LyrArc Article Gist
A US Senate Committee bipartisan investigation will look into MPT, Medical Properties Trust, a large hospital landlord, and the private equity dealings in hospitals, says this report in WSJ. This WSJ report by Melanie Evans and Jonathan Weil looks into Steward, a for profit company that was created by Cerberus Capital Management in 2010 when it bought a chain of struggling non profit Catholic hospitals in Boston. For the Carney hospital in Massachusetts Steward paid $12.5 million and MPT put in $263 million in 2018 to buy the Carney hospital buildings which it then rented back to Carney, according to this WSJ report. Steward now owns 31 hospitals in 8 states including 8 in Florida some of which are shown here in a deep cash crunch. The state of Massachusetts has now sent nine monitors to each of the hospitals in Massachusetts.

LyrArc Article Gist
Irish prime minister Varadkar resigns after what critics call a "gimmicky" referendum to change language respecting women's role at home to coincide on International Women's Day. It was rejected by about 70% of the vote with about 44% of people voting and little understanding of what this was about as the wording was poorly done and it was not well thought out. If it was about respecting women and promoting participation outside the home the government could take steps as Japan and India at different economic stages are doing. Would changing the Indian or Japanese constitutional wording make a difference or the government making the efforts to broaden opportunities and remove obstacles and impediments to women's participation.

LyrArc Article Gist
Realtor commissions average 5.5 to 6.5% for decades split evenly between buyer and seller broker agents. Overall commissions in UK are 1.3%, Netherlands 1.8% by comparison. Another cost of living action is being taken by the US Justice Department. This Editorial Board editorial in WSJ says realtors are using rigged game in which home buyers and sellers end up paying high broker fees that are not paid in other countries. The US Justice Department of the Biden administration says- the Missouri verdict in a class action lawsuit against NAR for $1.8 billion settlement only offers cosmetic changes and will still perpetuate "stubbornly high broker fees." WSJ says legal scrutiny should continue. 

LyrArc Article Gist
Speaker Johnson tells Politico that he plans to take up Ukraine aid in a separate bill. It would  be one Ukraine aid only bill or combined with Israel aid. He said it would happen using the House's suspension calendar. He sees it coming up on Ukraine aid on a stand alone basis. Suspension calendar requires a two thirds majority to pass bills and this means a large number of Democratic votes. Separating Israel and Ukraine aid is under consideration. The Freedom Caucus and some Republicans are not favoring bringing up the Ukraine aid bill. A government funding bill comes to the floor of Congress next week. Johnson says of the raucous Freedom Caucus that he has been always philosophically aligned with it with the same core principles as a lifelong movement conservative.The only difference is in tactics, and its never personal, Johnson says.

LyrArc Article Gist
India signed a $78 billion LNG deal with Qatar that will help reach climate goals by changing the role of natural gas from 6.3% today to 15% by 2030. It will produce significant savings of $6 billion. 

LyrArc Article Gist
Natural Gas is set at a target of 15% by 2030 of India's energy mix from 6% in 2024. India is learning from China's experience where LNG is used to fuel heavy and medium commercial vehicles. As new LNG terminals to gas pipelines infrastructure takes time to be built the use of SSNLG or Small Scale Natural Liquified Gas projects is being adopted to speed up shift to natural gas which costs less and is less damaging for climate change.

LyrArc Article Gist
The price of gas powered cars and EV's is closing, to about $5000 according to Cox Automotive. Tesla is cutting prices because of new competition from Japanese, Korean and German models in the US market. China's BYD is also in the global market with new battery technology that cuts cost. Batteries make up 40% of EV car cost. The cost of making EV's will drop to becoming the same as gas powered models by 2027 as companies get more experience in the new technologies, says Gartner.

LyrArc Article Gist
US Senator Bernie Sanders and Shawn Fain of the United Auto Workers make the case for a 32 hour week.  No that's not right Sanders and Fain are calling for hours and wages that make for a healthy life after making significant contributions using technologies and higher productivity during a normal week more like 35 to 40 hours instead of 50-60 hours a reality today.  Even with this productive work effort they say workers have not benefitted as most of the gains have gone to the top with top managers and CEO's making hundreds of times more in compensation. In this years negotiations the UAW made long hours at work and its effect on worker health an issue. A 40 hour work week was established in 1940 under the Fair Labour Standards Act passed under president Franklin Roosevelt. Sanders and Fain point out that 28.5 million workers even today work over 60 hours a week and more than half of full time employees work more than 40 hours a week. It comes as a surprise that according to the authors US workers logged 204 hours a year more than employees in Japan, and 470 more hours than German workers. Sanders and Fain point out that today adjusted for inflation the average worker in America makes about $50 less a week than 50 years ago in 1974. There is definitely a need to consider the health of workers as the highest priority and wages that make it possible to raise families and educate children in decent living conditions. France and Denmark have a 35 and 37 hour work week. ...

LyrArc Article Gist
Texas under new state law S.B. 4 can  impose criminal penalties of upto 6 months in jail on non citizens who illegally enter Texas from Mexico. It allows state judges to order deportations to Mexico- without Mexico's consent- and allows local law enforcement to carry out the orders. The US Supreme Court upheld the US Court of Appeals 5th Circuit decision that says the law S.B. 4 passed in Texas can be enforced temporarily till it is submitted to the Court for final decision. Both Biden and Trump have visited the Texas border with Mexico. This was after Biden and Schumer passed a immigration bill 70- 30 in the Senate which Jim Lankford  Republican of Oklahoma had negotiated with Democrats. Biden said he would sign it to close the border- it would also change parole and asylum law to stop large illegal migration entirely. The former president intervened to stop passage in the House to keep the issue alive for 2024.

LyrArc Article Gist
To just go for Israeli policy changes it would not accomplish anything says Schumer in this interview with NYT's Annie Karni at a Brooklyn school which he attended years ago. He says it took 2 months and 10 drafts for his 44 minute address. And not to address Netanyahu would do little as Schumer says Netanyahu "was the fount of the problems." Schumer said he looked at words "stepping down" and "resignation" and said to himself no they were not the right words. Instead he says he called for new Israeli elections, the chips fall where they would fall.

LyrArc Article Gist
American trainers from Special Forces are training Taiwanese troops on the outlying islands including Kinmen 100 miles from Taiwan and just 3 miles from Xiamen on the Chinese coast.

LyrArc Article Gist
Bank of Japan negative interest policies for two decades was a kind of experiment and a failed one, says this report in WSJ. It caused a form of financial repression where households were made to subsidize companies. Households lost net interest income in the period 2000-2020 in the amount of trillions of yen, says Deputy Governor Himino of BOJ, as interest on household savings was so low or negligible. A similar situation hurt savers and retired people in the US. With inflation at 2% Japan is ending its period of negative interest rates, a welcome change that will benefit tens of millions of people with household savings giving a return, including the 45 million retired people one third of the population who depend on savings income.

LyrArc Article Gist
The settlement with National Association of Realtors will take time to sink in. Now buyers are expected to pay upfront for the help in making the purchase of a house. Prior to this change sellers paid what was called a commission which was baked into the hose price, kind of made less visible. Now that the cost is made visible it can go directly to the payment of the realtor or buyer agent in the form of payment for services rendered such as how much his services cost, how much for a home inspection. The result should benefit home buyers, and mitigate the lack of affordability problem many buyers face today.