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How short sellers target Citigroup and work havoc with its share price losing half its value in afew days. The need for reinstating the uptick rule but a mystery that no action has been taken. And Paulson scores himself as a ten from 1 to 10 in a question from Alan Murray at the WSJ CEO Council, even as lack of comprehensive action on foreclosure prevention, the failure to reinstate the uptick rule, and time lost in the debate in Congress and afterwards over buying up toxic assets, remain a mystery.

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The Guardian takes you on a three day pilgrimage by rail from Sundsvall rail station in Sweden to Trondheim in Norway. It follows the pilgrim's trail St Olav's Way for 287 miles along central Scandinavia. It is a deeply rural route that ends at the Trondheim Fjord and Nidaros Cathedral. The route goes back to a journey made by King Olav in early summer 1030.

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Claire Tabouret will design the stained glass windows showing people in prayer to replace ones made in 1844. She was chosen in a competition and will have the stained galss done at a glassmaker in Reims operating since 1640. It is less controversial than The Guardian makes it sound as it is supported by church authorites and makes Notre Dame more relevant to churchgoers today.

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France boosted the minmum wage to increase the income of low-paid workers by 21.5 euros per month, by about 2% which is higher than the 1.4% inflation rate.

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How Caliofornia's Bay Area Transit System and other  fast transit operations are adjusting to the trend to remote work in the US as fewer passengers travel into cities.

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Stellantis reports a loss of $750 million on sales of 41 billion euros for third quarter 2023. As a company with operations distributed evenly all over the world Stellantis suffered smaller losses than GM and Ford. GM's losses of profit were $1.3 billion and Ford's $800 million. From the point of view of workers who want a settlement for fair wages in a cost of living crisis keeping losses sustained by the car company to a minimum so that the industry as a whole does better is important, because when the companies do better so do workers and management. 

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Brazil stands out as an exception to the way in which most large nations have responded to the coronavirus taking it seriously. Brazil's health system lacks equipment and is inadequately funded compared to European countries, yet president Bolsonaro has not imposed the strict lockdown and other measures taken in other countries. Brazil is now the country with the second largest cases surpassing Russia- it has 326,000 cases and 3200 deaths.

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It never made sense to make soap 13,000 miles away in China and ship it to the US, and reflected everything that had gone wrong in a once thriving America and how business had lost common sense. Bath and Body Works is correcting that, as shown here in the WSJ. Yet this is 2023, and so many opportunities for doing this were missed already. It took the pandemic to bring some common sense.

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A big change in the new Tax Law is the doubling of the Standard Tax deduction to $12,000 per person and $24,000 for a married couple filing jointly, if itemized deductions are not used. State and local income tax deduction is limited to $10,000. This will shift 20 million more people to not use itemized deductions. There will no longer be value in charitable deductions if one is using the standard deduction.

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Locals trying to do what they can using sugarcane buoys and barriers to soak up some of the 1500 tons of oil still on the leaking oil tanker. A French ship from Reunion island is the only help on the way. Mitsui OSK Lines owns the ship in Japan. It has recovered only 1500 tons of oil so far. No one knows why oil tankers can come so close to inhabited islands.

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An estimated 850,000 cases of measles in the US over 25 years is expected if vaccination rates drop in the US, according to one Stanford study.

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With fewer and fewer good startup companies and massive amounts of capital wasted on startups that did not produce either jobs or lasting value questions are being raised about the startup culture and role of startups in a growing economy. The coronavirus has speeded up the process- already underway was a lack of quality in startup companies, now these companies that were wasting capital are facing a completely different environment. Reasons given for their situation are the lack of job creation over last two decades from startups. The startup founders being many just out of college or with a few years of experience, lack of accumulated experience in industry of founders, the glamour that had nothing behind it except the search for quick results. Primarily though the reason is that it takes time to build good companies that also create good jobs and add to the country's GDP, and this means additions to technology, bringing experience and building up of experience of founders, that patience and persistence is lacking in today's startup culture and startup companies. There is a bigger problem and this is a problem for all of society and the whole nation in every country. This is the misallocation of capital, the erratic shift away from infrastructure, public services, health services and education, and employment in the national interest, that form the backbone of the economy of any country. It is in this sense that the shift in capital allocation, away from misallocation on a massive scale, has to be made in the national interest, interest of society, interest of the people.  ...

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Indian oil minister Hardeep Singh Puri says India has diversified its sourcing of oil supplies to avoid dependence on the Straits of Hormuz. It has weeks of reserves. Saudis have 5 million barrel a day pipeline to bypass Hormuz waterway and UAE 1.5 million barrel a day pipeline to bypass Hormuz waterway, so that 6.5 million barrels a day could be added to meet Asian oil demand, in addition to convoys escorted by US warships  in Hormuz waterway to meet demand from China, India and Japan. This would mean China is itself dependent on American seapower to maintain it's oil supplies, a third of which come through the Hormuz waterway and keep important sealanes of navigation open. China, India, Japan, and other World are critical for the world economy manufacturing sector and comprise 3.5  billion or about half of the world's population. In addition Latin America and Africa are dependent on oil supplies and prices.  New pipelines, renewable energy, will become more important in the years ahead, and figure more in planner's minds after this Hormuz episode. ...

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Giorgia Meloni's effort to revive the right wing vote in Italy after disillusionment with Mr. Berlusconi is shown in this report in the New York Post.  She was Mr. Berlusconi's Minister for Youth from 2008 to 2011. This report says she has advocated for Italy and as a mother and a Catholic, but that is nothing new in Europe with most nations looking for their national interest first. On Ukraine and the European Union there is no ambiguity as Meloni supports the European Union. When Mr. Draghi formed a national unity government during the covid health crisis and the breakdown of a previous coalition Berlusconi joined the government, but Meloni stayed in the Opposition leading to her rapid rise.  

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The Obama administration makes the decision on June 13, 2013, to supply arms to Syrian opposition forces to the Assad regime and enforce a limited no-fly zone inside Syria. The decision comes as forces of the Assad regime make gains over poorly armed opposition forces and threaten the Syrian opposition's base in the city of Aleppo.

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The Adani Group's public offering of $2.5 billion was slightly oversubscribed says the WSJ after a short seller in New York City Nathan Anderson issued a report critical of the company. Adani Group is a set of companies in India that have taken  up the ambitious goals of electrifying India with its population of 1.3 billion so that no home lacks an electric bulb light for children to read. It is under criticism because this means coal mines in Australia provide the coal that provides this electricity when coal is used in China and India to provide much needed electricity. Adani Group is unique in that it is making the rapid transition into renewable energy in line with PM Modi's goal of generating 50% of electricity from renewable energy by 2030.  Adani Total Gas Limited fell by 10%, Adani Green Energy and Adani Transmission made low percentage gains.   Thirty anchor investors provided $734 million including American banks.  This includes Abu Dhabi Investment Authority and Life Insurance Corporation of India. Abu Dhabi based International Holding Company said it would buy $400 million in shares in a public show of support for the Adani Group. Adani Group will use the proceeds to fund capital expenditures on green energy projects, expressway construction and airport improvements and repay some debt. The building of India's Uttar Pradesh Expressway is being done by Adani Group which is similar to what happened under US president Eisenhower in the 1950's in building the first Interstate Highway system in the US. In 1953 after Dwight Eisenhower became president he developed the plan for a national Interstate Highway system that led to the passing of the Federal Aid Highway Act of 1956. This is happening today in India. Airport and port improvements taken up by Adani Group help build India's woefully inadequate freight logistics to make it a part of the US new supply chain after the errors of overconcentration in one country China. Green energy projects help fight climate change where investments are badly needed and governments in the US and India are giving much needed direction and support. It is in this context that the huge growth of the Adani Group can be seen. It is not similar to the Tech company valuations simply because it is like China's effort under state owned companies to match the growing demand for electricity for industrialization. During the British Empire after 1800 capital from India financed the Napoleonic wars, industrialization of Britain, and indirectly industrialization of the United States through British capital invested in the US in the period before 1860. Capital that was diverted from India, and through British trade that impoverished China. As a result the growth in China after 1990, Korea after 1980 and India after 2014 comes in a catchup mode to meet the growing aspirations of hundreds of millions of young people with some companies state or private owned picking up the pace in an unprecedented way. This is the raison d'etre of the Adani Group. China's total installed capacity of electricity has increased from about 500 GW in 2005 to 2500 GW in 2021. This is the story repeating itself in India with Adani Group and other companies such as NTPC, State Grid and Tata Power setting over five fold increase. ...

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U.S. president Obama's chief of staff and former deputy national security advisor, Denis McDonough, meets with Peter Altmaier, Chancellor Merkel's chief of staff, and Gunter Heiss, head of Directorate-General 6 of Germany's Federal Intelligence Service in July 2014. The meeting was part of an effort to improve U.S.-German relations following the problems created by NSA spying in Germany. This meeting took place following the shooting of a Malaysian airline flight over Ukraine and the call for stronger western sanctions on Russia. U.S. president Obama sought to convey to Merkel the importance he placed on German-U.S. relations after Obama failed to make a serious effort to soothe tensions with Germany over spying revelations.

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For years Peter Bernstein has watched the US markets, from the postwar recession of 1958 till today. He is now 89 years old. He sees 2 culprits one is oversecuritization and the second is years of overborrowing by financial institutions and consumers alike. He rules out a V shaped business cycle. he sees an L shaped business cycle or a a flat U. It would be a flat U because it will take a long time for the memory to recover from the excesses of recent years and the consequences. He remembers the early years after World War II, it took a very long time to get the depression out of business and banking decisions. And he says one of the things that helped people take risks was the feeling that the central bank had got things right and knew what it was doing but he says the Fed too now is going to feel what it should do now is less clear. So the feeling going forward will be to be very careful. He thinks this will take a long time to clear up, much longer than people think. Not 2009, he is sure they are wrong, there has to be a respite along the way is how he puts it. He says until credit is going up instead of down you can't have growth. And he thinks housing has to be a part of this. And then there is the uncertainty. What if, what if China goes into a recession? His point that " nothing can go in one direction forever." And China has been growing like this for twenty years since the 1990's. It just does'nt go on forever. and there has to be a respite. Again here him speak: first he goes to housing, he says somehow housing has to flatten out. Then he shifts to say "we have to underpin the consumer" and with that he shifts to saying this is why its different, and to saying this is why its like nothing we have had before. And then he turns to investment, saying its investment that made the V at the bottom of the cycle but he doesn't see the consumer in the USA coming up with a positive till he has worked out the excesses of overspending. Exports or consumer overseas? He thinks they maybe too infected by us to do it. Though Asian growth will help....

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Both the Democratic and Republican parties are in danger of splitting as reader comments to this analysis in The Times shows. The progressive wing of the Democratic Party has little in common with the rest of the party. The Republican party has shifted to take on the working class base of the traditional Democratic party creating a confusing array of interests in each party with no particular sense of loyalty.