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Argentina's win in a penalty shootout with Netherlands will be remembered for the intensity and the exchange of words between the teams, the red card to Dumfries of the Netherlands. It was not football like as Messi later pointed out. "We suffered more than we should have done," says Messi after the game. After the penalty shootout the Argentine goalkeeper Emiliano Martinez sent a defiant look at the Dutch. A fracas ensued and Dumfries of the Nertherlands was given a red card. Both teams are being sanctioned by FIFA.

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The US government takes strict action against Binance following the action against Sam Bankman-Fried's FTX crypto exchange after its bankruptcy. The settlement fine is $4.3 billion and is intended to ensure strict compliance with US laws. Binance will also be required to monitor and report all transactions to the US government and act for enforcement of US laws and regulations. It is intended to bring this part of US capital markets that was acting as being outside the law under the strict oversight of the US government.

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The Trump indictment under RICO or racketeer laws draws this reaction in the WSJ. WSJ says the alleged behaviour was rotten, but does it gain credibility by being prosecuted under racketeer laws. It describes the Trump response as more delusional than criminal- that a decisive share of Republicans in suburbs did not want Mr. Trump for four more years. WSJ Editorial Board view is that there is no defending the conduct undermining confidence in the election result in 2020 and it would be a mistake for Republicans to try.

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The Guardian looks at Iran's role in the Hamas attack on Israel, and its intentions to prevent a deal betwen Israel, Saudi Arabia and the US that was being negotiated this month. It looks at the situation in the Middle East and the role of Egypt, Turkey, UAE, Qatar and Saudi Arabia in the crisis,  their historic role of supporting Palestinian rights and how their national interests have shifted over the last three decades to seek friendly relations with Israel, the EU and the US.

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NYT looks at the $19 billion renovation of Kennedy Airport in New York. Smart ways are being adopted to avoid tying up the highways around the airport with trucks by sending stone and other supplies from quarries 125 miles away by water up the Hudson river to a waterside dock on the 5000 acre Kennedy campus. The executive director of The Port Authority of New York that runs the Kennedy Airport, one of the busiest in the world, says this avoids 300,000 truck trips spanning 1.5 million miles. 

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As the national unemployment rate rebounds and people get back to work around the the U.S. New York city is seeing a profound change. Many jobs are being lost and the unemployment rate in New York City hovers around 20%. This is worse even than Michigan.

The lockdown in March put a million people out of work. Then federal aid kicked in and there were furloughs. As the crisis dragged on after 4 months the employers ran out of federal aid and began to layoff employees.

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Utilities moved away from coal under the Trump administration. In 2024 energy from coal is three times costlier than energy from solar or wind. Coal is now being phased out as it now produces only 16% of the US energy needs from 50% under the Obama administration 2008-2016. First there was the shift to fracking natural gas from coal and now there is the shift to solar and wind. States needed by the two parties such as Michigan, Arizona and Wisconsin are not coal producing states.

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Some Republicans in the three WOW suburbs around Milwaukee, Wisconsin- Waukesha Ozaukee and Washington counties- are shifting towards Democrats. This swing was clearly seen across the US in votes for Nikki Haley even after the Republican candidate withdrew in the contest with Trump. Abortion, democracy, and the erosion of the "big tent" are issues for women and college educated young people. In the past Democrats were dominant in Milwaukee and Madison and Republicans in the suburbs. This is changing in 2024 as the suburbs are being contested.

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The changes in Saudi Arabia being made by 30 year old Prince Mohammed bin Salman amount to a large cultural change for Saudis. It means Saudi Arabia is now seeing a new generation of Saudis taking over, and making economic and social shifts as the Saudi young population surges and change becomes inevitable. Younger women are entering the workforce and foreign workers are leaving the country. Changes include having retail locations close by 9 pm instead of later so that people can spend time with their families. New jobs are being created in unlikely places such as renovating architectural monuments in Riyadh.

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Biomass carbon removal at $100 per ton is being developed by Graphyte. The price for direct carbon removal from the air using huge fan like devices is $675 per ton. The price has to come down to about $100 per ton for it to become widely used. Graphyte is doing its first project near two timber milling and one rice milling operation in Pine Bluffs, Arkansas. American Airlines is purchasing credits from Graphyte. Graphyte can produce 150 pallets of blocks of biomass a day by July 2024 for carbon reduction of 50,000 tons per day. American Airlines is producing 35 million metric tons of direct emissions a year.

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Why the lessons of Wuhan have not been understood correctly says this WSJ report. Merely putting lockdowns is not enough, systematic testing and quarantining of the affected persons is needed for controlling the outbreak. The outbreak in Wuhan was controlled by sending affected persons to makeshift hospitals and temporary quarantine centers. Two hospitals were quickly setup in Wuhan in 2-3 days to isolate affected people from the rest.

It is slow but this is being done as New York sets up a makeshift mobile hospital with 1000 beds at the Jacob Javits Convention Centre. And London sets up 4000 beds at a conference centre in the city.

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Under the DJT administration in contrast to the Biden approach US has improved relations with Russia, and is regularly sending envoys to Russia to ensure both sides are on good talking terms. 

Russia's Dmitry Peskov plays down rhetoric and calls US submarines "on duty anyway" and dismisses idea of escalation August 4, 2025. He says- "Very complex, very sensitive issues are being discussed, which, of course, many perceive very emotionally." 

"We are always happy to see Mr Witkoff in Moscow... We consider such contact important, meaningful and useful." Peskov says that Witkoff and Putin may meet.

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On May 11, NYT shows the rail network in India opening with the first trains taking 45 million migrants to homes in all parts of the country. Australia calls for an international inquiry into the cause of the coronavirus pandemic and its origins in China. Russia begins a cautious reopening with the governors of provinces having powers for reopening based on local conditions. In Spain restrictions are gradually being lifted but the major cities of Barcelona and Madrid are still in lockdown. And as Germany the first country to reopen opens up its business and schools the crucial R ratio of reproduction of the virus -with 1 being the number at which it grows again and below 1 showing control of spread- moves up to above 1.

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Simon Nixon of WSJ says even if the government took the estimated $120 billion in losses estimated by Goldman for the UK banking system. it would change public sector debt to GDP ratio for the UK from 60% to 73%, which is still better compared to other countries and does not trigger a credit downgrading. The UK has received a huge monetary stimulus and the lower value of the pound helps exports, so the situation is a mess but far from being a disaster.

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Mask rules violations on flights and how airlines are tackling them. Exceptions for disability are being revised because of abuse of the exemptions. Some passengers drink coffee for an hour or more without face covering increasing the risk for other passengers.

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Iran War and rescue of pilot of downed F15-E in mountainous terrain in southern Iran April 4 2026. CSAR or Search and Rescue Missions become a critical part of the war. The pilot was a colonel trained for the mission and spent 24 hours in mountainous terrain which was monitored by US forces, after intelligence located him in a mountain crevice. For this to be possible unlike in the Vietnam War and Korean War other nations are not involved as in the earlier Cold War.  The US under DJT as president has shifted to respecting Russia as a Northern European power that it can talk with (meetings with Putin in Alaska 2025) and China as a trade partner (planned meeting in Beijing in April 2026) that it can talk with unlike with previous administrations of Biden, Obama and Bush where China had afree hand in economic matters and global trade and Russia was shut out of the world economic system by elites who ran the government in the US at that time. Russia seeks reintegration in the world political and economic systems, and China seeks acceptance as an economic power which the US respects, both points in which the US has offered to accept. US has also repeated the line to China that it was not going to do the job of keeping Hormuz open for China and Japan to get 90% of oil imports, and in oding so risk losing its soldier's lives, while China and Japan can quietly watch doing nothing to help free navigation of international waters. Note that the narrowest strip of water of 13 miles separates Oman from Iran so that a part of these waters are on the Omani side and not on the Iranian side making free use of that Omani part under international law possible- in which sense Iranian hostile activity closing the Omani side also is a violation of free navigation. This is not pointed out by Iran or Japan or even Britain who are benefitting from US action and remaining silent or being ambivalent or accusing US of being interventionist even when everyone knows MAGA base rejected Bush in the Republican party and the elites and embraced DJT for great part because they want nothing to do with interventionist adventures in the Middle East for certain. US is getting a bum rap from European allies and from China, India, Japan and the media inside the US and in those countries as if the US seeks oil from the Middle East. It was Britain where a lot of the posturing goes on about non intervention that started this oil based intervention since 1900 in Iran itself, and in artificial states of Iraq, Syria, that it created out of the collapsed Ottoman Empire in World War 1. Sykes and Picot were the US and French diplomats who set that up. US under DJT has accomplished self sufficiency in oil and US has no need for anything from the Middle East, no desire to even get involved, and MAGA well grasps that fact and wants to keep it that way. Only nuclear weapons and ballistic missiles with long range to hit US and EU are reason for US action, which is reason enough for EU, China, Russia to set their own goals so that non proliferation in dangerous areas is prevented. So that the people of China, Russia, India, Europe and the rest of the world can enjoy the fruits of their own labors after a century of severe hardships and struggles which the American people if not their elites respect, and the fruits of peaceful cooperation which the American people extend to the World, and to China, Russia and India. ...

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Efforts to end the use of single use plastics that are a threat to health and the environment, land, rivers and oceans.  The use of plastic water bottles has worsened the crisis. Supermarkets are slow in the US to ban plastic bags showing need for prudent regulation. Talks in Busan, South Korea, in Nov 2024 to find a solution to the plastics proliferation crisis. The plastics industry including plastics makers and recycling companies say things are under control with recycling goals, yet reports show only 30% of plastics is being recycled each year in 2024, and going back to the beginning of plastics 2 decades back only about 10% has been recycled. All the rest ends up on landfills, gets incinerated causing more pollution, or ends up on our coastlines and in the land contaminating it.

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American manufacturers are importing more of the parts that go into each product. According to Susan Houseman, a senior economist at the W.E. Upjohn Institute in Kalamazoo, Michigan, the imported portion for these parts is up to 25% from 17%. Even the Bureau of Economic Analysis figure of the share of GDP coming from manufacturing is overstated, says Houseman. That figure was 11.2% for 2009, but is closer to 10.5% if all the imported components are included instead of being counted as domestically made. This is down from 14.2% ten years ago, and about 30% in the 1950's. There is deep concern that the manufacturing decline has weakened America. Houseman says that one cannot separate manufacturing from innovation, and she asks if America can continue to be strong in R&D with a shrunken manufacturing base. James Jordan of the Interstate Maglev project, says Maglev- which uses special magnets to levitate and propel high-speed trains- was invented in the United States. Today equipment for that technology is manufactured and used in Japan, and innovation in high speed trains is taking place in Japan and Germany. The decline in manufacturing is shockingly large. From 1979 employment in manufacturing went down by 8.1 million to 11.6 million, with the largest drop occurring in the last ten years. With it America is losing something significant- all the knowhow and skills that go into making things. Today the airplane wings for several Boeing airliners are made in Japan and shipped here. In a not too distant past these wings would have been built here, and workers with the knowhow and skills for these critical components were part of Boeing's workforce....

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Another danger for Labour comes from Rachel Reeves being exactly the wrong attitude person for this time giving too much deference and authority to Office of Budget Responsibility, which was set up for austerity rules under John Osborne. It is not set up to give Britain the public investment in infrastructure that it needs today and its members thinking ios from that era. Labour Good Growth Foundation, Common Wealth and Labour group Progress are advising Labour party to change before it is too late. Langleben of Progress says-“The OBR was created for an era defined by austerity, and while it can clearly count the upfront cost of investment, it too often misses the long-term value, whether that’s a healthier workforce, better housing or modern transport." It now appears that Rachel Reeves is really the wrong person for the job of Finance minister and that Keir Starmer had another problem in addition to McSweeney, where he was stuck with 5 billion pounds cuts to welfare spending losing some of the Labour base to Greens, as seen in byelections and in polls showing a mere 18% approval rate for Starmer. It now appears that Yvette Cooper at Home Ministry stuck on the old asylum rules, Rachel Reeves stuck on the austerity period OBR assessments and making cuts in payments for Labour's base, and McSweeney with his lack of honest conviction to help Labour's base, Mandelson, were all the wrong people appointed to the wrong positions that risk's losing the base of Labour by fracturing it and sending it to Reform UK on immigration, on budget cuts to the Greens, and on a sense of lack of true conviction and sincerity to the Liberal party. ...

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A $369 billion US climate and tax package being negotiated in the Senate by Senator Schumer could put put Biden within reach of his goal to cut US carbon emissions by 50% by 2030. The package would introduce cash incentives for electric cars and spend billions for renewable energy expansion to get Biden to within reach of his goal by cutting carbon emissions by 40% by 2030.

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A company that was close to insolvency in 2020 and which is loss making will be the largest float in the London stock market in 2021. The food delivery app Deliveroo will have a valuation of over $8 billion. It shows how investor capital is being drawn into businesses in a wildly disproportionate way leaving vital sectors such as health infrastructure, national infrastructure and education poorly funded.

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Los Angeles and New York city with about 15% of the workforce in creative freelancing jobs where people work two, three, or four jobs to pay the bills, are being hurt by high unemployment. These jobs have little job protection and require people to leave their homes during coronavirus. This includes performers, production crews, ride share drivers, personal trainers and others. Los Angeles area unemployment has reached 21%.

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Payne and Applebaum take a look at the Airbus factory in Mobile, Alabama. The $600 million manufacturing facility could have been built anywhere, as parts are made in many different countries. There are no special advantages in assembly at Mobile, that could not be obtained elsewhere. It is mainly the result of a decision at Airbus to make the planes in the large markets, and gaining a larger share of America's military budget. Airbus got $158.5 million in state and local incentives, including a school that trains Airbus workers. The goal is to make it cost not a cent more than it costs to make the airplanes in Europe, even though it costs a lot to ship parts from Hamburg. The non unionized labor makes it possible to have lower labor costs with the starting wage at $16.50 an hour.

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Kelly Corrigan says goodbye to Novak Djokoivc, Serbian tennis player as he makes it to what may be his last Wimbledon tennis final against Jannik Sinner. Djokovic at 38 is still in the sport when others Federer of Switzerland have quit. Federer quit at 41 years in 2022. Nadal quit in 2024 at the age of 38. 

This ends a period of tennis where the game shifted from the period of Rosewall, Laver and Nastase with a mix of shots to being played almost completely from the baseline. Lobs and drop shots were rare in the games played by Federer, Djokovic and Nadal. A new generation of players brings fun back into tennis with a mix of shot with Italians Jannik Sinner, Cibolli at the forefront.

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David Beers, John Chambers and the Committee that made the U.S. credit ratings downgrade. Earlier calls on Iceland, Argentina and Italy by David Beers and his willingness to make a tough call and defend it. The committee is called the sovereign ratings division, with David Beers as head, and John Chambers as his deputy. A report from the IMF gives good marks to S&P on making timely sovereign ratings revisions where approporate and on being ahead of Moody's and Fitch in this regard. S&P spokesperson says that the sovereign ratings group is quite different from the corporate ratings group.