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Electric vehicles (EV's) get a tax credit under the Biden Climate Bill also called the Inflation Reduction Act of 2022. To qualify for the tax credit of upto $7500 buyers of EV's have to meet income and other requirements. Only cars with final assembly in the US qualify for the tax credit which should help boost American EV manufacturing capabilities and technology. This removes the problem of automobile job losses for factories shipped overseas.  EV's must not be priced above $25,000 for 2 year used cars, and $55,000 for new cars. SUV's can go upto $80,000. Income limits (as AGI) are $300,000 for joint filers, 150,000 for single filers for new cars. For old cars it is $150,000 for joint filers and $75,000 for single filers.

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A big factor in U.S. car sales, which reached 7.5 million in 2015, exceeding the 7.3 million in 2000, is that a large portion of cars on the road were about 11 years old following the recession in 2008-2009. As Dexter Ford pointed out in a article in 2012 many car owners on the road had replaced the earlier 100,000 mile mark before buying a new car, with 200,000. This pent up demand, and the better technological features including gasoline conserving technology, gave new impetus to demand in 2013-2015. Lower gasoline prices at the pump of about $2.00 a gallon in Jan. 2016 across parts of the country made it economical to own SUV's and pickup trucks. The U.S. car companies Ford, GM and Chrysler-Fiat had sales of 2 million full size pickup in 2015, with the Ford F-150 leading. Car companies have come through a severe crisis and are taking steps to avoid a repeat of the mistakes of the past on fuel efficiency- Ford has introduced a lighter aluminium based version of the F-150 for example. Gasoline prices also provide buyers with extra money to meet car payments which now have been stretched to longer periods and lower rates by auto companies to reduce the cost burden per month. AAA says the average price in 2013 for a gallon of gas was $3.49, in 2014 at $3.34, in 2015 at $2.40. AAA says that 71% of gasoline stations sell gas at less than $2.00 in January 2016, and gas prices are likely to remain low for an extended period with lower demand from China, higher fuel efficiency going forward with stricter standards, new technology for shale oil production, and the replacement of cartel pricing by competing production from Saudis, Iran and Russia. On average Americans saved $115 billion on gasoline, or $550 per licensed driver, according to AAA's Daily Fuel Gauge Report of January 6, 2016. In addition to the $550 saved the higher fuel efficiency with new technology adds a corresponding amount to savings per driver. Add to this the lower payment at low rates over longer periods and the car payment per month has been reduced significantly in a improving job market, to support car sales....

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Denning provides a reminder of the growth but also real risk in emerging markets. The weighted average score in Transparency International's 2010 Corruption Perceptions Index for BRICs countries is 3.3 out of 10, compared to 6.7 for the Eurozone, and 7.1 for the U.S. Russia needs an oil price of $120 in 2012 to balance its finances, and the consensus is for oil price to be $103. China has a bad loan problem at its banks. Brazil and India have inflation problems and growth constraints from poor infrastructure. There is aneed to be grounded in realities when it comes to emerging markets. The IMF underscored this weakness in its recent report. Sudden capital outflows could reveal serious weakness in some countries.

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Indian foreign minister Jaishankar tells a conference in Begaluru that what happens outside India affects each and every Indian. Inflation with prices of fertilizer, foodgrains and oil are affected by the war in Ukraine, coronavirus started in Wuhan, China, the incursions since 2020 in the Himalayas were started at our borders by China and began with its invasion of Tibet, what is happening on the border in Kashmir with crossborder terrorism happens with China's support of Pakistan.  Gaining access to pools of US and European capital and technology will involve action taken by foreign investors from outside India's borders in lands far away. This will affect the infrastructure and the speed and scale of India's industrialization and modernization, and will affect every Indian. It will also help India compete with other industrialized countries including China, and emerge as a leader of the Free World along with US and European Union. The world is where everything takes place and India's place is in the Free World. ...

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Subaru makes 80% of its cars in Japan compared to 21% for Honda. Toyota also makes a larger percentage of its cars in Japan. The swing in exchange rates bringing the yen to 116 to the U.S. dollar is likely to benefit both exporters. Experts expect both companies to launch a product offensive in the U.S. market and and not start a price war with American makers. Subaru sales of Forester and other models surged 18% in 2014 to about 500,000 cars in 2014. Toyota is the largest shareholder of Subaru's parent company Fuji Heavy. Fuji shares have quintupled since Nov. 2012. Subaru has always pursued a strategy of making in Japan to keep high product quality, according to CEO Yoshinaga, with half of its sales coming from the U.S. market. For the year ending March 2015 Fuji Heavy net profit is expected to reach $2 billion.

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Inozemtsev of the Institute of Post-Industrial Studies in Moscow, asks the question wht if the Russian economy shows no growth in 2017, and 2015-2016 become the beginning of a serious downturn. If oil prices remain low for an extended period as now looks likely with factors such as shale oil technologies, Iranian oil, and Saudi policy, playing an increasingly long term role, Russia could face some of the problems former finance minister, Alexei Kudrin, other business leaders including head of Sberbank, warned about. A major problem that Inozemtsev points to is the change in the business climate for foreign investment in 2012-2016 as the Russian economy looks more inward, and the departure of many foreign companies. During the period 2000-2008, a major boost to the economy came from foreign investment which brought with it management and technological improvements. No emerging market country, including China, can have a bright future without access to new technologies and investments from foreign investment. The current period starting in 2009 stands in sharp contrast to the earlier period with the Russian economy lacking the boost from foreign investment, facing capital outflows, and international conflicts creating a long term effect on oil prices. Russia needed time to move its economy away from commodity dependence through technological improvements and investment, yet this does not appear to be happening, raising serious questions....

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Meg Whitman, H-P CEO, repeated her statements that a recovery was four or five years away. She sees little sales growth till 2015 and predicts losses. H-P's share price fell by 13% on Oct. 3, 2012. Whitman said in an interview that H-P has failed to invest in research and development. She was critical of lack of R&D investment under Mark Hurd. But says many of the problems go back to when Carly Fiorina was CEO in 2005 and made the acquisition of Compaq. The acquisition approach has worked poorly for H-P, with lack of R&D within H-P. H-P's financial position also worsened with the $10 billion paid by Leo Apotheker, Hurd's successor, for Autonomy Corp. Internal software systems disconnected costs from revenue, so that in 2011 field selling costs increased by $1 billion even as revenue decreased by $5 billion. A series of management changes made things worse through poor decisions, inconsistency and lack of focus, all of which will take years to correct.

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The large increase in auto sales in 2013 to 15.6 million follows a strong rebound in the U.S. market. The gains in sales over 2009 at the peak of the financial crisis, shows Chrysler at 93% gain in sales over 2009, VW at 92%, Nissan 62% and Ford 54%, according to Autodata. Smaller gains of 33% and 26% for Honda and Toyota. Chrysler's sales were 1.8 million in 2013- the company which depended on policymakers in the Obama administration for survival showed remarkable gains under Fiat's CEO Marchionne. VW returning to the market and stumbling repeatedly in the previous ten years, made serious gains with Jetta and Passat models designed and priced for the U.S. market. VW achieved sales of 0.6 million in 2013. Ford sales were 2.5 million, Nissan 1.2 million, Honda 1.5 million and Toyota 2.2 million for 2013. GM sales 2.8 million increasing by 35% in 2013 over 2009. The automobile story may be the biggest story in the U.S. manufacturing recovery. It also may have made a difference in the election campaign of 2012- with winning campaign points in key midwestern states such as Michigan and Ohio for the Obama administration's backing of a renewed auto industry around fuel efficiency improvements, new management, and new relationship with unions. In the period 1998-2007 average sales were 16 million in the U.S. market, with a nosedive to 10.4 million vehicles in 2009, and a rebound to 15.6 million in 2013, according to Autodata. Under previous union contracts with higher wages and pension costs, and a flurry of price incentives, car makers needed higher volume to make profits. Changes since the bankruptcy of 2 automakers include bringing in management from outside the auto industry- Marchionne at Chrysler, Whittaker and Akerson at GM came from other fields (telecom, finance) bringing new perspectives. Mulally at Ford was from Boeing commercial aerospace. Other changes were lower wages and pension costs with renegotiated contracts and relationships with unions, discipline to lower incentives, younger managers moved up and brought in from outside including Reuss and Barra at GM, Farley at Ford, lower sales to fleets, improved fuel efficiency for SUV's and pickups to change the cost of operating, a mix shifted to smaller and midsized cars, improved quality, and changing the buyer perception of American brands....

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Home Depot to keep prices steady by making products outside China- May 2025. Home Depot says it will do this by making products outside of China. DJT administration is working to get American retailers to hold prices steady as the US grapples with overconcentration of production in China. For three decades American administrations from Bush to Obama allowed the overconcentration of production in China to take place and diverted attention to unwinnable foreign wars where American interests were not at stake. US president DJT faces a difficult situation to reverse this overconcentration having to resort to tariffs and other actions to correct these missteps of previous presidents.

 During the transition period Americans need to be protected from rising prices to keep increase in the cost of living under control. Companies such as Home Depot are taking a responsible step considering the importance of the action for America's long term interests.

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Most of the reporting on Ukraine follows the war. Questions are asked how will this conflict end? This report in Der Spiegel is one of the rare reports that looks at the Ukrainian economy with images and reporting from the ground that answer that question. If the Ukrainian economy is surviving in 2023 then Ukraine will continue long after a peace settlement is reached. It shows for instance that supermarket shelves are well stocked. It shows energy from half a million generators keeps the lights on and companies working in Ukraine. The steel industry is mostly destroyed yet the software industry continues to grow. Unemployment is 30% even after hundreds of thousands of younger Ukrainians are at the war front. Of about $62 billion promised by US and European countries about $31 billion has actually been transferred to Ukraine. The IMF has created an exception for aid to Ukraine with offices in Kviv and Brussels. All defense needs are covered from the Ukraine budget. Before the invasion in Feb 2021 defense took up 9% of the budget, now it takes up 42% of the budget. Another 16% for public security. For social benefits 16%, and another 26% for other expenditures. By having an economy that is functioning and life even in light from generators and solar energy, with supermarkets well stocked and providing office space for workers, with aid mechanisms working. Ukraine has already emerged as part of Europe, tried, tested and come through adversity of the worst sort. It is supposed to join the European Union, yet Der Spiegel says it is already tightly integrated into the EU. Its power grid was integrated with the EU power grid before the war, and nuclear power was sent to the EU from Ukraine before Russian attacks on the nuclear plant. Then transmission lines brought energy to Ukraine from the EU. The EU takes in 80% of Ukraine agricultural exports compared to 20% before the war. Even at the risk of lower prices and hurting farmers in Poland, the Polish government has allowed large imports of agricultural products into Poland. The close links with countries of the EU that share a border with Russia have increased. The problems now are that Ukraine after this war will have severe shortage of manpower. Already with the fall of the Soviet Union Ukraine lost about 8 million people and population was 44 million before the war. About 8 million people moved to Ukraine in the one year following Russian invasion. Of this 1.5 million stayed in Poland, the rest went on to other countries in the EU or returned. The countries such as Germany, Finland, Czech Republic have labor shortages of their own and encourage refugees to stay. Rebuilding is estimated to cost $131 billion. Yet as is evident in Poland after most of the damage from the second world war in Poland it was rebuilt using modern technology. Ukraine survives, its life goes on, is the message from Der Spiegel. In this way the war's outcome is already evident. Much of it comes from the European Union having sensed that attacks made with impunity would endanger all of the European countries when made by any dominant power. This is also what Cambridge historian Brendan Simms has shown about European history for the past 500 years in History of Europe- The struggle for Supremacy 1452 to the present. No one country says Simms was able to act with impunity and pose athreat to its neighbors as all other countries in Europe rallied to prevent this. This war is no exception.   ...

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Investors showed a lack of confidence in CEO Apotheker's makeover strategy for H-P by exiting the PC and tablet business and focussing on software. H-P's share price dropped 21% on August 18, 2011 to $23.34. This is the lowest price since 2005. About half of the market value has been lost since February 2011. H-P reported lower 4th quarter guidance to $1.12 per share for earnings excluding items.

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China's strategy for climate change action makes allowance for the need for coal as base energy, and insurance to prevent factory shutdowns from shortfalls of hydroelectric energy in drought seasons. It planned 80GW in 2024 for new coal powered plant construction. 

What should the US do? DJT and Republicans including North Dakota Governor Borghum say the US should also make some room for this in transition policy. DJT calls it "drill baby drill." Yet it is more nuanced than that, it means US will produce natural gas to supply Europe and keep gas and electricity prices down as a cost of living action. DJT knows industry has already put in plans for renewable energy production, it just won't be accelerated in ways that won't let the US economy grow. This is the rational for Alaska oil and gas and rare minerals policies shown alongside this article.

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Peter Goodman who covers the consequences in the lives of ordinary people of the industrial changes going on around us, gives this report from Michigan. He shows how today's Michigan, was home to Henry Ford's automobile plants that made it a major part of the industrial revolution in the US after 1910, when Ford's first assembly line manufacturing was set up in Highland Park, Detroit. Industrial growth till 1960 made the US the leading industrial nation in the world. Followed by Japanese imports and auto manufacturing shifting to Asia and Mexico, that led to deindustrialization and neglect in Michigan and the midwestern US.  Key aspects of resurgence today is coming from lessons learned in the period of deindustrialization. From labor and management not working together, from huge pension obligations and costs that had to be overcome, that made existing wage and cost structures uncompetitive with Asian manufacturing. Labor concessions in the last decade have made a rearrangement of cost structure possible, yet along with the financial crisis of 2008 further worsened worker incomes. The first steps of a return for Michigan to its role in the early industrialization of America, the new labor contract negotiated in 2023, the support of president Biden and the government, the investment in the new technology of electric car manufacturing by Ford, General Motors and Stellantis. Goodman shows how the state, federal government, community colleges and other educational institutions training workers and students, and car companies are working together to promote interests of workers and communities. There is uncertainty created about the fewer parts in the electric car manufacturing process, automation advances, and fewer jobs. Yet the process is a transition over many years and this is accepted by the Biden administration and by the industry as it responds to slower demand for electric cars in 2024. This provides the time to bring up new training programs for workers, enable the funding of new research into battery technologies that would bring down the cost and make electric car prices accessible to the wider population. Uncertainty and fears about the transition are counteracted by the effort the Biden administration is making to bring up all manufacturing and to make large investments in American manufacturing.   ...

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Under new CEO, Georges Plassat, Carrefour focusses more on Europe and reduces expansion in emerging markets. As part of this strategy Carrefour buys 127 malls in which it operates stores and forms a separate propoerty company in which it owns 42%. This reverses the decision in 2001 to sell 150 malls partly to finance the push into China, Brazil and Argentina and other European countries. The prior CEO, Lars Olofsson, increased emphasis on hypermarket stores and expanded presence in emerging markets. Carrefour share price took a 60% drop in 2010-2012 and is gradually recovering. Plassat's strategy is to go back to focus on Europe and withdraw from poorly performing places such as Greece, Portugal, Indonesia and Columbia.

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A loan scandal at Post Hellenic Bank cost the bank $678 million. The CEO of Pos Hellenic Bank, Angelos Filippidis, recklessly approved loans without guarantees according to prosecutors in Greece. He is now in a Turkish jail awaiting extraditon to Greece after being arrested in a Istanbul hotel. Eleni Raikou, and Popi Papandreou, are the two leading Athens prosecutors conducting the investigations. Three deals for submarines, tanks and aircraft cost $6.8 billion and are said to be purchased at inflated prices. These deals are being investigated. It is this widespread corruption in the political elite in Greece that has drawn the ire of Germans when considering the request for new loans to prevent a bankruptcy in Greece in 2011-2012. Especially because ordinary Germans have accepted lower wages to bring down the once high unemployment rate.

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The current economic expansion in the U.S. in April 2014 is at 58 months from the beginning of recovery in 2009. In this exceptional account Josh Zombrun of WSJ compares the current expansion to previous expansions since 1950, with the views of experts such as Stan Hall of the NBER committee, which studies turning points. This expansion is forecast to go for 90 months into 2016 by the U.S. Federal Reserve, and 102 months into 2017 by the CBO. Sooner or later, says Stan Hall, some adverse unpredictable event takes place that ends the expansion. So far the expansion has been slow and protracted, as predicted by economists Reinhart and Rogoff from previous financial crises in the last century, giving it room to grow as corporate earnings continue to improve. Fed chairwoman's sense of slack in the economy also provides room for employment and incomes to grow in the later stages of the expansion. This is good news for the emerging market economies such as India and China, and for the European Union, faced with slowing growth. So how does this expansion compare with earlier ones. The expansion of the 1991-2001 of the tech boom was 120 months, 1961-1969 of the Sixties 106 months, 1982-1990 of the Reagan era 92 months. The controversial one on shaky foundations is the recent housing boom 2001-2007 of 73 months ending in a huge bust with the 2008 financial crisis. The shorter expansions are the 1975-1980 Post-Vietnam one for 58 months, and the 1970-1973 spurt before the OPEC price surge. Figures are from the NBER, CBO and the Federal Reserve's Summary of Economic Projections....

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Ariel Mckenzie is the daughter of  Boeing machinist who told his daughter to join Boeing as generations of Boeing workers in the Seattle area have done. Not anymore. Airel says she can't tell her 15 year old daughter that it can provide a good life today with wages falling behind soaring costs in the Seattle area. Note that the new contract states the 437 billion dollars of planes backlog Boeing has will not be made in non union plants in the South, most will be made in the Seattle area home to Boeing since it's founding. How does Boeing see this happening without a wage deal that workers are not happy with, when since 1997 the workers were being treated as a transaction and losing out. Boeing workers say the new contract has no bonus program and does not restore fixed benefit pensions which were replaced by 401 K's . The housing prices index in the Seattle area for last decade rose 128% and average price of a home in Seattle is $835,000. Average worker pay in 2024 is $75,000 and fallen far behind costs of living. It's all been downhill say veteran Boeing workers after the 1997 merger with McDonnell Douglas and the shift of corporate offices to Chicago. ...

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Alluring scenery but hollowing out. Rail station in Dunedin New Zealand looks like it is from the 19th or early 20th century. New Zealand wages are 27% lower than Australian wages in 2025. New Zealand's weak, economy cuts in public services in 2025 affect jobs and employment. New Zealand sees emigration of 69,000 for the year to Feb 2025, highest on record.  Australia has mining and huge demand from China and India for its coal to support it's economy. In a paradox black coal in the interior supports a healthy lifestyle with weather and sports in the coastal belt of Brisbane, Melbourne, Sydney, and further up the coastline in Perth and Adelaide. New Zealand life means higher grocery prices and less quality than Australia, it means health services are not as good, and the public services are being cut to reduce the deficit and borrowing. Most migration is to Auckland and towns in the interior look scenic such as Dunedin but are increasingly seeing people leaving for lack of prospects, lack of pay raises and high cost of living, poor public services. This is a cycle that was felt in 2002 and goes back a long way and is unlikely to change. ...

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A severe drought is affecting parts of Mexico in January 2012. About two million people are left without access to water. The Agriculture Ministry estimates total loss for 7% of Mexico's agricultural land. The worst affected areas are in the Sierra Madre in the north. The Mexican government has approved $2.63 billion in aid to the worst affected regions. These are rural parts of 19 of 31 Mexican states. The drought is likely to increase inflation in the latter part of 2012, as it is leading to higher prices for corn and beans.

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Opec cuts by 2.2 million barrels a day on December 17, 2008, and forward curve for Nymex crude oil prices which goes up $10 to $50.64 for the May 2009 contract and $70 from late 2012, offers liitle support in terms of higher oil prices. Some of it is explained by costs of storing oil on tankers and some of it by higher credit costs, and prices beyond 6 months do not have as much significance as the situation is uncertain. With Russia needing oil revenues and Iran and Venezuela also in the same situation, it looks increasingly unlikely that the strict reduction in production will hold. And things like higher inventories with a steeper downturn in 2009, can keep prices down for a long time.

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HTC's declining market share in Brazil and its decision to concentrate on the mid to high priced market segments in India and China. It is pulling out of the Brazilian market where the low priced phone segment is growing. HTC has about 7.2% of the global smartphone sales and is experiencing slower sales in 2012. HTC was a Taiwanese contract maker till recently when it launched its own line of Android smartphones.

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Toyota's goal is to remain the preeminent automobile manufacturer in emerging markets and the IMV is part of its strategy for achieving this goal. The IMV series for emerging markets, with one million in manufacturing capacity coming off a single platform to lower costs, is designed to meet local needs from a price standpoint and rough road conditions. Sales of one million off of a single platform is an achievement only Toyota will have achieved. A minivan, a sport utility vehicle and 3 pickup trucks are all made from a single chassis, with localized production since 2004. The IMV series is expected to account for 10% of the 9.58 vehicle sales goal for 2012. CEO Akio Toyoda plans to increases sales in emerging markets to 50% of total sales by 2015, up from 40% in 2011. IMV vehicles are made in 11 emerging market countries- in Argentina, India, South Africa and Thailand, and are sold as the Hilux pickup, the Fortuner SUV, and the Innova minivan. Over the years Toyota has transferred more of the design and development to emerging market countries to meet local preferences and reduce the effects of a strong yen, leaving only core components to be designed and manufactured in Japan. As it recovers from supply disruptions due to floods in Thailand and the tsunami in Japan, Toyota is planning on sales of 9.58 million in 2012, a steep climb of 21% from the 7.95 million sold in 2011....

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This merger is part of a process that happened after 1970 when Penguin Books a national institution in Britain in the war years 1939-1945 was acquired by Pearson Plc, and later sold in 2013  to German publisher Bertelsmann. Penguin became a part of British culture because it sold a million cheap paperbacks at 6 pence in 1939 and continued to provide low cost access to books to all parts of the English speaking world from UK to Asia till the 1960's. The astonishing period of creativity and design of founder Allen Lane ended in 1970 after Pearson Plc focused on profitability and acquisitions. Under this new deal in 2021 a large part of the world publishing industry would come under the control of German publishing house Bertelsmann. Penguin Random House is owned by Bertelsmann and the deal would bring its rival Simon and Schuster under its control. The US Justice Department filed a lawsuit to block it. Attorney General Merrick Garland says- "American authors and consumers will pay the price of this anticompetitive merger- lower advances for authors, and ultimately fewer books and less variety for consumers." Penguin Random House already controls 22% of titles published in the US. The US publishing industry has already seen mergers leading to reduced competition. News Corp. acquired Houghton Mifflin Harcourt in May and merged it into Harper Collins. Largadere Hachette acquired Workman in September. ...

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NYT editorial says Bush Administration thinks it has time on its side in the housing foreclosure crisis but they are wrong. The White House has not come up with a clear strategy or what needs to be done as the way forward from here. And this it says wil prove costly. Because there is no clear direction coming out of the White House the Congress also has not been able to articulate a clear strategy with near unanimous support. Alt-A loans called Alt A for alternative to grade A prime loans are scheduled to reset to higher payments starting 2009 with losses mounting in 2010 and 2011. Alt A losses are projected to reach $150 billion but his is based on price declines following a stable pattern, but if housing prices take a steep decline then losses could go much higher causing a great deal of instability to the financial system, which will be harder to fix at that time. NYT is urging the Bush administration to wake up to the impending crisis.

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Mette Fredericksen, Social Democratic party prime minister of Denmark has made it very clear that she believes who is hurt most by migrant families coming to Europe is the working class. Years of austerity policies and other policies that hurt working class families that struggled with the cost of living and loss of jobs shifted overseas were pushed by parties that were elected for opposing such migrants and migrant friendly policies.   Under Merkel there was with a migrant friendly policy the neglect of infrastructure, neglect of childcare and social goals to help working class families, and neglect of the needed action to tackle climate change. Only in the last 2 years of her administration did Merkel realize that this policy was misconceived and reversed it leading to a dramatic decline in such migrants coming to Germany. Policies were shifted to work with African countries to promote development and security, so that the conditions such as wars and economic crises could be prevented and managed in Africa. Countries such as China and India, Indonesia, Bangladesh, are living proof that development works and what is needed is not working class in Europe paying a price for failed policies in Africa but tackling the situation in Africa and parts of Asia with the right kind of development assistance where the migrants originate.  Mette Fredericksen was one of the first European leaders to lead a large delegation of Danish business and logistics leaders from companies such as Maersk that visited India in 2021, with the goal of expanding trade and business with India. Especially in upgrading logistics for a country of 1.2 billion that is promoting Made in India for the world. This is the kind of collaborative action that Fredericksen is taking in the international sphere that is helping world progress during the pandemic.   ...