LyrArc Article Gist
Russians vote in 2021 parliamentary elections. With 30% of votes cast the United Russia party of Mr. Putin wins 45% of votes cast, followed by the Communist party of the Russian Federation with 22%, and the Liberal Democratic party getting 8%. Russia has mixed voting system with half the seats directly elected from party lists, and the other half assigned to individual candidates. United Russia had 334 seats out of total 450 seats in the outgoing parliament. Putin will need over 300 seats in the new parliament to get the two thirds majority to enact changes to the constitution. Putin needs this to extend his current term which ends in 2024.  Putin draws most of his support from the older part of the population that has seen the hardships imposed following the collapse of Communism around 1990. This led to collapse of the ruble currency, increase in poverty, an effort by oligarchs to capture state enterprises, and a chaotic period for law and order. Shockingly during that period even life spans of Russians declined as reported in the WSJ. Liberals who supported the shift to democracy had not anticipated all the ill effects of introducing capitalist free market systems in such a sudden and free fall way. Such sudden shifts to free markets are now better understood and seen as the wrong way, as western capital markets fail without inbuilt protections, safety net for workers and retired people, and are subject to serious distortions if no vigilant authority exists. This is in reality not a free market but a market captured by the few, in the interests of the few. Once this was clear retired people, pensioners, military, law enforcement, and liberals realizing what had happened shifted support to United Russia founded by Mr. Putin. Mr. Putin faces the typical situation faced by incumbents over long periods where there is a sense of the need for change. Yet the pandemic and other economic crises that could happen in the event of mismanaged economy are never really too distant for countries such as Russia, China, India that are developed but yet have not the strong industrial base of US, Germany, France. Such economic crises including the ruble currency and Russian energy companies were better managed under Putin than under the chaotic period following the collapse of communism and the introduction of so called "free markets" that were anything but. During the recentfree fall in oil prices Putin was able to manage a transition period with the help of president Trump who negotiated a price for oil with the Saudis to protect US shale oil workers and companies, as well as Russian workers and oil companies. As a result Russians particularly young people look for alternative places to vote for opposition parties such as Liberals, Communist party, and other parties. But the majority of Russians including those working for state energy and other state companies tend to stay with Putin's choices for state, regional and federal administration and for parliament. Nationalist spirit also provides additional support as Putin has restored Russia's status as one of the important nations in the world. Some missteps such as interference in US elections have led to a loss of some of this international influence, yet even president Biden understands the situation in Russia and is willing to work with Putin with new rules of conduct Under the Russian system about 70% of the laws are not made by parliament but are done by the government and the administration of the president and then go through parliament. In addition to parliamentary vote there are 6 governor races and three races for heads of regional republics. ...

LyrArc Article Gist
Sri Lankan High Commissioner Milinda Moragoda, is interviewed in Indian Express in Idea Exchange, with Shubhajit Roy, moderating the questions. Moragoda explains what happened over the last three decades and how Sri Lanka got to this point. About politicians he says Sri Lanka has too many politicians, and the violence of the JVP in the south and LTTE in the north and northeast set the country back by decades. Leaders from J Jayawardene, Kumaratunga to the Rajapaksas all failed to understand the spiral downwards of the economy, says Moragoda. Debt increased and 80% of the government revenues goes to pay pensions and government employees, leaving only 20% for debt service and little for investment in the economy. He says there are 1.5 million government employees and 500,000 pensioners, for a country of 22 million people. Of the population of 22 million about one million Tamils left the country during the civil war, and another 1 million people are in West Asia. Moragoda says most of the borrowing came after 2009 as the civil war ended with $12.5 billion borrowed or 40% of the total debt. About 80% of government revenues goes to pay pensions and government employees and another 70% goes to pay interest on debt, but he does not elaborate or explain this. What one can say from the experience of other countries in debt spiral is that at some point the interest accumulates to create a vicious cycle of interest on the cumulative total which includes interest from earlier years. Argentina is a recent example. And he makes no effort to say how he sees Sri Lanka is finding a path out this situation with a $2.9 billion IMF loan on debt of $51 billion.  Of the $12.5 billion borrowed since 2009 Moragoda says "that's  40% of our debt." Yet the total debt on which Sri Lanka defaulted is shown at $51 billion. $12.5 billion is 25% of the $51 billion. He does not provide any details about the financing terms on which Sri Lanka borrowed. It is clear that the interest rates were high over 6% in many cases which can be very burdensome for poor countries dependent on commodity exports. Countries such as Greece with debt crises had very large numbers of pensioners and government employees in Europe during the eurozone crisis, but nowhere does it show that it took up 80% of the government revenues in Greece. The number of government employees range from 1 to 1.2 to 1.5 million according to different figures for Sri Lanka. Even in Greece the number of public sector workers in government were 616,000 by some estimates during the severe eurozone debt crisis years around 2015. They are now estimated at about 369,000 in 2020.  Without a clear idea of these figures and transparency it is hard for any economy to be managed in a prudent way. See the related report "Fallacies of Sri Lankan Debt Patterns," a report by the Observer Research Foundation, on this same page today which say that Sri Lanka borrowed at exorbitant interest rates for a poor country.  Moragoda has worked for administrations in different portfolios including in economic affairs. He says Sri Lanka's economy is too small to get attention and investment it needs from India, and that the Adani investment shows that this can still be made to happen. India remains Sri Lanka's key partner as it grapples with this crisis. ...

LyrArc Article Gist
This WSJ report looks at how China is run today with attention to details by president Xi Jinping. Mr. Jinping takes interest in all matters that relate to wellbeing, reducing gaps in wealth and privilege, coronavirus pandemic, corrupt businessmen or officials, climate change, and the economy. Some decisions have to be reversed after they appear not to be working. In some situations goals conflict such as climate change action on coal requiring shutting down intensive coal dependent factories, and economy jobs goals requiring use of coal intensive factories. Leading to a complete reversal of the original decision to cut back on use of coal as happened in 2021 when factory shutdowns affected the economy.  Jinping does not see it as micromanagement. Previous leaders such as Hu Jintao had little interest and did not put in the effort to seek out areas where policies were not working for families and workers, delegating this to lower level officials. Jinping's style is hands-on and energetic to act on issues that affect how China should be run so that the quality of life of ordinary Chinese is improved. Jinping says that if he did not take action there just is'nt the level of initiative on the part of local officials. Many officials are not competent to tackle complicated issues. Jinping says that "some officials only act when the central party leadership has instructed them to do so." And that he acts as a last resort- "I issue instructions as a last line of defense." His willingness to reverse decisions or let them be implemented with local officials using their discretion if he thinks that would be wise also shows a level of flexibility and humility. Basic to his decisions is a general idea that the original vision of China of the founding leaders in 1948 was forgotten in the headlong rush to modernization of the last 20 years. This means a balance was needed to restore some measure of equality and empowering of the disadvantaged. Xi Jinping's father was one of these founding leaders under Mao and under premier Deng during the market economy founding in the 1990's. Xi Zhongxun, Jinping's father was an energetic leader who also took a keen interest on a whole range of issues for China's modernization drive, a trait now found in Mr. Jinping. The first market economy experiment was done under Xi Zhongxun with premier Deng's encouragement. Xi Zhongxun set up the Guangdong and Shenzen special economic zone in 1979, as governor of the province in an effort to liberalize the economy and slow the exodus to Hong Kong. At the time wages in Shenzen were 1/100 of wages in Hong Kong. Some of this style can be seen in India with Mr. Narendra Modi delving into details of policy and taking intitatives that local officials had neglected to do on a whole range of issues related to modernization, development and technological progress. One of the decisions made by Jinping was to tackle Covid aggressively with a zero Covid policy, which means frequent lockdowns and restrictions even with a few cases. Mr. Modi has also acted vigorously on Covid after warning in March 2020 that this could set India 20 years back, with a policy to get over a billion people fully vaccinated. In both situations the only two countries with over 1 billion population needed this kind of strong leadership with an interest in a whole range of issues that relate to lives of ordinary people during the pandemic to inspire some essential level of public confidence and build public wellbeing.     ...

LyrArc Article Gist
Emmanuel Macron graduated from Sciences Po University in 2004 with a degree in public affairs. He joins the Finance Ministry as an inspector and then buys himself out of government service contract by 2008 to join a private bank. He arranges an acquisition from Nestle and other business deals during this period. In 2012 he is appointed as deputy secretary general for the president's office after Francois Hollande a socialist is elected to the presidency. In 2014 he is offered the position of Minister of Industry and Digital Affairs in the second Manuel Valls government. He makes some changes to French government but opposes the wealth tax or tax on business, and is generally pro-business, though he acts as a member of the Socialist party.  He uses this period to build momentum for his own run for the presidency as support for Hollande falters having lost support from his working class base with Macron and Valls inspired changes.  Macron finally announces he will run for the presidency forming his own En Marche movement which he finances with his own fund raising. Throughout this period right up to the election in 2017 Macron has not run for public office. When he wins the presidency in that year he lacks the experience needed as the youngest president in French history at the age of 39. Like another young president Obama he handles his public image with the media for his En Marche movement promising to unblock France. This public image and his lack of experience makes him impervious to the social changes going on in France that lead to the yellow vest protests in 2018. This is a period when there are changes in the midwest as workers in Michigan and other midwestern states turn away from Hillary Clinton and Obama.  French workers are in the position of workers in the US with the decline of manufacturing, much of it shifted with the supply chain to China and Japan, and the gap opening between rural and urban tech educated areas. Macron follows Obama's quick rise from Senator to run for president yet lacks experience, and lacks sufficient grasp of the social changes with loss of manufacturing, the wide gaps between rural and urban tech educated people, conditions in the rural and farming areas. Macron survives this period, is reelected in 2022 with the help of socialist Melenchon voters. He says he will govern differently, less distant from average Frenchmen, but his instincts are to push for pension reform. At a time of cost of living crisis, and when the French budget office says the change in pension from 62 to 64 was not critical at the present time when inflation was hitting the public after the pandemic. Macron does this by Article 49 in the way he has done under the Manuel Valls government, by executive action alone. This time he faces a no confidence motion in parliament in March 2023 following some of the largest protests France has seen in years, with two thirds of the French according to FR24 opposing the change in pension law. Women see this as coming at a time when age discrimination hurts their chances of earning a living after 50 years of age.  Age discrimination is widespread in France, in a way it is not in Germany, say reports in the NYT. And with the cost of living crisis acts as a major hurdle for the average French person, if pensions are delayed without addressing these cultural issues in France. The result is that the protests have substance and Macron is seen as not sensitive to this at a time when he lacks a majority in parliament. ...

LyrArc Article Gist
Senator Rubio, Republican nominee for Secretary of State, is given good points by the Wash. Post for helping negotiate a 2013 bipartisan deal on immigration that passed the Senate but could not pass in the US House of Representatives. And for his willingness to compromise.

On Ukraine and Eastern Europe after the invasion of Ukraine Rubio with Sen. Tim Kaine (D-Virginia) inserted an amendment into 2023 defense authorization bill that prevents any president from withdrawing from NATO unless two thirds of the Senate agrees.

LyrArc Article Gist
Clarendon is a 15 minute Neighborhood, a neighborhood in Arlington, Virginia just a few Metro stops from downtown Washington DC. One can walk to where ever one needs to go within 15 minutes. This writer suggests that people will not move to such neighborhoods till more of them are built and the price comes down. In 2024 15 minute neighborhoods cost much more and offer less living space- not an attractive option he says. Houses elsewhere in Arlington cost as much as apartments in Clarendon. 

LyrArc Article Gist
Do not judge US UK relationship only by trade of $148 billion yearly. US companies invested $1 trillion in the UK in 2023, and UK companies invested $630 billion in the US. Both countries share a common economic, law and constitutional framework, and British settlers opened up a vast continent in North America by settling along the Atlantic coast from Maine to the Carolinas. It is this system that was adopted in India, Canada, Australia and other parts of English speaking countries of the world.

LyrArc Article Gist
Ruchir Sharma, chief global strategist at Morgan Stanley, says Poland has achieved a remarkable transformation over 25 years with steady growth of 4% year after year. The bright spot is manufacturing. For emerging nations the average percentage of GDP from manufacturing exports is 22%. Poland is at 33 percent of GDP for manufacturing exports. Countries dependent on commodity exports such as Argentina, Brazil, Russia, lack this steady growth from a manufacturing base and are less likely to cross the line of $15,000 of GDP per person that qualifies for it to be called an "advanced economy" for the IMF. South Korea, the Czech Republic and Poland are some of the countries that have benefited from manufacturing exports. Poland's wages are one third of that in Germany and its currency is cheap, giving it an advantage as an export hub for German companies. Germany is the main destination for exports and the German automobile industry uses the Czech Republic and Poland as export hubs. Poland's and Czech Republic's geographical location near Germany with a highly educated population makes it attractive for German companies. Poland has gone from $2300 per capita GDP to about $13,000 in 25 years according to the IMF, and is likely to be the next country to make it to advanced economy status by 2020, says Sharma. It is important not to run up debt, to manage finances carefully, and to maintain steady growth not growth in spurts interrupted by declines, and have a manufacturing base, says Sharma.  ...

LyrArc Article Gist
Because technology spending has been more disciplined and focused on productivity and efficiency gains, the investment has been lower but more effective than in the 3 years leading to the last recession in 2001. At that time it was increasing 12.9% a year leading into the recesson and faced sharp cutbacks leading to a drop of 11% over the next 2 years 2001-2003. By contrast this time the tech spending went up by about 2.8% a year in the last 3 years, according to Gartner, and has delivered solid results at places like American Airlines. Technology spending is likely to hold up and continue moderate increase this year and next as the US enters a recession. At American a fuel efficiency drive starting 2005 including software to come up with best routes, flight paths and baggage loading has saved 96 million gallons a year. Note that spending on computer hardware and software is about half of all capital spending by business.

LyrArc Article Gist
Expected legal settlements of $13.7 billion for the Gulf Oil Spill are $10 billion more than what was set aside. Oil prices are below $50 a barrel in Jan. 2015 and BP is making job cuts. BP's stake in Russian state owned oil company Rosneft is in a country facing western sanctions and a deep recession.

LyrArc Article Gist
The Obama healthcare law is expected to reduce the total number of hours Americans work by equivalent of 2.3 million full time jobs in 2021, according to Congressional Budget Office projections. Earlier forecasts for this were 800,000 equivalent full time jobs. Some of these hours will be taken up by other workers looking for jobs, according to CBO's report.

LyrArc Article Gist
How the high unemployment rate is hurting affluent suburbs like Bloomfield Hills, Michigan, which are losing population, and schools lack funding. Michigan has the highest unemployment in the country at 11.2%, and the economy has contracted every year since 2005. And the decline is expected to accelerate this year according to the chief economist of Comerica Bank.

LyrArc Article Gist
This is one of the strongest worded statements on Syria made on the editorial pages of the Washington Post, as editorial page editor Fred Hiatt talks about the situation in Syria created by the policies of president Obama and his closest advisors. He calls the failure of these policies Obama's achievement, failing to find any other word to describe the years of deliberate inaction and appearing to act in crisis when simply stalling, during 2011-2015, that reversed all the gains and opportunity presented by the Arab Spring. Instead it has put that part of the world back into a dark period similiar to 17th century Europe with the religious and sectarian conflicts that lasted for the better part of that century, compounding the serious errors under Republican administrations since Reagan, with new errors by taking the opposite extreme in policies- without giving a place for thoughtful courageous policies and making difficult choices.

LyrArc Article Gist
European leaders knowing Putin and Russia were not ready for a ceasefire opted for a strategy to get Ukraine to offer an unconditional ceasefire to see if there was any change. Trump who had earlier called for an unconditional ceasefire by both sides, initially felt Ukraine was not moving ahead to support a deal. During May 2025 the EU leaders following Merz forming a coalition government in Germany joined together (Starmer, Macron and Merz) to make one more effort. Trump offered to call Putin. Yet this has not worked, except that now Trump is coming around to the view of the EU leaders that Russia is not joining the peace initiative as it sees that Russia is winning the war. Meantime two new developments took place. Germany's coalition government under Merz passed legislation so that it could build the German defense forces. Merz openly talks about making the Budeswehr the best defense force in Europe in contrast to Scholz who had resisted German involvement. Trump says it is not his war and it would not have happened under his presidency. ...

LyrArc Article Gist
The US economy is growing at a much faster pace than Europe or China in the last quarter of 2021- at 7% annualized growth in the fourth quarter up from 2% in the third quarter, according to Federal Reserve Bank of Atlanta. This compares to 2% in eurozone and 4% in China. Major US ports such as Los Angeles are processing 20% more container volume in 2021 than in 2019, while Rotterdam and Hamburg are almost flat compared to 2019 level. Consumption of durable goods has jumped 45% above 2018 levels in the US, only 2% in eurozone, according to ECB data. The factory gate prices in China are far outpacing the consumer prices in China, suggesting weak domestic demand and strong foreign demand. Lars Jensen, head of network at container ship company A.P. Moller-Maersk says the global supply bottlenecks were started by this surge in US demand with more ships headed for the US taking ships away from other places. The US economy will grow at 6% in 2021 and 4% in 2022, with wages growing 4% a year above the pre-pandemic trend rate, compared with 1% in eurozone, according to Bank for International Settlements. This is pushing inflation up in other countries by pushing up the value of the dollar. In Mexico hitting 7.4% and the central bank raising interest rates 0.5% point to 5.5%. In Russia inflation up to 8.4% and central bank raising interest rates by 1percentage point to 8.5%. The equipment investment in the US is up by 13% this year according to JP Morgan Chase, only 3.6% in eurozone, 0.1% in Japan. All this is creating a large gap between the US and Europe, US and China in economic growth and demand growth, and in income growth. ...

LyrArc Article Gist
Stamouli and Walker of WSJ describe the last days of negotiations in June before Greece pulled out its negotiating team, and German chancellor Merkel decided to call off the bailout of Greece. The impasse was over pension cuts and vaue added taxes, yet the negotiations were still going over details when Tsipras pulled out Greece's negotiating team with the surprise announcement of a referendum on July 5, 2015. By saying the Syriza party would call for a "no" vote Tsipras alienated public opinion in Germany. Chancellor Merkel seeing the shift in domestic opinion favoring Greece's exit from the euro during the tense months of negotiations with the Syriza government and acrimonious charges, moved to call off a continued EU bailout of Greece.

LyrArc Article Gist
DJT was asked if China's celebration of Victory Day with Russia recently in Tianjin had any message for the US. He said he did not see it that way, that US has good relations with China. In this context the Smithsonian Museum exhibit on military history of the US shows a real aspect of the World War II in loss of life- Russia 17 million dead, China 11 million dead, Germany 10 million dead, Poland 5 million dead, Japan 2.5 million dead, US 1 million dead, UK 800,000 dead. Russian and Chinese losses of 28 million dead are 15 times the losses of US and UK combined of 1.8 million dead. With the scale of losses of such magnitude Victory Day celebrations in Tianjin can be seen in the context of this shared history and major losses overcome as much of the world knows with US help. A sobering view is that the colonial powers Imperial Japanese Army, French and British policies caused famines in World War II leading to 6-7 million deaths in India, Indonesia and Vietnam which is 4 times the 1.7 million US and UK deaths. Views of China in the Context of the Ukraine War and Russia are very different in US than in France and Europe and are widening in differences in 2025. In the US as in this report in the WSJ China is seen as a trade partner and competitor with certain issues, many of China's university leaders and experts question the prospect of a long term alliance with Russia, and for DJT Russia is a nuclear power with which US seeks good relations and a political settlement of the Ukraine War. In France as shown in the article in Le Monde adjacent to this the European attitudes towards Russia throughout European history since 1700 of regional rivalry between France and Russia, Germany and Russia since 1900, Britain and Russia since 1700. FDR led the alliance with Russia against the Nazis and Imperial Japanese in the 1930's and 1940's. Herbert Hoover led the effort to bring relief supplies and aid to Russian in the period of the Civil War after the Bolshevik Revolution in 1917. With China America kept the government in China functioning as it retreated from the invasion by the Imperial Japanese Army in the 1930's and 1940's and the only hope with Gen. Joe Stilwell in China alongside Chinese leaders. ...

LyrArc Article Gist
Britain's 2013 budget provides some benefits to home buyers. Chancellor of the Exchequer Osborne says the Bank of England will have more leeway with its inflation target to aid economic growth. Britain's Office of Budget Responsibility says growth will be down to 0.6% in 2013, and 1.8% in 2014. This is a result of weak exports to the eurozone and decline in consumer spending. The government now expects to borrow 240 billion pounds more than forecast for the 5 year period ending April 2016, as a result of the weaker economy. Debt as a percentage of GDP will not decline by 2015 as planned earlier, it will be 2018 before this happens. Osborne said: the plan "is taking longer than anyone hoped. But we must hold to the right track."

LyrArc Article Gist
Rob Copeland describes the comeback of Citadel hedge fund and its founder Ken Griffin. During the 2008 financial crisis the firm almost collapsed with $8 billion in losses. It recovered only by barring clients from withdrawing money for 10 months, and slowly selling distressed assets as the market recovered. It took over 3 years to make up losses. Leverage at the time was high with 3 dollars of borrowed money for $1 in client money. Leverage in 2015 is higher at $7 of borrowed money for $1 of client money. In 2012-2015 three year period, by taking aggressive positions early, Citadel has made $3 billion. It is now engaged in many investments including commodities, buying and selling securities for other investors, trading, fixed income, global equities. To offset the higher risk Citadel bets equally on up and down markets, so that only 52% of stock bets need to work, according to Griffin. Copeland shows the highly intense nature of the business, large turnover of managers, the atmosphere on the 37th floor of the Chicago offices with 500 scenarios being simulated of the hedge fund's investments, and analysts looking at 36 screens of 14,000 investment positions. After the 2008 financial crisis highly leveraged activity continues at Citadel, just as other hedge funds have pulled back and targeted lower returns in mid to high single digits, or to improve their image. Citadel assets increased from $16 billion to $26 billion since the beginning of 2014, with higher returns of over 25% in its main investment funds Kensington and Wellington in 2013. The average hedge fund made returns of 6.2% in 2013, according to analysis by firm Hedge Fund Research. As part of risk mitigation Fed chairman Ben Bernanke has joined the firm as advisor- in 2008 the Fed was questionning this type of highly leveraged activity that led to the collapse of Lehman and Bear Stearns. Of the top ten hedge funds only Millenium Management and Citadel had leverage this high in reports to the SEC under Dodd Frank of regulatory assets that include borrowings for investment, showing systemic risk that remains in the financial system....

LyrArc Article Gist
Germany is adjusting its requirements for residency permits and work permits for refugees. It will let asylum applicants take temporary jobs by 3 months after applying for asylum. Current law bans migrants from working through temp agencies for the first 4 years in Germany. The government will lower hurdles for job applicants who are refugees. Government policy of Angela Merkel's coaltion is- "people who have the right to protection and stay in Germany permanently should find employment rapidly and earn their living themselves." This is critical to the large effort to absorb about 1 million refugees in 2015, as it will meet the needs of companies and not cost the government additional outlays for social payments to refugees. The initial response from companies such as SAP, Thyssen Krupp, and smaller companies has been very positive, and shows why Germany is uniquely positioned of all EU countries to be able to take on this challenge on both humanitarian and mutually beneficial basis.

LyrArc Article Gist
Workers ended a 3 month strike at Caterpillar's Joliet, Illinois plant, essentially giving in to reduced healthcare and pension benefits and wage freezes for older workers. Under the deal workers hired before May 2005 receive no hourly pay increase, workers hired after that date get a one time 3% pay increase with future pay increases decided by Caterpillar management. Hourly pay at the plant ranges from $13 to $28. About 25% of the older workers are eligible to retire. A $7.8 million fund to supplement incomes of laid off workers will now be used for retirement bonuses. Caterpillar persuaded workers to ratify the contract by increasing the bonus for ratifying to $3100 per worker from $1000. During the strike Caterpillar continued operations by using managers and temporary workers and using 100 workers who crossed picket lines.

LyrArc Article Gist
Russian planes fly very close to a U.S. destroyer in the Baltic Sea in 2016, sources say about 30 feet. The. U.S. protests the incident and this is discussed at a NATO-Russia Council meeting to avoid accidental flareup of tensions. Russia sees higher U.S. military presence near its borders as a threat. Russian response is to upgrade its nuclear submarine fleet and operate in the Baltic Sea, North Sea, Atlantic and Mediterranean. Russian intervention in Ukraine led to increased U.S. presence to protect the Baltic Republics and Poland, members of the NATO alliance. The U.S. and NATO is conducting Operation Atlantic Resolve to deter any Russian action. Chancellor Merkel called for a "persistent NATO presence in the Baltic States" during the Ukraine war in 2014, in a visit to Latvia. Germany led an early version of a Rapid Response Force of 5000 troops deployable in 48 hours setup in 2015.

LyrArc Article Gist
Only 61% of shareholders present at the annual general meeting voted in approval of the management at Deutsche Bank in May 2015. Legal settlements and lack of trust in strategies of management have hurt credibility. A large part of the lack of credibility comes from the culture at Deutsche Bank which is seen as slow to change. Co-CEO Jain was head of the investment bank when traders engaged in activities that are causing large legal settlements for wrongdoing. Strong criticism came at the annual meeting from shareholders. Han-Martin Buhlmann of the shareholder association VIP raised the question: "Mr. Jain, are you the solution to the problem or part of it?" Alison Esse, managing director of change consultancy, The Storytellers, says shareholders had voted no-confidence against senior management because they lack the credibility to restore the reputation of the bank.

LyrArc Article Gist
Chancellor Merkel of Germany proposed bilateral or trilateral deals between smaller groups of countries as a temporary solution till some agreement can be reached on immigration. She said "The European Council will not yet provide an overall solution to the migration problem." Hungary, Poland, Slovakia, Czech Republic which have opposed a quota system for asylum seekers did not attend.  Austria, Denmark, and Italy with the new government openly opposing immigration, attended the summit. Merkel said  a "lot of goodwill" was created, and leaders agreed that borders need to be better protected to prevent people from entering illegally, and reducing immigration at its source points in Africa. The migration problem has persisted as an issue long after the huge surge in immigration in 2015 has diminished to a trickle, and after chancellor Merkel has accomodated critics with new policies strictly limiting new immigration. New governments in Denmark, Austria and Italy, and the government in Hungary under Viktor Orban, have kept the issue alive by running on anti-immigration platforms. The European summit in 2018 was used by Merkel to reduce disagreement on this issue by allowing different countries to express their views and working in smaller groups for mutual benefit. It also reduces tension inside her CDP-CSU coalition after Bavaria based CSU decided to run in 2018 state elections on a platform calling for securing borders. ...

LyrArc Article Gist
Apple's sales in India are insignificant because of the lack of 3G networks. RIM's Blackberry and apps work well on the existing 2G networks. Prices are higher with the cheapest iPhone costing $705 at a Reliance iStore. The cheapest iPad 2 goes for $603. Blackberry phones cost less than $200. As a result Apple's iPhone sales are only 2.6% of India's smartphone shipments for the 2nd quarter 2011. RIM's is 15%, Samsung Electronic's is 21%, and Nokia's 46%, according to IDC. RIM is extending its distribution in India from 15 cities in 2010 to 80 cities in 2011. IDC estimates that smartphone shipments in India will grow by 68% a year, reaching 81.5 million units by 2015.