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Japan's budgetary discipline will take the form of keeping annual expenditures (excluding debt servicing) constant at 71 trillion yen ($819 billion) for the coming three years. This is around three fourths of the national budget. To do this the Democratic party is asking cabinet ministers to set priorities, reduce waste, and send money into the party's emphasized growth strategy areas.

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China has 25 million 3G, third generation mobile wireless technology users.

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The encouraging sign is that bank by bank results -with how the exposure plays out for sovereigh default risk- will be released in the European bank stress test resullts. Access to funds from private capital and a degree of transparency helped banks in the US recover their footing.The same access to private capital could help recapitalize European banks, in addition to the access they have to public funds.

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Analysts say that if Greek banks pass the European banks stress tests to be announced this week, the stress tests must not be rigorous enough.

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Nokia is initiating a search for a new CEO to replace Mr Kallasvuo who became CEO in 2006. Since then Apple's iPhone has changed the market and Nokia has not been able to match the trend set by iPhones in the mobile phone device market. Nokia's stock has fallen 42% since April 19, 2010. Nokia's response to the iPhone was to replace its mobile phone executive and to create a separate operation for smartphones. Nokia plans to have a new line of smartphones in 2010 to compete with the iPhone. The main problem is its operating system software which needs to be more sophisticated. Nokia holds about 40% of the cell phone market with Europe and countries like India being its strong points. But Nokia's margins in India are low because of intense competition. Apple has already surpassed Nokia in the profit in phones, making $1.6 billion in profit in the third quarter of 2009 compared to Nokia's $1.1 billion.

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Interview with former Mexican president Vicente Fox on the Arizona immigration bill. He says xenophobes have taken over. Fox emphasizes that the 11 million undocumented workers are the most loyal in their work habits, contribute to the US economy, and should be documented.

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CBID or Cai Business Indepth is a new English language service covering financial news and analysis. The company's website is www.cbid.com. An advertising campaign will start this week, and a number of other products such as industry reports economic data is expected. CBID has hired 30 reporters. David Legg, Managing Director of Europe and Asia for the Gerson Lehrman Group, helps connect country and industry expert providers with investors.

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The heavy monsoon rains this year and the lack of adequate storage facilities may result in the loss of 10-15% of the wheat and rice harvest this year, according to Indian government sources. This means food prices are rising because of this loss of grain. India badly needs more and better warehouses to store grain and control food prices.

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Boeing brings back engineering experts from its past to help bring the Dreamliner project back to shape. The head of the Boeing Commercial Airplane Business, has brought back 8 retired executives back into the fold by forming a Senior Advisory Group. Joe Sutter, 89 years old, is one of the engineeers from Boeing's past that criticized the outsourcing of key parts for the Dreamliner- one of the problems that put Boeing behind schedule by 2 years. Sutter led the design team for the 747 jumbo jet, so he has a legendary reputation. His point- there better be a lot of Boeing people looking at the suppliers to make sure things are done right.

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Motoroloa is selling its wireless-networking business to Nokia Siemens, in a $1.2 billion sale. Motorola plans to separate its cellphone business and cable business in 2011.