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LyrArc brings in selected articles from many of the world's top publications.

Articles are selected by experts and you can see the gist of the important articles.

Japan Abruptly Acts to Stimulate Economy

1 Links   
New York Times - 10.31.2014 Original article ›
Jonathan Soble, Jonathan, Soble
LyrArc Article Gist
Echoing ECB president Draghi's comments in 2013, Haruhiko Kuroda of the Bank of Japan says "we will do whatever it takes to achieve our price target." The central bank has set a target of 2% inflation to be achieved in 2 years. With deflationary tendencies and low growth estimates of 0.5% for fiscal 2014, Kuroda was taking the strong action to see that the gains made so far are not eroded. The Bank of Japan will target asset purchases of 80 trillion a year or $734 billion, increasing this from the 60 trillion to 70 trillion yen range set earlier. The Government Pension Investment Fund backed this move by saying it would increase the stock component in its portfolio from 24% to about 50%.
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Slide in Fuel Costs Lifts Profits for Airlines, but Fares Won’t Fall

11 Groups   
New York Times - 12.10.2014 Original article ›
Jad Mouawad, Jad, Mouawad, Nicola Clark, Nicola, Clark
LyrArc Article Gist
Airlines are using the savings from lower oil prices to do do much neded upgrading and improvements on planes, for improving airport facilities and to reward employees. Airlines are investing at the best rate in 13 years. Much of the investment goes to upgrade service for business class travel. As planes are full airlines have little incentive to reduce fares. American Airlines says it wil invest $2 billion to improve service inside planes. Air France-KLM says it is spending $1.2 billion to refurbish planes and modenize airport lounges, ground services. IATA estimate is for airline industry profits to go up from $11 billion in 2013 to $19.9 billion, increasing to $25 billion in 2015, almost doubling in 2 years.
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S.&P. Cuts Russian Debt One Notch to Junk Level

  
New York Times - 01.26.2015 Original article ›
Andrew E. Kramer, Andrew, E., Kramer
LyrArc Article Gist
Standard & Poors drops Russia's credit ratings to below investment grade on Jan. 26, 2015. It sees economic growth in Russia slowing to 0.5% for the next 3 years. This downgrade puts Russian bonds to the level of junk bonds. Fitch and Moody's have downgraded Russian debt but not to the level of junk bonds. The Russian ruble declined to 68 rubles to the dollar in currency trading. S&P's analysis states that "stresses could mount for Russian corporations and banks that have foreign currency debt service requirements without a concomitant foreign currency revenue stream." The Russian government, says S&P, will then have to chose between supporting the ruble and supporting these foreign corporations seeking help with foreign currency debt service requirements.
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Hillary Clinton Laments ‘Missing’ Black Men as Politicians Reflect on Baltimore Unrest

4 Groups   
New York Times - 04.29.2015 Original article ›
Amy Chozick, Amy, Chozick, Michael Barbaro, Michael, Barbaro
LyrArc Article Gist
A look at the views of candidates running in the U.S. presidential election of 2016 on mass incarceration. Benie Sanders, Democratic Senator from Vermont, says the situation worsened for incarceration during the Clinton years when a policy of building prisons and increasing law enforcement was adopted. The 2.2 million persons in prison today are double that for the years before the early 1990's, said Sanders. Under president Clinton the 1994 Violent Crime Control and Law Enforcement Act was passed creating tougher penalties for drug offenders, and putting $30.2 billion for more police officers and new prisons. Hillary Clinton called for putting "an end to the era of mass incarceration." Adding in other remarks that missing African-American men means "missing husbands, missing fathers, and missing brothers."
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The Supreme Court Saves Obamacare, Again

7 Groups   
New York Times - 06.25.2015 Original article ›
The Editorial Board, The, Editorial, Board
LyrArc Article Gist
This NYT editorial on June 26, 2015, says the arguments of the plaintiffs before the U.S. Supreme Court for the Affordable Care Act were specious, based as they were on a reading of four words phrase in the Act leaving ambiguity about what exchanges were covered by health care subsidies. It says the plaintiffs with strong emotions on the subject decided to pull their argument out of thin air. That only one Justice acted as the swing vote, Justice Anthony Kennedy, shows the Supreme Court like the rest of the nation is not above emotion- Justice Scalia called the 6-4 decision based on "jiggery-pokery" and not "honest jurisprudence"- and needed Chief Justice Roberts to provide the larger view in 2015 as he did in 2012.
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Renzi's Italian Job

1 Links 2 Groups   
Wall Street Journal - 02.26.2014 Original article ›
Wsj Editorial, Wsj, Editorial
LyrArc Article Gist
This WSJ editorial points out that the biggest thing in Mr Renzi's favor is the desire for change in Italy, and the public frustration that favors "haste and boldness." Renzi's changes to the tax code are needed as many middle class Italians take less than half of their pay after taxes. Business will get relief from high payroll taxes to boost employment and create new jobs. The current payroll taxes of between 28% to 30% for employers and another 9% for employees are too high.The lower taxes should also reduce the part of the economy that is underground and increase tax revenues. One opinion survey show 48% of Italians favor leaving Italy because of the economic stagnation, another reason to move with speed on the changes.
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Royal Bank of Scotland to Slash Costs as Losses Deepen

3 Links 11 Groups   
Wall Street Journal - 02.28.2014 Original article ›
Max Colchester, Max, Colchester, Margot Patrick, Margot, Patrick
LyrArc Article Gist
Even as huge losses continued at RBS bank bonuses remained high. After $15 billion in losses at RBS in 2013, banker bonuses were $960 million for the year. Banker bonuses declined from 679 million pounds in 2012 to 576 billion pounds in 2013. New CEO Ross McEwan, says "I need to keep people engaged." He announced another reorganization. He says RBS "is the least trusted company in the least trusted sector of the economy." This follows public criticism of RBS for not lending enough to small business and unfair treatment of customers. The new plan is for cost cuts to save 2.2 billion pounds by closing 16 corporate call centers and 11 offices in London. Sales and restructuring cuts are planned for 3.1 billion pounds in savings.
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Mortgage, Home-Equity Woes Linger

1 Links   
Wall Street Journal - 05.20.2014 Original article ›
Conor Dougherty, Conor, Dougherty
LyrArc Article Gist
About 10 million households in the U.S. are underwater in their mortgages, living in homes that are worth less than what they owe on the mortgage. According to Zillow Inc. in the first quarter of 2014, about 9.7 million households or 18.8% of U.S. homeowners are underwater in their mortgage. Another 10 million U.S. households have less than 20% equity in their homes. Underwater homes are concentrated in the bottom third of the price range with 30% in this range, resulting in fewer homes available to new first time buyers entering the market. At the same time the higher mortgage rates and 11% price increases in the last 2 years make homes costlier for first time buyers who face sticker shock, according to Zillow economists.
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Dubai, Once a Humble Refueling Stop, Is Crossroad to the Globe

4 Groups   
New York Times - 06.18.2014 Original article ›
Jad Mouawad, Jad, Mouawad
LyrArc Article Gist
Dubai airport had 67.3 million passengers in the 12 month period through Feb. 2014, according to Airports Council International. Emiraes airline is based in Dubai. It was setup in 1985 using a $10 millon grant from the government of Dubai and 2 Boeing 727 planes. The precipitating factor was a cutback in flights by Gulf Air between UAE and Pakistan. Emirates benefitted from a business friendly environment in Dubai and open skies policies that helped the aviation sector grow. Another factor helping rapid growth is that the CEO of Emirates, Sheikh Ahmed bin al-Maktoum, is chairman of Dubai Airports and Dubai Civil Aviation Authority, chairman of the low cost carrier Flydubai, and is the uncle of Dubai's ruling king Sheikh Rashid al-Maktoum.
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When Model Borrowers Bite Back

7 Groups   
Wall Street Journal - 05.28.2013 Original article ›
Mike Cherney, Mike, Cherney
LyrArc Article Gist
Apple, Microsoft, Merck, Nike and other U.S. companies raised about $27 billion in the early part of 2013 with bonds yielding about one percentage point above U.S. government bonds. With the increase in yields in Treasury bonds following positive news from the housing sector, an improving U.S. economy and improving share prices in the stock market, corporate bond prices are declining. Apple's 10 year bond declined by 1.15% to 95.85 cents on the dollar. Analysis from William Blair shows Apple's 10 year bonds trading at 97 cents to the dollar if rates on 10 year Treasury bonds were 2%. At rates rising to 3% the Apple bond price would decline to 88.88 cents to the dollar, and a loss of 8.37%.
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BMW Launches Its First Mass-Production Electric Car

7 Groups   
Wall Street Journal - 07.30.2013 Original article ›
Joseph B. White, Joseph, B., White
LyrArc Article Gist
BMW's first mass production electric car the i3 will go on sale inthe U.S. in the second quarter of 2014, priced at $41,350. It is a city car with a range of 100 miles from one charge. BMW will launch a i8 in 2014. The i8 is a super sports car with high fuel economy. A electric motor drives the front wheels and a 3 cylinder gasoline engine drives rear wheels. BMW's CEO Reithofer has increased spending on R&D so that it can meet the 30% of automobiles that have to be hybrids or electric vehicles by 2025 for BMW to meet higher European auto emissions standards. R&D spending was up 17% in 2012 to 9.2 billion euros, and capital spending up 42%.
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Fed's Rate Cuts Threaten to Chill Japanese Investment

  
Wall Street Journal - 12.15.2008 Original article ›
LyrArc Article Gist
As the Fed cuts rates again moving to 0.5% on December 16, 2008, as expected , it brings US interest rates closer to Bank of Japan's rate of 0.3%. Higher rates have led Japan's giant insurance companies and pension fundsinto Us Treasury's, with Japan holding $ 573 billion in US Treasurys in September according to the USA Treasury Department. On 4 week securites the US has already sold Treasurys last week at a yield of zero which attracted money as a safe haven.On December 12, the dollar settled at 91.04 yen, down 18.4% this year. The concern is that a weaker dollar could result from a move away from dollar assets and the stronger yen would further weaken the prospects for Japanese exporters.
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OPEC's Mountain to Climb

1 Groups   
Wall Street Journal - 12.18.2008 Original article ›
Liam Denning, Liam, Denning
LyrArc Article Gist
Opec cuts by 2.2 million barrels a day on December 17, 2008, and forward curve for Nymex crude oil prices which goes up $10 to $50.64 for the May 2009 contract and $70 from late 2012, offers liitle support in terms of higher oil prices. Some of it is explained by costs of storing oil on tankers and some of it by higher credit costs, and prices beyond 6 months do not have as much significance as the situation is uncertain. With Russia needing oil revenues and Iran and Venezuela also in the same situation, it looks increasingly unlikely that the strict reduction in production will hold. And things like higher inventories with a steeper downturn in 2009, can keep prices down for a long time.
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Japan's Abe Appoints Ex-Rival as His No. 2

8 Groups   
Wall Street Journal - 12.26.2012 Original article ›
Alexander Martin, Alexander, Martin
LyrArc Article Gist
Shigeru Ishiba was reappointed LDP party secretary-general in Japan. Ishiba served three terms as defence minister, is popular with the rank and file and the public. He has a good grasp of security issues. He will be the No. 2 person in the cabinet after prime minister Shinzo Abe. Ishiba was the first LDP official to give a specific trading range for the yen by publicly calling for a range of 85 to 90 yen to the dollar. The yen closed at about 85 yen to the dollar on Dec. 25, 2012. Two women join Ishiba and Abe in the leadership positions. Seiko Noda is now chairwoman of the party general council. And six term parliamentarian Sanae Takaichi is policy chief for the LDP.
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Will the New BlackBerry Win Back Corporate Customers?

5 Groups   
Wall Street Journal - 01.29.2013 Original article ›
Will Connors, Will, Connors, Clint Boulton, Clint, Boulton
LyrArc Article Gist
Corporate customers now make up about 20% of RIM Blackberry customers, down from 71% in 2007 when the Apple iPhone was introduced. This means competing with Apple and Samsung in the consumer phone market. Business users bring more revenue per customer. A looming threat to RIM is the BYOD trend with companies allowing employees to bring their own phones and giving access to corporate data networks. Some companies are giving the new Blackberry 10 a try. Blackberry shares are up 41% in the last 3 months. Yet the challenge of keeping business customers and building a customer base in the consumer market against established competitors in 2013-2014 is a daunting one. RIM's global market share is 4.6%, according to IDC.
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Thriving Norway Provides an Economics Lesson

6 Groups   
New York Times - 05.14.2009 Original article ›
Landon Thomas Jr., Landon, Thomas, Jr.
LyrArc Article Gist
A Norwegian economist quotes Ibsen-"the strongest man is one who stands alone in this world." it describes Norway's approach of setting its own course. Prudent banking policies, frugal management of oil money, and astute investments by the wealth fund, have given Norway economic resilience rare in Europe. Banking represents only 2% of the economy, and oil money goes straight to the wealth fund and only 4% is allocated to the budget, spending controls are in place as government spending was reduced to 40% of GDP by 2007 from 48% in 2003 a period when UK increased spending from 42% to 47%. Oil revenues and a small population of 4.9 million also help. Managing this well is the Norwegian story.
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Bank Woes Deepening in Europe

  
New York Times - 07.01.2009 Original article ›
Landon Thomas Jr., Landon, Thomas, Jr.
LyrArc Article Gist
Fears that the European banking sector is very weak and not enough has been done to fix the problems. KBC bank of Belgium has receivbed $41.5 billion in 3 separate rounds of government help. For abank with total assets of $425 billion this exceeds the bailout of the Royal Bank of Scotland. Moody's has issued awarning about credit risks at 30 Spanish banks and lowered its ratings of the Greek banking sector. Nonperforming loans at Russian banks compose 10% of the average bank's books and could rise to 25% by endo of 2009. Sweden has big problems for banks that laoned to the Baltic countries. A European bank analyst at Standard and Poors estimates a doubling in writeoffs for European banks in 2010.
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Moral outrage

9 Groups   
Economist - 10.26.2009 Original article ›
Economist.Com
LyrArc Article Gist
Of 21 reader comments to this piece on banker pay, all except for 4-5, were very critical of the bankers behaviour, including many of their colleagues in the financial industry who commented. The lack of any response from the FSA on the grounds that its not the FSA's job, or from the Treasury, is disconcerting. Treasury is said to have not said a word, when RBS hired a head trader for a rumored 7 million pounds. All this coming on the heels of the RBS and Lloyds debacle, makes the Labor government open to attack from the Conservatives under Osborne and Cameron. and from Mervyn King of the Bank of England. They have expressed strong disapproval of the busines as usual attitude of bankers.
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Original article 3 minutes, gist 1 minute

Don’t Build Up

  
New York Times - 10.28.2009 Original article ›
Thomas L. Friedman Readers Comment, Thomas, L., Friedman , Readers, Comment
LyrArc Article Gist
Readers comments in the NYT to Tom Friedman's piece "Don't Build Up," October 28, 2009. Overwhelmingly readers expressed opposition to digging in deeper into the conflict, with one passionate comment by Cdr. John Newlin of Vista, California, drawing 410 reader recommend. He pointed to problems at home with military active duty suicides and domestic violence rates soaring, the economic misery from the recession, and the damage done by bankers and to the economy and lobbyists to a properly functioning democracy. Readers related to Friedman's idea that only the locals are best equiped to solve their problems, and that the day after the day after the Afghan warlords and the Taliban will still be fighting and the region never under anybody's control.
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High Costs Weigh on Troop Debate for Afghan War

3 Groups   
New York Times - 11.15.2009 Original article ›
Christopher Drew, Christopher, Drew
LyrArc Article Gist
Even with a lower troop committment, the new costs of $ 1 million a year for each soldier, threaten to wipe out the $26 billion in savings from Iraq in 2010. The overall military budget could go up by 10% from a high of $667 billion under the Bush administration to $734 billion. Head of the House Appropriations Committee, David Obey, of Wisconsin, says that sending more troops to Afghanistan would drain the Treasury, and "devour virtually any other priorities that the President or anyone in Congress had." Rep. John Murtha of Pennsylvania head of a House subcommitte on defense appropriations says that a majority of the 258 Democrats in Congress would vote against any bill to pay for more troops.
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Demonstrably durable

1 Links 2 Groups   
Economist - 12.30.2008 Original article ›
Economist.Com
LyrArc Article Gist
The euro providing a safe place for countries like Italy during the crisis. For Britain its very asymmetric shock with the collapse of property and markets, financial sector, and consumption, provides it asafety valve through a decline in the value of the pound and lower interest rates. For Greece, Portugal and Spain which saw large increases in wages by 10-20 percentage points, above the 14% rise in unit labor costs in the EU zone between 1999 and 2007 reported in recent ECB monthly Bulletin, the situation is different. In Spain this means the downturn is likely to be more severe as can be seen in unemployment that is already at 13% and expected to reach 15-18% in 2009 by some estimates.
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Original article 14 minutes, gist 1 minute

Ford Posts Quarterly Loss of $5.9 Billion

9 Groups   
Wall Street Journal - 01.29.2009 Original article ›
Matthew Dolan, Matthew, Dolan, Jeff Bennett, Jeff, Bennett
LyrArc Article Gist
Ford Motor Company's $5.9 billion loss in fourth quarter 2008, and its decision to draw down its $10.6 billion credit line. Ford has $24 billion in cash and carries a debt of $25.8 billion. Job cuts have already reduced employees from 122,000 in 2006 to 75000 at the end of 2008, about a 39% decrease. Analysts say a lot depends on how 2009 turns out. If as expected there is a continued sharp downturn from here and things don't get much better even with the stimulus spending during the second half of 2009, then losses in the magnitude of the $5.9 billion loss for 4th quarter 2008 may happen. In that case Ford may have to look for government assistance.
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GM More Open to Bankruptcy

1 Groups   
Wall Street Journal - 03.06.2009 Original article ›
John D. Stoll, John, D., Stoll, Neil King Jr., Neil, King, Jr.
LyrArc Article Gist
GM management is now considering government supported bankruptcy as a serious option, after insisting for months that that would not work, and that it would affect the whole supply chain. This comes as GM's auditors raised "substantial doubt" that GM could operate as agoing concern considering its state of finances. Prices on GM's bonds are down to less than 20 cents on the dollar, for GM's $3 billion 30 year bond. according to Thomson-Reuters. Under bankruptcy GM's entire debt load could be reworked and bondholders would see it in their interest to make necessary concessions for this to happen. Also the franchise overhaul could proceed on the retailing side. A prepackaged bankruptcy would typically be accomplished in afew months.
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Toyota's Global Woes Start to Hit Home in Japan

1 Groups   
Wall Street Journal - 11.04.2008 Original article ›
John Murphy, John, Murphy
LyrArc Article Gist
Toyota is seeing declining sales and has cut its temporary workforce by more than 20% from 8,800 in March to 6,800 in September. Sales declined 4% in the July-September quarter. The whole area in Toyota city with 76,000 jobs connected to the auto industry and the area around Nagoya is being affected. And emerging markets are not making up for steep declines in the American market. Analysts at Credit Suisse and UBS predict Japan's economy could contract by 1% in 2009. Sales at major department stores in Nagoya dropped 8.7% in September, the largest decline among 10 major cities in Japan, and there is a fivefold increase in the number of distressed businesses seeking government loans according to a report by the local chamber of commerce.
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Chances Dwindle on Bailout Plan for Automakers

  
New York Times - 11.14.2008 Original article ›
David M. Herszenhorn, David, M., Herszenhorn
LyrArc Article Gist
With Democrats controlling 51 votes and 11 Republican votes needed in the Senate to reach the 60 votes for passing aid to automakers legislation, the whole issue remains clouded for now. Politicians of both parties made statements but the reality is that there is not enough support in Congress for aid to automakers. And if the $25 billion that has been already approved for retooling plants for higher fuel efficiency is now released for salaries and operations by congressional vote to change this it still has to pass a poosible veto by President Bush. And Republican opposition is hardening as they call for real changes in how these companies are being run and at the same time some Democrats may also support this position.
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