LyrArc Article Gist
This report in NHK says contrary to existing ideas American Commodore Perry's ships did not open Japan after pressure to open Japanese ports to the west starting with Nagasaki. It was western medicine and its help in tackling frequent epidemics including smallpox and cholera, that convinced the Japanese of the need to open up their country and learn from the west about science and modern medicine. 

LyrArc Article Gist
Turning Manchester city into the hardest team to play is hard thought and hard won says this report in The Times. It says it does not run naturally with Pep Guardiola's idea of beautiful attacking football and his one of his finest achievements. This was seen in the game with Atletico Madrid with few shots on goal by Atletico Madrid. This could be decisive in the game with Liverpool.

LyrArc Article Gist
The Guardian shows pictures of empty vaccination center in Erfurt, Germany, as the use of the Astra Zeneca vaccine is temporarily paused. The European Medicines Agency says the vaccination benefits far outweighs any side effects from rare blood clots. UK Health and Medicine Regulatory Agency and health experts also confirm this. Astra Zeneca says its trials showed fewer blood clots in those people who were vaccinated than in the people not vaccinated.

LyrArc Article Gist
The US Senate approves $250 billion in new funding for the US to develop independent supply chains in critical products and materials. Ten new semiconductor plants will be built. The effort is designed to ensure the US is not dependent on outside sources that prove unreliable in a crisis. The pandemic has brought home the lesson as this was experienced in 2020 and 2021 with the US too dependent on supply from overseas.

LyrArc Article Gist
Oil cuts of 2 million barrels a day or 2% of global oil production by OPEC Plus will lead to oil prices surging back up to levels seen earlier this year.  Weakening of oil demand with a slowdown in China and the EU was leading to a drop in oil prices from the highs reached this year. OPEC Plus which includes Russia is taking this step to keep oil prices high. 

LyrArc Article Gist
Queen Elizabeth opens the Elizabeth Line in London and uses a 6 pound Oyster card. The Crossrail project crosses London from east to west and is the most important London transportation project of decades, the largest infrastructure project in Europe. The total cost 19 billion pounds with 5.1 billion pounds from the government. It was first thought of in the 1800's and part of a Rail study in 1974. 

LyrArc Article Gist
The French team's Olivier Giroud works with Mbappe after the injury to Benzema meant France had to find a different style of play. Giroud 36 years brings experience and a rugged persistent approach to the game. Coach Deschamps says "Nothing has ever been handed to him,  He was put down and criticized a number of times, but he has this mental ability." 

LyrArc Article Gist
China has made an astonishing turn away from covid restrictions. Yet this comes after three years that hurt growth which will affect the recovery says this column in WSJ. China is looking for 5% growth in 2023. Problems in the way are a public affected by the lockdowns, a covid surge, housing that will take time to recover, and diversification by Foxconn and other companies away from China to India, Vietnam.

LyrArc Article Gist
Overdevelopment of the office market in Dallas, Houston, and Austin, cities in Texas, presents a problem in combination with the increase in remote work. The office vacancy rate in Texas is 25% in the third quarter of 2023, according to Moody's Analytics, compared to 12% for New York and 17% for San Francisco. The oversupply of buildings for office space was decades in the making, says WSJ.

LyrArc Article Gist
"Finally the rock is back," says Virat Kohli, as Jasprit Bumrah, returns to the pitch after an injury. Bumrah took the wicket of South African batsman Elgar with a ball that commentators called unplayable before the injury. The third day of the 1st Test against South Africa was a day for bowlers as Rabada, Ngidi, Bumrah and Shami tore through the Indian and South African batting attack. 

LyrArc Article Gist
Electing a conservative member of Congress from Louisiana as the new Speaker of the House is a move that risks the Republican majority, says this report in the WSJ. It is historic and also new as Louisiana, the most southern of the Southern states has never had one of its members of Congress elected as Speaker. This week Mike Johnson was elected as Speaker after many failed attempts to fill this position.

LyrArc Article Gist
The effects on the residents near the site of the atomic tests in New Mexico are shown here by BBC News with the title that it doesn't win Oscars. Ben Ray Lujan, Senator from New Mexico, was on the Senate floor this week asking for support for the bill to provide help and compensation to survivors and relatives with cancer that is connected to the atomic test.

LyrArc Article Gist
This interview conducted by Bret Baier of Fox News of the vice president Kamala Harris was more like a debate with a Republican nominee for president as Baier would not let the vice president finish several times. The interview took place on October 16, 2024, in an effort by Harris to reach voters who supported Trump but would consider alternative visions of the future than the one offered by the former president.

LyrArc Article Gist
Anger in Greece at the austerity measures was evident in the results of the April 2012 elections. The two major parties polled even less than the low poll numbers that they expected. The Socialist Pasok party of former premier Papandreou received only 13% of the vote and not the 15-18% expected, the New Democracy party of Antonio Samaras received only 18.8% and not the 25% expected. As a result the two main parties that have ruled Greece received less than one third of the vote combined. The second largest party after New Democracy is now the Coalition of the Radical Left or Syriza, which received 16.78% of the vote. It is led by young Alexis Tsipras, 38, who has said the bailout treaties witht the EU and the IMF were "not salvation, but a tragedy." Syriza opposes the austerity measures and prefers to exit the eurozone. A extremist far right anti-immigrant party New Dawn received 7% of the vote showing the desperate situation. New Democracy's Samaras tried hard but failed to form a government, and under the Greek constitution each party gets a few days to form a government. The outcome is likely to be new elections in June 2012 and a caretaker government appointed by the president....

LyrArc Article Gist
Belgians are being asked to restrict contacts to only one person outside their immediate family and wear masks in shops and public transport. Daily cases average 7900 for the week of October 9-15.  Shops, museums and schools remain open. Many restaurants are closed with restrictions on restaurants.

LyrArc Article Gist
The Global Carbon Project said in its assessment that carbon dioxide emissions are down 7% in 2020. This was more than the reduction in 1945 and 2009. Emissions were cut by 2.4 billion metric tons. Emissions are down because of lockdowns and people staying at home, less travel.

LyrArc Article Gist
The scale and sophistication of a recent cyberattack on U.S. government agencies surprised even experienced security experts. The strategy was zeroing in on a weak link in the software supply chain U.S. businesses and government institutions rely on, the use of a network management software called Orion.

LyrArc Article Gist
China starts to buy U.S. agricultural products as a way to reduce trade tensions and get back to the bargaining table with the Trump administration. Mr. Trump in turn stated he would postpone till Oct. 15 a tariff increase on $250 billion in imports effective Oct. 1. 

LyrArc Article Gist
Spain's former king and father of King Felipe, who at one time was respected for his work bringing democracy to Spain after the Franco period, is now involved in issues related to Swiss bank accounts that are affecting the reputation of the royal family in Spain.

LyrArc Article Gist
This NYT editorial describes the inaction of the UK, Canada and the U.S. as Europe faces a huge migrant crisis.

LyrArc Article Gist
This piece in the Economist says the men involved in sexual harassment in Cologne identifed so far were Moroccans and Algerians, not Syrians. The police in Cologne are seen as failing to identify sexual attackers and apprehend them on the spot. Tensions will exist because of the different values in the Middle East, and as in America, the Economist says the refugees must be required to adopt the values and norms of the new country. Because most of the refugees are men, this could skew the men to women ratio in some places which welcome refugees, and for this reason the men should be allowed to bring their spouses. So far German chancellor Merkel has acted firmly, calling the sexual attacks "disgusting," passing laws that would make it possible to quickly deport those migrants and refugees who break the law in Germany. This is the right way to tackle the problem. In the long run the immigration will help countries such as Germany tackle the problem of aging of the labor force, yet in the short run stronger action is needed to prevent any abuses to the humanitarian welcome offered refugees. The problem of economically motivated migrants remains- Britain, Germany and France all agree that these migrants should go back to their home countries, as prime minister Cameron and chancellor Merkel have already affirmed....

LyrArc Article Gist
Paul Volcker outlined the work remaining to be done to make the U.S. financial system safe in an interview with Gretchen Morgenson in October 2011. On Fannie and Freddie he says it is important to get rid of Fannie and Freddie at the first opportunity, because they simply shouldn't exist, and it was a mistake to have institutions of this type that mix profit making private opportunities with an implicit government guarantee. If a government wants to help low income people find housing, subsidize them directly, don't do it in this way by hiding the liability behind a quasi-private institution, says Volcker, in the interview with Gretchen Morgenson of the New York Times. Volcker sees a point of vulnerability in the industry of money market mutual funds, which operate without reserve requirements and capital requirements. The money market funds did a huge amount of lending to European banks and aggravated the pressures on them when they pulled back. One way to correct this is to require mutual funds to post the value of their assets every day to reflect market fluctuations. Safeguards on bank deposit accounts, such as FDIC insurance and bank capital requirements, do not exist for money market mutual funds. Other areas Volcker emphasized are strong enforceable capital requirements for banks, making derivatives transparent and standardizing them, and rotating auditors....

LyrArc Article Gist
When Paulson met with his staff a few days ago he stamped his hand on a marble table asking his staff to stop their arguments with politicians who supported Fannie and Freddie because it would result in a war which he did not want as reported in the New York Times recently. Representative Barney Frank is mentioned as one of the politicians supporting the management of Fannie and Freddie. So it happened that to the very bitter end these managers used their lobbying and political donations to distort the policymaking progress right under the eyes of the Republican administration that knew what was going on and media like the Wall Street Journal that has warned about the dangers at Fannie and Freddie for years. One question remains why under the original mandate for Fannie and Freddie were the companies not banned from political donations and lobbying as they were backed by a government guarantee and at the same time could distort the process of supervision by lobbying and political donations to Congress if this was allowed. So in the end its the biggest failure of the political process and of setting up of such companies that once set up they were beyond anybody's control. Josh Rosner, an analyst at Graham Fisher an independent research firm in New York, makes an apt comment: "since 2003 when these companies' accounting came under question, policymakers have done nothing." One can repeat nothing, and the politicains in Congress who received the donations will go on with their political ways while the government and the public shoulder the burden of billions of taxpayer dollars in the biggest bailout ever, considering the size of these two companies and what at stake for the country's housing markets, and considering that foreign governments like China have invested billions of dollars in these companies and needed assurance to continue to buy and hold Treasury bonds....

LyrArc Article Gist
The IMF extends $100 billion in loans to countries that have healthy economies but need temporary help, such as S.Korea, Brazil, Mexco and Singapore. Some of these countries have borrowed heavily in other currencies and the drop in the value of their own currencies makes repayment difficult. No strings such as requirements to raise interest rates and to cut public spending are attached to this program. Under this program countries could borrow five times the amount they are normally entitled to, $25 billion in Brazil's case, without the strict conditions that normally accompany such loans. Nobel Prize winner Stiglitz was chief economist at the World Bank. He said the funds use of the words restore confidence itself could make a lot of countries nervous. That is because in the Asian and Latin American crises in the past, the IMF set strict conditions to increase interest rates and cut public spending and food subsidies at a time when the poor especially and the rest of the people, all needed help, thereby increasing public distress. In the developed countries stimulus packages and infrastructure spending goes up to support employment and incomes, but the IMF has advocated quite the reverse in the case of the developing countries, with the US Treasury a key factor in IMF support and ideology. Which is why countries in Asia like South Korea see a stigma attached to the IMF and are refusing IMF help. In Pakistan also the IMF support is a last resort or Plan C. Iceland for instance raised rates in return for IMF help from 6% to 18% to try to stabilize the currency. The IMF was created as part of the Bretton Woods agreement of 1944 when the Allied Powers USA and Britain and other countries that sent representatives met in New Hampshire for a postwar economic system. Japan, S. Korea, India and China and many other countries were not part of it because of the war or colonial empires....