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France's Socialist party presidential candidate, Francois Hollande, says taxpayers earning more than 1 million euros will be placed in a 75% tax bracket if he is elected. He said the corporate executive pay in France now exceeds 2 millon euros. A 2009 French Senate study shows the richest 0.01% of French taxpayers earn an average of 1.22 million euros. There are 3,523 such households, and the extra tax revenue from the 75% tax will be small. The French Senate study showed these taxpayers paying an effective tax rate of 17.5%. President Sarkozy had imposed a 3% temporary increase in taxes for those earning more than 500,000 euros a year. Hollande also plans to tax those earning more than 150,000 euros a year at a marginal tax rate of 45% instead of the current 41%, and a the same time cut taxes for small and midsized companies.

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The comments attributed to Chief Executive Leung during the election in 2012 about supporting the use of riot police against protestors opposing an anti subversion law in 2003, and his use of tear gas against demonstrators, have infuriated people in Hong Kong. Toeing the Beijing line without consideration of Hong Kong people is making life diificult for Leung. Particularly because of revelations made in the 2012 election campaign that he could not have at the age of 31 been appointed to the committee on the drafting of the Basic Law unless he was a member of the Communist Party. Because of his huge unpopularity Wong says it may be easier for Chinese president Jinping to dismiss Leung and placate Hong Kong people, as a first step. This could be followed by more discussion on the issue of universal suffrage and free elections without prescreening of candiates by the Communist Party.

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Experts say there are only a couple of hundred high-integrity welders in Britain. Many manufacuring jobs go unfilled because of lack of skilled workers. Britain is trying to close this gap and reduce unemployment for young people by increasing apprenticeships in industry and worker training. The UK government allocated 1.57 billion pounds on worker training programs in 2013. Britain had 868,000 people in apprenticeship programs in 2013. EEF, a British trade group, says 80% of manufacturers have difficulty finding skilled workers with technical skills. Britain has done very poorly in the area of worker skills training according to the OECD. About 2.74 million new manufacturing jobs are expected to be created in Britain by 2020, of this 1.86 million will require engineering skills, according to EEF. A lot more needs to be done, as companies need to double the number of apprenticeships to meet expected needs.

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The view from Pakistan, the views of the oppossition parties, the army, the Intelligence agency, on American aid to Pakistan and increaed involvement in the country's affairs. Some likened it to akind of colonization attempt. Politicains of some political parties oppose a large new embassy in Islamabad for the USA and a consultate in Peshawa, Northwest Frontier Province. Ambassador Patterson said that Pakistan should eliminate the Afghan Taliban leader Mullah Omar who is supposed to be in Baluchistan, or America would do what was needed, and National Securtiy Advisor Jones said that addressing the Quaeda sancturies in Afghanistan was the next step. The head of the Intelligence agency Shuja Pasha met with CIA officails last week in Washington and argued against sending more troops to Afghanistan. And the Army chief Kalyani said that missile drone attacks in Baluchistan as the AMericans impled would not be allowed.

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The National Childhood Vaccine Injury Compensation Program protects vaccine makers from much of the litigation risk faced by pharmaceutical manufacturers. It limits compensation for death to $250,000. This special vaccines court is called Office of Special Masters at the U.S. Court of Federal Claims. This may be one reason for Pfizer's willingness to pay $68 billion for Wyeth which is amaker of childhood vaccines. Vaccines will generate $21.5 billion in sales by 2012, according to Sanofi-Aventis. Vaccines are biologic products that can't be copied. Wyeth's Prevnar is designed to protect children against 7 strains of pneumococcal disease. It has sales of $2.7 billion projected to grow to $5.5 billion in 2015 according to Sanford C. Bernstein & Co. Vaccines have driven huge reductions in childhood diseases, and the Act is designed to potect makers of vaccines, who suffered from excessive litigation in the 1980's.

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The 2002 decision for HSBC, a British bank, to buy Household International, which was into subprime lending in the USA, has turned out to be a disaster. Now it will close the 800 offices of Beneficial and Household Financial. HSBC's losses from Household are a big reason for the need to raise $18 billion in new capital. In getting into this business of subprime lending HSBC also sullied its high credit rating and its reputation. In doing so it also added its reputation to make it look like the subprime business was a good one and got it going in a big way. With the securitization process older standards of safety disappeared, as so called financial engineering and its engineers made it believable that inherent risk of a borrower's weak ability to pay could just be reduced or eliminated by packaging it differently and spreading it all around.

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How the outmoded computer systems at China's brokerages are the weak link in China's stock markets. Even though the Shanghai stock exchange computer systems are modernized the brokerages computer systems are falling behind and have not seen the level of investment and attention as the major exchanges. this could be a real problem in a downturn without access to terminals in crowded facilities investors not able to get out of the market may create panic. And overloaded computer systems have crashed in the past and could do so again. In China investors are responsible for executing their own trades rather than leaving orders with a broker so having access to a terminal and for it and computer systems to function properly are really important to investors in the market. This could be a aggravating factor if there is a severe loss of confidence in the market.

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Ramachandra Guha, a forward looking Indian journalist writes about the situation of Indian Muslims, saying that they need to be led by a liberal elite not a clergy that hangs onto old ideas and ways and leaves them in a backward condition. And points to the responsibility of politicians like Mrs Indira Gandhi and Rajiv Gandhi and the Congress Party that has supported the clergy's leadership of muslim society, so that the Muslim vote could be secured for the Congress party. He also points out to the need for the Bharatiya Janata Party to move forward to a new generation of political change, where it accepts Indian Muslims as equal citizens, and accords them the civilized treatment in a democratic and secular state, which was the vision and intent of the founders at the Constituent Assembly in 1947 and enshrined in the Indian constitution.

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Trump says he supports the House Republican tax plan for three brackets 12%, 25% and 33%. In his earlier proposal Trump has supported a top rate of 25%. He made these comments, including support for deducting childcare costs, in a speech at the Economic Club of Detroit. Trump did not repeat a call for repealing Dodd-Frank bank supervision legislation. Clinton was critical of Trump's economic team of business people from hedge funds and the real estate industry, saying this was another example of "trickle down economics,"  for giving  "super big tax breaks to large corporations." Michigan has not voted Republican since 1988, and the auto industry rescue was organized by president Obama, a point heavily advertised in the 2012 presidential campaign. Romney had opposed the rescue effort, and during the 2012 campaign the WSJ reports say  Trump called the bailout of automakers a mistake because of expansion overseas.

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Average wage gains for rural areas about 5% between 2001 and 2003, and a loss of 2.5% in wages for the poorest 10% of the people in China are shown in information from the World Bank. This will be of concern to Chinese government as it moves forward with current policy.

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The former head of contracts at state owned National Oil Corporation of Libya calls for American rules to be issued by the S.E.C. that require strong transparency standards for western oil companies, and limit the scope for corruption in dealings with the national oil company that ocurred during the Gaddafi regime.

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Milbank describes Romney's problem as similiar to that of Al Gore- the feeling one gets that he is just not authentic. He tries to be a regular guy but he is not. He campaigns on his business experience, giving little attention to his record and experience as governor of Massachusetts.

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India is building a tunnel that will be five miles long in the Pir Panjal range of the Himalayan mountains. This will enable trucks carrying supplies to Ladakh from Kashmir to bypass the Rohtang Pass. India is also upgrading its infrastructure on its side of the mountains facing Tibet and China.

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Harvey Mansfield, a colleague of Mr. Wilson on the Harvard faculty, says in his tribute to him- Wilson never attempted to be more than a professor even though his ideas were widely respected, as if Wilson wanted to show by example and that there was nothing higher than setting an example.

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The large response triggered on the internet by Anne-Marie Slaughter's article in the July/August 2012 issue of the Atlantic on women and work, how it is difficult for women to work and raise children without making changes in today's American society so that a healthy balance can be achieved.

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This editorial in the WSJ says the corporate tax cuts could be one of prime minister Abe's biggest accomplishments. This is likely to increase growth if well formulated. Even though this came up late in the discussion process this move has the potential to increase investment and attract global capital.

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This editorial in the WSJ raises questions about Chief Justice Roberts' written majority opinion, and says Justice Scalia's comment about SCOTUScare should be replaced with the term RobertScare. It says Justice Roberts has emerged twice as a "political" Justice in the way he has interpreted the law in this case.

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As the U.S. population ages and grows at a slower pace the demand for automobiles is likely to peak in 2013-2014, and moderate in subsequent years. Automakers need to be vigilant about adding manufacturing capacity to avoid the problems faced in the last decade when sales and profits declined.

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Studies by Mexico's Interior Ministry show that 62% of the $23 billion in remittances to Mexico by Mexicans living in the U.S. go to the lower middle class. As migration to the U.S. diminishes to zero Mexicans who are illegal aliens in the U.S. are returning to Mexico as small entrepreneurs using earnigs made in the U.S.. This offers them a chance for upward mobility and a return to families that they never had in the U.S., and is aiding the growth of a Mexican middle class. About 12 million Mexicans, or 15% of Mexico's labor force lives legally or illegally in the U.S., according to the Pew Hispanic Center. Experts say that in the first 3-5 years remittances go to help their families, after 7 years the money goes into savings and investment fueling growth of small towns such as Santa Maria in Mexico. About half of Mexico's 112 million people have family living in the U.S., which is having an influence on atttitudes and ways of thinking of the lower middle class that emigrated to the U.S.and is now returning to the country. Other factors are reinforcing the trends such as the lower price of consumer goods with the entry of retailers such as Wal-Mart and Costco into Mexico. Nestle, P&G, and Unilever, all sell at low price points in Mexico. The government's effort to setup a basic safety net subsidizing schooling, health care and food has also helped in this direction. Rapid change in demographics in all of Latin America, including Mexico with a shift to smaller families is creating new opportunities to invest in children for better educational opportunities and working lives....

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The domestic German public opinion has shifted against further bailouts to the point where a poll conducted July 1-5 before the referendum shows only 10% of German supporting further concessions in negotiations with Greece. This reduces even further the room domestic public opinion gives German chancellor Merkel for flexibility in talks following the Greece referendum "no" vote to earlier proposals from Germany and France. The multi year program planned for Greece following the referendum involves reforms such as making firing workers easier, changes to product markets and privatization of state assets, which were left out in the June 2 proposal from Merkel and Hollande, which was rejected at the time by Greece.

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Electricity rates in France have been lower for years. As France generates 80% of its electricity using nuclear power which is less costly than using natural gas or oil, and as rates are set by the government , the rates rates have been lower. Now the French government has authorized rate increases of 8% to large users and 6% to midsize users in business. Rates will go up to roughly $57 a megawatt hour excluding transmission costs. The estimated cost per megawatt hour at the new nuclear plant in Flamanville, France, is $46.

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Former prime minister Nawaz Sharif's PML-N party wins 125 of 269 seats in Pakistan's parliament. The Tehreek-e-Insaf party of Imran Khan won 31 seats and the PML-N party of the current president Asif Zardari won 32 seats mostly in Sindh province. Independents won 31 seats and some of these independents are likely to support Sharif in forming a new government. Election turnout of 60% showed a large degree of enthusiasm in this election and hopes for economic revival in Pakistan. The focus of Sharif will be on improving the economy, tackling electricity shortages, and building infrastructure. Sharif promised to pursue peaceful relations with India and Afghanistan, and keep the focus on the economy. Sharif and his advisers are bringing a new deftness in the dealings with the Army, the Pakistan Taliban, saying he would call for a halting of drone strikes, limiting the role the U.S. plays in the region, both positions popular in Pakistan, separating differences with former president Musharraf from the institutional role of the military. Small business owners and large business support Sharif's efforts to tackle electricity shortages, with an estimated loss of $12 billion in idled factories alone. The long period of political conflicts between the military, the judiciary and the political parties have led to neglect of Pakistan's economy, as neighboring countries in Asia surged ahead. The realization that popular pressure for improving standards of living and the economic opportunities are both huge has led to an extraordinary election, and put Sharif at the centre of an important new beginning for Pakistan. ...

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Analysts fear an oil shock in 2012 similiar to that in 2008. There is similiarity in the situation now and in 2008- as in 2008, the surge in oil prices comes at a time of higher tensions with Iran and shrinking spare capacity. Spare capacity is at 2.5 million barrels a day on average for January and February 2012, according to the Energy Information Administration. This compares with 3.7 millon barrels a day for the same period in 2011. Part of the reason is that global oil demand is increasing in 2012 by 1 million barrels a day, to 89 million barrels a day. Technical and political problems have shutdown another 750,000 barrels a day. The problems begin to kick in during the second half of 2012. The U.S. ban on dealing with the Iranian central bank for oil trades starts in June 2012. According to the International Energy Agency, the EU embargo and U.S. sanctions will take 1 million barrels a day of Iranian crude out of the market. The result will be that demand exceeds supply by the third quarter by 1.1 million barrels a day, according to the U.S. Energy Information Administration. Use of existing reserves in Europe, the U.S. and other countries will make up the gap. The effect will be to put pressure on oil prices. May Brent crude on the ICE Futures Europe exchange was up to $125.81 a barrel, on March 16, 2012, and prices for April delivery were at $107.06 a barrel on the New York Mercantile Exchange....