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With Putin now president and putting his support behind Rosneft CEO, Igor Sechin, and the idea of building Rosneft into a large state owned company that champion's Russian interests, the deal to buy BP's stake in the TNK-BP joint venture is more likely to succeed. Earlier efforts in mid 2011 for Rosneft to buy BP's stake stumbled, with president Medvedev pushing in the other direction for a smaller state control of industrial assets in Russia, and calling for political leaders like Mr. Sechin to give up corporate positions. It appears that Putin is now convinced that this is the right direction for Russia. Under the proposed agreement Rosneft would value BP's stake at $25 billion, half of this in cash and half in the form of Rosneft shares, making BP a part owner of Rosneft with 10-15% of Rosneft shares, and potentially a partner for future projects providing access to western technology. The 2011 deal valued this stake at $32 billion. For BP it provides a more reliable partner after its troubled relationship with the AAR group, the 50% owner of the BP-TNK venture, with no majority control for either partner and AAR's political influence leading to many conflicts....

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This Journal editorial on Citigroup considers the continuing risks posed by its "too-big-to fail" status after the departure of CEO Pandit in Oct. 2012. The new CEO, Corbat, has experience in commercial banking in contrast to Pandit, yet the challenges remain at Citigroup.

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What low cost small space housing in China would look like and the shift to building such housing in China. Homes of 160 square feet that are about the size of a parking space!

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Rove says on the basic question of who can do a better job with the economy Romney was shown in a post second debate CNN poll leading by 58% to 40% for president Obama. The major difference between the two candidates is the plan put forward for the next four years by Romney and the lack of a plan by president Obama.

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President Hollande of France is interviewed by Sylvia Kauffman of Le Monde, Angelique Chrisafis of The Guardian, Berna Gonzalez Harbour of El Pais, Jaroslaw Kurski of Gazeta Wyborcza, Alberto Mattioli of La Stampa, et Stefan Ulrich of Suddeutsche Zeitung in mid-October 2012. He tells the reporters that France is the bridge between northern and southern Europe and says he is against division, rancor and the idea of 'each for one's own.' He called recession being as big a threat as deficits and emphasized the need for growth. Hollande pointed out that it was false to say Germany was the only country paying to help, that France was also paying for the solidarity with other eurozone countries. From now on he sees the need for monthly meetings of eurozone countries as opposed to crisis driven meetings which have failed to produce results needed and led to procrastination and political maneouvring. On Merkel's side there is internal politics and parliament which has affected decisions in in the interests of the eurozone and the EU, which he said he respects but which also requires putting the interests of Europe first. On specifics Hollane sees no need to further delay action on direct aid by the European Stability Mechanism to Spanish banks and efforts to bring down Spain and Italy's borrowing rates, and calls the gap between France and Germany's borrowing rates of 1% and Spain and Italy's 7% "unfair."...