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This report by Peter Baker shows President Trump only reluctantly agreed to certify the Iran Nuclear Agreement. He opposed it in discussions with the Secretary of State Tillerson. It took the combined effort of Tillerson Dunford of the combined chiefs of staff, Defense Secretary Mattis, and of National Security Adviser McMaster, to get Trump to agree to go ahead with the deal. President Trump wanted a new strategy to counter Iran in the Middle East. The Iranian foreign minister Zarif has not yet met with Tillerson of the U.S. Zarif says Iran may withdraw from the deal if there is significant nonperformance by the U.S. Trump advisers are wary about the influence on Europe as the EU is not interested in taking a new look at the Iran nuclear deal. The EU sees things differently- that the issues of Iranian influence in the war torn Middle East is a separate issue from the nuclear deal, and that in any case a nuclear constrained Iran is better than one with nuclear weapons. Another factor is that the Middle East is now a complicated place with relations crisscrossing in different and even conflicting directions. The U.S. played a part on the Iranian side in the retaking of Mosul in Iraq with U.S. bombing strikes against Islamic State. In Iraq the U.S. is supporting the Abadi government which is mainly Shiite in its structure and is supported by Iran. The Trump position is that president Obama gave away too much in negotiating the deal and was not against the negotiating process.   ...

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Einsinger points out that Treasury Geithner's performance reflects the mindset of U.S. president Obama, reflected also in Obama's other appointments in his administration which favored one group over another. Change that Obama talked about in the 2008 election campaign that propelled his candidacy, turned out to be more at the margins than change and action that reflected a vision of the priorities for America's middle class and vast majority of average Americans. By leaving homeowners to a wave of foreclosures, the administration weakened a middle class at the lower end already hit by the lower wages from globalization in manufacturing, other changes in the global economy, high levels of student debt of over $1 trillion, and the lasting damage to unemployment from the global financial crisis.

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Within minutes of the SNB's decision to lift the cap on the euro the Swiss Franc surged 30% against the euro and 18% against the dollar. FXCM, retail currency broker, suffered severe losses and the company needed a $300 million investment from Leucadia National Corp. to survive. Citigroup and Deutsche Bank AG each had losses of $150 million. Hedge Funds Discovery and Comac also suffered losses. FXCM losses stem from use by FXCM clients of borrowed money, along with higher leverage the company also has lower margin requirements. Interestingly FXCM fought CFTC efforts under Dodd-Frank legislation to limit leverage to 10 to 1- saying "it would have a devastating impact and drive it overseas." The limit finally set at 50 to 1, meant that an investor could borrow $50 for every dollar he put in of his own. The leverage meant large losses for inexperienced investors and threatened the survival of FXCM in a matter of minutes.

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At 79 years, Wilbur Ross will be one of the oldest people serving in any administration, as he serves as Commerce Secretary in the Trump administration. Wilbur Ross is best known for the turnaround efforts in the steel industry. In 2002 he acquired LTV Corp, a third largest steel producer in the U.S. facing tough times and legacy costs, for $125 million in cash and $200 million in environmental liabilities. In 2005 he sold his International Steel Group to Arcelor Mittal for $4.5 billion, and is still an independent director on the Arcelor board. Ross's earlier experience was as a bankruptcy specialist at Rothschild Inc. in the 1970's working on restructurings at Texaco, TWA and Continental Airlines. Analyst Charles Bradford is cited in this report by WSJ's John Miller, who competed with Ross in restructuring proposals for failing assets, and describes Ross as working harder and being tougher to make the deals. Some of these restructurings involved cutting pensions and large layoffs. The entire U.S. steel industry faced problems from foreign competition and legacy costs at the time. This included representing bondholders for Taj Mahal Casino in Atlantic City. At the time Ross told creditors considering seizing the asset for a possible missed payment that it would be better to keep Trump in charge for Trump properties as they would be worth more with Trump inside. This led to Ross later providing critical backing for the Trump campaign and raising money from the business community. Mitt Romney had similiar work at Bain Capital in turnaround of failing companies, later turning to politics as Governor of Massachusetts, and 2012 Republican nominee for president. Both Romney and Ross have come under criticism for their role in cost cuts at companies involving layoffs and cutting worker benefits. ...

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Patrick Barta's exceptional reporing on Manek Chowk, a busy industrial and commercial centre of Ahmedabad. Manek Chowk, the public market in Ahmedabad, India, where street vendors find jobs in the informal economy. The informal economy provides most of the jobs in countries like India and Brazil. They could be street vendors, rickshaw drivers, workers doing textile stitching work and being paid by the piece, and so on. Ahmedabad has 55,000 richshaw drivers, 70,000 street vendors, 70,000 construction workers, and 45,000 rovish trash collectors and recyclers. Most of the city's once prominent textile mills have vanished or are rotting. If Ahmedabad makes it through this difficult period with job losses in India, its because of a thriving local informal economy. It may not provide what a regular job provides, but it helps people feed their families and they are happy to make it through the tough times. And even in the better times the jobs just do not exist in the proportion necessary in countries like India and Brazil. Consider this. Between 2000 and 2005, the number of formal jobs in India stayed flat at about 35 million, while informal jobs grew 17% to 423 million, according to the Indian government. These are the most recent years for which information is available. Economists say the creation of formal jobs may have picked up after 2005, but not by much. The situation is like this all over much of Africa, Asia and Latin America. And as companies layoff formal workers in favor of cheaper employees part-time and without benefits, the importance of the informal economy grows. In Ahmedabad the rights of these people are protected in the case of women by the Self Employed Women's Association of India, which numbers 1 million people across India....

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The European automobile market staged a recovery in 2014 with sales up 5.7% to 12.6 million, according to the European Automobile Manufacturers Association. The big gains were made by the lower cost brands such as Renault's Dacia made in Romania, and VW's Skoda made in the Czech Republic. Dacia sales increased in 2014 by 24% to 359,141 and Skoda's sales increased by 14% to 554,479. A Dacia Sandero without air conditioning, power locks or radio is priced at 7,990 euros in France compared to a better equiped Skoda Fabia at 12,640 euros and a VW Golf at 17,388, a big price difference for budget car buyers. The major brands continue to dominate with the Golf model continuing as the best selling model in Europe. GM and Ford with the Opel Corsa and Ford Fiesta also increased market share. VW's market share is 12.7%, Skoda's 4.4%.

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Redford's "Downhill Racer" and the Sundance Film Festival's origins for low budget films that can be produced by independent producers. Redford learned from his experience in this early film and set about setting up a new location for struggling filmmakers to experiment in filmmaking at Park City, Utah. This was a period in which Redford bought land in Utah's mountains away from the Los Angeles and Santa Monica of his childhood days. With more of the city going into concrete and less green space Redford felt he could not relate to this sprawling city of highways and congested living.

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Germany to introduce questionairre for 18 year olds and mandatory physical exam for voluntary military service in 2026. Defense Ministe Pistorius said he was following the practice of making military service attractive and popular, with better pay and conditions, followed in Nordic countries.

"Other European countries, especially Nordic ones, have shown that the principle of voluntary service combined with attractiveness works — and I expect it to be the same here. The number of applicants is increasing, the recruitment figures are rising."  The aim is to recruit 20,000 new volunteers by 2026. They will receive €2,600 ($3,025) per month before tax.

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The foreign ministers of Turkey, Pakistan, Egypt and Saudi Arabia meet in Riyadh March 22-24 to discuss ways to give more time before a US effort to open the Straits of Hormuz to shipping by a proposed attack on Iranian energy infrastructure as a last resort. Speaker of Iranian parliament and other officials do not support a move to end the war at this time, says the WSJ reporting. The foreign ministers of Saudi Arabia, Egypt do not support a Suez Canal type solution that gives Iran a fee for the shipping in the Straits. Other solutions are being looked at that are acceptable to all sides.

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The Trump Accounts for children born 2025-2028 and the Dell $6.5 billion expansion to include earlier born children may be one of the single biggest actions to rebuild the bank accounts of the next generation. It looks at the shrivelled bank accounts of today's older generation with lack of enough savings for a medical crisis and says it has got to be different from now on. The median bank account of Americans over 65 and over is $13400 which means there is little for medical health emergencies and little for needs of older Americans. Median means half have less and half have more than $13400. This is astounding for the wealthiest nation at a time when the total wealth is the highest ever in history. This report by WSJ unfortunately does not mention this at all and dwells on how this is an opportunity for banks and investment companies to get in the door to get your business. DJT as US president with a mandate from lower income Americans has designed this so that it shows the value of careful investments of small seed money. With $1000 to begin with from the government, added amounts from parents and grandparents and invested in a mutual fund that tracks the S&P 500 it will grow with the economy for 18 years, doubling two to three times on the way. It would provide funds for education increasing enrollment in higher education, increase financial literacy by showing how money grows in broad S&P 500 type index funds such as Vanguard type funds. Much of the shriveling of bank accounts for the shocking figure of $13400 median for American 65+ year olds is a result of job losses, high health care costs, wage decline  with factories outshored, hits from 2009 financial crisis caused by bank irresponsible behaviour, drug epidemics and fentanyl allowed to pour into the country, covid pandemic and stock bubbles, decline in higher education enrollment, other. The US president DJT is seeing his mandate as one that reverses these adverse situations one by one to take America back to post war prosperity and rising incomes, rising bank acocunt savings and rising hopes and aspirations for the next generation. ...

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China has the largest shale gas reserves in the world. The U.S. Energy and Information Administration estimates this at 1,275 trillion cubic feet. Most of this is deeper in the ground than in the U.S. and will be harder and costlier to recover. China's goal is to reach 3.5 trillion cubic feet of shale gas production by 2020.

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Brazil's GDP increased by 0.34% for the 4th quarter of 2011 from the prior quarter. For the full year GDP increased by 2.7%, with an actual decline in GDP for the third quarter of 0.1%. The GDP growth for 2010 was 7.5%. The slowing economic growth reflects an overvalued currency, weak manufacturing competitiveness, and inflation. Brazil's growth will be lower than potential say analysts, and it will be tough to get to even 3.5% growth in 2012-2013. A similiar process is seen in other emerging markets. China's premier Wen Biao announced lower growth targets of 7.5% and a shift in priorities recently. And India's growth rate for 4th quarter, 2011, was 6.1%.

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U.S. states face their biggest cash crisis since the Great Depression as a result of rapidly declining tax revenues with a state budget shortfall of $434 billion, says this report in the WSJ. This is larger than the 2019 K-12 education budget for every state combined, or more than twice the amount spent that year on state roads and transportation infrastructure. Rainy day funds will be exhausted by the loss in tax revenues after the pandemic closures of business. Nevada, Louisiana, New Jersey and Florida are the worst hit states. The result will be cutbacks in the future and more pressure on the retirement benefits for police, firefighters, teachers, government workers. Over 60% of the revenues of states come from sales and income taxes to meet the general operating funds. Drops in consumer spending and large job losses from the pandemic affect these revenues. Local government workforces were cut by 1 million people. In Michigan 31,000 state workers were furloughed 2 days per pay period for 10 weeks, and others were laid off. Rainy day funds set up after the 2008 crisis are exhausted. Only federal funds are keeping states afloat with a lot of uncertainty about 2021. The state budget director in Michigan calculated that even if the state got rid of 12 state departments including education environment and treasury, all reserves would be gone, and there would still be $1 billion budget shortfall. The rainy day funds set up after 2008 crisis accumulated $50 billion in U.S. states which have helped somewhat, with federal funds helping tackle shortfalls. Yet 2021 looms with huge shortfalls and expected cutbacks across the U.S. ...

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A complete reversal of the Monroe Doctrine (US president Monroe 1817-1825) policies -that kept the American continent north and south free of colonial European powers- is an affront to the US and has cost the US in Latin America. With fentanyl deaths and drug trafficking, migrant trafficking, interference by foreign powers in the Americas In Cuba, Venezuela and other countries, and ports owned by China in South America.  Hong Kong magnate Li Ka-Shing's Hutchison Holdings sale of Panama Canal ports to Black Rock for $23 billion takes place on March 4, 2025. The two ports on both sides of the Panama Canal will now be in American hands. Li Ka Shing started out fleeing from the devastated China of the Sino Japanese war to the British colony of Hong Kong, left school at 15 to work and started out with a small plastics factory in 60's Hong Kong. He then branched out into real estate as Hong Kong's economy expanded, and in the 2000-2020 period with rapid growth of China with US assistance (Clinton and Bush administrations) moved to acquire most of the ports and container terminals in the world. It is these ports that are now being bought back by the US. 23 ports and container terminals in 43 countries will now be sold back by Li Ka-Shing's Hutchison Holdings back to Black Rock under an agreement. None of this could have happened under the lackadiasical policies of previous administrations that led to first affront and then disastrous effects of migrant trafficking and drug trafficking in this hemisphere.   ...

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Experts say China's official GDP figures are unreliable and cannot be verified. Transparency is sorely lacking. The methodology, inflation assumptions and other basis for the calculations are not presented, so that many of the numbers cannot be reproduced. The official figure for 1st quarter GDP growth is 7%, from China's Bureau of National Statistics. GDP growth estimates developed by Capital Economics show 4.9% growth, by Citi 4.6%, by the China Center of the Conference Board 4%. Since 2012 the Capital Economics estimates are just above 5%, and the Conference Board estimates about 4%, showing that the growth rate has slowed markedly since 2012. As Communist party chief of Liaoning province, the current prime minister showed serious doubts about the GDP numbers and preferred to rely on figures for rail cargo, electricity consumption, bank loans.

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The Tax Plan of Jeb Bush, with the help of advisors Martin Feldstein and Kevin Warsh, lowers the top personal tax rate from 40% (including surcharges) to 28%, and reduces the corporate tax rate from 30% to 20%. The plan is designed to jumpstart the economy for higher growth by increasing business investment and incentives. Businesses are allowed to deduct 100% of new investment immediately. The idea is to increase capital investment so that benefits also go to workers in higher wages. The Bush economic advisors see 50% of the corporate tax burden as affecting workers wages- average compensation would go up by $2750 a year by 2020 and $6200 by 2025 in 2015 dollars. Companies can pay a one time 8.75% tax on money earned and held overseas, paid over 10 years- about $2.1 trillion of this income held overseas can be added to the pool available for business investment. As proposed earlier by Feldstein the itemized deductions including mortgage interest can be taken only upto 2% of adjusted gross income, suggestions during the reform effort not taken up by Obama. To reduce the excessive use of leverage in business decisions the field is levelled for use of debt and equity by removing the deduction for business interest expense. This editorial says that by putting in the details, which political leaders tend to leave vague on specific figures, Jeb Bush and his advisors have taken a crucial step forward. This it says, shifts the debate from current shallow posturing to how America can lay the groundwork for the kind of growth needed to help increase wages, increase economic growth to higher levels, and preserve America's position in the world....

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Unproductive never ending Zoom meetings, exhausting Zoom meetings, which could be handled with an email or in other ways, need to be deleted from the calendar, says Kathryn Dill in the WSJ. Status updates should be done in one on one conversations, or over email. Knowing the objective of a meeting is essential. Ideas from work experts at Microsoft and Accenture are shown here suggesting that managers take charge of meetings by setting ground rules for good behaviour and moderating, and being active players in all meetings. Allowing casual interaction before a meeting to make a decision for flow of ideas also helps, and holding questions till the end of the meeting where appropriate.

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The 2018 budget deal brings Democrats and Republicans together by increasing defense and domestic spending both by about 10%. Spending caps are to be lifted by $500 billion over 2 years with 60% of this going to defense spending increases to bolster America's defense capabilities. Defense spending is a top priority for Republicans.  For Democrats this means staving off some cuts in Medicaid and Medicare, more college affordability funding, and 4 year extension of the Children's Health Insurance program that had expired, funding community health centers for another 2 years.

This also shows that both sides can reach agreement even with divisive rhetoric and serious differences over policies.

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Friedman in the NYT says China overreached especially since 2012 on trade, technology transfers, and in relations with American allies Australia, India, Japan, and America underperformed for its people by not investing in infrastructure, in workers incomes and in health and public services, education. Underinvestment in the very structure and backbone of American society while billions were wasted in foreign wars and in misallocation of investments by Silicon Valley and other investors. The coronavirus failure to get adequate warning through WHO and China's cooperation for American teams to be admitted immediately after January 10 request by the U.S. for Wuhan was a turning point.  

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The mandatory social distancing required to overcome the coronavirus epidemic is leading to more parents working from home. With about half the schools in the U.S. closed and entirely closed in other countries, kids are also at home. Traditional options of child care provided by grandparents, family friends are now not acceptable with the required social distancing. This report looks at how parents are coping by setting time aside when kids are asleep for work. Advice to parents offered here is to accept that the day will be broken by interruptions, to take a break at these times and relax rather than try to follow the organized routine of a workday when things were normal.

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Cities including London, New York, Paris, Rio de Janeiro, Buenos Aires, Mexico City, Melbourne, Milan, Caracas, Cape Town, Copenhagen, Vancouver, have pledged to become carbon neutral by 2050.

Reducing transport emissions is a big challenge. London has Ultra low Emission Zone which encourages people to switch to low emission vehicles.  Paris is creating 650 kilometres of cycling paths and plans to open up the whole city to bicycles by 2026. Buildings have a large carbon footprint - producing 38% of global carbon emissions. Of this 11% are in the construction materials of steel and concrete, Wood is an alternative material that is being tried in buildings. Passive heating is a way to heat or cool buildings by building underground canals around a building and using the natural temperatures of the earth to cool or heat the air above. This is seen in the Energon building in Ulm, Germany.

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The rule requiring health pass showing one is fully vaccinated goes into effect in France starting July 28 at restaurants, coffee shops, trains, and other public places. For the first week restaurants will not be fined. After this they can be fined 1500 euros for a single violation. The passe sanitaire in France is now required  for all public places where more than 50 people gather, such as events and museums including the Louvre in Paris. It will be extended to restaurants, cafes and shopping centres in August.

French premier Castex says 97% of the 18000  daily average new cases in France, up by 150% since the prior week, are from the unvaccinated. This has made health authorites and the government concerned about the delta variant high transmission rates and the high proportion of people still not vaccinated. For France this poses risk of a new kind of fourth wave, causing the government to take strong action to accelerate vaccinations.

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Key points from the prime minister's Independence Day speech on August 15, 2021, as reported in The Times of India. 

The prime minister concluded by saying that 25 years from now on the 100th anniversary in 2047 the aspirations of today will be presented as accomplishments by the then prime minister. He covered many topics relating to goals for India in the next 25 years, from the environment, small farmers, and infrastructure to hydrogen and renewable energy. The thread running through the entire speech was the aspirations of the Indian people, and of Indian youth, that are irreversibly set and that nothing could stop the Indian people from achieving these aspirations with the goals set high for the first time in 50 years. The impossible had to become the reality with hard work and calm, good humored resolve, not affected by the difficulties on the way.

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The 22 kilometre Mumbai Trans Harbour Link (MTHL) opens today. It is India's longest sea bridge. 170,000 tons of steel went into the bridge which involved digging into the seabed 40 metres down to support large girders. It starts in Sewri and ends in Raigad in Navi Mumbai.The sealink is 16.5 kms and the two land viaducts at both sides 5.5 kms. Built at a cost of 21.2 thousand crores rupees of which 15.1 thousand crores or 70% comes from the Japan International Cooperation Agency. Construction and engineering was done by Ishikawajima Harima Heavy Industries, Daewoo, and Indian companies Tata Projects, Larsen & Toubro, bringing together Japanese, Korean and Indian expertise for new projects of this type to be built by 2030. It cuts commuter time by 45 minutes and brings better access to the airports and ports in the area of Mumbai, and to cities in the southern part of the country including Pune. 

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Chris Buckley of the NYT looks at selected speeches of president Xi of China to military officers during the first 5 years 2012 to 2017 but fails to look at the China Xi Jinping faced in these years. It was a period of change in China when it was not clear which direction China would take after the messy experiment with free markets under a socialist state controlled system led by the CCP. That period from 1990 onwards led to hypergrowth in China that modernized China yet shifted American and European manufacturing to China alienating working class communities in the western countries. It hurt China also through widespread contamination of air and water, and widespread corruption and decline of the CCP. The Bo Xilai demagogic effort to subvert the system from inside happened by 2012 endangering the system itself from the inside while it responded to the pressures created by the experiment with free market from corruption, regional inequality, and other problems. ...