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India signed a $78 billion LNG deal with Qatar that will help reach climate goals by changing the role of natural gas from 6.3% today to 15% by 2030. It will produce significant savings of $6 billion. 

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PM Modi tells parliament in a reply to the president's address yesterday laying out the government's program, that if India operated at the speed of previous governments before 2014 it would take three decades to get to No.3 in the world's economies. Instead India plans to move from the 5th largest economy in the world to No.3 by 2030. He pointed to the investments that the government had made in providing housing, income support, water, on a scale uparalleled in history to bring 250 million people out of poverty. The four pillars of the programs are Nari Shakti women's progress, Yuva Shakti youth progress, Anna Data farmers progress, and strengthening the industrial infrastructure of the country. The prime minister pointed to previous prime ministers having doubts about what India could achieve in the community of nations and compared it to the convictions, the hard work and the single minded determination of the people driving progress today who have no such doubts. ...

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The White House is considering steps to limit access of graduate students from China to highly sensitive technologies being developed at American Universities.  About 1 million foreign students study in the U.S. and about one third are from China. An incident at Duke University involving technology that was being developed for radar detection of jets is cited in this report. Under measures being considered are restrictions on private research facilities in the U.S. and putting a large range of export goods under the existing restrictions. The main focus is the "Made in China 2025" program which forms the basis of a loss of technological advantage for the U.S. as seen by the White House. This is part of the trade negotiations with China and adds an additional aspect to the negotiations make them even harder.

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Mr. Moon Jae-in, South Korea's leader, emerges from this week of direct talks between president Trum and Kim Jong Un of North Korea, with many of his goals accomplished. During most of 2018 with threats and missile tests from the North relations with the U.S. had worsened, South Korea was left out in many developments relating to the Korean peninsula, and tensions had risen. After this weeks diplomacy in Singapore, the South Korean leader has reduced tensions, achieved the goal of direct talks between the U.S. and North Korea, and reduced tensions. Moon-Jae-in now has poplarity of 79% according to Gallup South Korea, and won in local elections. Even the cancellation of military exercizes by president Trump after the Kim meeting achieves a long standing goal of reducing tensions by moderating the exercizes- which are seen by North Korea as a threat. A Gallup poll shows 66% of South Koreans supporting the Kim- Trump talks. Conservatives in South Korea are still skeptical that this can last given past experience with North Korea. The consensus is still that reduction of tensions and dialogue is still the best way to resolve the disputes, with the added pressure of sanctions with China's active participation to make the effort work. ...

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UK Reform Party has taken large donations from cryptocurrency companies. Reform leader Nigel Farage has received a 5 million pound gift from a cryptocurrency firm. What does this mean for cryptocurrency regulation in the UK as a world financial center, if Reform wins a general election and appoints the next Governor of the Bank of England when Andrew Bailey retires in 2028. This is discussed in The Guardian. The banking system of the US, UK and large countries was set up over many years and currency is only issued by a central bank with the financial backing of the nation. Cryptocurrency cannot on the basis of technology take that role without posing risks and destabilizing the financial system. The gradual splitting of society by the information economy, neglect of infrastructure, pharmaceutical pricing, banking speculation as in 2009 crisis, have been eroding some of the basic structures of democracy for the last two decades from within.  The wars in the Middle East policies, and the open borders migration policies, were effects from outside. What this has led to is counter to what one would expect. To fight open borders and the marginalization of some parts of the working class DJT Republicans have used whatever resources were available at the time in the 2024 presidential election. The cryptocurrency firms used this in opportunistic fashion to affect regulation of this currency by supporting the reelection bid of DJT in 2024 by making large donations. This has led to less regulation of cryptocurrency firms. Is this in the best interests of the Nation? Will this destabilize the banking system in ways that have happened before in the deregulation of banks before the 2009 financial crisis? In Britain a new Bank of England governor will be appointed after Andrew Bailey's term expires in 2028. Reform party in UK if elected as government would appoint the next Governor of the Bank of England. Reform's growing popularity is a result of Conservatives and Labour failing to take action on open borders, asylum hotels, and migration policy, following an ECHR code of rights that is inappropriate to such migration. What this means is that unexpected things happen as a result. Cyrptocurrency risks of destabilizing the banking system increase as a result of failure of parties on migration. This could be more destabilizing for Britain because of its role as a financial centre than the industrialized  economies such as Germany, China, and industrializing economies such as India. It poses risks in the US yet Federal Reserve Governor Walsh can exercise his own judgement about cryptocurrency and Congress can exercise oversight, the large banks can act to show the risks of destabilizing that cryptocurrency can pose. For Britain it is particularly dangerous as the US is also an industrialized power compared to Britain's focus on finance alone. Andrew Bailey can ignore lobbying by Reform Party in 2026 (Farage met with the Governor of the Bank of England), yet what happens if Reform appoints the next Governor in 2028? These are questions Britain needs to ponder. It is also why Andy Burnham is Britain's last chance to get things right on migration to the point that the British people feel good and proud of their heritage and history, British neighborhoods across the country feel safe and secure, and Britain shifts to reindustrialize its economy with partners in China and India, the European Union, and the US. A former Deputy Governor of the Bank of England, Sir Charlie Bean told the BBC about donations of Christopher Harbonne, who has a 13% ownership interest in cryptocurrency firm,Tether. "Stablecoins are only stable if they have the appropriate regulatory environment… But there is right now an unsurprising regulatory race to the bottom amid the potential for greater profits." He added: "When funds are coming from major shareholders of such large financial institutions, there is a clear potential conflict of interest here, for example, in the appointment of a new Bank of England governor. Transparency is one solution." ...

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State and local governments in the US with private industry can cut US carbon emissions by about 60% in 10 years by 2035. This goal will formally be submitted by the US to the United Nations to cut emissions by 59% by 2035. It means the federal government is not the deciding factor when it comes to cutting emissions as the new DJT administration does not support active effort on climate change till 2028.

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The Centers for Medicare and Medicaid Services ban Elizabeth Homes, CEO of Theranos, from running a blood testing laboratory for at least 2 years, and took away regulatory approval for its California lab. The questions about the irregularities in Theranos blood testing led to the voiding of all test results in 2014 and 2015 for its Edison device. The WSJ first raised questions about the effectiveness of blood testing by Theranos leading to investigations by federal agencies.

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For the first time since 1998, Russia, which has relied on large foreign exchange reserves from oil exports, has issued new sovereign debt. Russia issued $2 billion in five year bonds at 3.625% at a risk premium of 1.25% over U.S. Treasurys. And $3.5 billion in 10 year bonds at 5% with a risk premium of 1.35% over comparable Treasurys. In 2010 Russia expects a deficit of 6.8% of GDP.

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Benralizumab is an asthma treatment injection that targets inflammation of a type of white blood cell called eosinophil and works better than steroids.

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This visual in The Guardian shows how the center of gravity for carbon emissions has moved from Britain, to the US, and now to China.

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Newcastle wins 2-1 over Liverpool at Wembley.

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The U.S. market looks like it is becoming the kind of maturing market that Japan and Germany have become for automobiles. Germany and Japan saw sales peak at high levels and then decline. And they have been declining steadily for several years. The US has a growing population and demographics because of immigration compared to Japan so there wil be continued demand for new cars. However since 2000 carmakers have introduced so many price incentives, interest free loans, and other ways of pushing sales that sales have continued to climb to unsustainable levels. All through the 1990's sales were in the 15 million range, then after 2000 sales climbed, except for the short period of uncertainty after 9/11/2001 Trade Center bombings. Sales climbed up to 17 million and stayed at these higher levels till the recent crises in 2007 saw a drop in sales and a shift to smaller fuel efficient cars. GM was offering 0% financing for 5 years through its Keep America Rolling campaign in the aftermath of 9/11. By 2005 automakers were offering as much as $8000 in discounts on pickup trucks. Employee pricing enabled regular customers to buy at employee prices. The Big Three sold to rental fleets unsold cars, so much so that by 2005 25% of all vehicles made by GM and Ford went to rental fleets, to rental companies in which these companies had large ownership stakes. For GM this became part of strategy. Fixed costs were high and the UAW contracts made it difficult to layoff workers, a jobs bank in which layed off workers could remain till rehired was itself quite costly as money had to be paid to the workers in the job bank. With this kind of inflexibility in the labor market GM could only spread all the fixed costs for its aging workforce which required pension payouts to retirees and health payments to retirees, by selling more automobiles. During this period of inflexibility in labor, and the legacy costs of previous boom years since the 1950's with generous UAW contracts, GM and Ford pushed sales to unsustainable levels; without considering the furture implications of this short term strategy. Another way this could hurt is by pulling sales in future years into current years because of interest free financing or huge discounting which probably happened in 2004-2005 and is seeing a payback today in 2008. At the peak in 2005 carmakers were planning further expansion of SUV capacity or expansion of other carmaking facilities. Gas was still not at the high levels of today. In 1999 gas cost $1.15 cents a gallon, and it was a little higher than that, but nowhere near what we are seeeing today. These new plants are coming up just as the sales are dropping dramatically, the half million SUV's sold in 2008 is about half the sales in 2003, enough to fill 2 plants when many more plants are being built or opening. The new capacity of 4 plants capable of producing 1 million vehicles is looking like a big mistake, like the new Toyota Tundra plant in Texas. Some of the new carmaking capacity is a Toyota plant in Tupelo, Mississippi, a Honda plant in Indiana, and a Kia Motors plant in Georgia. All this means a big drop in factory utilization rates. GM has 2 plants making full size SUV's. Later this year GM will cut production at these plants and at 2 plants making pickup trucks to utilize them only for 1 eight hour shift a day. Toyota has 1 full plant of excess capacity, not including the plant opening in Tupelo, Missisippi, making it likely to be down in utilization very significantly as well. Nissan is only using 65% of capacity at plants in Canton, Mississippi and Smyrna , Tennessee. And these utilization rates reflect the impact at the early stage of the housing crisis, consumption spending is only now beginning to bite, and unemployment is still to take a hit, so th economic recession immpact is still not reflected in auto sales. Even now GM and Chrysler cling to the hope of a sales pickup in late 2008 and in 2009, which is looking less likely by the day. J.D. Powers survey show the North American auto making capacity at 18.7 million cars and production this year at 14.1 million. This means the automakers have disastrously misjudged the auto market, and the role their own actions in pushing sales have affected the market in inflating the sales numbers beyond what is a sustainable sale increase. When credit tightening and lower consumption spending, housing crisis, and higher unemployment all hit the US in full impact by 2009 the situation is likely to worsen significantly and could become a disaster. ...

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Republicans win at least 7 new seats in the U.S. Senate to take control of the Senate and both houses of Congress in the 2014 midterm elections. Republicans had a 9 seat gain in the House to be close to 245 seats. Republicans won Senate seats in Colorado, Georgia, Arkansas, Kansas, and in West Virgina for the first time since 1956. Democrats had one of their few wins in the New Hampshire Senate election. About $4 billion were spent on the election with both parties evenly matched.