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LyrArc brings in selected articles from many of the world's top publications.

Articles are selected by experts and you can see the gist of the important articles.

The Pentagon Would Take $100 Billion Hit

1 Groups   
Wall Street Journal - 11.11.2010 Original article ›
Nathan Hodge, Nathan, Hodge
LyrArc Article Gist
US Secretary of Defense Gates has launched a drive to save $100 billion in defense costs over 5 years. These costs were expected to put back into weapons procurement and other costs. The President's Deficit Commission report of 2010 proposes to apply the savings to deficit reduction. US military spending costs $700 billion a year. Weapons reductions include one version of the F-35 Joint Strike Fighter, and the Army's Ground Combat Vehicle. The deficit panel also took aim at the military health care costs, up from $19 billion a decade ago to $50 billion. And the deficit panel would cut the US military personnel and bases by a third from the 150,000 military personnel stationed overseas.
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French Surgeon, Jacques Beres Recalls Slipping Into Syria Last Month

5 Groups   
New York Times - 03.12.2012 Original article ›
MaÏA De La Baume, MaÏA, De, La, Baume
LyrArc Article Gist
French surgeon, Dr Jacques Beres, who is 71, was one of the founders of Medecins San Frontieres, or Doctors Without Borders. He operated on 89 people in Homs and Homs province, during the attack on the region by forces loyal to President Bashar of Syria. Hager, Hodge and Rouselle give an account of the efforts to save lives by Dr. Beres. His trip to Syria was supported by the France-Syria Democracy group and by UAM93, which represents Muslim associations in the Paris suburb of Seine St-Dennis. Dr. Beres told the French radio network RTL that he was sad, and that he saw useless suffering in Homs, with cruelty and meanness for children and families.
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China's Wage Hikes Ripple Across Asia

4 Links 11 Groups   
Wall Street Journal - 03.14.2012 Original article ›
James Hookway, James, Hookway, Patrick Barta, Patrick, Barta, Dana Mattioli, Dana, Mattioli
LyrArc Article Gist
Wages in emerging markets such as Indonesia, Thailand and Malaysia are rising following an increase in wages in China. Malaysia's government announced a minimum wage for the first time. China increased its minimum wage by 8.6% to 1260 yuan ($199) in January 2012. Shenzen region minimum wage was raised 14% to 1500 yuan, and Tianjin region's by 13% to 1310 yuan, according to Xinhua news agency. Rise in minimum wage has ranged from 40% in Thailand to 20% in Indonesia. The new minimum wage proposed by Malaysia's government is about 900 ringgit ($264-$297). In Thailand the new minimum wage is set at 300 baht ($9.78) a day, an increase of about 40%.
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Argentine President to Seize Control of Oil Company

2 Groups   
New York Times - 04.16.2012 Original article ›
Simon Romero, Simon, Romero, Raphael Minder, Raphael, Minder
LyrArc Article Gist
Under Argentina's planned nationalization of oil company YPF, the government will take a 51% controlling stake in YPF. Of this stake the central government will take 51% and the provinces will take 49%. The bill is expected to be approved by Argentina's Congress. Spain's Repsol acquired a 57% stake during privatization efforts in the 1990's. YPF reserves constitute a large part of Repsol's reserves and 30% of its profits. Argentine oil production declined during the last ten years even as energy demand has increased in Argentina. The privatization of the 1990's is viewed badly in Argentina. Argentina now faces the challenge of increasing oil production and learning from efforts of Petrobras in Brazil.
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Factory Slump Reaches U.S.

1 Links 6 Groups   
Wall Street Journal - 07.03.2012 Original article ›
Neil Shah, Neil, Shah, Ben Casselman, Ben, Casselman
LyrArc Article Gist
The Institute of Supply Management's Index of manufacturing activity declined to 49.7 for June from 53.5 in May. Figures below 50 indicate contraction in manufacturing activity. The measure for new orders declined rapidly falling to 47.8 from 60.1. New export orders dropped to 47.5 from 53.5. This shows that the slowdown in China and Europe is now reaching the U.S. with slowing exports and new orders. At the same time auto sales are growing, with auto sales up 26% in May 2012. GM's auto sales were up 16% in June, Ford's 7%, Toyota 60% and Honda 49%. Auto sales were at an annualized pace of 14.1 million in June 2012, showing that this sector is holding up.
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Gardez-Khost Highway Sees More Corruption Than Progress

4 Groups   
New York Times - 05.01.2011 Original article ›
Alissa J. Rubin, Alissa, J., Rubin, James Risen, James, Risen
LyrArc Article Gist
The 64 mile highway known as the Gardez-Khost Highway has cost $121 million upto this point. The final cost is expected to reach $176 million. At $2.8 million a mile the cost overruns on this projects are over 100%. Parts of the road run through Taliban territory and may never be completed. Security for the project has cost $43.5 million, according to USAID officials. This involves among other things payments to a local figure named Arafat. The road connects two provinces, Paktia and Khost, and runs through rugged mountain terrain at 9000 feet. At the original estimate of $69 million it was considered a good investment for linking these areas to Kabul.
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After Disaster Hit Japan, Electric Cars Stepped Up

3 Groups   
New York Times - 05.06.2011 Original article ›
Ken Belson, Ken, Belson
LyrArc Article Gist
Electric cars have perfomed well in disaster hit regions of Japan after the earthquake, when oil refineries and gasoline stations were out of operation. 89 Mitsubishi i-MiEVs were put to use in Miyagi, Fukushima and Iwate prefectures. They were perfect for Sendai say city officials. The cars were driven an average of 30-45 miles a day in Sendai, which is half the distance for a full charge. Each night they were returned to city hall and recharged using 220 volt outlets. Fast recharging stations which replenish batteries to 80% of capacity in 30 minutes were used. The standard 100 volt outlets take 12 hours. This performance should speed up the timetable for electric car development in Japan.
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As Arrest Records Rise, Americans Find Consequences Can Last a Lifetime

1 Groups   
Wall Street Journal - 08.19.2014 Original article ›
Gary Fields, Gary, Fields, John Emshwiller, John, Emshwiller
LyrArc Article Gist
Americans with no arrest record are more likely to have a college degree 40% to 10%, more likely to have a high school diploma 89% to 53%, according to one study. People with an arrest record are twice as likely to be in incomes below the poverty level. This matters for African Americans, Hispanics, and poor white people because the higher rate of arrests in these communities can lead to less opportunity for jobs, loans, education, and mortgage approval. It also matters in an information age with the FBI having over 77 million individuals in its database with reports of arrests and other action. A minor arrest record also stays on the record hindering future prospects.
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Maker of Costly Hepatitis C Drug Sovaldi Strikes Deal on Generics for Poor Countries

2 Groups   
New York Times - 09.15.2014 Original article ›
Gardiner Harris, Gardiner, Harris
LyrArc Article Gist
Gilead Sciences contracts with seven Indian generics drug makers to provide Hepatitis drug Sovaldi at $10 a pill for a 24 week course. These Indian companies will pay royalties to Gilead Sciences and supply the market in poor countries. There are about 350,000 deaths from Hepatitis C each year, most of them in middle income or poor countries. Worldwide about 180 million people are infected with Hepatitis C. There is intense criticism for the $1000 a pill charged for Sovaldi in the U.S., with $10 billion in sales for 2014 already set for the new drug's 12 week regimen that costs about $84,000. Gilead spends about 19% of sales on R&D.
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Singapore, the Nation That Lee Kuan Yew Built, Questions Its Direction

1 Links 5 Groups   
New York Times - 03.24.2015 Original article ›
Joe Cochrane, Joe, Cochrane, Thomas Fuller, Thomas, Fuller
LyrArc Article Gist
Singapore's tight politcal control which hinders the kind of free expression which is considered normal in advanced economies is raising questions about Singapore's future and the kind of society it sees itself as becoming. Different opinions are coming from within the ruling PAP party and from the public. Issues are immigration, property prices, growing inequality, similiar to those facing native Hong Kong people. Non residents and permanent residents made up 39% of Singapore's population of 5.5 million in 2014. A law professor at Singapore Management University reflects the trend of public opinion saying it is not a question of whether but when Singapore evolves into a two or multi-party system of government.
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U.S. Military Ship Readied for Mission to Destroy Syria’s Chemical Weapons

5 Groups   
New York Times - 01.02.2014 Original article ›
Jennifer Steinhauer, Jennifer, Steinhauer
LyrArc Article Gist
The Cape Ray equiped with the technology to neutralize chemical weapons at sea waits for a trip to the Syrian port of Latakia to pick up 700 tons of chemical weapons. The equipment has been tested but doing this at sea is a new effort. The entire process would take 90 days and is expected to start in 2 weeks. There are 35 crew members and 63 additional workers on the ship. At the Syrian port Danish and Norwegian ships will bring the materials to the Cape Ray, and security will be provided by China and Russia. The effort is organized under the Organization for the Prohibition of Chemical Weapons and the UN.
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Auto Lender's Drive Reaps a Fortune

9 Groups   
Wall Street Journal - 01.23.2014 Original article ›
Andrew Johnson, Andrew, Johnson, Telis Demos, Telis, Demos
LyrArc Article Gist
In 2006 Banco Santander bought a 90% interest in the Dallas based auto loan company started by Thomas Dundon. The company focusses on the subprime portion of the market. In 2011 Santander sold 24% of the company to private equity firms. Because the subprime portion of the market for auto loans- where buyers get credit scores lower than 660- has recovered, Santander Consumer Holdings SA has seen rapid growth. Most auto buyers continued to make payments on auto loans during the 2008-2010 financial crisis. The auto industry recovered faster than expected and the auto loan originations to subprime borrowers increased to $153 billion in 2013 from $66 billion in 2009, according to Equifax and Moody's Analytics.
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After Protests, Brazilian President’s Popularity Plummets

  
New York Times - 06.29.2013 Original article ›
Simon Romero, Simon, Romero
LyrArc Article Gist
A poll released by Datafolha on June 29, 2013, shows a sharp drop in popularity of Brazil's president Dilma Rousseff from 57% to 30%. In northeastern Brazil, an area where the ruling Workers Party enjoyed strong support, Rousseff's popularity fell sharply from 64% to 40%. Over 80% of respondents in the poll expressed support for the street protests in Brazilian cities over poor infrastructure, transportation and public services, and overspending on soccer stadiums at the expense of basic services. A protest over bus fare increases set off the street protests. Rousseff's response to the protests have come under criticism- the president offered to conduct a referendum for improving the political system, and channel oil royalties to education.
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Priceline Travels Road Back to High Hit in Dotcom Era

14 Groups   
Wall Street Journal - 08.09.2013 Original article ›
Drew Fitzgerald, Drew, Fitzgerald
LyrArc Article Gist
Priceline.com, the online airline and hotel reservation site, shows growth taking business away from Expedia and Orbitz. Priceline.com's revenues come mainly from hotel bookings. Second quarter 2013 earnings were up 24% to $437 million and revenue was up 27% to $1.68 billion. Its share price has flucuated wildly from $1000 in the dotcom bubble days down to single digits and now back up to $1000 in August 2013. The stock hit $990 in 1999, then fell to $10 after the burst of the dot com bubble. After heavy spending to expand its U.S. presence Priceline.com's share price increased by 50% in the first 8 months of 2013. It recently acquired travel site Kayak to expand its access to customers.
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Rupee's Slide Lures Indian Expats' Cash

3 Groups   
Wall Street Journal - 08.20.2013 Original article ›
Sudeep Jain, Sudeep, Jain, Derek Kravitz, Derek, Kravitz
LyrArc Article Gist
India is running a large current account deficit with imports exceeding exports. The curent account deficit for the year ending March 31 was $88.2 billion, about 4.8% of GDP. With foreign investment declining remittances from Indians abroad are a major source of incoming capital. Indians overseas sent about $69 billion in remittances home in 2012, increasing from $63 billion in 2011, according to the World Bank. In August 2013 India's central bank relaxed restrictions on interest rates for overseas Indian rupee accounts and on foreign currency denonimated deposits. This has led to a sharp increase in remittances by Indians overseas, with HDFC bank reporting a 30% increase in remittance volumes in June 2013 compared to January 2013.
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U.K. Parliament Rejects Syria Action

5 Groups   
Wall Street Journal - 08.30.2013 Original article ›
Cassell Bryan Low, Cassell, Bryan Low
LyrArc Article Gist
The British parliament defeated a measure put forward by prime minister Cameron for military response to the chemical weapons attack in Syria in August 2013. The vote against British intervention was 285 to 272 with members of his own party and Liberals voting against the measure. The case put forward by Cameron was based on humanitarian grounds, and to prevent the use of chemical weapons in the future. Under pressure from politicians from all parties Cameron decided to put this to a vote in parliament following a debate on Aug. 29, 2013. In calling for the vote Cameron said he was deeply mindful of the deep concerns about Britain's intervention in Iraq in 2003.
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Wal-Mart Taps Veteran Doug McMillon as New CEO

7 Groups   
Wall Street Journal - 11.25.2013 Original article ›
Shelly Banjo, Shelly, Banjo, Ben Fox Rubin, Ben, Fox, Rubin
LyrArc Article Gist
Wal-Mart promotes Doug McMillon, head of the expanding international operations since 2005, to the CEO position. He started as buyer trainee in sporting goods in 1991. He is a native of Jonesboro, Arkansas, and was mentored by Chairman Rob Walton of Wal-Mart. The current CEO Mr. Duke took the position in 2009. He will stay on as advisor to McMillon for one year, a practice followed by Wal-Mart, with the prior CEO Mr Scott staying on for 2 years when Mr. Duke took the position. Under Mr McMillon international operations in Mexico, China, India, Japan and other countries now make up 29% of sales of $135 billion for the year ending in Jan 31, 2013.
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Communities Pay for High Prison Rate

1 Groups   
Wall Street Journal - 07.10.2008 Original article ›
Gary Fields, Gary, Fields
LyrArc Article Gist
In parts of the country like South Mountain near Phoenix the prison rate is 6 for every 100 people. The overall prison rate according to a Pew study is 1 person for 41 for black people 1 for 96 for Hispanics and 1 for 245 for whites. So Black and Hispanic people are the most overrepresented in the nations prison system. Arizona spends $900 million on corrections. Black people between the ages of 17 and 35 are extinct in South Mountain say some older residents of this area who take care of the grandchildren left behind. The emphasis on law enforcement has created safer quieter neighborhoods but it has also created a problem of missing young people.
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Another Fine Mess for British Banks

9 Groups   
Wall Street Journal - 12.11.2012 Original article ›
Simon Nixon, Simon, Nixon
LyrArc Article Gist
The high cost of fines is likely to affect recapitalization of UK banks. Fines for Libor-rigging and compensations for customers on Payment Protection Insurance may cost the UK banking industry about 20 billion pounds, says Nixon. Other fines such as the $1.9 billion fine for money laundering activities of HSBC have to be added to this. This means less money for meeting stronger capital requirements and for lending to business and households. Higher compliance costs will mean higher costs in future years. HSBC estimates of the anti money laundering systems are about $990 million a year. The Bank of England has raised concerns about the need for additional capital to safeguard British banks.
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Obama Poll Sees Doubt on Budget and Health Care

2 Groups   
New York Times - 06.18.2009 Original article ›
Jeff Zeleny, Jeff, Zeleny, Dalia Sussman, Dalia, Sussman
LyrArc Article Gist
President Obama has 63% job approval rating in a New York Times/CBS News poll. His backing is among Democrats and independents alike which is very useful for Obama.But the poll shows more American having faith in the President than in the handling of specific issues. He gets good approval on foreign policy initiatives at 59%, but in the handling of the Auto bankruptcy, or of health care his ratings are below his personal ratings as President. A majority of those polled were concerned about the rising budget deficits. BUt his ratings among Republicans has fallen from 44% in February to 23%. Republicans were viewed favorably by only 285 of those polled, the lowest ever.
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ECB Official Faults New EU Regulation

2 Groups   
Wall Street Journal - 06.20.2009 Original article ›
John W. Miller, John, W., Miller, Christopher Emsden, Christopher, Emsden
LyrArc Article Gist
Regulation in theE.U. is more difficult than in the US because of the differinginterests of countries, with the U.K. seeing things diffrently from the Germans and the French. Under the new Obama financial regulatory framework white paper the Fed gets increased powers for overisght over the financial system. Under the proposed system for the E.U. that emerged from the Brussels summit, June 19, 2009, the European Central Bank would setup a European Systemic Risk Council headed by the President of the ECB. But its role is only advisory. This Council would "have the power to make recommendations but not to implement policies directly." French President Sarkozy says that it will acquire powers over time through experience and practice.
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ECB, After Hard Birth, Comes of Age in Crisis

  
Wall Street Journal - 11.06.2007 Original article ›
Joellen Perry, Joellen, Perry
LyrArc Article Gist
How the ECB provided a good hand in handling the recent credit crisis under its Chairman Trichet. Details of the way the crisis evolved and how ECB responded. The decisive action by Trichet and the six governors and the work by ECB staffers leading to that action, lending about 95 billion euros to calm the financial markets in Europe, has increased the confidence in the ECB and the euro. Since the ECB is a new institution formed in 1998 and the euro a new currency, this is one of the first occasions when the ECB had to meet a challenge of this nature after the subprime exposure of European banks led to a general loss of confidence.
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Obama Expands Economic Plans

  
New York Times - 10.14.2008 Original article ›
Jackie Calmes, Jackie, Calmes, Jeff Zeleny, Jeff, Zeleny
LyrArc Article Gist
Obama proposes a 90 day moratorium on foreclosures and a moratorium on foreclosures by banks that get government help. He has also proposed that people should be able to take out money from their 401 K retirement plans upto $10,000 or 15% of retirement savings withot penalty. And he has proposed dobling the government loan guarantees to auto companies from $25 billion to $50 billion. These steps he proposes could be taken before January through current laws or by the Democratic controlled Congress acting in a lame duck session. Obama outlied these plans before an audience in Toledo, a struggling city in Ohio where working class Americans are facing the hardships of the current crisis.
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Debt Linked to Buyouts Tightens the Economic Vise

1 Groups   
New York Times - 11.03.2008 Original article ›
Andrew Ross Sorkin, Andrew, Ross, Sorkin, Michael J. De La Merced, Michael, J., De, La, Merced
LyrArc Article Gist
Private equity firms loaded their companies with a lot of debt and now the debt payments come due at the worst possible time when they are frozen out of the credit markets. While experts like Kaplan at the University of Chicago think that while things may not be pretty it may not be as bad as 1986-89 when a lot of companies defaulted on their debt, and private equity firms like Blackstone and others are more long term investors than hedge funds, this downturn may be different from any other in the postwar era in its prolonged nature and depth and global impact. Already even the most optimistic experts like Rogoff are saying it could be ten years.
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Rubin Should Simply Say He's Sorry and Then Leave

2 Links 2 Groups   
Wall Street Journal - 12.05.2008 Original article ›
Wsj Print, Wsj, Print
LyrArc Article Gist
Comments from readers of WSJ about the interview with Rubin at Citigroup (Ken Brown, David Enrich, NYT, Nov. 29, 2008), and his defense of $115 million in compensation since 1999 on its pages. Readers expressed strong sentiment after the housing foreclosures, bank bailouts, and the shock to the nation's financial system. One reader says history will find Rubin, Greenspan and Barney Frank in the financial scrap heap, another says he is incredulous at the way Rubin condescendingly points to his opportunities to do better elewhere, another says Rubin uses a lot of B school mumbo jumbo like risk book and inflection points and laments the failure of Wall Street executives to take responsibility for errors of judgement.
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