnson is preparing to announce new laws that will make it mandatory for British companies to report to the government when any foreign company attempts to take over 25% of the shares in a British company, or which could pose a security threat, with strong sanctions. Failing to do so would have directors jailed, disqualified, or face large fines.

LyrArc Article Gist
Enel, Italy's energy company, plans to invest $83 billion over the next decade to 2030 to increase renewable energy capacity from 45 gigawatts to 120 gigawatts. Renewable energy's share is expected to increase from 27% to 33% by 2025, according to IEA. Europe has committed to spend a third of its $750 billion recovery fund on addressing climate issues. ENel market share would increase from 2.8% to 5% by the end of this decade. With Iberdrola of Spain Enel was early in making investments and is the largest company in renewable energy in Europe.

LyrArc Article Gist
What is the point of winning the World Cup says Steve Thompson, 2003 Rugby World Cup player for England, if you have to deal with the rubbish that comes after it. At 42 he can't remember his wife's name.  He has been diagnosed with dementia. It appears that all the knocks to the head taken in the game have affected his memory. This report in The Times looks at the reality and anguish of sports players who discover years later what happened during the time they played.

LyrArc Article Gist
Procter & Gamble, America's largest maker of soaps and detergent increased sales during 2020 by meeting demand for higher priced soap and electric tooth brush costing $300. P&G also makes diapers and Gillette razors. The company is making more high end products to boost sales. Consumers stuck in their homes are willing to spend more to keep themselves and their homes clean. This is also a requirement during the pandemic and considered a wise consumer spending item. P&G generated $3.9 billion in net income for 2020 fiscal 2nd quarter, with sales of about $20 billion.

LyrArc Article Gist
American median household income declined by 2.9% to $67,500 in 2020 as a result of the coronavirus pandemic. Poverty rate was 11.4% increasing by 1% from 2019. This translates into 37.2 million people living in poverty, increase of 3.3 million from 2019. Adding in government help in subsidies and free food a different poverty measure shows a decline in poverty by 3% as a result of government action. Subsidies took th form of stimulus checks to 12 million people at the poverty threshold of households earning about $26,000. Expanded unemployment program reached 5.5 million more people,

LyrArc Article Gist
With 27% of votes counted over half or 57% of Berliners voted for nationalization of private developer housing units, only 39% voted no. Berliners cast more votes than they ever have. The vote shows Berliners have had enough of speculation in housing, mad rents, that are pushing locals out of the housing market, say referendum supporters. The vote is non binding, what it does is forces the Berlin city state government to find solutions to the housing problems in Berlin after decades of speculation in housing, and putting local Berliners in the forefront of housing solutions and housing investment.

LyrArc Article Gist
China has emerged as the largest buyer of Iranian oil, in the face of sanctions by the Trump administration to cut Iranian oil exports. China has replaced French company Total for the Pars oil field. It is investing heavily in Iranian oil industry. Iran has offered a 12% discount for China's oil supply needs. China has promised to invest $280 billion in the Iranian oil industry and is seeking to pull Iran into its Belt and Road Initiative. India also seeks to continue its oil trading relationship with Iran, in the face of U.S. sanctions.

LyrArc Article Gist
Jeremy Corbyn of the Labour Party says he would support a general election within weeks after the no-deal deadline has passed, and calls the Boris Johnson programs outlined in 26 bills in the Queen's speech a "farce." These bills were on National Health Service, Brexit, and crime. These bills have no chance of being carried out as Boris Johnson heads a minority government which has called for new elections. Corbyn said the bills barely dent the devastating cuts in public services of the past decade under the austerity policies.

LyrArc Article Gist
A new poll from YouGov shows the Conservative Party getting 310 seats and Labor Party at 257 seats. Labor would gain 30 seats and Conservatives lose 20 seats under this prediction. Conservatives would fall short of the majority of 326 seats needed. Support for Theresa May is slipping especially after announcing older people would have to take on more burden for care, dubbed the dementia tax by media. A coalition of Labor party with the Scottish National party (SNP) with 50 seats and the Liberal Democrats with 10 seats is now a possibility.

LyrArc Article Gist
"Made in China 2025" is a plan by China to build competitive companies in new technology industries such as advanced microchips, driverless cars, robotics. This is one area in which there is a huge difference in trade matters more than the tariffs issue, because the U.S. sees this as an effort to dominate these industries with state subsidized loans at low interest rates. The Trump administration has threatened to impose 25% tariffs on imports from China in these industries to protect U.S. companies. The U.S. insists there should be a level playing field for U.S. companies.

LyrArc Article Gist
Quentin Hardy gives this exceptional account of a startup company named Box in cloud computing services, based in Los Altos, California. Co-founder and CEO, Aaron Levie, faces a cash burn rate and larger competitors, as Box had losses in the 2014-2015 fiscal year of $167 million with revenues of $216 million, growth slowing to 30% for the current year from 74% the prior year. Box has 1200 employees, 45,000 paying customers, and $330 million in cash. Share price has declined by 25%, as it faces strong competition from Amazon, Microsoft, and other larger competitors.

LyrArc Article Gist
Can I do something that matters in people's lives? This is a question more and more people are asking as they return to work. Over  26% of people in one WSJ survey say they now feel that their jobs are not particularly meaningful. Others feel their jobs and job security may be threatened. An April survey showed one in four feel this way, yet things may be improving as people return to work. In May 2.5 million jobs were added in the U.S. according to Bureau of Labor Statistics. 

LyrArc Article Gist
Coronavirus testing is taking off in the U.S. for the first time after the U.S. Federal Drug Administration relaxed testing regulations on February 29, and as more universities and hospitals develop their own testing technology and apply it. The FDA has approved more than 15 tests and many more are awaiting approval. 

This includes UC Davis, Washington University School of Medicine, Brigham and Women's, Harvard Medical School, Mount Sinai Medical Center in New York City, centers that are running the tests limited only by the shortage of reagents supplies.

LyrArc Article Gist
Carney calls Canadian elections on April 28 2025. He was head of the Bank of England and comes from the financial sector. The opposition leader from the Conservatives cannot be ruled out as he enjoyed increase in popularity after Trudeau's popularity declined after being in power since 2015. Carney has never contested an election and the example of Sunak is recent. Sunak called an early election only to lose badly to Labour in 2024 after serious missteps by the Liberals and a split in the party. That split has not been fixed by Carney in any way. 

LyrArc Article Gist
Justin Lahart points out that concealed in the good profit performance of Ford Motor for the third quarter 2012 is a cause for concern. Ford market share of light vehicle sales in the U.S. market declined to 15.3% in the first 9 months of 2012 from 16.6% in 2011, according to WardsAuto. Ford's quality in the Consumer Reports' annual reliability survey shows Ford ranking 27th of 28 brands.

LyrArc Article Gist
Thirty minutes after trading started at the Shanghai Stock Exchange on Jan. 6, 2016, circuit breaker mechanisms were triggered following a decline of 7%. This followed a similiar circuit breaker trigerring on Jan. 4, 2016. This time investor anxiety was over a devaluation of the renminbi by the government. This triggered a drop of 3.5% in Germany's DAX index and 2.2% in the S&P 500 index. Faulty communication and confusing signals to markets by the central bank PBOC, and securities regulator CSRC, also played a part in increasing investor anxiety. Similiar problems were seen in summer 2015.

LyrArc Article Gist
Frank Bruni says the wind of change sweeping across New York with the win of 28 year old Ocasio-Ortiz and defeat of older incumbent Crowley in a Democratic primary shows a shift to younger politicians. Ortiz campaigned for Bernie Sanders.

LyrArc Article Gist
The widespread popularity in Japan of former Osaka governor, and current Mayor, Toru Hashimoto, at a time when each of the two major political parties have no more than 20% support. His effort is to shake up the staus quo, saying what is needed is "creative destruction, to dismathle everything and start from scratch." Prime Minister Yoshihiko Noda's standing, as was the case for previous prime ministers, is low in opinion polls. Hashimoto has pushed through spending cuts in Osaka by reducing the salaries of overpaid bus drivers and other workers. He brings fresh ideas but critics say he would centralize decisionmaking if elected, and the party is too focussed on one leader's views and personality.

LyrArc Article Gist
The U.S. Justice Department files a lawsuit against VW seeking $18 billion in sanctions on behalf of the Environmental Protection Agency. VW shares declined by 4 percent. Experts expect an out of court settlement of $12-$13 billion. The inconclusive discussions between the EPA and VW led to the filing of the lawsuit. The lawsuit is seen as sending a message to the auto industry that the kind of behaviour that led to the VW emissions cherating scandal will not be tolerated.