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S. Koreans do not like the Wal-Mart style large warehouse type of retail stores as a place to shop in. What they want is the Korean outdoor market comfortably tucked inside. A better comparison to Korea's own E-Mart owned by Shinsegae is Target stores in the U.S., where there is a a nicer spacious layout, lower shelves. Then you have to add the feeling of a Korean outdoor market with vendors in the form of girls with polo shirts showing the brands they represent calling out to customers, above the sound of butchers calling out prices of meat and fish. A senior executive at Shinsaegae's E-Mart says S. Koreans hate the warehouse format. As a result Wal-Mart and Carrefour had to withdraw from the Korean market. E-Mart's founder, Lee Myung Hee, is the daughter of the Samsung Group's founder Le Byung-chul. The company is now run by her son, Mr. Chung, who is combining professional mangement with ownership management to run E-Mart. The original E-Mart was a small operation acquired by the Samsung founder in 1963, and separated from Samsung under Ms. Lee in 1991. The first E-Mart opened in 1993. In 1999 Samsung took a 11% interest in Samsung-Tesco discount chain retail stores, a joint venture with Tesco Corp. of the UK. Shinsaegae expanded quickly after the 1998 Korean financial crisis, by acquiring land at attractive prices. With the failure of the Wal-Mart stores in S. Korea, Shinsaegae acquired the Wal-Mart operation for $872 million in 2008. ...

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Tsuneo Kita, is the leader of Japan's largest business daily newspaper, the Nikkei. Kita had stated his dream of buying the Financial Times, Britain's largest business newspaper, many years back. He made the best offer of $1.32 billion in cash for the paper to complete the acquisition. Because of ties between the two newspapers and reporting by FT carried in the Nikkei newspaper, FT Group decided to give Nikkei Inc first rights to bid for the paper. The Nikkei is not publicly listed, and a large part of its shares owned by employees. Print still works in Japan and the morning edition has 3 million subscribers. Kita moved to build the digital business early along with efforts at the FT and the Wall Street Journal. A paid website was started in 2010 for the Nikkei and it has 430,000 online subscribers. Kita is a journalist who joined Nikkei Inc. straight out of Keio University in 1971. He was senior editor in New York and Tokyo. Nikkei Inc. was able to make the acquisiton because of its financial strength. It has $830 million in cash on hand and a similiar amount of liquid assets. Profits are modest- 10 billion yen in profit on 301 billion yen revenue in 2014. Kita says he will keep the FT Bureaus intact and not merge them with Nikkei Inc. bureaus. He wants to preserve the editorial independence of the Financial Times, and sees the paper as part of a publishing group covering a broader region of Europe, the U.S. and Asia....

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Michael Getler of the Washington Post gives an indepth look at former West German chancellor, Helmut Schmidt, who succeeded Willy Brandt as chancellor in 1974 till the fall of the SPD government from internal divisions in 1982. This was the period when West Germany emerged as the leading economy in Europe, and pursued policies of improved relations with East Germany (the GDR) under Honecker, and the Soviet Union under Brezhnev, leading to the period of German reunification under his successor Helmut Kohl of the Christian Democrats. Schmidt also pursued very close relations with France under Giscard d'Estaing, setting up the groundwork for what would become the Euro currency and European monetary system. In the years after 1982 Schmidt was active as co-publisher of the Die Zeit newspaper. This account of Schmidt and that period complements Jonathan Kandell's indepth assessment of Schmidt in the NYT. Today's world economic summits of western leaders- especially the critical ones following the 2008 global economic crisis- originated from the meetings Schmidt started in 1975 and broadened in 1979. During that period Germany, France, UK and the U.S. were faced with the global recession after the 1973-74 oil crisis. Here Getler describes Schmidt in terms used by Germans for someone who is action oriented but also overconfident and brushes off other people- the German word "macher." Another German expression "Mr Schmidt Schnauze," as Mr Schmidt the Lip, stuck to Mr. Schmidt for his tendency to offer strong criticism, while being less tolerant of criticism of his own policies and actions....

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President Goodluck Jonathan as "Mr. Clean" aroused many of the same hopes now aroused by the election of Buhari as president of Nigeria. Under Goodluck Jonathan Nigeria's foreign reserves declined from $50 billion to $33 billion, and there is $1 billion in the sovereign wealth fund. About $20 billion in pilfering of state funds was reported by the Central Bank of Nigeria, but no action was taken by Jonathan. Indians may pride themselves on a better performance, yet prime minister Singh of India, seen as "Mr. Clean," allowed auctioning of telecom licenses in the second term, that had to be cancelled because of corruption. Throughout emerging markets not just in oil producing countries, poverty remains entrenched, because funds that should go into infrastructure and services are misused, which creates a disincentive for foreign investment, further adding to the problems in these countries. India and Nigeria are the two fastest growing countries in the planet, and the unspoken fear is that the demographic dividend with so many young people will be wasted by corrupt and inefficient management of the economy and resources of the two countries. The time lost in the last years of the Singh administration and the four years of the Jonathan administration will never be regained, the hopes of millions of young people are dashed again and again, and the goodwill of Europe and the U.S. eager to participate with the latest technologies in the development of the two countries, as they have done in China, is wasted....

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Yanukovych, the president of Ukraine, is from the industrial eastern part of Ukraine centring on Donetsk. He is intensely disliked by the protesters in Ukraine and unpopular with the western part of the country which favors joining the European Union. Polls show 45% of the people support joining the EU, and only 14% joining Russia in a economic union. Yanukovych failed to bring the country together. The EU had called for the release of a former prime minister Ms. Tymoshenko in prison for the last 2 years, and Yanukovych's failure to do this worsened relations with Germany. The U.S. sees Yatsenuyk 39, a economist who served in the Tymoshenko administration as economy minister, as a person with the credibility in Ukraine and the experience to be part of a transition government. Figures who are popular with protesters but have no connections with previous governments include Vitali Klitschko, 42, a boxing champion, who has his own party Udar, meaning punch. Tymoshenko, was popular during the Orange Revolution in 2004, but her two terms as prime minister came under criticism for mismanagement. Parliament selected the prime minister under the 2004 constitution, and the protests focussed on consolidation of power under the president, including the appointment of the prime minister. As a first step parliament took on powers to appoint the prime minister on Feb. 21, 2014, freed Tymoshenko from prison, and set a date for elections in May 2014. Yanukovych fled Kiev and left for the eastern part of the country as parliament began the transition to a new government. ...

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The Economst cites an IMF June 2012 paper by Arcand, Berkes and Panizza that shows private borrowing and size of bank balance sheets once it reaches 100% of GDP begins to slow growth. A second paper by Cecchei and Enisse Kharroubi at the Bank for International Settlements confirms this showing that at low levels private borrowing and expansion of bank balance sheets increases economc growth, but at high levels exceeding 100% of GDP a large financial system actually hurts economic growth. Andy Haldane of the Bank of England points out the fact that for the century to 1970 bank assets increased by an average of 0.6% a year faster than GDP in 14 large economies, but increased much faster after this with ratio of assets to GDP increasing by about 3 percentage points a year. Bank assets increased from 50% of GDP in the 1960's to about 200% of GDP by 2007, reaching 500% of GDP in Britain, 800% of GDP in Switzerland, and 126% in the U.S. The increase in world trade accentuated this period with trade increasing from 22% of global GDP to 33% in the period 1996-2008, and banking following this trend across borders to developing countries. At the same time excesses caused an imbalance with hyper growth in bank balance sheets through taking on more leverage and banking risks. The Economist sees this process going back in reverse as bank balance sheets shrink in the face of regulation and efforts for financial stability following the 2008 global financial crisis....

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Renault signs an agreement with labor unions which provide for longer working hours and a one year wage freeze to reduce labor costs. Renault will in turn not close French factories and invest 1.1 billion euros to increase production in France. A similiar agreement was signed by Renault in Spain in 2012 and increased the urgency for reaching an agreement in France. Renault says increasing working hours 6.5% provided in the agreement will save the company 300 euros per car. Analysts estimate lower breakeven point for Renault after the deal. Renault said it will increase production to 710,000 cars in France by 2016 as part of the deal, taking output up to 85% of factory capacity. Production in 2012 declined to 532,000 in 2012, from 646,000 in 2011 and 1.2 million in 2007. Unions went into the negotiations sensing the danger in lack of competitiveness vs. Spain and Germany, and CFDT published a book titled "Renault in Danger!." Based on the experience in the U.S. as the economy recovered and sales recovered for Ford and GM, Renault may be seeing the effects of a gradual recovery in Europe by 2016. The 710,000 figure is a one third increase from the low 2012 figure, leaving room for expansion if this strategy succeeds. Renault's market share declined in Europe by one percentage point in 2012 to 8.4%, and its sales in Europe declined by 19%, according to the European Automobile Manufacturers Association. The increased production planned by Renault also includes 80,000 cars made for its partner Nissan....

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To keep prices from taking a nosedive if there is a slowdown, as for example in the Chinese economy, a concentration of resources within 3 or 4 mining companies enable them to slow down development of new deposits to adjust supply with demand. In this case even if China slows, India, Russia and Brazil may still pick up, as they may be less sensitve to the U.S. consumer than China. China is a manufacturing export based economy compared to India and Russia, which are more dependent on internal demand. Iron ore prices have increased by three times since 2003, and China's imports of iron ore have gone up from 29% to half of the world's imports. Prices of all commodities copper, alumina, uranium have shot up. BHP and Rio both based in Melbourne, Australia have absorbed all the medium size companies in the Melbourne mining scene. Australia has traditionally been a leader in this field because of its huge mining resources. Other reasons for consolidation are the more complex technologies needed to develop the remaining deposit finds, which are fewer and fewer and of lesser quality. Another factor is that the resource nationalism in India, Bolivia, Indonesia, Mongolia and other places requires more sophisticated investors. Combining Rio and BHP also means BHP can use the better infrastructure of Rio and invest more productively in future infrastructure rail lines and port development to speed exports to other countries. See the Barta article in the WSJ Link on this on Dec 18, 2007. ...

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Richard Fausset gives this exceptional account in NYT of the way Hispanics and Whites are coping with changes in a small Alabama town before and after president Obama's executive order on immigration in Nov. 2014.

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Awareness about climate change is increasing. A poll in 2017 shows 61% of people in 38 countries seeing it as a big threat. Only terrorists inspired bigger fear. Even with the U.S. withdrawal from the climate change agreement many cities and states in the U.S. including California and New York are committed to the goals set in the Paris Accords. China is making a shift away from coal and fossil fuels. Yet the huge demands in Asia, particularly India as it shifts from a rural to an urbanized economy, mean that the shift away from fossil fuels is going to be very difficult. In the last decade 2006-2016 energy demand in Asia increased by 40%, according to the Economist, oil and coal use increased by about 3% a year and natural gas at 5.2% a year. Solar energy and wind power use is increasing and solar becoming cost efficient. Yet Asia still depends on fossil fuels. Even the use of electric cars in China as it pushes for higher numbers of electric vehicles means use of energy coming from a electricity grid powered two thirds by coal, producing more carbon dioxide than some very efficient gasoline driven car models. There are short term costs in the shift from coal but this comes with a better cleaner air demanded by urban residents, and less costs in health. In certain countries like India the costs are to be balanced with the need to tackle rural poverty.   ...

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As many as 2 million votes in the 2014 Afghanistan elections are called into question. This is 2 million out of a total of 8 million. In the last election it is estimated 1.3 million fradulent votes were made for Hamid Karzai. This time it is said security officials, government officials and others worked together to get as many as 2 million votes for Asraf Ghani, who Karzai supports. This is happening even as the Taliban are increasing attacks in the country and the Americans are withdrawing. It shows that instead of a withdrawal that the Obama administration promised their appears to be a situation that is no different from that of the Bush administration, where American lives were lost and sacrifices made without even the most basic results- no assurance that if the government collapses from strains within and outside, Taliban and terrorism could not happen again as is hapening in Iraq.

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A new generation of young people born between 1995 to 2012 get the name iGen. It makes up 24% of the population in the U.S. San Diego State University Prof. Twenge describes this group of young people as open and tolerant but very casual about most things, and not literate in comparison to the Millenials and previous generations of young people. They are tolerant to LGBT and transgender, not church going,  and at the same time can be intolerant of other opinions than their own. One of four students in this group says someone who says something insensitive about race can be fired. This group also does not try to look deeper to obtain a better understanding. Virtual relationships are preferred to social relationships. They tend to spend about 6 hours on technology devices such as smartphones and social media outlets. They interact less and yet do not find time for reading, and read much less than GenX or Millenials, or baby boomers. Twenge says they are less informed about current events and their academic skills lag behind that of Millenials. Not that this is a good place they have found, as the more time they spend on the internet the worse they feel. Making them less happy than other generations of young people before them who had face to face interaction instead of endless hours on social media. The reviewer is skeptical of what is happening here, saying that the use of technology devices in this way has stunted their development in ways one could not imagine possible. Not let them develop the skills of previous generations of young people who did not have these devices and lived a simpler life with face to face interaction. ...

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Calin Georgescu of Romania who won the first round of the Romania election is interviewed by The Times of London.  An advocate of life lived close to Nature and religion,  who agrees with RFK Jr., and a skeptic of UN and NATO wins the first round of the Romanian election in 2024 with 23% of the vote. Social media Tik Tok videos helped Georgescu come out of obscurity into a lead in the election. This interview was conducted in darkness after a blackout at a friend's home outside Bucharest.  He says of the war in Ukraine that it is not our business, we are interested only in Romanians. His main concern agricultural independence for Romania as sovereignty, which means food water and energy. He wants respect, health and sovereignty for Romanians.  Georgescu is not sold on the British/French/German/Japanese narrative of the Ukraine war, as he sees Putin (and DJT) as patriotic in sentiment. He says Romania is fine in the EU and NATO but will negotiate what is in the interest of Romanians. ...

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Japan gets 90% of its oil from the Middle East, much of it from tankers going through the Straits of Hormuz. President Trump says Japan needs to contribute in patrolling costs for the waters in the region. Japan has good relations with Iran and has acted as an intermediary in talks between Iran and the U.S. A recent attack on a Japanese ship in the Gulf of Oman have led to Japan taking a more active role in the region. A Japanese destroyer will now patrol waters in the region as part of an effort by Japan's Maritime Self-Defense Forces. 

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An emergency appeal to have the case on the travel ban to the Supreme Court has the disadvantage that of the 8 Justices on the court the ruling could end up at 4 against and 4 in favor. The 4 liberal Justices are unlikely to support it. Another more likely scenario is taking a conventional petition approach and this would mean a decision on whether the Supreme Court hears the case would come by April, and hearings starting in October. By that time Neil Gorsuch could be on the Supreme Court filling Judge Scalia's vacant position- leading to a decision, instead of a tie that leaves the appeals court decision to stop the travel ban in place.

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Italian born Canadian Sergio Marchionne, a former tax consultant turned auto executive who joined Fiat in 2004, planned the acquisition of Fiat in 2009. GM's payout to Chrysler following a decision not to acquire Fiat, and the U.S. government's need to merge Chrysler with another auto company after a bailout, gave Marchionne the opportunity to acquire Chrysler on favorable terms. Hard bargaining with the government led to acquiring Chrysler for free, using the $2 billion from GM to show the government that it would make the needed investments to bring Chrysler back from bankruptcy. This decision, the bringing in of outside talent, and the revival of the auto industry following the bailout, has led to the success of Fiat Chrysler.  Sergio Marchionne had the right instincts to persuade the government that Fiat with its small cars including the Fiat 500 was the right company to run Chrysler, and supporting president Obama's fuel efficiency goals gave him the right credentials with the Obama administration. A chain smoker of cigarettes who also gulped down espressos, her was a workaholic sometimes carrying 5 smartphones. He passed away at the age of 66 from health complications. Ironically the Dodge Dart was presented as the car that would get 40 miles per gallon. Other efforts at fuel efficient automobiles have not happened in the way it was envisioned by the Obama administration. The Dart did not become popular. Only the redesigned Fiat made it as a hit in Europe. The plan to import small Fiats to the U.S. remained only on paper. As the auto industry revived Marchionne canceled plans to make nearly all of the Chrysler cars and shifted production to more popular Jeeps and Dodge Ram, a move followed by Ford and GM. Fuel efficiency issues from the bankruptcy period are still alive today with the decision to leave small car manufacturing to Japanese and German carmakers, and the efforts of the Trump administration to turn back the Obama administration fuel efficiency targets.  ...

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How Integrative Medicine, changes in lifestyle and diet, yoga and exercize, meditation, no smoking habits, can add up to changes in the nation's health that work more effectively than new drugs to prevent or delay the onset and progression of chronic diseases like diabetes, asthma, heart disease and of obesity, etc that consume 75% of the costs in the $2.1 trillion spent on medical care in the USA. Shockingly 95% of these costs are incurred after the onset of the disease, proving that prevention is simply not an important part of the equation.