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This NHK video report says the epidemics of previous periods in history were no different than today. It points to the Nara period (710-794) when smallpox killed 20 to 30% of the population. This was a period of international exchange and large roads were built bringing people from all parts of Japan to Nara and increasing the risk of infection. In fact the Great Buddha at Nara was built by the Emperor at the time to entrust the peace of Japan to the Buddha.

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FDA will have 1300 scientists and pharmacologists added to its staff as additions to its 10,000 employees to meet its needs to oversee the safety of drugs being put into the market.

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SEC pushes for new rules for credit rating agencies that requires risk rankings for complex financial instruments.

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100 days of new governance in New Delhi and cleaning up of the Ganges river for swimming. Rekha Guta takes a dip at Har Ki Pauri in Hardwar, Uttar Pradesh, in a Ganges river that is being cleaned from pollution of the last 50 years of industrial development.

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Consumer generated marketing content for Apple's ipod Touch by 1n 18 year old from the U.K. based on a Brazilian Song that has the words "Music is where I want you to touch me."

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Another useful piece giving insights to the way China has approached the economic development tasks and what this means for the future. China's development is very capital intensive because the cost of capital is really low. Inputs like land and energy costs are also kept low by the government. Cost of labor is low and this has resulted in the share of wages as a percentage of GDP to drop from 53% in 1998 to 41% in 2005 and it is dropping further. In America wages to GDP is 56% and includes investment income which in China is lessthan 2% but much larger in the USA. The pool of surplus labor in China does work to depress wages. The percentage of consumption to GDP in China has fallen from 47% in early 1990's to 36% in 2006, the lowest of the large economies. But this does not reflect a higher savings rate. In fact the household savings rate also has fallen as a percentage of GDP. According to World Bank's Beijing office this has fallen from 21% in mid 1990's to 15% in 2006, relative to personal disposable income it has fallen from 30% to 25%. This is lower than India's household savings rate. So what is going on. The Economist points to the lower share of wages as a percentage of GDP because the large pool of surplus labor has depressed wages from where they might otherwise be so that consumption is not where it could or should be for China to move away from manufacturing led export driven economy to one that depends on the domestic market for growth. Higher consumption and a bigger domestic market would make it easier to sustain strengthening of its currency, a key demand of western countries. This would also provide a fair deal to millions of migrant workers and reduce labor unrest. It would also reduce pollution as the economy would not be focussed on production at all costs. It appears that the existing model has worked well for China in bringing millions of people from the villages into cities and growing manufacturing industries, and in urbanizing China. But China is so large that there are millions another 200 million who would migrate from villages and rural areas into cities as migrant labor to 2020 according to what the Government envisions ( see article in this issue of the Economist "Barefoot Doctors"). But this model needs fixing or changing as the pollution costs are already severe and can prove catastrophic if continued, and the western countries are demanding strengthening of the yuan to correct imbalances in the trade deficits as a result of this model of development focussed on manufacturing and export industries and short on consumption in the domestic market enough to drive the economy. ...

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The deal for buyout of Alitalia by Air France-KLM values Alitalia at0.10 euros a share about 80% below its closing share price of 0.53 euros per share last week. Air France-KLM will give one of its shares for 160 shares of Al Italia and will take on the airlines 1.3 billion euros in debt and losses of a millon euros a day. This values Alitalia at 139 million euros. The Italian Government has put in 4.3 billion euros in the last 5 years to keep Alitalia running till the European Comission ruled out any further help. Alitalia's market share in Italy has dropped to discount airlines like Air One Easyjet and Ryanairdropping from 80% to 30% in the last ten years. The new deal will drop Milan's airport considered to be one of the worst in Europe as a hub and use the airport in Rome ast he third hub after Paris and Amsterdam. It will also retain the Alitalia name. The fire sale of Al Italia shows how the new economic climate is affecting Europe and how a recession in the US could affect the market. At the time Al Italia was also running out of cash with only 282 million euros of cash left at the end of Jan 2008....

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Chinese growth is likely to slow and it could slow significantly more than the 9% now forecast by experts as all the factors from inflation running at 8.7%, rising labor costs, slowing exports and slowdown in markets in the west for exports, environment related laws and regulation, and the effects of a slowing global economy, and 47% drop in the Shanghai stock market, tightening credit, all begin to have an impact after the Olympics and by the end of 2008.