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Efforts to raise money by Eventbrite, a event ticketing internet startup in the U.S. Eventbrite raised $60 million from T. Rowe Price Group and Tiger Global Management in late stage financing. Private investments in late stage financing have accelerated in 2011-2013. In the 1st quarter of 2013 $2.2 billion was raised in late stage venture capital investments compared to $672 million raised through venture capital backed IPO's, according to figures put together by the National Venture Capital Association from Pricewaterhouse Coopers and Thomson Reuters. For 2012 late stage financing raised $8.6 billion compared to $21.5 billion in IPO's, including the $16 billion for Facebook IPO. Excluding the Facebook IPO, IPO's raised $5.5 billion, much less than the late stage financing. Investors who purchased Facebook Inc. privately just prior to the IPO, face paper losses at the current trading price in April 2013 of $25.73 per share, making investors wary of heavily hyped up IPO's. SurveyMonkey, a web survey company has raised $800 million from private equity and debt investments. The Jumpstart Our Business Startups Act lets startups remain private longer by allowing startups to have over 500 investors before having to disclose financial statements to the public....

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Iranian president Ahmadinejad's populist agenda covers- 1. Social goals: A $4 billion national school renovation program. Raised salaries for workers in Iran's government run companies and raised minimum wage 50%. Has plans to give shares in government controlled companies to the poor and working classes. Iran subsidizes basic staples and gasoline. These subsidies existed before Ahmadinejad. Gasoline costs 40 cents a gallon. Against these social goals are committments by Iran as part of its plan to join the WTO, which includes limiting the subsidy on gasoline to only a certain number of gallons per user. 2. Economic costs of the programs. Dipping into the Oil Stabilization Fund to finance subsidies. Iran imports about half of its gasoline as it lacks enough oil refineries to supply itself. This means as gasoline prices go up Iran has to dip into the stabilization fund to finance subsidies. Inflation is running at 15%. Will oil spending fuel inflation further is a looming question. In 2005 $7.7 billion was taken out of the Oil Stabilization Fund to fund subsidies for wheat, gasoline and other items. 3. Ahmadinejad's election promise was "to put the oil revenue on the dinner table of every Iranian." 4. After the runup in oil prices Iran now generates $49 billion from oil and natural gas. This is twice the amount compared to four years ago....

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Rakuten CEO, Hiroshi Mikitani, lived in Connecticut, completed graduate studies in the U.S. and speaks fluent English. It is now two years since his announcement that all business in the company will be conducted in English. July 1, 2012 was set as a target date after which all employee communication, including internal emails and memos would take place in English. All employees were required to take English language classes and employee tests in the language. Mikitani planned to expand Rakuten's operations overseas, and in these two years it has expanded to 12 countries from two countries, and plans to take this to 27 countries with 70% of sales generated overseas. Mikitani runs an e-commerce competitor to Amazon and he sees opportunities for the company worldwide and the need for employees to come out of their shell. He has long been a critic of Japanese elementary and secondary schooling in English. Most of the 3000 hours studying English after the seventh grade are wasted he says because most Japanese have trouble speaking English. A similiar effort to get employees to learn English has been launched at Uniqlo, a clothing retailer, and there is much discussion about this issue of improving the country's language proficiency as Japan's population ages and companies have to focus on overseas markets....

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Australian anthropologist Genevieve Bell heads a group of 75 people at Intel Labs working to figure out all the ways technology affects people and society. Here she talks to NYT's Quentin Hardy. She says there are three areas in which technology is changing the way we live, and act, and our relationship to society. Like electrification the digital revolution is changing the concept of time, introducing new ideas about availability and response time. Here she points out the need to leave some parts of the day for disconnectedness, to preserve quiet time in our lives for recharging and getting a sense of who and where we are. Then there is the idea of space, of imaginary space when connecting to people in distant places, and physical space such as at airports and public places with wifi and internet to connect. After space and time come social relationships, about relating to one's fellow human beings. With this comes ideas of privacy, security and risk. With changes in how we view time, space and social relationships, comes anxiety. Social movements are likely to develop around ideas of government and governance, on issues such as what it means to be unequal and denied economic opportunity, when the digital revolution itself is opening up new visions of what is possible, just as electrification did at the turn of the twentieth century....

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The Economist cites estimates from the Bank of England showing Britain's national output peaking at 1.5 trillion pounds in 2007 and not likely to return to that level till 2015. It points to fears of a lost decade. Meanwhile debt is rising from 600 billion pounds in 2008 to 1.1 trillion in 2012, making reducing the debt to GDP ratio by 2017 even more difficult. Lower growth affects tax revenues even as social benefit costs increase. Part of the problem is that from 2009-2010 to 2011-2012 public sector net investment declined from 48.5 billion pounds to 28 billion pounds. The Economist suggests Chancellor Osborne take up an additional investment in infrastructure of 28 billion pounds, even borrowing 14 billion pounds in the bond markets if needed, as a prudent step to revive growth. Small improvements in rail, roads and bridges could make up for a lack of large projects. Other suggestions include expanding the "funding for lending" scheme with banks to get capital to small business, finding more savings in the National Health Service, and changing the way Britain taxes development land that remains undeveloped. Britain, now joins, Portugal, Spain, France and Italy, in the failure of austerity measures alone creating a return to economic growth and lower deficits. In 2013 improving competitiveness and boosting economic growth become critical following years of austerity measures....

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Peter Coy, Economics editor of Business Week, agrees with Paul Krugman's point made in a recent NYT op-ed column favoring staying on the course the Bernanke Fed has set, which is to continue its policy of monetary expansion as long as credit is tight and the economy is weak. The Fed has expanded monetary reserves Coy says by 114% over this year through May. The biggest increase since 1960 has been 16%. Coy says there is good reason for this. As other experts have pointed out, see links, most of the extra money the Fed has introduced into the economy has piled up in the reserves of banks. Consumers who who have debt at about 100% of USA GDP are not borrowing, businesses are not borrowing to invest, banks are not lending as before, and consumers are in a long period of debt reduction that will take years. This is why it is not inflationary. Consumer frugality, see links, is another factor that makes this situation a long term change in consumer behaviour, and a force for deflation. All this is happening in the background of a huge slack in the system as manufacturing capacity utilization is low at 68% and unemployment is increasing. Which is why informed experts looking at the situation on the ground see staying the course as the right action plan....

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The OECD says in its biannual publication on trends in financial markets, that the failure to clean the bad loans on the books of banks is one step that has not taken place and will prolong the current crisis. Treasury started out with just that intention, before following Gordon Brown's lead in the UK to recapitalize banks here in the USA. The difficulty then was that the auction process for these bad loans was a difficult and complex one, and would take too much time when the crisis was hitting on a daily and weekly basis. Something had to be done, and done quickly, and recapitalizing the banks was the only step that could be executed immediately. One of the problems that created this situation was the inscrutable nature of these mortgage securities, which were packaged in away that made it difficult to sort out and hard to value. This remains one of the intractable problems that has complictaed the situation in a way, that for instance, the Swedish banking crisis was not complicated. Another aspect is the way in which as Sweden struggled to sort out and fix its banking system, the banking system and economies of other countries were operating normally. Now another complication is the way this crisis has worldwide connections making a recovery still more difficult and protracted....

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The new data security law that went into effect Sept 1, 2021, limits the amount of sensitive information China will share with foreign companies, and investors. All data related activities are subject to government oversight says this report in WSJ, including collection, storage, use and transmission. Companies in China now are reluctant to share information.  Because the law is ambiguous about what is sensitive information this makes companies more reluctant. The result is a China that is more opaque than before. It is driven by antagonism in the US over the effect on American workers of manufacturing and supply chains shifted to China. The response of the Chinese government is to turn the country inward, looking to self sufficiency, data security, and an environment that looks at foreigners with suspicion, says this report in WSJ. The pandemic has increased this view of foreigners in China, after China's experience with a deteriorating trade relationship with the US. Xi Jinping has not left the country since the pandemic started in January 2020. China has also seen an alarming drop in passengers going overseas or coming into China from 50 million in the first 8 months of 2019, to 1 million in the first 8 months of 2021, a drop of 49 million passengers, according to data from the Civil Aviation Administration. Government directives are to minimize foreign travel as a result of the pandemic. People in the US see the operations in China of companies such as Apple and now Tesla as a sign of how well the system of international cooperation is functioning without realizing that these companies never had the understanding of the history and culture of the country after two centuries of struggle against colonialism. When the situation takes a different turn as it has after Mr. Trump raised the issue of American workers and loss of manufacturing, and after the pandemic created unexpected distrust, there is very little these companies have to offer to keep the relationship between two of the world's population blocs, between North America and the closely related population of South America, with the people of China, a billion people on each side. This shows that the relationship cannot be left only to the business and private sector driven by profit and business interests, that all sections of the population in China and in the US need to be involved for a stable relationship with ongoing human and cultural contacts at all levels. ...

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Shear of the NYT says president Trump is taking risks of losing support from low income people who supported him in the presidential election by making aggressive cuts in programs that help low income people. In his first budget plan deep cuts to social programs and increase of 10% in defense spending of $54 billion is planned. The new health care plan of the Republicans House and Speaker Ryan is seen by the Congressional Budget Office as increasing uninsured people by 14 million. Trump has left Social Security intact, but he sees other cuts as cuts to the "administrative state' and overreach on entitlements. The budget plan is titled "America First," and shrinks foreign aid, cuts state department budget by about a third, and cuts funding to PBS, other agencies, and cuts social program spending.

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Daiichi Sankyo Company of Japan announced plans to take a majority stake in Ranbaxy Labs for $3.4 billion to $4.6 billion. A patent settlement with Pfizer for Ranbaxy to market a generic version of Lipitor after November 2011 may be part of the effort to give more clarity to Daiichi Sankyo for it to go ahead with the deal. Both Pfizer and Ranbaxy have extensive litigation on this issue. Pfizer could otherwise have seen Ranbaxy bring a generic version of Lipitor in March 2010. About 25% of Pfizer's $48 billion in revenues come from Lipitor and its stock price is at its lowest in a decade because of the uncertainty over Lipitor. Under the agreement Ranbaxy gets to be the only company to market a generic version of Lipitor for 180 days after Pfizer's patent expires. Ranbaxy also gets to market a generic version of Caduet, a pill that combines Lipitor and blood pressure medication Norvasc, in 2011 before the patent for Caduet expires in 2018. The FDA can question the terms of this agreement as it favors introduction of generics competition, and the Caduet portion of this deal may be seen as a payoff to Ranbaxy for settling with Pfizer....

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GM has invested in a company that will make ethanol from crop wastes, wood chips, scrap plastic and including municpal garbage. Coskata will have its first pilot plant in Warrenville, Illinois. It uses a process of gasification and bacteria to produce ethanol. It doesn't use corn, uses only a gallon of water for a gallon of ethanol, uses a raw material available everywhere and is estimated to cost 0.50 cents to $1 cheaper than gasoline. The total production cost is less than $1.00 when it comes onstream by 2010, and uses techologies that are ready.

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How Chrysler hopes to tap into the fast growing markets in China and Russia with itss smaller resources than GM or Ford or Toyota. One way is through licensing arrangements where Chrysler outsources the production and builds cars in joint ventures arrangements. This week a Chrysler minivan will begin production in this manner in China.

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Chrysler CEO Nardelli sees impact of housing market on car sales and will take a good hard look at things financially for the next 3 years and also look towards a ten year planning cycle for new products instead of the usual five.

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GDP shrinks 0.3% in the third quarter of 2008 for the USA economy. For the fourth quarter it now appears certain that the economy will contract significantly, declining more than 3%, and unemployment reaching 7%, and unemployment hitting 8% or higher in 2009.

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Spain's Catalan independence parties led by Arturo Mas win 48% of the vote and a majority of seats in the regional parliament in 2015.

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Thomas Kleine-Brockhoff, a senior transatlantic fellow at the German Marshall Fund of the United States, leads the EuroFuture Project. Here he offers his ideas of the dilemmas facing German leaders in agreeing to letting the European Central Bank take a larger role of supporting the bonds of Italy, Portugal and Spain. He says Germans are seeing a contradiction between European demands for German leadership and not wanting to be led by Germany or perceiving Germany as a hegemon. Brockhoff says Germans have never in the postwar period wanted to or learned to exercize continental leadership. He recounts the postwar period when Germans were content with the deutsche mark, and limited their expression of national pride to the deutsche mark. Giving up the deutsche mark was part of the deal for reunification of the two Germanys, a surrender of economic sovereignty for the sake of a larger integration into Europe. He says that even though the arguments are framed in terms of orthodox economics, economic nationalists who never really wanted to give up the deutsche mark are the core of the opposition to the common issue of eurozone bonds. The German position is to go back to the framework of principles for economic and monetary union and tighten the rules for spending and taxes, something that is good in the long run, but does not work in the short run with shrinking economies from austerity programs and nervous markets. The Merkel government's resolution of this crisis is to set new fiscal rules for the eurozone, and either move in the direction of letting the ECB play a larger role, or support such a move. What is not clear is whether the government will survive the next election taking on this leadership role in Europe, or a revolt in the Christian Democratic party....

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There is a difference between the two candidiates. Most of Obama's tax policies are vague or not clear. This risks having higher taxes costing more than $648 billion over 10 years according to the Tax Policy Center. Taxpayers would shrink from 62% to 50% of households and there would be a hodge podge of tax credits. On energy McCain is pushing for nuclear energy and Obama is not giving this option enough importance. Obama would probably give more importance to higher taxes and redistribution of income and building infrastructure but sweeping changes in taxes increasing taxes for the middle class and having many tax credits is something that needs careful thought not to reverse the positive benefits of lower taxes and simpler tax code improvements of recent years. With Obama fuzzy on how much the tax system would be changed and its impact on the middle class and working class it will be a question on voter's minds. Because some way has to be found to pay for increased spending on infrastructure and healthcare. And though its largely accepted that something effective has to be done for health care for middle and working classes in the country its important that it be well thought out and free of special interests on one hand and free of political bias so that creative and useful solutions can be be made to take advantage of the unique situation the United States is in. Its not clear that the junior Senator has the experience and the understanding of this vast subject that would be needed to come up with the right system of health care for this country as any hastily put together solutions would not be likely to be the best ones....

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Peters and Wessel provide profiles of middle aged American men in 2014- as tech workers out of jobs as technology shifts and worker skills fall behind, younger men with masters degrees in fields such as public administration where it is hard to find jobs and workers lack retraining, and other men who lost jobs from globalization or the 2009 economic crisis. About one in 6 working age American men 25-54 are without jobs- about 10.4 million. Of this group two thirds are not looking for work either because they cannot find decent paying jobs or are too discouraged looking for work, and are not counted in the unemployment rate calculated by the Labor Department. About three quarters of the working age men not working have only a high school education compared to 55% with jobs. Wages for highschool dropouts have declined by 25% since the 1970's, and 15% for those without a college degree but having a high school diploma- some of these men are going back to school, others lacking retraining are too discouraged to look for work and depending on a spouse or government benefits. It is these people U.S. Fed chairpersons Ben Bernanke and Janet Yellen have in mind as they shape Fed policies since 2009 to not leave them behind....

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Sheila Bair, chairwoman of the the FDIC, says the banking industry is showing "continuing signs of improvement, and the process of repairing bank balance sheets is well along, but not yet complete." The bank failures are easing and the FDIC insurance fund which had a negative balance of $7.4 billion at the end of 2010, now has a negative balance of $1 billion. It should turn positive by July 2011 when Bair's five year term ends.

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President George Bush said in 2005, that if someone wanted to get a glimpse of how he thinks on foreign policy, he should read Nathan Sharansky's book "The Case for Democracy." Sharansky was an aide to soviet physicist and human rights advocate Andrei Sakharov. Here he is interviewed by David Feith of the Wall Street Journal. His outspoken activism in favor of the right of Soviet Jews to emigrate got him 9 years in the Soviet Gulag. He was released from prison in 1986, with the strong support of President Reagan. He emigrated to Israel and served in ministerial posts and in the Israeli parliament. Sharansky says the recent protests in Egypt prove his fundamental points. That there are limits to how much you can control people through the use of fear, and that all people, regardless of religion and culture, desire and want freedom. This is a very human message, it showed its power when the Berlin Wall fell, and it is true today in the Arab world. He says the fear that this endangers the 1979 Israeli-Egyptian peace treaty is not well founded. Over the last 30 years the border with Syria has been quiet, because it is really Israeli deterrance that is responsible for this and the quiet border with Egypt. He adds there is no justification for Mubarak remaining, as it only creates hostility in the Arab world against the US and Israel. And he says that Mubarak was no friend of the Jewish people, because even as he made peace with Israel, he continued to let anti-Semitism thrive and used Jews as the enemy to enhance his control. Sharansky says Gaza and Hamas control after the election was an unusual situation because of the corruption of the people around Arafat, so that even Christian villages supported Hamas. And he says the longer a dictatorship is in place the worse the situation becomes in creating more hostility to all those who support the dictatorship, including the US and Israel. For Sharansky, the Obama adminstration's response to the Iranian protests after what is seen as a stolen election in Iran, were one of the greatest betrayals of freedom in modern history. To prevent a one time, one person, one vote, Sharansky says the democratic institutions have to take root and this will take more than 8 months, so guarantees need to be put in place that this is not allowed to happen. Safeguards put in place to ensure that whoever is elected cannot survive if democratic institutions and reforms and democracy building does not occur. Dissidents like Mr Ibrahim and others should enjoy the ability to build trade unions and women's organizations. Sharansky says this is a real chance, a chance for the US and the free world to become a partner in change. In change that will help Egypt pass the town square test. Can people freely protest and express their grievances in the town square. And move from this fundamental change to establishing democratic processes and institutions. ...