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Building the large LNG terminals to get gas in its liquid form from Canada, the US and Qatar, is essential for Europe as it is expected that Russia will cut off gas supplies this winter. Germany needs three large LNG terminals on the Baltic Sea.  About 1.6 million tons of weapons and explosives were dumped into the North Sea and Baltic Sea after World War II. The problem is most acute near Germany as Allied Commanders ordered the destruction of German explosives after the war. All this debris has to be removed before LNG terminals or offshore windfarms can be built as shown in this report in WSJ.

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Shipments of LG phones were up 54% in the 1st quarter of 2008 from a year ago, about 4 times the average growth of 14% in the industry., according to Strategy Analytics. The market share goes up to 8.6% from 6.4%. This puts it near overtaking Motorola for 3rd place ater Nokia and Samsung. Its biggest hit so far is the Chocolate, a skinny phone that looks like a chocolate barwith a dial pad that glows red. About 18 million have been sold worldwide sine introduction in May 2006. It also developed a pricey handset called Prada designed with the Italian fashion house and introduced in March of 2007. What is interesting is the way LG has approached product development. The Chocolate's creator Skott Ahn got the top job at the LG cell phone business unit in early 2007. And he has been put in charge of all areas of design developmet with the authority to make decisions in the way he would run this business. Ahn doubled the headcount of designers to 150 and engineers to 4000. He launched an inhouse design competition. The winner of the 2008 competition is the Secret, made from sleek yet sturdy carbon fiber and tempered glass and with a 5 megapixel camera and software to let users create their own music videos. This phone was intorduced in Europe this month. LG's profits on cell phones are expected to double to $2 billion according to Mirae Securities in Seoul, with a 50% jump in sales, and the stock is up 57%....

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Chevron faces cost unknowns on the huge Gorgon LNG project in Australia.

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This report in the Washington Post shows few people in the White House mention Russia and the Mueller investigation. Some find solace in the views of Ty Cobb, the White House attorney, that the investigation will be over by the end of the year. Others are not so certain considering the thoroughness of the probe and the probability of more revelations.

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The CDU party selects Annegret Kramp-Karrenbauer as its next leader. Chancellor Merkel favored the state premier of Saarland, a small German state, as the next leader. Merkel told CDU delegates that the party was not the party it was in 2002 and praised the work of Karrenbauer in Saarland, in an indirect endorsement of the female candidate over Mr. Merz who favored taking the party to its conservative roots.  Merkel has pushed the CDU to the centre and sometimes to the left in an effort to sideline the Social Democrats, which worked till the migration and refugee influx led to a fragmentation in German political parties and decline in support for CDU. The election was close with Karrenbauer winning in the second ballot by a bare majority. Merkel plans to stay in office till 2021 and the party post in the hands of a close ally helps Merkel consolidate her legacy. Merkel made Karrenbauer Gerneral Secretary in 2018 in a move that was intended to move her to the top position. ...

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The email server controversy has had the effect of obscuring Hillary Clinton's message about her policies. Hillary Clinton's instincts in a lifetime in politics made it harder for her to apologize and let the matter fade away. Because the 2016 campaign is run by committee, has some members of Obama's campaign team, and led by Mr. Podesta who is close to Mr. Clinton, with senior advisors offering advice, it is not as coherent as the 2014 campaign team in offering advice to the candidate. As a result it took a while before advisors could relay the message that the email controversy was not just about Mrs. Clinton's and Bill Clinton's conviction that she had done nothing wrong, but about the larger message to voters on her campaign platform. By early September it was being obscured by the enthusiasm in the Sanders campaign, and non stop coverage of the email controversy in the media. Her falling popularity in the polls was the signal that led Hillary Clinton finally to say "sorry, I shouldn't have done this."...

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The surging demand for children's reading activities at New York's neighborhood branch public libraries in 2015.

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The marketshare of companies in China's smartphone market for the 1st quarter shows Samsung with a commanding lead of 25%, the Apple iPhone has only 6.5% of the market, Huawei comes in ahead of Nokia with 12% compared to Nokia's 11%, and close behind is ZTE with 11%, Lenovo with 8%, CoolPad with 6.2%. Motorola has 4.8%. HTC slipped badly and is now at 2.6%. With other companies having 13% of the market. The market is largely fragmented today with Samsung the leader. It also shows the very fluid nature of the market with many new entrants and rapidly changing positions for Samsung, Nokia and HTC. Nokia finds itself facing competition from many new entrants and a rapidly expanding Samsung, which accounts for its suddenly eroding position.

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President Obama presents a $3.73 trillion budget proposal for fiscal year 2012, for the year beginning October 1, 2011. The budget calls for $1 trillion in deficit reductions over 10 years. Three fourths of this comes from spending cuts and the rest from tax increases or elimination of tax breaks. In fiscal 2012 the budget shows savings by reducing or closing 200 federal programs for deficit reduction of $33 billion. This includes a cut to the Low Income Home Energy Assistance Program of $2.5 billion. Most of the reductions are in the discretionary on-security spending portion of the budget, which is only 12% of all federal spending. No changes are made to Medicare or Social Security. Defense spending is cut by $78 billion over 5 years in this budget to bring the defnse budget to zero real growth. The Dept of Education funding would be increased from $64 billion in 2010 to $77 billion, with additional funding to increase the number of science, engineering and math teachers in schools by 100,000. The President's Deficit Commission recently proposed deficit reductions of $4 trillion over 10 years, including larger reductions in defense and reductions in spending on Medicare and Social Security....

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Entergy is still short of the over half a billion dollars needed to close each of the aging nuclear plants in Vermont and at Indian Point in New York.

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Fitch raised its ratings on Ford debt to triple B minus from double B plus. GM and Ford ran up losses since 2005 faced with labor costs that were not competitive, high health care costs for retired employees, and underutlization of factory capacity as American buyers turned away. The result was that credit ratings agencies cut their debt to junk status in 2005. In 2006 Ford faced with a financial crisis took out loans of $23.5 billion, putting up all of its assets as collateral including its logo. Ford survived bankruptcy with these loans. By the end of 2011 Ford had $13.1 billion in debt, down from $33.6 billion in 2009. For Ford to have the collateral released credit ratings agencies must now move Ford to investment grade as the next step in this story of disaster and renewal over seven years of an American icon- of toil, sweat and tears back to a rebirth in the eyes of American buyers.

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More evidence that the liquidity provided by the ECBZ is not reaching small business and the other parts of the econmic system where it is needed. Banks are reluctant to lend for fear borrowers might default. Meanwhile the ECB mopped up $250 billion or $170 billion euros in overnight funds from the money market, by paying 0.8% instead of the overnight rate of 0.5%.