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The Nordstream gas supplies pipeline which runs 760 miles from northwest Russia under the Baltic Sea to Germany will go into maintenance for 10 days. Russia says that a turbine that is being repaired in Canada could delay resumption of the pipeline that is already down to 40% of its pre Ukraine war supply.  Germany says Russia may turn off the Nordstream pipeline completely in response to more western sanctions. Russia could attribute it to maintenance issues. Germany's manufacturing companies that depend on the gas supplies are already scrambling for other sources. Some like Uniper SE one of Europe's largest utilities are turning to the German government for aid as it turns to the spot market for supplies at much higher prices. France's EDF SA is losing billions of euros under a government imposed price cap on electricity prices. It will be nationalized. Yara fertilizer company with 15 production sites in Europe uses Russian gas to make ammonia for fertilizer. Now it is turning to other sources for ammonia, a key ingredient for nitrogen fertilizer.  WSJ gives examples of many more companies in industries in Germany from glass making to coating steel in melted zinc using furnaces powered by gas, that are affected. Two VW power plants in Wolfsburg will shift back to coal after spending 400 million euros in a conversion to natural gas. The list goes on and on. There is the need to conserve natural gas and LNG supplies to heat and power homes for the winter. Thermostats will be turned down to 62 degrees in many places in Germany, hot showers will be shortened, and every effort made for conservation, and even this may not be enough. ...

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So far 17 million people in the UK have received the Astra Zeneca vaccine.  35 cases of blood clots, 15 of pulmonary embolism and 22 of deep vein thrombosis have been reported across the UK and EU. In a normal year more than this number of cases of blood clots are seen say experts. These occur naturally in the population, including elderly population. Astra Zeneca's chief medical officer, Ann Taylor, says the number of blood clots in the 17 million people who have received the vaccine across Europe is actually lower than would be expected in the general population. The EU countries of Germany, France, Netherlands and Italy have temporarily stopped using it after 3 healthcare workers in Norway had blood clots. In Germany 7 out of 1.6 million had a rare condition of cerebral sinus thrombosis. Both EU and medical regulators say that there is no evidence that these blood clots are caused by the vaccine. The number of clots are similar to what was seen in the population before the coronavirus. Also this report in The Times says taken together there is no difference between the number of clots in the population that received the Pfizer vaccine or the Astra Zeneca vaccine.  The Daily Telegraph reports that one in 1000 people have blood clots every year, so that for 17 million people in vaccinated population with the Astra Zeneca vaccine there would be 17000 cases of blood clots over 12 months. During the clinical trials Astra Zeneca reported there were fewer people with blood clots who had been vaccinated than in the people who were not vaccinated. ...

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President Trump plans to sign the trade deal with China for Phase 1 on January 15, 2020. Under the deal the U.S. will not go ahead with a new round of tariffs on $156 billion of Chinese goods- including smartphones and consumer electronics- set for December 15, 2019. Tariffs set in place on September 1 on $120 billion of Chinese goods will drop from 15% to 7.5%. The earlier tariffs in place on $250 billion in Chinese goods including machinery and electronics are still in place. In exchange the Chinese will increase purchases by $32 billion in U.S. agricultural goods over the previous levels in the next 2 years.

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Rosa Ines Rivera, a cook at the cafeteria for the Y.H. Chan School of Public Health, Harvard University, with 2 small children, describes the protests over the increase by Harvard administration of the premiums charged on health insurance that now take up over 10% of the income. She says she lives in public housing with her parents as she lost her apartment because she is behind on the rent, and now cannot afford to pay the increase in premiums. About 750 workers at Harvard are on strike on this issue. She says dining hall workers want the current pay of $31,193  a year increased to $35,000 to provide a living wage that helps them afford medical care, because of the high cost of living in Boston.  To get some idea of the plight of workers who provide the kind of nutritious meals that a lot of students depend on for healthy living- Rivera says she takes in about $450 a week after taxes, or about $1800, rent is $1150, which leaves $650 for herself and two children for all food, and expenses in Boston. The $4000 in premiums for health insurance would be about 330 per month, leaving her about $320 for food and living expenses with 2 children. Why the need to bring up children in poverty in America, for generation after generation, after putting in a full day of work? ...

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In a sign of the severity of climate change impact in China 86 cities in southern and eastern China are shown to have heat alerts as of July 12. Temperatures over 40 degrees were only recorded for 15 days since 1873 in Shanghai says this report in The Guardian. Shanghai expects hot weather of 40 degrees. Cities Nanjing, Wuhan and Chongqing are experiencing extreme weather.

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In parts of Africa access to food supplies will remain a problem. Estimates are for 15 to 50 million people facing food insecurity in this region from June to August 2020. Governments in many African countries are struggling to cope with the demand for food supplies.The UN's World Food Program is asking donor countries in Europe and America to provide $1.9 billion (1.4 billion euros).

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Analysts are forecasting an average oil price of $106 for 2011, according to FactSet Research Systems. Brent crude is $110 a barrel in the third week of August 2011. This implies Brent crude has to be at an average of $95 for the remainder of 2011- suggesting a decline of 14% from todays levels. Share prices of European oil companies Royal Dutch Shell, BP, Eni and Total are priced for long term crude oil prices at $75 per barrel, according to Citi.

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Foreclosures are shifting to the top third of the local housing values, up to 30% in June 2009 from 16% in 2006 when the foreclosure crisis began, according to Web site Zillow.com. The bottom one third by home values now represent 35% of foreclosures down from 55% in 2006. This category of expensive homes includes exotic mortgages including interest only mortgages that allowed borrowers to defer principal payments for the initial period. Borrrowers are not able to refinance out of these mortgages.

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Free trade agreements have become a flood in Asia, with 42 in 1999 up to 166 in June 2009 according to the Asian Development Bank. The absence of trade agreement at the global level has not slowed this trend. Another 62 are being negotiated, including one between India and Japan, China and Taiwan. India signed an agreement in September, that it hopes will allow it to become a hub for Korean electronics companies seeking to exploit lower labor costs for products aimed at markets in the Middle East.

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When you remove the 7 Californians and 4 Independents  only about 9% of 264 Congressional Democrats, or 26 Democrats have reservations about the president running, 91% covering every part of the country, the vast majority of American states and congressional state delegations, have confidence in the president to make the best decision. The chances of California going Republican or Trump Republican are  very, very small. Wash. Post shows 37 members of Congress on July 19, 3 weeks after June 27 debate issues, saying don't run. This is of 264 Congressional Democrats. Aug 1 is only 11 days away for planned Aug1 roll call of delegates committed to Biden. Of this 37 only 1 each from Michigan and Wisconsin, and 2  from Arizona from swing states, none so far from Georgia or Nevada or Pennsylvania. What does this tell us? It says that 264 minus 37 or 227 Congressional Democrats think Biden should run only about 15% of Congressional Democrats vs 85% of Congressional Democrats. And of the swing states only 4 Democrats. Polls- 4 months before elections polls are not really useful and not meaningful, a lot can change. Congressmen in swing districts are likely to have questions, and it is not uncommon for this to happen before the election say people who follow Congressional history. The fact that 7 are from Republican states like Texas or Ohio and could be impacted may give some idea for their reasoning. Of the others 7 are from California and 3 from New York. Which suggests the largest group is from California, remove the 7 and take out the 4 Independents and 34 goes down to 23 or about 9% vs 91% of the rest of the country having faith in president Biden. In any case California is unlikely to go Republican or Trump Republican by a long shot. ...

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The U.S. Labor Department reports 204,000 nonfarm jobs were created in October 2013. Upward revisions of prior months lead to a level of about 202,000 jobs created in the three months July to October 2013. The unemployment rate goes up from 7.2% to 7.3% in the household survey, with furloughed government employees counted after the temporary government shutdown. The negative part of the picture is that 720,000 persons dropped out of the labor force, a high and puzzling number, and the labor participation rate drops to a 35 year low of 62.8%. This has been a problem since the 2008 crisis as more discouraged workers drop out of the work force, go to school or stay home and care for children, and increasing numbers retire. Some economists now see the Fed waiting till the unemployment rate drops to 6% before withdrawing from the bond buying program in place of the earlier announced 6.5%.

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The feud between New Jersey Governor, Chris Christie, and the head of the state teacher's union, Ms. Keshishian. Governor Christie called the state legislature into an emergency session and pushed through a 2% cap on annual increases in property taxes, which have risen 70% over the last decade in New Jersey. The issue is whether the extent of spending on education is sustainable in New Jersey. New Jersey's median property tax is the highest in the nation, at $6,579. By comparison New York is $3,755 and Illinois $3,507. New Jersey residents pay an average of 11.8% for property taxes. Both sides have engaged in strong rhetoric and the teachers union has attacked the Governor in television ads. Governor Christie refused to discuss issues with Keshishian, and ended a meeting in his office, with "Not with you. I don't." The teachers argues that New Jersey schools provides some of the best schooling in the nation- the state's high school graduation is 82%, and it ranks among the top 5 states in key subject areas, according to the Education Law Center in Newark. Its graduation center for black males is 69%. New Jersey also has a heavily unionized public sector with relatively high wages for public workers of all kinds, including teachers. This and a state supreme court decision mandating increased funding for schools in poor communities raises the cost per pupil to $17,794, the highest in the nation, after Washington D.C. New York is at $16,981. California, and Illinois spend $11,000. The average New Jersey teacher makes $61,277 a year, well above the U.S. average of $52,800, according to the National Education Association. Medical and other benefits add $19,140 according to the teacher's union. And the unsustainability goes back to issues such as unfunded liabilities for benefits and pensions in New Jersey. New Jersey's Treasurer estimates the unfunded liabilities relating to lifetime health benefits for current and retired teachers at $36.32 billion....

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Apple has foreign cash holdings of $64 billion, as of the end of the last fiscal quarter, which increased by 82% over the prior year. Its U.S. holdings are $34 billion, increasing by 37% over the prior year. Companies that repatriate funds from overseas get credit for taxes paid overseas, but pay the difference up to the corporate tax rate of 35%. This acts as a disincentive to bring back funds.

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Even after strong action on tariffs to level the playing field and taking other actions on immigration enforcement on April 25, 2025, US president DJT still has 45% approval rating down from 52% when taking office. Reaching tariff deals with many important nations over the next 3 months will increase DJT approval ratings. The stock markets are down about 10% after strong tariffs action which will take time to yield results by 2026. After many agreements are reached the face of world trade will have changed and manufacturing will be done in the US similar to its role in the mid 20th century, bringing with it jobs and higher wages and better communities for people to live in.

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China mourns the loss of premier Li Keqiang who served for over a decade with Xi Jinping. Li Keqiang died at the age of 68 years from heart failure. Li came from a humble background and was fortunate to be able to complete his education just when China was opening up to the world. He passed university exams soon after the end of the chaos from the Great Proleterian Cultural Revolution. He eager to absorb ideas about western constitutional government at the time.

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As the virus toll mounts Japan's prime minister Abe announces a nationwide emergency on April 15. He delayed action to avoid effects on the economy of a lockdown. Japan is shifting to taking stronger action after seeing infections double every 8 days to reach 9000. Abe says person to person contact has to go down by 80%. The measures are not a lockdown as in the UK and are voluntary. Total deaths are 136 in Japan. A Kyodo News poll shows about 80% of the public thinks the moves comes too late. 

Schools are shut and companies have closed operations. Flights were restricted and visitors to Japan dropped 93% in March. These voluntary actions as well as a cultural advantage in people used to wearing face masks, is likely to help Japan through this health crisis. The emergency will cover a holiday period, and is through May 6. The government will give every household $1000 as a way to offset income lost.

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Apple iWatch sales are about 11 million -15 million units in last 4 quarters. The iWatch sales are a small fraction of sales overall. Apple quarterly profit declines by 22.5%, as revenue declines and iPhone sales decline. Half of the quarterly revenue decline comes from China. This has hurt the share price by May 2016.

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US Defense Security Cooperation Agency in State Department approves sales of Javelin and Excalibur missile systems to India November 19 2025, at a price tag of about $95 million. This increases US military sales to India to over $20 billion. FOr India to get a good trade agreement with the US, the US government set two conditions - increase purchases of US products and stop funding Russian attacks on Ukraine by reverting to the situation in 2019 when India purchased about 4% of its oil from Russia. India's purchases of discounted oil from Russia are a recent development. Indian and Chinese refiners have cut purchases of Russian oil, according to recent reports in WSJ. The increasing arms purchases from the US is a development that has taken place throughout the Modi administration since 2014 cutting dependence on Russian supplies including India's building its own capacity for defense products.

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Jens Hansegard interviews IKEA China head, Gillian Drakeford. Drakeford an employee of IKEA since 1988, has run the Chinese operations since 2003. She talks about how IKEA approaches the Chinese market. IKEA's Chinese sales in 2011 fiscal year ending Aug 30, were 4.9 billion RMB, 20% larger than in 2010, with 20% growth seen so far in 2012. Its plans are to open in 2nd tier cities with opening stores in Chongqing, and Wuhan. It has opened stores in Chengdu and Tianjin. The way IKEA opens stores is in partnering with its IKEA Centre Group which owns and manages shopping centres. In Wuxi, Beijing and Wuhan it will open stores with shopping centres of this type. The IKEA customer is 25-35 years in age with relatively higher incomes and education who finds a westernized lifestyle appealing. Space is a constraint, and there is the added factor of more stuff needing to be stored with more products available. A multigenerational family may live on 70-90 square metres. IKEA's challenge is to show how to deal with limited space, keep lowering prices to remain competitive with local competitors who are catching up to new retailing trends of IKEA type stores. Because Chinese middle class means much lower incomes than in the EU, the key is to meet affordability goals, and keep lowering prices for value. IKEA's "Lack" table has come down from 120 yuan to 39 yuan, and since 2000 it has cut prices on average by 60%. IKEA uses China's microblogging site Weibo to reach customers- where it puts up announcements and customers ask for tips, suggestions and put up their own pictures....

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New EU guidelines require cutting gas consumption by 15% over the next 8 months, and set priorities for which industrial sectors are required to cut back. The EU plan also includes switching from natural gas to nuclear or coal.  EU's Russian gas supplies in June are already less than 30% of what was received on average for the last 5 years. The new guidelines should ensure that Europe gets through the winter with adequate gas supplies in a complete cutoff of gas from Russia. The guidelines for 15% reduction in usage become mandatory in an emergency, and if the new guidelines are slow in being adopted they will also become binding. The safety, security and stability of society will be considered in allocating gas to sectors in the economy and to households. Industrial sectors such as glass and aluminiums would suffer damage to equipment with shutdowns, and chemical industries affecting the operations downstream through shutdowns, new factors that will have to be considered. ...

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The US trade deficit at about $10 billion in 1995 reached a high of about $65 billion by 2007. Now the figures are expected by economists to drop in March from $62 billion to $61 billion as exports increase and the US imports less. The trade deficit is finally moving in the other direction. But the strength of this trend depends a lot on how strong the rest of the world economy remains to draw in US exports. It also depends on the dollar, and the dollar strengthened by about 4% against the euro in the first two weeks of May.

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Somini Sengupta cites the UN Department of Social and Economic Affairs Report on unemployment in 2014 and projections for the future in a period of slower growth. One huge statistic- about one million Indians are expected to be added to the labor market every month for the next 15 years.

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Senator Manchin wants other countries or regions such as the European Union to go first with the global minimum tax of 15%. Holdouts Poland and Hungary have not agreed to the 15% tax in the EU. After that the US could follow. Mr. Manchin is a Democrat whose vote is needed for Congress to pass the legislation. Currently the tax is set at 10.5% after legislation passed by president Trump.

Much of the funding for HEIRS - for Health, Education, Infrastructure, Retirees and Society- has to come from better collection of taxes, so that everyone pays their fair portion of taxes which tech companies are not doing in the last decade. 

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Management changes as Blackberry sales fall by 25% in the last quarter include the exit of founder, Jim Balsillie, from the Board. Also leaving are Jim Rowan, the chief operating officer, and David Yach, the chief technology officer. RIM shares are now down 75% this year, falling to $13.73 on March 29, 2012. In the 4th quarter ending March 3, 2012, revenue decreased by 25% compared to same quarter prior year. Blackberry is facing unsold new models of products in stores and is writing off $267 million in unsold Blackberry 7 models. Blackberry 7 models are its latest product introduction. The iPhone now outsells the Blackberry in its home market of Canada. In a conference call, Thorsten Heins, the new CEO, said the company was conducting a strategic review including the option of selling the company.

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India's loan for the bullet train project is for 81% of the 1.1 lakh crores cost of project  from the Japan International Cooperation Agency, at 0.1% interest rate for 50 years with 15 year grace period. These are extraordinary terms provided by the Japanese government agency as part of its international aid for development. Mr. Modi said at the time in 2019 during inauguration of the bullet train project that anybody told about the terms of the loan would find it "unbelievable."  At the time prime minister Shinzo Abe of Japan was visiting Ahmedabad. The loans even of a generous nature would be of 30 years and at that period comparable to the higher yield on 30 year Japanese government bonds. Loans of 50 years are practically unheard off. It could be considered very close to direct grant aid by Abe to India. It is also how Abe had faith in Vivekananda's, Gandhi's and Modi's vision for India's development. And the future of Japan and India with Australia and the US as anchors for the free world in the Asian region. ...