LyrArc Article Gist
Dexia, the Belgian-French bank, reported a net loss of 11.64 billion euros for 2011, including 4.05 billion euros from selling Dexia Bank Belgium to the Belgian government in Oct 2011, and a 3.36 billion euro loss on Greek government bond holdings as a result of restructuring of Greece's debt. Other losses were 2.6 billion euros from an acceleration of the sale of a portfolio of U.S. mortgage backed securities, and about 1 billion euros from the sale of the Paris based public finance business to savings banks operated by the French government. Dexia ends up with a negative total equity of 320 million euros at the end of 2011. Dexia was one of the hardest hit European banks in the 2008-2009 financial crisis.

LyrArc Article Gist
Argentina's 25% export tax on soyabeans exports  has led to a mere 8% increase in soyabean acreage since 2009 compared to 118% in Brazil that has no such tax. Productivity in agriculture is restricted because lower profits mean less is invested in patented seeds and agricultural equipment. Agriculture becomes less profitable. There is also a 10% tax on wheat exports. These taxes did not exist by 2000 in Latin American countries. Under Nestor Kirchner Argentina reintroduced the export tax after repudiating the debt, devaluing the peso, and shifting the economy to diverting more agricultural production for domestic use. This worked for a while during the crisis. It is now a problem limiting growth of agricultural exports and limiting economic growth. Even under Xavier Milei, the new president who is discarding many parts of the old regime, the export tax is not discarded as it is needed to balance the budget to fight high inflation.

LyrArc Article Gist
France plans to increase military spending from 295 billion euros to 400 billion euros for 2024 to 2030. Some of this will come from reform of the pension system that takes up 13.1% of economic output by raising the retirement age from 62 to 64 years. A million people protest in Paris on Jan 20. One of the problems in implementing this is that in France there is significant age discrimination for jobs compared to Germany and other countries. This means workers would have to wait longer for pensions even workers with good qualifications looking for work. Efforts to tackle this cultural issue with companies biased against older workers are lacking.

LyrArc Article Gist
Who is Jordan Bardella, at age 28, from Seine St Dennis suburb of Paris, who as BBC reports never went to university, has no experience in government, and never worked outside of the RN National Rally party except one summer at his father's company. Is he the right stuff to run France asks BBC reports. Macron calling snap elections gives little time to National Rally to come up with a more experienced candidate. BBC News looks at Jordan Bardella and the role he has played in Marine Le Pen's RN party in France. BBC says until recently it would have been inconceivable that France would have a candidate this young and lacking experience.

LyrArc Article Gist
China's new approach to keep strict control over who goes in and out of affected areas in and near Wuhan where the coronavirus originated. This covers several cities and is being expanded as it spreads to limit how much it affects other parts of China and the world.

LyrArc Article Gist
A vote of three quarters of the UN General Assembly against changing borders by force, against Russian annexation of parts of Ukraine. The UN General Assembly voted 143 nations against changing borders by force to 5 nations supporting Russia with the remaining nations in 193 members of the General Assembly abstaining.

LyrArc Article Gist
Barmer, Rajasthan hits 48 degrees centigrade. The heat wave affects election turnout in Rajasthan state of India and in other parts of India.Delhi sees temperatures of 45 degrees centigrade. Floods in Brazilian state Rio Grande do Sul, heat wave in India, a new set of challenges from climate change in 2024.

LyrArc Article Gist
A prolonged war increases world food insecurity says this report in DW.com, including a danger of famine in some parts of the world. Ukraine and Russia together provide about a fourth of the world's wheat and other foodgrains. Many Middle Eastern countries and African countries face food shortages.

LyrArc Article Gist
Ukraine is running out of parts for its old Russian T-72 tanks and Ukraine is in need of new western tanks to defend itself, says this report in DW.com. German reporters give this report from a tank unit in the Bakhmut and Soledar area in eastern Ukraine. Ukraine withdrew from Soledar.

LyrArc Article Gist
Three NBC reporters talk to people in areas in southern France, including Cogolin, which voted in a National Front mayor. This report describes the contrast between the National Front under Jean Le Pen and his daughter, Marie Le Pen. Marie took over the party leadership in 2011, and has downplayed her father's more racist ideology, even calling her self Marine dropping her last name. About 22% of French women are expected to vote for Marine, according to Elabe polling agency. In previous elections only 12% of French women had supported Marine's father because of overt racism. Yet recent remarks by Marine about Vichy regime shootings have revived some of the old memories of the National Front among some women. High unemployment and sense of neglect has led to a search for alternatives, and the terrorist incidents in Nice and Paris have added to the momentum for the National Front that calls for tougher measures. The Republican Party candidate Fillon, now has the support of Alain Juppe of Bordeaux, and former president Sarkozy. Fillon is also advocating tougher measures, and it is not clear how many votes would shift from Fillon on the right to Le Pen.  ...

LyrArc Article Gist
Video pictures of families sorting out the wreckage or standing in line for aid supplies after the cyclone Idai leaves devastation in large parts of coastal Mozambique, including the port of Beira.

LyrArc Article Gist
How ageing of the population- and the decline in the population as young people leave for Tokyo and Osaka- is affecting Nagasaki and other parts of Japan. It presents severe problems of urban decline visible in Nagasaki.