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WSJ Editorial Board looks at the reserves being set aside by banks and oil companies against losses in Russia as the situation in Ukraine worsens in April 2022, and has questions for CEO's that have not made preparations for a similar situation arising in China. Too much is being done on Russia "on the fly." For China 83% of American company CEO's have made no plans for supply chain action for China even after the pandemic hit and after the supply chain chaos from zero covid policies. JPMorgan, Goldman Sachs, and Citigroup have set aside $3.36 billion for Russia, according to Reuters. Shell says it may take charges of $5 billion to write down Russian assets. Exxon will take a similar charge. WSJ Editorial Board says the situation in China with respect to territorial claims on Taiwan are similar, and asks what preparation is being done for China risks. WSJ's Editorial Board says American CEO's should be calculating their supply chain and investment risk now in the event that there is a conflict in Asia. Some of this foreign investment has shifted it says as foreign direct investment as a share of China's GDP is down to 1.2% in 2020 from as high as 4.6% in 2005, according to the World Bank. Much remains to be done. Yet in 2021 despite the supply chain chaos from China's zero covid policies and rising geopolitical plus trade tensions, 83% of American companies operating in China were not considering or were not in the process of relocating their manufacturing or sourcing out of China, according to a recent American Chamber of Commerce in China business-climate survey. A figure that is the same as in 2019, a sign of complacency says the WSJ, one that could be costly, and with Russian write downs today a warning to executives that they should start preparing now for the danger that lies ahead. ...

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Ford. will still make $8 billion to $11 billion this year even after losses of $3 billion in electric cars. By 2026 Ford says it will earn 8 to 9 percentage points in profit from EV's. Ford is basically investing in the EV industry now for the long run. It is also part of the effort to move away from fossil fuels. Government incentives and subsidies will help companies and buyers of vehicles make the transition to EV's to fight climate change.  Companies that have not invested in EV's such as Toyota risk falling behind in EV's at a time when climate change is a major priority for buyers and governments around the world. Toyota is moving to a new CEO who can better take up the challenge of EV's. Under the previous CEO Mr. Toyoda Toyota clung to a mistaken belief that hybrid cars were all that is needed to reduce use of fossil fuels. German, Chinese and US manufacturers are taking the lead in EV's and Japan has fallen behind.  WSJ has never favored government subsidies and is critical for this reason. Yet it is clear that in some situations such as fighting climate change, building infrastructure, and redesigning the supply chain, government has to take the lead. Eisenhower in the 1950's with a government led effort helped build the national highway system, the first in the world. Biden is making a similar effort on multiple fronts. The redesign of the supply chain comes after private industry without proper direction from the government over concentrated manufacturing in China with Japan as a supplier into China. Presidents Bush and Obama wasted time and resources better devoted to national priorities at home on wars in remote places such as Afghanistan and Iraq. President Biden wrapped up the war in Afghanistan and completely disengaged from an area that is of no constructive interest to America. Resources are now concentrated in the right way on real national priorities from manufacturing at home to fighting climate change, fighting the cost of living crisis and building better infrastructure for workers and families. ...

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This report in WSJ shows that remote work is a lasting trend because companies can now hire talented individuals from anywhere in the country or the world, and pay less for the same talent. In the past talented individuals were attracted with high pay packages to cities such as San Francisco, Seattle, New York, Boston and Los Angeles. Companies can now choose to avoid paying these high pay packages and have a broader talent pool to choose from. This is because these cities became costlier and less attractive with cramped apartments relative to the choices for remote work. In the example cited here a machine learning expert shifted from a small cramped apartment in San Francisco to work for Twitter from a small town named Katy in Texas where she has a 5 bedroom large apartment and a nicer community of 20,000 people to live in west of Houston. One in 8 jobs posted on Linked In as of August 2021 are for remote work, many times the percentage of remote work job postings in 2020, showing this trend is here to stay. There is a large shift of millions of workers in tech related fields exiting the cities of San Francisco, New York, Seattle, and Boston for smaller cities in other parts of the country such as Utah, Texas and other states in the US. A similar trend is observed in Europe. America's professional classes are moving to hybrid or remote work in large numbers says this report in WSJ. At one point in 2020 about 35% of workers in the US or 50 million workers were doing remote work during the lockdowns. In August 2021 this figure is closer to about half of these workers even as workers return to work offices. It is believed that the BLS statistics understate the number of remote workers at 20 million and 14% of workers in August 2021. Large crowded and hugely expensive cities are no longer attractive for employers or for tech employees or professional workers. ...

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For the first time in decades the U.S. trade deficit with China is falling significantly. China's exports to the U.S. dropped 12.5% to $296 billion in 2019 from $323 billion in 2018, according to Chinese customs data. Actually China's trade surplus with the U.S would have fallen even more had not the U.S. exports to China declined by 21%. With the Phase 1 trade deal negotiated recently U.S. exports to China will increase significantly, while 25% tariff on $250 billion in Chinese goods still in place limits China's exports. This means in 2021 and 2022 and years ahead China's surplus should shrink much faster achieving one of the principal goals of Mr. Trump and his trade negotiator Mr. Lighthizer. Mr. Lighthizer was chosen by Mr. Trump for having accomplished a similar goal decades back in the eighties with Japan's surplus. Even though China has not stated this in writing, American officials have said China will increase purchases of American goods and services by at least $200 billion over the next 2 years from 2017 levels. China and the U.S. have essentially agreed that the two economies so tightly intertwined works to the detriment of the U.S. with the Chinese surplus creating tensions. China will now have the European Union as the largest trading partner followed by south east Asian countries, and other regions. China decided that its priority is technological development and was unwilling to meet U.S. demands to reduce its efforts for technological competition and access to western technologies. Instead opting for shifting it economy away from dependence on exports to the U.S. in a gradual way. The other demand of the U.S. for stopping state subsidies is also a concession China is not willing to make as it sees it as an economic feature of its business model that is working and a competitive advantage.  This leaves the U.S. with a limited win so that trade and resulting jobs can be brought into favoring the U.S. a key Trump goal, and not a win in the technological competition with China which will continue. ...

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Public health experts warn that it is essential that countries reopening their economy have a reproduction ratio of much less than 1.0 so that the rate of increase is under control. Germany's Robert Koch Institute which advises the German government says the reproduction ratio which was 0.70 in mid April is now up to 0.96 after creeping back up. This is based on a mathematical model and extrapolated from infection numbers several weeks back.  It doesn't reflect the change by recent easing of lockdown measures starting with reopening smaller stores. This validates the careful approach adopted by France which was put forward by prime minister Edouard Philippe in his address to the National Assembly. The Assembly approved the plan 368 to 100. More legislation will back up the French government's authority to ban non essential travel between French departments and the creation of a large brigade to perform contract tracing. That involves finding testing and isolating everyone potentially infected, using dedicated locations. Detailed restrictions on travel, work and gatherings will take effect when France reopens partially on May 11.  France is also putting resources behind its testing program to test every person having coronavirus symptoms, and all they are in contact with. That means about 700,000 tests a week. Officials will generate a color coded map from this with red areas facing more restrictions than green areas. Student size is capped at 115 per class. Cafes, restaurants, movie theatres and large museums will remain closed. Gatherings of more than 10 banned. Those who can work from home asked to do so. Public transit users will be required to use masks, and marks on platforms will indicate the social distance required. Only essential travel is allowed more than 62 miles from home. These rules remain till June 2, when new ones will be set. Large music festivals and sporting events are canceled till the fall. Mr. Philippe says "these efforts will not be in vain and should allow us to arrange for a better summer season." ...

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Prime minister Modi's address in Hindi to the nation on May 12 on "Atman Nirbhar Bharat" (self reliant India) as India looks ahead to a situation beyond the coronavirus. What would the economy look like as India moves forward? He says the emphasis will be on planning for the need for land, labor, liquidity, and laws to develop the Indian economy. A bold package of economic action for an investment of 20 lakh crore rupees or $280 billion was announced with details to be provided later. The basic philosophy of the next move forward was what the prime minister concentrated his speech on. Modi says there are 5 pillars for the Atman Nirbhar Bharat, or Self Reliant India. The first action not to go for incremental change- go instead for a quantum leap, be bold. This applies to both technology and investment and creating an environment where results can be achieved. Second action to make the kind of infrastructure that would set a new standard in the world. Third a "sabhi ke sapno ke aadhar," taking everyone along, be technology driven. Third action celebrate and build on India's vibrant demography, once seen as a weakness this will be turned into a strength. Fifth action be Demand driven - "demand or supply chain puri samtha ke saman karne ki jaruat che." The demand and supply chain  should be taken good care of. That also means be local and local manufacturing. Be vocal for local is the new message said Modi, because this is what worked and is saving us in the pandemic. As external supply chains failed countries in Europe and North America, it is the local supply chain for medicine, health care equipment, and food supplies, local technology for citizen id and bank accounts for direct deposit, agricultural supplies, strong and large national postal and rail networks and millions of employees spanning the country in all directions, that have proved of amazing value in this crisis. "Is local ne bhi bachaya, ham sabki jinnadari hai," - the local saved us and is everyone's responsibility.   ...

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The unemployment rate of 5.9% in the US in June 2021 is still higher than the pre-pandemic rate of 3.5%. It is also different in other ways that are not so apparent. There are 9 million Americans looking for jobs. They are also looking for jobs outside industries that were hit hard during the pandemic, or pursuing better jobs with less commute and more remote work, and jobs outside of warehousing which requires less of the skills and training they have or in remote locations far from where they live. Economists like to use terms such as "mismatch" to describe this as in this report in WSJ. This does not bring home to us the enormous human toll of the pandemic. A recent survey of US workers for April by the Federal Reserve Bank of Dallas found that 31% of people do not want to return to their old jobs up from 20% in July 2020. One in three from one in five last year are looking for something different than the the jobs that were hit hard in each successive wave of the coronavirus pandemic. Other surveys have found that 70% of workers who last worked for the leisure and hospitality industries are looking for something in a different industry. Leisure and hospitality that includes restaurants and hotels, airports, were hammered in this pandemic. And 55% of job applicants in one survey were found to be looking for remote work. Economists also see the macroeconomy in terms of supply and demand for labor, in terms of interest rates with low interest rates as a way to tackle unemployment, yet this has limited value in real life situations in the economy when it is affected by a number of factors, including some unusual factors such as the pandemic and man made events such as the global financial crisis of 2009 from banking missteps. The federal government has to take steps of its own to support Americans as these changes take place in the economic situation and Americans are in need of help with adjustments. ...

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Chile's new constitution was drafted after a vote on a constitutional convention in which many people not involved before and on the fringes of society including indigenous groups were elected. More than half are independents and from different groups of society not well represented before. As a result of this the lack of experience has led to enshrining every single right that one could think of instead of focusing on what the protests were about about - the pension system, unfairness in access to health housing and education in the way funds are allocated from the budget, and promoting fairness in government.  At this time there is no certainty that it will be passed. A 36 year old student protest leader Gabriel Boric is the president elected after two years of protests about the unfairness of the system that took shape under a constitution written by a military dictator Pinochet who ran the country from 1973 to 1990. Pinochet came to power in a coup that is common in the history of South American Republics such as Brazil, Argentina, Chile and other countries. During the period of the government of Marxist president Salvador Allende the country was polarized resulting in the military taking over.  If the constitution is rejected a new convention will be formed to write a new constitution. In following the Structure of the US, Canadian, or British constitution, or the Indian it is important to look at the document so that it will stand the test of time rather than simply enumerating the rights of man. It is also important to focus on how to make the basic rights such as food, housing and education be well funded and society to be run along lines of basic fairness in incomes, while protecting enterprise and industry that can create new wealth for the country. The large South American economies are mainly dependent on commodities for export and there is a need to fund new business sectors which are not in commodity products- copper in the case of Chile- so that the economy can develop in a way that funds progress in incomes. ...

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This report in FR24 looks at the Ukraine war from a demographic perspective. The chaos in Russia after the collapse of Communism led to fewer births during the 1990's and there are fewer people born during this period who are now of child rearing age. This has led to a further effect on childbirths after the earlier decade when population declined to 143 million.  Mr. Putin has offered incentives for child birth, improved hospital care, and incentive payments to new parents. Yet the war can have its own effects of reducing the sense of economic well being and opportunity that drops the level of childbirths. This is already confirmed by statistics showing a decline in childbirths in the first quarter of 2022. The Russian government and Mr. Putin see that Russia's position in the world depends on its population. Mr. Putin may have wanted to make up for the population decline by integrating parts of Ukraine such as eastern and southern Ukraine into Russia, says this FR24 report. It also shows that other factors such as population decline may have played a part in the invasion. It is a miscalculation according to the Biden administration and also from the perspective of many Russians who see Ukraine as a brotherly people speaking the same language and sharing culture and traditions. Russia's occupation of Poland for 2 centuries since the 1750's, and the region of western Ukraine near the Polish border such as Lviv about 100 miles from the Polish border  with Polish influence and distrustful of Russia, have led to pro-EU sentiment in Ukraine. This played apart in splitting opinion in Ukraine about Russia leading to the conflict. With Putin going by historical ties with Ukraine from the foundation of the Russian state in Kviv in 1000, and today's geographical realities after 2 centuries of occupation of Poland and the desire for options to join the European Union of a younger generation of Ukrainians. ...

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If the trade war escalates to the point at which president Trump imposes tariffs on all Chinese goods imported into the U.S. on Jan. 1, 2019, China could retaliate with its own tariffs and this might affect Boeing aircraft as well. The results would be to tip the economies of both countries into a recession, and affect Mr. Trump's best chances for reelection in 2020. This can happen as Mr. Trump has a great deal of confidence in his negotiating style. The negotiations so far have shown China misread the U.S. and Mr. Trump leading to a strong U.S. response.  There is also the importance of not losing face, Mr. Xi's domestic audience, Chinese industry that sees a fundamental change from state subsidies model as eroding its position and offering resistance, patriotic sentiment making it harder to meet U.S. demands. Fundamentally for Mr. Trump it is about U.S. trade deficit and changing the huge trade surplus of almost $1 trillion that China enjoys each year with the U.S. which has been and is no longer sustainable. Mr. Trump also has the backing of Republicans on this issue and Democrats cannot afford to be soft on this issue as it involves American workers and jobs are at stake. Both sides could be in for a protracted negotiation as Mr. Trump feels it is right for Americans to expect fair trade and technology transfer that respects American concerns. In addition the U.S. could sense that it exports less to China, is less dependent on exports than China, and as the party that is hurt by unfair practices insist on its position. After Japan agreed to U.S. demands that it reverse a huge trade surplus in the seventies in which Mr. Lighthizer was the negotiator its growth declined sharply and is economy stagnated. China may sense inside that this could happen to its economy. Today Lighthizer the U.S. negotiator and Trade Representative could also push hard because of he was able to convince Japan to change its course. ...

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Garlic, ginger, turmeric and similar products are vital for healthy living and healthy food. So it is surprising that so little has been done before the Trump tariffs on Chinese food dumped in the U.S. This BBC report by Pamela Parker says 1994 was when the U.S. confirmed dumping by China of garlic yet the tariff that was placed was of an ineffective type that could be circumvented. As a result the U.S. producers such as Vessey in California that produced garlic for 100 years and 5 generations decided to not produce it beside cauliflower and cabbage. Of the surviving producers one producer today in California produces 100 million pounds of this product that has value way beyond the actual dollars as vital for healthy food supplies in the U.S. In fact after reports of contaminated water supplies in China imports of ginger and other such food products have been shifted away from China.  It is well known that the industrial revolution in China came too quickly and at a large cost to the environment after 1990 including contamination of the water, rivers. For this reason it is stunning that the people setting trade policy in Washington could have ignored the vital need of U.S. meeting food needs for healthy living out of its own soil and trusted farming community. To not have done so and let producers of garlic or ginger or other such vital food products to sustain health to go out of business is nothing less than a part of the growing calamity of self inflicted wounds that have happened so far. At no time more compelling an issue as today in the pandemic. The truth is that when it comes to healthy food supplies it is vitally important, as important as national security. And local supplies grown in one's own state or country particularly for vegetables, herbs, and fruit, are very critical. There is no way to even compare product grown locally to product grown in any country where water supplies may be contaminated by rapid industrial growth. ...

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In getting the support of an overwhelming majority of Senators to support Ukraine aid Mitch McConnell plays a key role. His remarks on the floor of the US Senate underscored the gravity of this moment in the Congress: "Make no mistake: Delay in providing Ukraine the weapons to defend itself has strained the prospects of defeating Russian aggression. Dithering and hesitation have compounded the challenges we face. Today’s action is overdue, but our work does not end here. Trust in American resolve is not rebuilt overnight. Expanding and restocking the arsenal of democracy doesn’t just happen by magic.” President Biden's effort will be remembered. It is similar to what happened when Harry Truman had to persuade a war weary country and the US Congress in 1948 to pass bill for aid to Greece and Turkey to prevent an imminent Communist takeover with support from the Soviet bloc. McConnell will be remembered for his action, so will Speaker Mike Johnson and Senator Schumer and other Republicans, Democrats that worked hard to get a decisive vote for Ukraine aid of 79 For to 18 Against, with 15 Republicans and 3 Democrats voting against. Alabama Senator shifted to a yes vote saying most of that $61 billion of aid to Ukraine will be spent in the US to hire American workers in defense industries. A $10 billion loan provision with forgiveness included was a way to get the former president to support it. On the third try America's Congress gets it through in a decisive manner with overwhelming support. This is not unlike the efforts before, when Aid to Greece and Turkey had to be passed through Congress under president Harry Truman in 1948 with both countries facing a danger of Communist takeover supported by the Soviet bloc with only US support keeping democracy in both Greece and Turkey. Even in 1948 to a war weary country Harry Truman had to persist and get the support he did from the US Congress as president Biden did today April 23, 2024. ...

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What does Business in the Republican party think of J.D. Vance?   WSJ says the book "Hillbelly Elegy" is about cultural dysfunction not globalization or economic dislocation. Vance's book is about growing up in Appalachian part of Ohio around 2000. Lyrarc Retrospect shown on this page has a Wash.Post report of Robert Kennedy's visit in 1968 to poverty stricken Appalachian rural America in eastern Kentucky.  Running through Pennsylvania and Ohio to Tennessee. Mostly rural, mountainous low income and lacking roads, highways, and lacking schools, medical clinics. JFK and LBJ as presidents in the 1960's setup the Appalachian Regional Commission to lift it out of poverty. It increased income growth modest 4% above neighboring counties. Bush and Obama wars left this region and rural regions across the US neglected till Biden pulled out of Afghanistan and made rural America a top priority with the hundreds of millions of dollars needed to invest in it. It is as tough to tackle as the poverty in a similar forested and hilly part of eastern India called Orissa and Chattisgarh, which is only now receiving the attention of prime minister Modi in his third term. WSJ says J.D. Vance called mere rhetoric as no answer to such intractable problems in his Yale days, calling mere reference to cultural issues and immigration as forms of cultural heroin that would do little to change the centuries old poverty of the region.  Of the 39 year old senator J.D. Vance migration to MAGA, WSJ says it reminds them of Obama with only 2 years experience in the Senate- Vance has only a little over a year- who with lack of experience contested for the presidency of the US only to find Republicans poking Obama for seeking the presidency with such insignificant experience. This led to one of the least effective presidencies for lack of bipartisan support similar to that of Bush, both distracted by wars neither had the wisdom to not enter in the first place or to end quickly.   ...

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India's Ministry of Finance predicts GDP growth of between 7 and 7.5% for 2018-2019, after faltering GDP growth in 2017-2018 following action on demonetization and introduction of a national Goods and Service Tax. The IMF predicts growth of 7.4% for India in 2018 compared to 6.8% in China in 2018, with growth of 7.8% predicted for India in 2019.  Chief Economic Advisor Arvind Subramanian says there are "robust and broad based signs of revival," though risks remain in rising oil prices and inflation. The level is below what it could be, yet robust considering the policy actions taken by the government for the long term such as the nationwide GST implementation, which was taken up by previous administrations of both parties in government but never implemented till 2017. In addition the government faces the tasks of recapitalization of banks, the issues of job creation as manufacturing in India in the global context is only beginning to take shape, and agrarian distress.  The new Budget takes up the issues facing rural areas of the country by compensating farmers to the extent of 150% of agricultural cost and introducing the largest health care security scheme in the world for poor families. This comes a year before new national elections. The Modi administrations's focus appears to be for taking steps that will generate growth over the long term and learning from errors, yet being bold enough to take the necessary action based on experience.   ...

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There is a ton of cheese lying in storage -1.4 billion pounds - as Americans shift to foreign varieties and exports to China and Mexico are hurt by the tariffs war.  Americans are becoming more adventurous in their cheese eating habits. Many say they cannot stand eating processed cheese anymore. Processed cheese consumption is going down just as foreign cheese varieties are picking up strongly. Mozzarella cheese is up and cheddar cheeses is down with mozzarella popular in pizzas.   Cheese producers such as Sargento in Wisconsin are shifting to Gouda, a Dutch variety and other European cheeses as they adjust to the changing habits of Americans tired of processed stuff including processed cheeses.  Cheesemakers from Ireland and Quebec and local makers in Wisconsin were ramping up their production of cheese when the trade tariffs with China and Mexico hit dairy products. Cheese exports to China are down 63%. The result is that 1.4 billion pounds of cheese are now in storage in cold storage warehouses. Americans still eat a record 37 pounds of cheese every year, but processed cheese per capita is now half of what it was in 2006. Netherlands based Gouda producer Campina is expanding in the U.S. to meet the demand for gouda and other varieties.  Dairy farmers that supply cheese makers are hurt. Milk prices are down around 40% from a 2014 peak. 600 dairy farms closed in Wisconsin in 2018 alone. ...

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Atul Aneja looks at Chinese Foreign Minister Wang Yi's comments on the India- China relationship in March 2018.  The comments by Wang Yi show an extraordinary effort by the Foreign Minister to push for better relations. He raises the need for greater dialogue and "mutual trust" to improve the relations. Wang visited India in December during the period of tense relations and the post-Doklam meeting between prime minister Modi and president Jinping on the sidelines of the BRICS meeting in Xiamen. India's Foreign Secretary Vijay Gokhale visited China in Feb. 2017. A China-India economic dialogue is planned for April, 2018, preceded by visits of Commerce Minister Zhong Shan and Guo Yezhou, Vice Minister of the International Department of the Communist Party of China. Compared to the comments by both sides during the Doklam crisis there appears to be a significant change in policy. Wang refers to "more far-sighted leaders" who have realized the importance of the India- China relationship as that between the two largest developing countries each with a population of 1 billion.  In the context of events in early March with pressure from the Trump administration on trade with China- calling for China to come up with plans to reduce the trade surplus in 2018- and the growing influence of Mr. Lighthizer as a trusted advisor of president Trump and exit of Gary Cohn, this could be a strategic move.   ...

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New pictures from China's moon mission Chang'e-4.

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The Greens made speed limits on the autobahn a key plank in their program. The Social Democrats SPD party also agrees. The new proposed speed limit is 131 kms per hour or 81 mph. 
In 1952 speed limits were lifted on the autobahn in a reaction to the strict limits imposed in the Nazi period, and a sense of freedom in putting the past behind on the road.

The Greens party estimated 1.9 million less emissions of CO2 from the speed limit. The auto industry including Audi VW have not supported this change. Auto fatalities are 23 per 1000 kms of motorway in France compared to 30 in Germany. In sections of autobahn where there are speed limits in Germany the fatalities have dropped sharply. About 77% of Germans stay within the 81 mph speed limit which today is advised but not mandated.

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Denmark plans a huge wind farm project in Germany on an artificial island with 200 turbines. This will be Denmark's biggest infrastructure project. Germany plans to reduce emissions by 65% over 1990 levels by 2030. This means projects like this will be needed. Denmark prime minister Witte is on a 3 day visit to India with renewable energy projects under discussion. Germany's Economics Ministry has set up a joint working group with Denmark. 

The new project will be the size of 18 soccer fields setup on this artificial island in the Baltic Sea, to generate 3 GW enough for 3 million households. After this the project second stage is to install more turbines, for a total of 650 turbines, according to Der Spiegel. The project will cost 28 billion euros ($32 billion) with energy planned flowing by 2033.

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President Macron abolishes the elite school ENA, Ecole Nationale d'Administration, which with the Sciences Po university functions as the training ground for people serving in the government. Macron graduated from the school in 2004. Many French leaders graduated from the ENA. Macron wants to replace it with Public Service Institute that draws people from different backgrounds after complaints about elitism in France's public and private sectors. Charles De Gaulle established ENA in 1945 to train French leaders after the failures of the Vichy regime in World War II. 

The French people now see no need for an elite institution today, as most of the country's leading universities are quite capable of training the engineers, scientists, and administrative leaders needed to run French companies and the French government, and could do better in bringing diverse backgrounds and abilities.

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The Gare du Nord rail station is Paris is Europe's busiest and the station where the Eurostar arrives from London. It is also one of the oldest stations and one that has deteriorated over the years. Gare du Nord rail station is overcrowded and set for handling 700,000 passengers daily by 2030. It is overdue for a renovation and rebuilding. The problem is that SNCF the rail company is planning to partner with the Auchan supermarket chain to get private financing to help with the rebuild effort. 

Doing this with a supermarket chain distorts the vision for the development with emphasis on more shops and food stores, turning the rail experience into one that one sees at overcrowded airports. The mayor of the district and the public have opposed this type of redevelopment and are calling for changes to be made.

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A fascinating look in DW.com at pictures of an iceberg 158 kilometres long and 48 kilometres wide, on its way to hit the British territory of South Georgia in the South Atlantic. The island of South Georgia is known for large populations of penguins and seals, albatrosses, and humpback as well as blue whales. Prior to its splitting up the iceberg was even larger about the size of Luxembourg. The iceberg is a few hundred metres thick. The iceberg has already travelled for 1600 kilometres, and will reach South Georgia in 10-20 days.

Antarctica is the most southern region in the world, with 99% covered with ice some 5000 metres thick, 1.3 times size of Europe. Lowest temperature at -99 degrees centigrade, windspeeds can reach 155 mph. On it there are 4000 scientists in summer on research stations of 30 countries.

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Trade shows and exhibitions for different industries are limping back to life in Europe. One show for camper vans in Dusseldorf, Germany, uses a limited physical event with online and virtual contact as a way to stage a successful event. The new world is one of hybrid shows in 2021 and beyond with digital media and physical activity in the real world mixed in. Europe's cities depend on a large share of their business on fairs. Everything in trade fairs is being scaled down and new ways are being tested.

The CIbus agricultural products fair in Parma, Italy too place is a slimmed down version focussed on a conference on how to relaunch Italy's agricultural and food industries. Masks mandatory and social distancing strictly done. Two auto camper fairs are planned one in Dusseldorf this weekend and one in Parma.

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The new prime minister of Japan Yoshihide Suga is critical of the three phone carriers forming an oligopoly and keeping prices for mobile phone service in Japan very high. Another criticism is that Japan has failed to compete in phone technologies by staying out of world markets that would improve its competitive spirit. Japan has failed to keep up with China and other countries in mobile technologies. 

As part of the first step to change this and make NTT competitive by entering world markets, NTT is paying a 41% premium on the part of NTT Docomo that it does not own in a $40 billion deal. NTT chief Sawada sees this as a way to speed up decision making, as he sees a crisis in Japan's struggle to compete with China and the U.S. in world markets.

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Oil prices dropped below zero for West Texas Intermediate WTI to be delivered in May ended on Monday at negative $37.63. For oil delivered in June it comes back to positive at $21, and at $32 in November.

What this reflects is that though oil supplies are being cut- including large cuts from market supply and demand forces in the U.S. -this is not reflected in the price today. Producers in Texas and Canada are not able to close wells fast enough so that suppliers are "hitting tank tops" and can't find places to store the oil. As a result the average day rate for VLCC, Very Large Crude Carriers ships which can store 2 millon barrels are up from $29,000 a day to $100,000. This is threefold and spot charter rates are six fold.