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Germany is once again seeing new cases of coronavirus at levels seen in May, with 1226 new cases August 11. Health minister Jens Spahn says it is because of family gatherings and partying, and also travelers from summer holidays overseas. Germany now has 218,000 cases and over 9200 deaths. Russia has 900,000 cases and is testing a new vaccine.

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The State Budget Crisis Task Force is co-chaired by former Fed chairman Paul Volcker and Richard Ravitch, a former lieutenant governor of New York. The Report of the Task Force says rising pension expenses and healthcare costs for public sector employees and Medicaid costs are severely reducing the ability of states in the U.S. to fund essential infrastructure improvements, education for low income students and other services. The report said there were six major threats to the fiscal situation of states- including Medicaid spending, underfunding of retirement, "budgetary gimmicks" to address the short term needs, and uncertain tax revenues. Ravitch told a news conderence: "It will be a hell of a lot more expensive to deal with theses problems in five or ten years than to deal with them now." The report focussed on California, New York, New Jersey, Illinois, Virginia and Texas. It was funded by the foundation of Blackstone Group co-founder Peter Peterson, and George Soros's Open Society Foundation....

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Damian Paletta of the Washington Post says that credit goes to Gary Cohn a former Goldman Sachs president, and head of the president's National Economic Council for the way he has quietly built up a group of leading experts on major initiatives of the Trump administration such as tax reform, infrastructure plans. Compared to the infighting and other problems in the first 100 days of the Trump presidency, Cohn is credited with building a core of ideas and experts that bring Trump more to the centre and with the prospect of winning Democratic party support. He has helped shift the president to set up a more balanced approach, less confrontational with China and not calling China a currency manipulator, getting support for the Export Import Bank, and more receptive to the Federal Reserve led by Janet Yellen. This report says an alliance of moderates is centering around Adviser Jared Kushner, Cohn, and in other reports Tillerson in foreign affairs is seen as being part of this group. On NAFTA the president has moved to a less confrontational approach with Mexico, which has helped the Mexican peso recover and improved prospects for the Mexican economy.  On infrastructure new ideas to find financing are needed and a plan to tax carbon emissions is intended to draw Democratic support as well as provide some of the funding. About $200 billion in taxpayer money and $800 billion from private investors is being discussed at the National Economic Council. This report says Cohn suffered from dyslexia in childhood, graduated from American University, and joined Goldman Sachs in an unconventional way. He shares a passion for deal making with president Trump, yet at the same time values the views of experts he has brought to formulate concrete plans for the way ahead. About 25 experts with extensive experience in government helped put together new tax changes, infrastructure plans, and international trade deal plans. His predecessor at the NEC, Gene Sperling, gives him credit for quietly pulling together the experts and doing the planning that the Trump administration now depends on. ...

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Bloomberg Associates is a firm created by Mayor Bloomberg to help cities all over the world improve city living from Louisville, Kentucky to Mexico City. The focus is on cities using the expertise and experience gained in running New York City, and replicating some of the success in New York elsewhere. Public health, economic development and environment sustainability remain at the forefront. Other ideas include making more room for pedestrian plazas in busy areas, calorie counts in fast-food chains, curbing smoking, a customer-service hotline for city residents. This includes projects such as turning blighted or neglected neighborhoods into attractive public spaces and making subway friendly residential neighborhoods. In places such as New Orleans the Mayor's staff has already produced changes in the crime rate with innovative programs and financing from Bloomberg Philanthropies. Their will be no fees for sharing this expertise and knowledge. Joining the new firm are most of Mayor Bloomberg's top staff, including Amanda Burden, director of city planning. George Fertitta will run the firm....

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The new retail store experience at tech and electronics stores, including new stores of AT&T and Verizon Wireless.

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Marketing, things like educating customers on how to use the new features, showing oof new products and features, getting customers to walk in and try new products for fun, and building up the excitement, and good locations at the heart of major cities in major markets, its been done by apple and here its being done by Nokia in Shanghai. nokia has about 30% of the Chinese market which is about 13% of Nokia's global sales. It helps it keep its leadership and distance from competitors like Motorola and Samsung which have 19% and 11% of the Chinese market. Int he 3rd quarter sales in China were up by 37% for Nokia, with sales of 19 million cellphones.

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Nestle will create a new subsidiary called Nestle Health Science and a research organization Nestle Institute of Health Sciences, "to pioneer a new industry between health and pharma." Nestle sees disease prevention as a big part of healthcare in the future. The new company with an investment of 500 million euros over the next ten years will work to develop new nutritional products for diseases such as diabetes, obesity, cardiovascular and Alzheimer's. After sale of its stake in Alcon unit to Novartis for $28.3 billion, Nestle is almost debt free and can invest in developing new nutritional products without needing a return in the short term.

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NYT reports from China show how China is handling a complete U Turn on how to handle Covid. Most pandemic restrictions are lifted, and people can now recover at home. A rising number of infections and China is now open to bring in western medicines. It is seen as a boost to the economy. Even the government officials are wondering how to shape the new narrative. It shows the flexibility of the leadership in China and the willingness to learn from new developments in dealing with the pandemic. A similar step was taken by Democrats in the US as they relaxed restrictions in line with new evidence that was coming in with milder strains of the virus.

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This NYT editorial points to the achievements under Mayor Bloomberg in improving the city of New York- to renew life in the city as the major city for the free world. A crime rate that is down, cleaner environment, efficient transportation, and a $2.4 billon surplus. The new construction helped rebuild the city, and more livable space with 800 acres of outdoor space most along city shorelines, expansion of bike lanes to 600 miles, and promoting environmental improvements, a high tech campus on Roosevelt Island. All this without political skills and media hype, bringing candour and public spirited dedication for the city's improvement, and giving new respect to urban experts who used their talents in the city administration.

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Impact of $100-$138 a barrel oil prices from Iran War on US economy is modest - stable unemployment inflation at 2.9% instead of 2.7% and decline by 4 tenths of a percentage point in GDP growth. This is the view of 50 economists at banks, companies and research consulting gorups surveyed by WSJ March 16-18 cited in both the WSJ and her inthe NYT. NYT says unless the prices reach $200 which is unlikely, there won't be a recession. The reason is that the US is self sufficient in oil needs and exports oil and gas to Europe, and now to India and Japan. In fact in the domestic economy oil producing states in the Permian Basin including Texas, Wyoming, New Mexico and state of Alaska will actually see more growth. US will also generate more revenue from oil exports. US will also be able to leverage the situation to bring Venezuelan production with additional investments in upgrading the Venezuelan oil fields from American oil companies. This will be more attractive at higher oil prices and revenue generated will be sent to benefit the Venezuelan people. What it does affect lis ow income people with long commutes to work in the US. ...

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US actions to conduct investigations on 18 countries under Section 301 of the Trade Act of 1974 - March 12 2026 after the Supreme Court asks DJT to use another law for tariffs. A key focus of the investigation is to show how industrial overcapacity is deliberately built through subsidies to push product into US markets and destroy American competition. US Trade Representative Jamieson Greer said March 11- "Our view is that key trading partners have developed production capacity that is really untethered from the market incentives of domestic and global demand." The US and DJT have repeatedly shown how this has been done over two decades to destroy the US industrial base. Another focus is on the used of forced or underpaid labor working in substandard working conditions and excessive hours. Greer says he will have the investigations results ready by mid-July when the presidents new tariff of 15% (after the SC ruling) expires. Other probes or investigations will also be conducted. All trade agreements signed with Germany, EU, Japan, UK, India, China, and other countries will remain in place. These countries have expressed a desire to keep them in place as that offers key benefit of removing uncertainty in making business decisions. ...

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Three BBC correspondents on China's 2026 National People's Congress - effort to invest in childcare and elder care services to increase consumer spending. To continue in solar, robotics, AI, EV's, and exports as before. The problems of industrial overcapacity and pushing subsidized product into the US or EU that cause trade tensions and tariffs will continue.  New 301 investigations by US Trade Representative are taking place and will complete by mid-July. Germany's chancellor was in Beijing making a similar point about industrial overcapacity and German business is now facing the same threats to their business that the US has gone through. The one other way for China to grow is to increase consumer spending- hence the effort to help young people with childcare costs and retired people with elder care. The payments to seniors is low says the BBC's McDonnell who says the increase in payment to rural and non-working urban residents of $3 per month is miniscule. No details given for housing support to newly married couples. On one aspect relevant to the Iran war-China is increasing its efforts on renewable energy to reduce imports from volatile Middle East. ...

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DJT and Xi of China agree that Hormuz Straits should not be controlled by Iran, and no tolls for passage through Hormuz on ships to be paid to Iran. Thedse are points of agreement with China at the summit between Xi and DJT in Beijing  May 14 2026. It is certain that Xi of China is also for no proliferation of nuclear weapons in the Middle East. China has to manage relations in the Middle East by considering the Arab  states of North Africa with whom it has good relations and their point of view- these countries are- Egypt, Moroccco, Tunisia, Algeria, UAE, Kuwait, Saudi Arabia. China gets its oil from both Iran and these Arab states. In a larger sense both the US and China are looking for alternative sources of oil after this episode of conflict in the Middle East one of a long series of events since the 1970's for 5 decades.  China and the US, India, EU are looking at this episode as a point from where a new renewed effort is being launched to replace fossil with renewable energy, be able to generate more GNP with fewer oil and energy resources. ...

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Women do twice as much of the caregiving for elderly parents and small children as men. About 41% of mothers say this makes it harder for them as working parents. About 20% of the female workforce in U.S. is giving elderly care. This adds up to more stress, decreased working hours, decreased income, needing leave of absence, and missing promotions or training. Only 14% of working people in the U.S. have even one day of paid leave to care for a new baby or seriously sick family member- a startling statistic for America, showing lack of family friendly policies at most companies.

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Mette Fredericksen's Social Democrats and her centre-left coalition gets a majority of the seats in parliament in Denmark's elections. She resigns and will now form a new centrist government. She says her party was elected to form a broad centrist government. Her party gained 50 seats. A new party started by Mr. Rasmussen gained 16 seats.

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Building new supply chains and Taiwan working with Indian manufacturing as "Made in India" expands is the topic of this interview with the Taiwanese government representative in New Delhi. Taiwan is also interested in increasing its participation in the World Health Organization with the help of India as the chair of the WHO executive board.

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The Liberal Party is falling behind the Conservatives by double digits because of cost of living and housing concerns. Mr. Trudeau's popularity is dimming. His government is a minority government that depends on the New Democrats for key votes in parliament. Mr. Trudeau talks about personal sacrifices on this job. Canada will elect a new government in 2025.

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See pictures of the new La Guardia airport, and the work of the team that made the new Terminal B happen. The old airport was called a "third world airport" by president Biden. A reflection of what had happened in America with the defunding of infrastructure leaving subways and airports that were simply breaking down and dilapidated.

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The WSJ editorializes on McCain's plan to take over American mortgages and issue new ones at 5% and 30 year term to help stem foreclosures and stabilize home prices. WSJ editorial points to taxpayers having to shoulder all the costs under this plan and lenders and those who made bad decisions among homeowners not having to pay a price for their decisions.

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Hubbard was Chairman of the Council of Economic Advisors under President Bush. His plan is for the government and Congress to allow all residential, mortgages on private residences to be refinanced into 30 year fixed rate mortgages at 5.25% and place those mortgages under Freddie and Fannie. The idea is to have a low enough rate to support house prices. Where the homes are worth less than the total amount of the loan balance the mortgages would be refinanced into a 30 year fixed rate loan to be held by a new agency modeled on the 1930's era Homeowners Loan Corporation. New mortgages would be made of upto 95% of the current value of a home, with owners and servicers of the loan splitting the losses on refinancing the mortgage with the government agency. Servicers would have to accept refinancing on all or none of their mortgages, no cherry picking. And the government could take an equity position in return for the mortgage writedown so that taxpayers do well with a better housing market....

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California, New York and Washington are  three states, with 30 other cities in the U.S., and 100 large businesses, forming the U.S. Climate Alliance, saying they will  follow the Paris agreement on climate change. Former Mayor Bloomberg of New York City is organizing the effort, and he says in the U.S. it is cities, states and businesses that actually do the work of reducing emissions, not the federal government. Bloomberg said: "The fact of the matter is Americans don't need Washington to meet our Paris commitment." Governor Jerry Brown of California says the response will be for California and other states to set even bolder standards for reducing emissions.

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Reince Preibus, former Rebublican National Committee chairman, has a law practice in Kenosha, Wisconsin. He is the new chief of staff for president Trump. Not much is said in this report on Preibus about his personal background, except that he has a close relationship with Speaker Paul Ryan, and that he initially gave Trump a 40 minute lecture to withdraw from the presidential race after the controversial tape involving remarks made by Trump was released. He was instrumental in winning the election for Trump by bringing in the party machinery to support Trump during the last 2 weeks of the election, and at the time in the closing days of the election considered the prospect of being Trump's chief of staff on the chance that Trump would win. He now models his behaviour with Trump to that of senior people who manage Trump's resort properties, says this report. The report also points out that president Obama had 4 persons in the chief of staff position, so that it is possible there could be a change at some point. ...

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"In the spring of 1971, I met a girl," with that beginning Bill Clinton gave one of the most memorable speeches at a Democratic Convention in history, to introduce the very human, Hillary- sometimes frail, but always looking for new mountains to climb, new barriers to break, new injustices to be righted. Of the long courtship at Yale and the years at Arkansas, buying that house in Little Rock Hillary liked before proposing marraige,  the time when they cried while leaving their daughter Chelsea at college dorm in Stanford; and all the private moments of a political couple one gregarious and outward looking, the other serious and inward looking. An introduction to someone you have heard too much about but you never knew. Never saw too close because of her intense longing for privacy- possibly coming from her own mother- Methodist upbringing that you were never the one to focus on, and family experience. Bill had seen this Methodist up close, and shared his experience with his countrymen who had not known her so well as he had.  ...

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About 1.5 million mothers of school age children in March 2021 are missing from the US workforce as mothers are slow to return to the workforce. Both men and women had lower labor force participation, but as men's is rebounding the mothers are still slow to rebound. One mother in Brooklyn, New York, with 3 school age children is typical. She decided to hastily quit work to take care of children at home during 2020 at a stressful time, and has found it difficult to return to work in 2021. It has brought men and women closer to their children but also made it harder to pursue their careers.

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Bridgeport, Connecticut, an old American manufacturing town that is getting back its manufacturing prowess. Bridgeport was home to Remington, to divisions of Westinghouse and General Electric, Bryan Electric. During the allied effort in WWII it made half a million Thompson submachine guns. After the deindustrialization of the 1980's and 1990's and the period of stagnation since, the city is now making a resurgence in manufacturing using a talented workforce and education system. A resolute effort to revive American manufacturing can be seen everywhere. Newer companies are different from the past using new technologies, highly trained employees, these businesses are smaller, cleaner and more expensive to operate, say city planners and new business owners.