LyrArc Article Gist
The Romney campaign is trying to keep Obama's support among Hispanics and Latinos to 65-70%. Latino leaders say Romney's positions on immigration during the primaries, when he chose to go to the right of Governor Perry, have affected their perceptions and his more recent centrist positions are being discounted. Republicans are awakening to their weak position in the fastest growing demographic in the U.S. Positions on abortion, gay marraige and religion are affecting a portion of the Latino vote. One question is how enthusiastic is the voter turnout, especially because president Obama failed to take up immigration reform in his first term and gave it a lower priority.

LyrArc Article Gist
Texas law written into the constitution of the state when it was founded in 1845 banned home equity loans. This was a result of a bank panic and foreclosures of that period when many homesteaders lost their land. The change banned lenders from selling mortgages to homesteaders. Till 1998 Texans could not take out home equity loans. New laws restricted the total debt on a home to 80% of its appraised value. This loan to appraised value limit plus the restriction that home equity loans could not be used to pay other debt kept homeowners in Texas from facing a high rate of foreclosures. Fed studies show that in 2005 U.S. homeowners took out $500 billon from their home's appraised value through home equity loans and cash out refinancing. Of this $263 billion went into consumer spending and paying off debts. This Fed study co-authored by Greenspan shows that 80% of the three fold increase in American mortgage debt between 1990 and 2006 came from home equity taken out on rising home values.

LyrArc Article Gist
Public opinion in France is divided about France's dependence on nuclear power. Ifop's survey of Nov. 13, 2011, shows 40% of the French are now "hesitant" about nuclear power, about 33% favor nuclear power and 17% are against it. About two-thirds of the ruling UMP party of Nicholas Sarkozy supports nuclear power, while half of the Socialist party supporters say they are not sure about the path ahead. The issue is becoming important in the election, as the UMP claims the Socialist party's proposal to shut down 24 of the 58 reactors if elected will cost thousands of jobs and solar power cannot take its place overnight. The French are a bit puzzled by the nuclear issue in contrast to Germany where the issue arouses strong emotions, because nuclear energy had become accepted in France till the Fukushima nuclear disaster raised safety issues. EDF which operates the plants plans to increase spending on safety measures and on maintenance after audits by the French nuclear regulator. EDF's share price was down 40% since the nuclear accident at Fukushima, Japan....

LyrArc Article Gist
Lydia Polgreen and Marcus Mabry talk to black and white South Africans in Bloemfontein, the capital of the Afrikaaner Orange Free State. The National Party which started Apartheid as state policy in 1948 and the African National Congress were both founded in Bloemfontein. The accounts provide insights into race relations in South Africa and the growing gap between the economic condition of black and white people. After free elections and about 20 years of ANC governments under Mandela, Mbeki, and Zuma, progress has been made in primary and secondary schooling but most blacks are falling behind in the skills needed in a modern economy as shown by the widening income gap from $17,000 in 2001 to $30,000 in 2011. Less than 40% of South Africans socialize with other races, according to SA Reconciliation Barometer. 22% of whites and 20% of blacks live in racially integrated neighborhoods. 11% of white children and 15% of black children attend integrated schools. The result is a South Africa where a lot remains to be done after Mandela....

LyrArc Article Gist
Action the Indian government has taken so far to control cryptocurrency in India and prevent the kind of losses that have taken place in other countries. This includes a 1% tax on digital transactions above a certain amount and a 30% tax on cryptocurrency.

LyrArc Article Gist
The Novavax vaccine to be manufactured in Britain faces a shortage of 2000 litre bags, bags in which the vaccine cells are grown. The first of 60 million doses ordered by the British government are already in production in Teeside, a factory in Britain.

LyrArc Article Gist
The 6 km Congee to Bondi walk along the coast, and the 10 km Manly Scenic Walk, Sydney Harbour National Park trails, and  the Greater Blue Mountains Heritage Area, are shown here in BBC Travel, parts of Sydney that can be explored on foot.

LyrArc Article Gist
The first of four German IRIS air defense systems shipped to Ukraine. The systems can protect an entire city from missiles approaching at altitude of upto 12 kilometres and a distance of upto 40 kilometres. It is designed to quickly boster air defense of Ukraine.

LyrArc Article Gist
About 54 million seniors in the US will benefit from the expected 8.7% cost of living increase in Social Security in 2023. Medicare premiums will remain stable in 2023 at $170.10 so that cost of living increases are not eroded by rising Medicare premiums.

LyrArc Article Gist
As criticism of border policy mounts president Biden is moving forward with the building of 20 miles of wall in an area seeing high migrant activity. Hundreds of thousands of Venezuelans in addition to Mexicans have joined the migrant flow with instability in Latin America.

LyrArc Article Gist
After the shooting death by an Afghan national of Sarah Beckstrom 20 years of the National Guard in Washington DC patrol, DJT administration is moving to take action to prevent such incidents and safeguard America's neighborhoods.  DJT said the US government would “denaturalize” migrants “who undermine domestic tranquillity” and recent migrants in the country who were “non-compatible with Western Civilization” will be removed.

LyrArc Article Gist
This France24 report looks at the question of whether the policies of four term German chancellor Angela Merkel emboldened Russia under president Putin to launch the invasion of Ukraine. FR24's interview with the vice president of the German Marshall Fund and head of its Berlin office, Thomas Kleine-Brockhoff, shows there are many reasons why Merkel's policies were serious errors that ignored caution from past experience and from other western leaders in the US and Eastern Europe. Kleine-Brockhoff says that "Europe did not go wrong, Germany and France did. France and Germany tend to speak for the rest of Europe. Bit these mis-assessments were made in Paris and Berlin, not elsewhere. Eastern Europe didn't go wrong. Northern Europe did'nt go wrong."  Kleine-Brockhoff says the war in Ukraine calls for an urgent re-assessment of the German and French policy towards Russia. "Not only is the post Cold-War order crumbling before our eyes, so are the strategies employed by Germany and France." Under particular scrutiny comes Merkel's policy, and policy supported by Steinmeier of the SPD, that took German dependence on Russian energy supplies from 36% during the annexation of Crimea to 55% in March 2022 with the invasion of Ukraine. Germany's conservative Die Welt has this to say- "What Germany and Europe have experienced over the last days is nothing short of the reversal of the Merkel policies of guaranteeing peace and freedom through treaties with despots," describing Merkel's policies as "an error." About France Kleine-Brockhoff says there were lofty ambitions under Sarkozy and Macron of European strategic autonomy, which did not correspond to reality, to fantasies of European armies when there was nothing but NATO. It is not dialogue with Putin and Russia that was a problem, says Laure Delcour, international relations expert at the Sorbonne Nouvelle in Paris. Some form of dialogue is necessary she says, but the dialogue has to have clear objectives. We must not confuse cause with consequence, she says. We know  that NATO enlargement had a big impact on Russia's perceptions, but the real problem is how Russia responded to enlargement. "In this case the problem is the consequence."  ...

LyrArc Article Gist
Caterpillar is asking workers at its Canadian plant to accept a large cut in wages and benefits. Wages and benefits at Caterpillar's rail equipment plant in LaGrange, Illinois, are less than 50% of the costs at the Caterpillar locomotive assembly plant in London, Ontario. According to the U.S. Bureau of Labor Statistics U.S. manufacturing labor costs per unit of output were 13% lower in 2010 than in 2000. This compares with an increase of 2.3% in Germany, increase of 18% in Canada, and increase of 15% in South Korea. Caterpillar is also asking for more flexible work rules at the Canadian plant. The flip side of this is that U.S. workers are earning significantly less in manufacturing, especially considering inflation, and the middle class is shrinking in the U.S. At the same time wages in the U.S. that are more competitive with wages in Mexico and China with flexible work rules and use of automation and technology, is helping to reverse the shrinking of the manufacturing sector in the U.S....

LyrArc Article Gist
G-7 nations reach agreement for a global minimum tax of 15% a floor for taxes that the Biden administration finds acceptable. This agreement was reached at a meeting of the Treasury chiefs of the 7 G-7 countries in London on June 5, 2021. The G-7 countries are Canada, France, Germany, Italy, Japan, UK, and US. Next agreement from Russia, China, India and Brazil in the G-20 nations would establish new ground rules for the major economies. The G-20 meeting is in Venice July 9-10. The OECD is steering the international efforts to achieve that goal. For the agreement to be effective a number of small nations that use tax rates of below 15% to attract business have to be part of the new rules. One of these countries is Ireland with a tax rate of 12.5%. For the Biden administration in the US the goal is a significant one as president Biden seeks business to pay its fair share so that long neglected priorities for education, healthcare, infrastructure, post pandemic improvements can be met. France and other nations in the EU face similar needs in the post pandemic environment. By setting a floor the Biden administration is both creating a new cultural concept of fairness in taxation and making it possible to finance the $2 trillion spending programs for these priorities of president Biden. Behind this are important facts that have left the large tech businesses paying little or no tax depriving governments of the very revenues that are needed for infrastructure and services for a modern well run state. The Biden administration seeks to include the tech businesses as well as all businesses in the new tax rules so that a uniform idea of fair taxation applies across the whole economy for the first time in two decades. In this way it makes up for the missed opportunities in the OBC administrations of Obama, Bush, Clinton that have led to loss of faith in the state and institutions in the US. A similar situation prevails in the UK,  France and Germany where previous administrations failed to address this important issue of fair taxation and financing infrastructure and priorities in health, education, and critical needs of the people.   ...

LyrArc Article Gist
An exceptional account by Melissa Eddy of how Germans are reacting to the German government's underinvestment in childcare centers. Germany's cabinet approved a bill that provides $190 monthly child care allowance for mothers who opt not to use day care centers provided by the government. This is supported by the Bavarian party, Christian Social Union, on the grounds that it gives an alternative to mothers to use private day care or nanny care. In practice many of the mothers using the allowance are expected to be lower paid workers who may decide not to work. The government has budgeted $500 million for the allowance for 2013. This is opposed by all opposition parties , and in a rare show of unity by business employer associations and unions, both say it "creates a false incentive to quit work." Axel Plunnecke of the Cologne Institute for Economic Research, says studies show low income families are among those who benefit most from early childhood education. About 100,000 lower qualified and lower paid workers could see this as attractive and quit working. The western part of Germany lacks enough child day care slots, so this is seen as not investing enough where its most needed, and Germany lags behind other countries like France in day care centers. The government is investing $15 million over five years to expand the number of child care centers. The goal is to have 750,000 child care slots by 2013, according to Ms. Kristina Schroeder, the family minister, herself a mother giving birth while in office. The measure was vigorously debated and controversial from the beginning because most many Germans see the $15 million years over 5 years as underinvestment in vital educational infrastructure. The $500 million is better invested in building modern day care facilities, they believe, especially because the children from lower income mothers not benefitting from daycare facilities will still need educational help, and German industry needs more women in the labor force to be competitive. Five years ago under reforms of parental support the 3 years of help to mothers was reduced to 1 year, resulting in an increase in the numbers of women working from 32% in 2002 to 40% by 2011, according to the Ministry of Family Affairs, Senior Citizens, Women and Youth....

LyrArc Article Gist
Paletta, Hilsenrath and Solomon give an exceptional journalism report on the silence and tension in the room at the meeting on Monday, October 13, 2008, at 3.00 pm in the Treasury building. It was an historic meeting between Treasury Secretary Paulson, Fed chairman Bernanke, and FDIC chairwoman Sheila Bair on one side, and the head of America's leading banks on the other side. The situation was explained, the bankers asked questions, bankers were not allowed to negotiate, and at one point Bernanke had to intervene saying there was no need for this meeting to have a confrontational tone. Wells Fargo's Kovacevich asked why banks had to accept a capital injection. Kenneth Lewis of Bank of America softened the tone of the meeting by saying that "any one of us who doesn't have a healthy fear of the unknown isn't paying attention." Even before the meeting an anxious John Mack of Morgan Stanley asked Paulson for the reason for the meeting and Paulson told him, "come on down, you will be pleased." John Mack who had fought so many rumors of the firm's demise, was surely pleased with the $10 billon injection of capital in Morgan Stanley by the government in return for preferred share and a dividend of 5%, which helped assure markets about Morgan Stanley's future. Goldman Sach's also received $10 billion. The meeting was ended at 4.30pm. Before this Timothy Geithner, head of the New York Fed, acting as the point man went around handing each CEO a term sheet with a place to sign. Another meeting was setup for 6.30 pm and at that time all the term sheets were returned - and all were signed. There was no meeting. Treasury officials and Fed officials and others had hoped that the intervening time would give CEO's a time to talk to their boards, to think things over, and clear their heads. In a few hours the government took preferred shares in the nation's leading banks and injected $125 billion into the largest banks. Treasury injected $25 billlion in Bank of America, Citigroup, and JP Morgan Chase, And between $20 and $25 billion in Wells Fargo, and $3 billion in Bank of New York Mellon, and $3 billion in State Street. Another $125 billon would be injected into other smaller banks in coming days. Officials at Treasury, Fed and FDIC and other government officials hoped this would give a "confidence shock" to the nation's banking system. ...

LyrArc Article Gist
President Trump reiterated his threat to place tariffs on $300 billion of Chinese goods in addition to earlier tariffs on $250 billion in goods.  The problem China faces is that it China imports less, far less than the U.S. does. China has only $10 billion in U.S. goods to place tariffs on. This is after placing tariffs on $110 billion in U.S. goods, mostly agricultural products such as soyabeans in retaliation for U.S. tariffs on the $250 billion of Chinese goods. China could place a ban on imports from Boeing or restrict the access for U.S. companies to the Chinese market. U.S. companies have invested billions of dollars in the China and employ about 2 million Chinese in well paying jobs. Concerns about unemployment would be uppermost to prevent these jobs being affected. Other concern for China is the loss of foreign investment as relations deteriorate. Already supply chains in some products such as clothing and consumer products is shifting other countries in Asia. In automobiles the regional hubs are expected to shift with India as a potential hub for Asia, and Mexico preserving its place as a North American hub following renegotiation of NAFTA. In media the dispute is leading to a shift from Chinese consumers buying Adidas instead of Nike and Huawei smartphones instead of Apple.  For an already slowing economy this hurts China more than the U.S. which is why the U.S. is pushing China to settle with an agreement that the U.S. can trust to bring down China's trade surplus. For the U.S. as most of the loss in exports is in agricultural products the solution has been to provide government aid to farmers, and for Mr. Trump to use the issue to point out that he is fighting for U.S. interests and for fairness. This is why the trade dispute poses more problems for China. Because the surplus is so wildly skewed in China's favor after the inaction of many U.S. presidents just as it was for Japan in the eighties, the situation appears to be headed towards a definite reversal of the lopsided trade surplus enjoyed by China. In the process the U.S. plans to build up the competitive edge it has lost to some degree.  ...

LyrArc Article Gist
The pressure on the ruble as it reaches 40 to the dollar by Oct. 2014. The increase in inflation with higher import costs affects the Russian economy.

LyrArc Article Gist
The 60 second format that helps fragment the attention of users is shown here in the WSJ in the form of You Tube Video Shorts.

LyrArc Article Gist
The Indian economy showed strong growth in the second quarter of 2021 and economic growth for the whole year 2021 is expected to exceed 10%.

LyrArc Article Gist
Is G.M. pushing too early for an I.P.O. offering in the fourth quarter. Would a year or more of good results improve the chances of making an I.P. O. on attractive terms. By then the proceeds could be used to invest in growth, fund healthcare and pension liabilities, instead of just offering an exit for the government.

LyrArc Article Gist
Kostantin Ernt pulls together all the threads of the Russian story from modernization with Peter the Great, Tchaikovsky, Tolstoy and opera to performance of athletes- following national narratives in Beijing and London of previous Olympics.

LyrArc Article Gist
Wal-Mart's Massmarket Holdings plans to open 90 new stores in Africa in 2013-2016. New store openings planned in Nigeria and Angola. Massmarket operates in 12 sub-Saharan countries of Africa and has 359 stores.