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BP's difficulties in the deal with Rosneft. In mid-January 2011 BP signed a deal with Rosneft with each company investing in the other through a stock swap of 5% of BP and 9.8% of Rosneft. They also agreed to jointly explore oil fields in the Russian Arctic. This sidelines BP's former partners in the TNK-BP venture. Robert Dudley, who headed the Russian operations of BP, is now CEO of the company. From 2003 to 2008, Dudley headed the TNK-BP joint venture. BP's partners in that venture, known as the AAR group of oligarchs, have sued BP over the BP-Rosneft deal. An arbitration tribunal in Sweden ruled that the Rosneft venture violates a shareholder agreement BP has in the TNK-BP venture. BP was under the impression that support from Igor Sechin, deputy prime minister and head of Rosneft, would ensure there would be no litgation by AAR, but this has not happened. It shows the uncertainties in Russian politics. Russian President Medvedev has asked political leaders to give up corporate positions, which would mean Sechin would have to give up his position in Rosneft. BP continues to benefit from access to new resources in Russia even with these difficulties. BP contributed $6 billon in cash in 2003 to the TNK-BP joint venture. BP has made $14.3 billion in dividends since 2003 on this investment and holds 50% of the assets in that venture. ...

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The ruling in a 5-4 decision requires the EPA to consider cost when the agency makes environmental rules. It does not remove the regulations on mercury emissions and does not prohibit the EPA from setting rules. A lower court will have to rule on how the case should be handled. Its likely effect is for the EPA to consider the price for industry compliance in setting environmental rules. The majority decision wirtten by Justice Scalia says the EPA "must consider cost- including, most importantly, cost of compliance- before deciding whether regulation is appropriate and necessary." The current EPA environmental rules were set in 2012, and were put into effect in early 2015. During the early part of the process of setting the rules the EPA did not consider cost. But in the later stages the agency estimated costs of compliance for utility sector at $9.6 billion and public health benefits of at least $37 billion. Justice Elena Kagan alluded to this in her dissenting opinion. Some utilities have received an extension on installing scrubbers to remove mercury pollutants, and these plants would now receive more time. Of the 600 power plants the EPA regulates as part of the rule, 450 are coal fired plants. Of these 35% were given a 1 year extension for compliance. About 21 states heavily dependent on coal and power companies brought this case before the court. ...

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 A member of the WSJ Editorial Board, says the Republican National Convention was more consequential in the way it continued the theme of getting non- white people to see how the president is taking action on issues that affect them. Mr. Trump cited his work on prison reform legislation, on funding for black colleges and universities, rebuilding broken families, and bringing back jobs in Detroit, Cleveland and Milwaukee. 69% of registered voters are white in 2019 compared to 73% in 2012, according to the Pew Research Center. Getting it right now means he says not merely the defending American workers to prevent "offshoring of jobs, opening the borders, and sending sons and daughters to fight in endless foreign wars," but also how to defend the rights of minorities in America and of working class non-white people. In 2016 the Republican party got 8% of the black vote nationally, which was the lowest in 4 decades excluding the years Mr. Obama ran for election. The effort to highlight the work on behalf of Black people and Hispanic people was to take this number back up as far up as Republicans can to the level reached under Eisenhower. This he says will be good for Republicans and good for the country. Under Eisenhower in 1956 the Republican party gained 36% of the Black vote, the highest ever.  ...

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A new sense of optimism pervades Athens with the new government's standoff with international creditors. After governments from the centre left Pasok party and the centre right New Democracy Party from the country's elite, a new government led mostly by academics from Greece's universities and a fresh young face of Tsipras, has created a new spirit in Athens following 5 years of austerity and protests. Tsipras's Coalition of the Radical Left won 36% of the vote in the recent parliamentary elections of Jan. 2015, a month later polls show public support has increased to 70%. Even New Democracy supporters says the young Tsipras provides a breath of fresh air to Athens and Greece as he negotiates for an easing of the strict austerity measures leading to 25% unemployment. Signs of the change are everywhere. The riot police have been pulled back, and there is less security around parliament, 2000 bodyguards for senior politicians will be disbanded. Coffeshops in downtown Athens are filled till by young office workers and students as Greeks discuss the changes taking place. The ECB and the EU are taking a tough line in negotiations as the new government develops its negotiating stance, with much public posturing but deeper down a sense that a resolution needs to be reached that gives Greece the opportunity to return to growth. One aspect of the new government is a welcome change both for the EU, the ECB and Germany, as well as for the Greek people. As in Italy with Matteo Renzi following Berlusconi, leadership has passed to a younger generation better able to tackle the problems facing Southern Europe. In Italy Merkel personally intervened at one point calling Italy's president and creating momentum for the resignation of Berlusconi, followed by the shift to pro-EU Monti and Letta, and then to Matteo Renzi. Renzi received 40% of the vote in Italy's elections. In Greece a series of parliamentary elections shifted administrations from Papandreou to Samaras, and now to Alexis Tsipras. With fewer ties to the old governing elite the new administration can better deliver on prudent economic management in the long run to meet the concerns of Germany, Netherlands, the UK and other countries....

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A big hurdle for local brands in China is the Chinese consumer's interest and respect for foreign brands. Asked about local brands buyers say they can't think of any, or say Chinese brands are shoddy in quality and value. Brands such as Haier in consumer appliances and Lenovo in tech are an exception. During the big surge in consumer sales in the last two decades Chinese companies producing local brands thought it adequate to simply imitate foreign brand names rather than take the difficult route of establishing the credibility of their own brand- an effort which might take years. Often the foreign name was changed slightly to keep the resemblance but mean something positive to Chinese consumers in the local language. Common are names such as Adidos, Hike, Cnoverse and Fuma for sneakers. Clio Coste keeps the connection to Lacoste with its crocodile logo. Coca Cola in Chinese is Kekoulele, translated to mean Tasty Fun. Only now are local companies giving serious attention to creating long term brand entity and image. The serious attention to brand names and branding comes at a time when China increasingly depends on consumer sales to power the economy with the decline in real estate and slower manufacturing. For the 11 months of 2014 retail sales were up 12 percent over the prior year period to $3.8 trillion, according to the National Bureau of Statistics. ...

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P&G will continue its strategy of introducing bargain priced brands, even as it developes and markets premium and super premium brands to reach consumers across a whole spectrum of prices. Even with this effort revenue is expected to grow only slightly by 1-2 % in 2009 and 2010.

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Paul Ryan, chairman of the House Budget Committee, explains his U.S. budget proposal to bring down the deficit. Ryan's Republican budget proposal is a bold effort to make a break from a status quo which is leading to higher levels of U.S. debt as a percentage of GDP. It envisions changes to Medicare, Medicaid, and the tax code. It is built on the idea that sustainable finances will lead to a better economic future for America, compared to small changes to the staus quo envisioned in Democratic proposals and the 2012 budge proposal of the Obama administration. It is also bold in its effort to tackle Medicare with a "premium-support" system, and Medicaid by turning it into a block grant system. It also incorporates the Bowles -Simpson President's Deficit Commission's ideas for simplifying the tax code.

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Speaker Ryan of the U.S. Congress gives his perspective on the heated debate of the U.S. Republican and Democratic primaries for the 2016 presidential election. He says the American people should "not accept ugliness as the norm," and "demand better from ourselves and one another." He calls for honoring the legacy of America's great leaders even in the hustle and bustle of political debate, debating ideas for a better future, not trading insults which has all too often taken place in the Republican primaries of 2016.

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The trading volume on the New York Stock Exchange has seen a jump in the last week from an average of 4.26 billion shares traded daily in 2011, to an average daily volume of 7.31 billion shares in the first ten days of August 2011. Analysts say this reflects market anxiety, trading on conviction now compared to the light trading and a rising market in the earlier part of the year. The jump in volume also looks ominous as individual investors pull back say analysts.

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Tokyo Stock Exchange president, Akira Kiyota, says the TSE is hoping for 70 IPO's in 2013 if all goes well. The TSE and the Osaka Securities Exchange merged in Jan 2013, forming the Tokyo Exchange Group, the third largest exchange in market capitalization. TSE president is from Daiwa Securities and the OSE president is from Nomura Securities. The TSE hope to attract more overseas companies to list, developing into a market that is open 24 hours. Other strategies include developing securities markets in emerging market countries.

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A Wall Street Journal/NBC poll conducted in September 2010 shows a big change in public opinion in the US towards outsourcing of production and on free trade agreements. Poll respondents were asked "Do you think free-trade agreements have helped or hurt the US?" The response in 1999 was close to 30% for those who said hurt and those saying helped. By 2005 the curves diverged seriously with more people saying that it hurt and fewer saying it helped. In 2010 this swing is sharp with about 50% saying it hurts the US and only about 10% saying it helps. When asked "Do you agree or disagree that outsourcing of production and manufacturing work to foreign countries is a reason the U.S. economy is struggling and more people are not being hired?" the response is overwhelmingly agreeing that this is bad for the U.S. job situation. The answers are the same across party affiliation, in fact higher for Republicans than Democrats 90% to 84%, higher by income level with 93% for those making over $75,000 agreeing and 86% for those making less than 75,000 agreeing, 93% of professionals and managers agree compared to 89% white collar and 83% blue collar agreeing. This shows all segments of society agree that that the manner in which free trade and outsourcing of production is taking place is not helping the U.S., and this time the highly educated segments are leading the way. Bill McInturff, the Republican pollster who helped do the survey points to the big change in the way well educated and upper income people perceive free trade agreements. In 1999 only 24% of this group making over $75,000 said free trade hurt the U.S., now 50% of this group says it hurts the US. This is sure to lead to big changes in U.S. trade and currency issues with China and other countries. ...

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ECB's German representative and chief economist Jurgen Stark resigned from the ECB's Executive Board to express his opposition to ECB bond purchases of sovereign bonds of Greece, Spain and Italy. This follows the resignation of Axel Weber as head of the Deutsche Bundesbank in June 2011, who raised similiar concerns. The concern is that the ECB is exceeding its charter by buying sovereign bonds, taking on a political role and adding new risks. Stark wrote in an op-ed in the German newspaper Handelsblatt- as government efforts so far have failed, "far-reaching reform of the mechanism for decisions and sanctions is needed... We find ourselves in a situation in which massive sustainability risks in public budgets are eroding financial stability."

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Republican Jeb Bush's address to the 2013 CPAC conference focusses on the decline of social and educational mobility in the U.S. to its lowest point since 1945. In this address he points out that " the central mission of conservatives is to reignite social mobility in this country- restoring the right to rise." His focus on restoring the right to rise is on doing everything to increase opportunities for "quality education," an issue on which he focussed as governor of Florida. He sees technolgy and relative youthful population compared to China and other countries in Europe, as giving America a unique advantage. On this and individual efforts he pins the broad hopes of the middle class revival he sees. He puts the problems of America's middle class and working class as wages declined and the economy suffered from misallocation of resources in stark terms- "Today, the sad reality is that if you're born poor, if your parents did'nt go to college, if you don't know your father, if English isn't spoken at home- then the odds are stacked against you. You are more likely to stay poor today than at any other time since World War II." And he sees Conservatives having a response to this situation, and restoring the idea of America as a land of opportunity for all....

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Plans set by the National Development and Reform Commission to turn Shanghai into a leading global financial hub by 2015.

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A preliminary report shows the U.S. economy grew at an annual rate of 2.2% in the first quarter of 2012.

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The mood in Ohio may bring a Democrat to the Presidency in 2008. The economy is really hurting in Ohio.

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Reaction to Obama's speech on March 18, 2008 in Philadelphia on race and Reverend Wright, from a receptive white listener.

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Some refreshing comments to Jane Albrechtsen's article on op-ed WSJ, Oct 6, 2008, "Not Everyone Should Own a Home".