LyrArc Article Gist
The average travel speed in traffic in China is about 7.5 mph in Beijing, 10.1 mph in Shanghai, and 12.7 in Wuhan. By comparison it is 15.5 in Singapore and New York and 18.0 in London, and 13-14 mph for Seoul and Tokyo. This poses a real headache for urbanization plans in China to move even more people into cities after the first wave of urbanization.

LyrArc Article Gist
Arsene Wenger was 47 in 1996 when reports said he had resigned in the very first year that he took up the coaching role at Arsenal. The media was skeptical about this Frenchman and outsider with a persistent question "Arsene Who?" On that day after returning to London from a visit to the south of France to meet a friend Annie, Wenger decided to immediately go out and meet reporters outside Arsenal offices. He told the media  that the reports were totally unfounded, the rumors of photos of him in preposterous situations false. Time passed and still more lies were published, says Wenger.Then suddenly the British media including Sky News responded with apologies to Wenger for the rumors.  At no time says Wenger in his new book, "My Life in Red and White," did he lose his conviction that the British could be counted on to be fair. He says that he had to stand up to the brutality of the moment. That only in this way could he keep up his optimism and values and not let this destabilize the club. ...

LyrArc Article Gist
The deputy chief medical officer, Dr. Jenny Harries, asks people in Britain to limit themselves to what is sensible and not what is possible, to use common sense, so that reopening works. The Housing Secretary, Mr. Jenrick says the room for maneouvre is limited with the reproduction R ratio for Britain at somewhere between 0.7 and 0.9. There is also a lag period for data making it so that the current situation is not known. Germany's after reopening is now estimated by Robert Koch Institute at 1.14 so that there is some shift to be expected as the opening happens, the idea being to limit this to around the 1.0 figure. Britain reopens cautiously and in  in a patchy way with primary schools reopened, and people from different households allowed to meet in groups of six as long as they stay 2 metres apart. Outdoor markets and car showrooms are also reopening. Also stated is the need to be sensitive to geography as areas such as London which were hit early and with severity are now better off than areas in the north of England. ...

LyrArc Article Gist
Reports suggest voter turnout of young people 18-24 was close to 70%. With most of the new voters, about 2 million 19-34 year olds registered to vote in the weeks before the election according to the Electoral Commission, drawn into politics by the simplicity and style of Labor leader Corbyn. One voter says young people voted because Labor did not sneer at them, recalling the negative tactics employed in the campaign and the likability of Labor leader Corbyn because he refused to respond. The National Union of Students and organizations such as UpRising, Hope Not Hate, Bite the Ballot, pushed young people into involvement. The election for students was more about the impact of Tory cuts to education, health, and other services, and about the future for generations to come. Students were deeply upset about the results of the EU referendum. The result is that in places where students were predominant such as Newcastle East and Central, Manchester Withington and Central, Cambridge and Canterbury, the turnout jumped  to give Labor wins in the north of England, and in London. ...

LyrArc Article Gist
The sudden collapse of Thomas Cook, and the immediate layoff of its 20,000 employees comes as a shock as it is an old company trading since 1841 on the stock exchange. The name was synonymous with travel in Britain and in British Commonwealth countries. The analysis in the Times of London shows management was to blame. First with overexpansion under one CEO, even though online travel booking was taking off. He was fired, and followed by sharp cutbacks with another CEO who was fired, followed by last minute efforts to save the company as it faced huge debt loads and interest load even though its revenues were up by 6%.

In a situation similar to that faced by Jet Airways, an Indian airline, which also had overexpansion and debt load problems, the banks had second thoughts and turned down any new financing to support the company as being too risky.

LyrArc Article Gist
Former prime minister Nawaz Sharif faces a trial on corruption charges in Pakistan in 2018, just prior to new elections. The military and the judiciary both support the trial which involves payments for 4 upscale neighborhood London apartments owned by Sharif. 

Mr. Sharif's party leads in polls with about 36% support, higher than the next leading party Tehreek which has 24% support and is led by Imran Khan a former cricketer. The Pakistan People's Party of the Bhutto family comes in third. The result of this could be a weaker coalition government. The Supreme Court has banned Sharif for life from holding political office. Pakistan has seen governments toppled and military rule for half of its 70 years since independence. The rivalry with India and the role of the military has affected political institutions and democracy in Pakistan making peace with India difficult to achieve for any elected government.

LyrArc Article Gist
The steep decline in popularity of French president Emmanuel Macron in the period of one year. With the yellow vest protests on the economic insecurity of struggling families, Macron's efforts to bring in business friendly policies as a change agent are itself out of step with the times and with France in the provinces and small towns, as pointed out in the New York Times and Times of London analysis of the situation in France today.

As pointed out in the analysis Macron's base itself is small and its anti-institutional posture rejecting conventional politics itself has given momentum to the current yellow vest protests about economic insecurity of struggling families. The support for this comes from all parts of society and single political party, without nationalism, race or migration as factors at all, and comes so soon in one year from the time that Macron emerged with his own movement rejecting the institutional structure.  

LyrArc Article Gist
Kevin Hassett, head of the National Economic Council, says the US-China talks in London are moving well and China is likely to provide access to rare earth minerals in exchange for flexibility in importing advanced semiconductors it needs. Asked about the talks at the meeting in the Oval Office with Germany's Merz, DJT says he is optimistic, and after talking to Xi for 2 hours he is planning to visit Beijing and Xi will be coming to the US.

LyrArc Article Gist
Democratic states face a sobering reality- can California, Minnesota, Illinois afford it? It turns out that they cannot and are diverting important funds away from the Nation's priorities in transportation, housing, education, rural healthcare. Here is what happened-- When California Gov. Newsom used state's Medicaid budget for poor citizens and disabled for illegal migrants to give free coverage, Medi-Cal went $6.2 billion over budget in 2025. In Illinois the program for Medicaid coverge to illegal migrants estimated at $112 million annually now costs $800 million and parts of it are now suspended. California had not thought this thing through, with free medical coverage not available to even citizens of the US, why would unrestricted borders not overwhelm a border state's Medicaid system signed into law by a Texan president Lyndon Johnson for the people of this Nation. Democratic States are running into a logical fallacy that the European Union and Germany are already experiencing, stretching straining public services, which has nothing to do with one's sentiments. Gov. Newsom now wants to give this benefit for $100 monthly premiums in 2027. ...

LyrArc Article Gist
Born 1904, he joined the Indian Independence Movement in 1926. Union Home minister, and then prime minister to succeed Jawaharlal Nehru in 1965, Lal Bahadur Shastri was the first Indian prime minister to take up the cause of Indian agriculture. It was under his leadership and with the kind help of U.S. president Lyndon Johnson that the Green Revolution was launched in India after periodic famines in northern India for many centuries of its history. 

As Transport Minister he introduced new rules for woman drivers and conductors in public buses and trains.

This story in The Hindu says he had to swim across the Ganges river with the books tied to his head to attend school. Shastri was known for his exceptional humility in public life. 

LyrArc Article Gist
BP's plans to sell its 50% stake in the Russian joint venture TNK-BP. The stake would be worth about $30 billion, according to analysts. BP says it has discussed this with potential buyers. BP's shares were up by 3% in London because this is seen as a good move for BP. The amount could be better invested in other opportunities considering the difficulties BP has experienced working with its partners in Russia .

LyrArc Article Gist
Paulson in London with Alistair Darling Britain's Chancellor of the Exchequer, at a time when Markit Economics says the eurozone's Purchasing Manager's Index for the services sector contracted in June for the first time in 5 years.

LyrArc Article Gist
Lahart says Delta's move to go after Singapore Airlines 49% stake in Virgin Atlantic is the right move because of the landing rights it gains at Heathrow Airport in London. Delta is in a much better position to take advantage of the 304 takeoff and landing slots of Virgin than Singapore Airlines. It also helps ramp up the small number of 28 slots Delta holds at Heathrow, so that it can compete with American Airlines (AMR) and United on transatlantic routes.

LyrArc Article Gist
A professor of economics of innovation and public value at University College, London, says one-off deals such as the one with Land Rover to produce electric car batteries is not an adequate response to the big industrial strategies of the US and the European Union. Mariana Mazzucato says in this Guardian article the UK's decision to leave the EU is costing 100 billion pounds in output. Of 100 leading Uk manufacturers about half say their suppliers in the EU are more cautious about doing business in the UK. She compares the US industrial strategy that combines public and private investment of $3.5 trillion over the next decade, and the EU's for $2 trillion with Britain's effort. She says of the UK that it has nothing like this and worse with austerity it is moving in the opposite direction. Another problem is the change in governments of the Tories and new industrial policy every time there is a new minister. Business investment in UK is 19% less than the G7 average. The civil service needs investment, as she says Britain has become addicted to outsourcing the core functions of the public sector. Mazzucato says the government for aid to the private sector should do what Germany and France have done to expect reduction in carbon emissions, or as the US has done with Biden's Chips Act of giving aid given that there are no share buybacks by companies.   ...

LyrArc Article Gist
In new developments German chancellor Scholz visits London and European Union president Von der Leyen visits Bucha and Kviv in Ukraine. Von Der Leyen is accompanied by Joseph Borell, the EU commissioner for foreign and security affairs. For the first time the European Union offers membership in the EU to Ukraine. In handing a document with a questionnairre to Ukraine president Zelensky she says- "This is where your path towards the European Union begins." Adding "It will not be, as usual, a matter of years, but rather a matter of weeks" to complete this step. The questionairre forms the basis of an opionion she said that gets passed on to the European Council this summer. Ukraine now becomes the first country in Europe to have fought a war and suffered from millions of refugees just to join the European Union. It also shows how much has changed since Angela Merkel left office with her policies that offered Ukraine no such prospect even as it integrated the German economy with the Russian economy and China's economy during 4 terms in office. Leyen said "Ukraine is marching towards a European future." Chancellor Scholz addressed the German parliament after the invasion and hundreds of thousands of people turned out in Berlin that day.  Europe is voting with its emotions having been completely shaken by this experience. Leyen writes " It was important to start my visit in Bucha. Because in Bucha our humanity was shattered." ...

LyrArc Article Gist
Gerard Baker in The Times of London looks at California as some kind of dystopia, a malfunctioning place with rolling blackouts from PG&E the electricity company, drought and water shortages, housing costs soaring making it affordable only to the few at the top, and high taxes. He cites an expert from Chapman University who compares it to some sort of medieval feudal place run by nobility at the top, the investors, lawyers and people in entertainment, with the academy and the media as a kind of clerisy who propagate the ideas that this nobility supports, a small middle and the rest as serfs or minimum wage workers in logistics, retail and farms. Median costs of housing are about $613,000, and the affordability index of people who can afford housing is 32% compared to 56% in the country. Hispanic immigrants now prefer Texas, though with a loss of 6 million people in the last decade and gain of five million, it sees increase in population with high birthrates from the existing population to about 40 million. Half the population of homeless in the U.S. are now in California though it has only one eighth the population of the country. High housing costs and high cost of living hurt people at the low end, the lower middle and the retired the most. With low wages at the bottom and extremes of wealth, homeless, housing zone restrictions, drought and rolling electricity blackouts, this is not what the future should look like.  ...

LyrArc Article Gist
Bridget Phillipson and Keir Starmer are politicians who would like to get things done and take ideas from all sides in the effort to improve life for British parents and children. See the article alongside on the changes proposed by Phillipson and Starmer to bring better education to all schools, and keeping the best of the Academy system- just spreading the best to all parts of the country.  Zoe Wiliiams had this interview with Bridget Philipson in The Guardian, March 21, 2023, when she was UK Shadow Education Secretary with big plans to revive childcare and children's education in UK schools. Phillipson is now Education Secretary and is getting a bill passed in Parliament to improve some aspects of the British education system keeping the infrastructure and foundations that are delivering well. Phillipson grew up in a dilapidated northeast England neighborhood in Tyne and Wear. She describes this as a place with an air of decline with a railroad track and idled chemical plant in the area, high youth unemployment. He mother and her grandparents provided a caring home and signed her up for drama lessons on Saturdays. She attended Catholic school and went on to study at Oxford University in Modern Languages and Modern History, returning to work for Sunderland City Council for 2 years instead of going to London. She is seen as self-effacing but vigorous in putting forward ideas on better childcare and children's education for British children.   ...

LyrArc Article Gist
Litigation expenses and settlements for JP Morgan Chase at $17.7 billion for 2008-2012 now exceed the $16.1 billion for Bank of America, according to FBR Capital Markets. JP Morgan Chase plans to spend an additional $4 billion and commit 5000 new personnel to help it clean up the bank's risk and regulatory compliance problems. Of the $4 billon $2.5 billion go into litigation reserves, and $1.5 billion for a 30% increase in risk control staffing and other related expenses. As part of the changes CEO Dimon has put the most senior executives in charge of separate parts of regulatory problems. These executives cannot be overruled by business heads. In another change still to be made at other banks the top compliance officer reports to the chief operating officer of the bank not the general counsel. This change was made at the request of regulators who now meet about 50 times per month with compliance executives. The total control staff for compliance and risk are now at 15,000 in 2013, up from 8000 in 2012. At a 2 day business retreat at Martha's Vineyard compliance and control officers were invited for briefings and came away with equal authority as business chiefs. JP Morgan has also provided 750,000 hours of training on control and regulatory issues to its staff using McKinsey, Ernst Young and other firms. CEO Dimon sees the effort as making the bank stronger than ever and this has become a top priority for him, reflecting a change in his views from the period when the London Whale crisis first emerged. It also shows a leadership trait of Dimon as a learner who puts his full weight behind an effort after gaining new insights into hidden problems....

LyrArc Article Gist
Jeremy Corbyn is reelected leader of the Labor Party with the support of young people. He is seen here from the European viewpoint as a disaster for Britain. The parliamentary group of the Labor Party opposes Corbyn, and is critical of him for not supporting the Brexit no vote the way he should have. Corbyn did not come out strongly in favor of staying in the EU, giving it a 7.5 out of 10 score when asked how he would rate the EU. Only a fifth of British voters support the idea of Corbyn as prime minister. He is good at bringing people's concerns for attention at prime minister's questions, rides a bicycle to work, and is honest about his convictions. Yet this is not enough to be effective as a leader of the opposition who lacks the support of his party's members in parliament. Corbyn has also dropped people with different opinions from the leadership in the Labor party in a nasty fight with people who disagree with him, which is bad for the Labor Party. This has weakened Labor to the point where it cannot function as an effective Opposition Party, especially now that Britain enters Brexit negotiations and needs an opposition to act as a check on the government's policies. The Economist magazine in London shares these concerns in an editorial. ...

LyrArc Article Gist
The Indian government is putting a 76% stake in Air India up for sale. Air India has not made a profit since 2007 and a bidder would be taking on $5 billion in debt. What makes it attractive is a market in India growing at 20% for airline passengers. Potential bidders include Indigo, which is interested only in the international business of Air India to add to the 9 destinations overseas it flies to. Vistara, a joint effort of Singapore Airlines and the Tata Group is also a likely bidder. Air India has international slots at London Heathrow and at New York JFK airports that are attractive for bidders.

LyrArc Article Gist
Cyrus Mistry, who is 43 years old, head of the Shapoorji Pallonji Group, a construction company, will be the new CEO of Tata Sons. He was a board director of Tata Sons for several years. His father is the largest shareholder in Tata Sons with an 18% stake in the company. Mistry, who comes from the same Mumbai based Parsi families as the founder and previous heads of Tata Sons, studied civil engineering at the Imperial College in London and management at the London Business School. He is an Irish national because of his father's marraige to an Irish woman. The previous chairman of Tata Sons before Ratan Tata, J.R.D. Tata, who ran the company for most of the postwar period, also had a similiar background, as J.R.D.'s father married a French woman. By virtue of its acquisition of the steel company Corus Group, and the acquisition of Jaguar-Land Rover, Tata Sons is now the largest manufacturing company in the U.K., in addition to being one of the largest and most well known companies in India. About 58% of sales now come from overseas. Companies in the Tata Group include Tata Consultancy (IT), Tata Motors (autos), Tata Steel (steel), and a range of other businesses in India. Ratan Tata will remain chairman till Dec. 2012, to give time for Cyrus Mistry to assume his new role....

LyrArc Article Gist
This article on the main protagonists in the Conservative Party during the EU referendum in Britain shows how the narrow interests of a few Oxford educated politicians and their infighting has shaped the vote on Brexit. Gove, the Justice Secretary and Boris Johnson, former Mayor of London, have no idea what to do if they won in the Brexit vote. Both pull out of the leadership race after prime minister Cameron announces his planned resignation following a leadership vote in the party. Cameron and Osborne, the other two Oxford educated politicians, are caught up in the infighting in the Conservative Party which leads to Britain voting to leave the European Union. The article looks at the lives of the four male politicians who form an old boys club at one time and now are deeply divided with Cameron's wife Samantha and Gove's wife Sarah Vine once close friends, now along with their husbands no longer talking to each other. Also evident here is that Sarah Vine writing in the Daily Mail discloses more grief about all this messing up her social life than the way the vote to leave the EU will eventually affect the country's standing, its credit rating, and the economy, and how it affects the lives of ordinary British people. ...

LyrArc Article Gist
The New York Times reports from the comments of current and former members of the Chase Chief Investment Office (CIO), that risk officers at Chase were ignored when they raised issues about the complex trades made by trader Iksil. Iksil's trades had the support of his manager Mr. Macris, and Ms. Drew who was in charge of CIO. The comments also indicate that at one point Mr. Macris brought in a Risk Officer with whom he had worked closely for many years. Risk Officers are supposed to be independent and their concerns seriously heard, with the authority to halt trades that pose excessive risks. Which made this kind of cozy behaviour in the CIO trading offices in London cause for alarm. These reports also say Mr. Braunstein, the new CFO at JP Morgan Chase, did not strengthen controls after he assumed office in 2010. Bank officials disputed this. The New York offices did not fully grasp the complex trades being made in the CIO London offices, and upper management let the CIO operate pretty much on its own, especially with CEO Jamie Dimon's confidence in Ms. Drew's management of the CIO. This led to another gap in the process of risk management. Dimon had other priorities and distractions, from problem mortgages coming with the acquisition of Washington Mutual, pushing back aginst financial regulation after the 2008 crisis, stress tests and others. At the same time the U.S. Federal Reserve, regulators, and Treasury's coordinated effort to merge failing banks with other larger banks- because of the lack of the process of unwinding failed banks provided later under Dodd-Frank legislation- created mega financial banks. Unlike what the U.S. under Treasury Secretary Rubin pushed for in the case of S. Korea during a banking crisis in 1997, Treasury under Geithner and Fed officials did not push for unwinding of failed financial institutions such as Countrywide and Washington Mutual in 2008-2009 Chase's own portfolio of assets under the CIO, increased by an astounding amount from $76 billion in 2007 to $356 billion in 2011. Even if Ms Drew had managed CIO well before, managing a portfolio of this size is most likely to have presented a whole set of new challenges and problems for which the CIO office was not prepared. Similiar concerns were raised by other Fed officials such as Fed governors, Hoenig and Fisher, who raised the issue that such mega-banks posed unacceptable risks and were too big to manage. Pressures to increase investing profits, growing complacency, relaxing risk management controls, led to the situation where a single trader Mr. Iksil, who had only joined the bank in 2007 according to other reports, could create large losses. This follows a situation at UBSin 2011, where a novice trader made bets that resulted in large losses....

LyrArc Article Gist
The continued debate about the relevance of a G-8, the need for more countries. OBama sees the G-20 as the really important meeting, and the G-8 meetings as a smaller less significant meeting between the G20 meeting in London and the next one in Pittsburgh. This however leaves the other leaders outside of the G-8 meeting on the sidelines at G-8 meetings, which does not work very well. In this meeting in Italy, Turkey and Egypt were also present, as were leaders from Africa, and from Australia.

LyrArc Article Gist
Google has launched a new project using technology to let users tour art galleries around the world. This was launched at Tate Britain in London. This is part of Google's latest interactive online resource called Art Project. This is a collaboration with 17 museums including three in New York - the Frick Collection, the Museum of Modern Art, and the Metropolitan Museum of Art. Visitors can examine in detail certain artworks selected by the museums- Van Gogh's 'The Starry Night,' Pieter Bruegel the Elder's "The Harvesters," and a painting by Bellini.