LyrArc Article Gist
Calls at the BRICS leaders New Delhi summit for a change in quotas for the World Bank and the IMF, and a more open merit based selection process for heads of the two financial institutions. According to the Economist Belgium has a larger quota than Brazil at the IMF.

LyrArc Article Gist
Panoramic windshields on the Jeep Liberty, the Lincoln MKX and the Ford Edge, Cadillac SRX crossover and 2008 CTS, and on the Opel Astra GTC in Europe, are a new selling point for vehicles. This option can run from $1200 on the Jeep and $1400 on the Ford Edge. For some reason the Opel Astra when brought to the US as the Astra will not have panoramic windshield, one wonders if this is not a mistake by GM when it can use all the buzz and excitement that these kinds of features can bring to get Americans into dealer showrooms. Would Americans pay for these features on a lower priced car. There appears to be a noticeable shift towards buying smaller but more expensive and loaded with features cars among the car buying middle to upper classes which use this as an additional third or fourth car.

LyrArc Article Gist
Alexander Van Der Bellen, a pro Europe independent candidate supported by the Green Party wins Austria's presidential election with 53.3% of the vote. The anti immigrant Freedom Party candidate Norbert Hofer wins 46% of the vote. Van Der Bellen is for an open Europe and is pro Europe. The election is seen in Germany as "lifting a great burden off of our shoulders," in the words of Sigmar Gabriel. This is important for the future of Europe as France, Netherlands and Germany face major elections in 2017.

LyrArc Article Gist
The first 100 days of the NDA government in India setting the pace for reaching a five trillion dollar economy in the second term. Infrastructure projects worth 20,000 crores open in Mumbai with the new Metro line. The government plans to spend 100 lakh crores over the next 5 years on infrastructure, smart cities, and development projects for the 21st century.

The Jal Jeevan Mission for 100% access to clean drinking water is launched.

LyrArc Article Gist
Christopher Eubanks of the US wins over Britain's No. 1 Cameron Norrie at Wimbledon. After some doubts about a tennis career during a period when he did not make it to the top 100 Eubanks wins the Mallorca Open, and wins a place in the quarter finals at Wimbledon after a 5 set win over Stefanos Tsitsipas. He finds surprising help from the grass surface at Wimbledon that fits his game.

LyrArc Article Gist
Prime Minister Trudeau suffers a dent in its open, decency image after the scandal involving closing an investigation of a Quebec engineering company SNC-Lavalin. There was increasing pressure on a minister to close an investigation and demotion to a lower position of the minister who did not close the investigation.

LyrArc Article Gist
Keith Bradsher's NYT interview with Raghuram Rajan, Governor of the Reserve Bank of India, comes when Rajan has come under criticism from the business sector and the small business support base of prime minister Modi's party. The criticism centers on the drop in oil prices since Nov. 2014, and Rajan's failure to drop interest rates at the Dec. 2, 2014 central bank meeting. Rajan says it was not clear whether oil prices would remain low for an extended period at the Dec. 2, 2014 meeting. Since then new inventory data, EIA estimates and OPEC policy guidance have confirmed low prices will remain for an extended period. Rajan lowered interest rates on Jan. 14, 2015, by one quarter of a percentage point. Under India's setup the central bank chief makes decisions on interest rates, compared to the decisions made by the Federal Open Market Committee at the U.S. Federal Reserve. Rajan says there is full understanding between the central bank and the Modi government economic team led by finance minister Arun Jaitley, Jayan Sinha, deputy minister of state for finance, and chief economic advisor Arvind Subramanium. Modi and Jaitley prefer to rely on the advice and policy direction of economic policymakers with long experience in the U.S. and international circles. Both Subramanium and Rajan bring this level of experience and expertise. Subramanium brings experience from his years at the GATT which preceded the WTO, the IMF, and the Peterson Institute of International Economics, and Rajan brings experience at the University of Chicago, and as chief economist of the IMF. Modi is a dilgent listener and policymaker giving careful attention to the best advice, making it unlikely that Rajan would be seen as a holdover from the administration of Manmohan Singh. Other criticism that the business sector has made of Rajan are as financial regulator in asking state banks to increase collateral required from large business firms for large bank loans. Rajan points out the need for business to bear the costs as well as the benefits of taking risks. Under previous governments the state banks allowed large firms to keep their holdings at companies even when the risk taking resulted in losses. Rajan has also not tried to reverse the sharp decline in the rupee, which hurts business firms which took on dollar denominated loans. Rajan has instead followed policy of building up the reserves by buying dollars. The reserves were depleted in 2013 by a policy of currency interventions to reverse that decline. Inflation in India reached 9.9% in Dec. 2013, with policy of the central bank under Rajan set to bring it down to 8% in 2014, and below 6% in 2015, so that India could get out of the trap of persistently high inflation with slow growth. This is critical for a new Indian success story. A goal set by Rajan in Oct. 2012 when he was appointed as central bank chief, was to increase foreign investment and encourage new business so that India was no longer dependent on large companies for growth. This is also critical for a new Indian success story, as the Modi administration and the central bank are both keenly aware. Just as Bernanke and now Yellen at the U.S. Fed face criticism for quantitative easing monetary policy, focus on the high long term unemployed, and not focussing on inflation- with their focus on the long term economic recovery in an environment of low inflation below 2% in the U.S.- India's Reserve Bank faces a different kind of criticism for careful and prudent policies to ensure long term growth....

LyrArc Article Gist
The Guardian newspaper in Britain says the EU proposals of Boris Johnson's minority government do not face up to the realities. The three problems with the proposals are failure to consider the will of all the people of Ireland and Northern Ireland who favor a open and free border between the two Irelands. The DUP is the party in Ireland that does not speak for the whole of Ireland or Northern Ireland, its people voted to Remain in the European Union, and Johnson is following the DUP.  The Good Friday Agreement and the Irish peace accords include moral and political obligations made by Britain. Boris Johnson and Tory hardliners do not plan to respect these commitments to an open free flowing border in Ireland.  The vague customs arrangements between the UK and the EU are not what the EU would consider as normal and are problem for consumers and public. It creates a hole in EU customs arrangements and is not a workable solution. For these reasons the Guardian rejects the idea that this is a compromise, and finds the word "perfidy," or breaking promises to the Irish people, and in new ways from Tory hardliners from the past. ...

LyrArc Article Gist
An Arabic channel for the BBC television to brodcast 12 hours a day followed by 24 hour programming by yearend 2008 to reach viewers in the Middle East, Persian Gulf and North Africa with a $50 million budget to cover events in the region with an international perspective and opinion that does not favor any one country. It will have to gain this credibility over time just as BBC radio brodcasting has done in the past.

LyrArc Article Gist
European new auto registrations down by 25% in November and about 7% for the first 11 months from ayear earlier. GM hit hardest with 38% decline in November for Opel and Vauxhall and Swedish Saab declining by 45%. VW holding up with a17% decline and Ford at 20% decline in November 2008 over ayear earlier.

LyrArc Article Gist
The Ukraine war is heading in the direction of a wider war, says Antonio Guterres, secretary general of the United Nations. "I fear that the world is not sleepwalking into a wider war, it is doing so with its eyes wide open." On the lack of strategic vision and near term thinking focused on gaining that slight advantage in the near term, and the actions of global finance, he said it was deeply irresponsible and immoral. He says a "radical transformation" is needed, as without it one side will pile up wealth and the other left on the wayside with crumbs. 

LyrArc Article Gist
Risks are increasing in the southeast and midwestern states in the US where vaccination rates are as low as 30%. The Delta variant of coronavirus is now the dominant virus strain in the US. It is highly transmissible, estimated to be about 50% more transmissible than the original virus. The region covering Missouri, Iowa, Kansas and Nebraska, as well as Wyoming is affected, in addition to the southeastern states, as these states have lower rates of vaccination and vaccine skepticism. As communities in the US and UK reduce pandemic restrictions and open for the summer the risks of last year are being brought up by experts. 

LyrArc Article Gist
Iran and Houthi rebels in Yemen seeking to enlarge the Gaza response of Israel into a wider regional conflict. The US under Biden seeking to limit the contours of the conflict and convince Israel to end its invasion of Gaza. Shipping lanes in the Red Sea and the Suez Canal are affected as Maersk now sends its ships around the Horn of Africa. The US and UK warships tackle a recent barrage of attacks on shipping in the Red Sea last week and the US says it will respond to keep theshipping lanes open for Suez and the Red Sea. The WSJ shows these shipping lanes and the impact.

LyrArc Article Gist
Ellen Jervell describes the open and inclusive culture that as helped Norway win more medals than any other country in Winter Olympics games. Before age 11 all children participating in sports get the same prize. A large annual budget for the main Olympic organization of $23 million helps, and so does the extra leisure from the high per capita GDP of $99,558 with many high paying jobs. Of the 303 medals won by Norway 125 were in cross country skiing. 60% of Norwegians enjoy watching cross country skiing, according to a 2011 survey by newspaper Aftenposten, and Norwegians take a less competitive view of the sport. Academic ability is given first importance even in sports schools.

LyrArc Article Gist
The South Korean defense minister visits New Delhi and emphasizes the crucial importance of freedom in the Indo Pacific region. Few remember the commitment and sacrifice of Indian veterans in the Korean war.  A postage stamp from that period shows Indians played a key role for peacekeeping after the end of the war. Suh Wok will open India Korea friendship park in Delhi Cantonment. India and South Korea will strengthen their defense relationship with joint manufacturing of defense systems.

LyrArc Article Gist
Ron de Santis now realizes the errors made in trying to base a campaign on out-Trumping Trump. It is 2023 and it is a different country. Lessons were learned, both Democrats and Republicans are a different breed these days, and have more in common than is realized. The shaking up and open discourse part was the easy part, the hard part of building America is what is taking place today, and requires a different disposition and frame of mind.

LyrArc Article Gist
Ireland becomes the first European country to go into lockdown. Daily coronavirus cases were at 1031 on October 19, 2020. All non-essential businesses shutdown and everyone asked to stay at home, with exercize allowed only within a 5 mile radius of home. Lockdown is for 6 weeks. Schools will be allowed to remain open.