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Wells Fargo bank's share price reached a high of $51.90 on June 13, 2014, up 14% in Jan-June 2014. Richard Kovacevich arranged the acquisition by Norwest Corp of Wells Fargo & Co. in 1998. Wells Fargo has a 16% share of the mortgage loan business in the U.S., with $36 billion in loans for the first quarter of 2014. It is the third largest bank in deposits, with 6200 branches, the most branches of any bank in the U.S. Wells Fargo performance shows 15 quarters of uninterrupted profit growth, making it the most valued bank at the June share price. Over the last 10 years the stock price is up 76%, the best of any bank including Bank of America, JP Morgan, Citigroup and Morgan Stanley. Compared to the other banks Well Fargo has relied on its mortgage business and marketing traditional banking products aggressively through cross selling, staying away from investment banking and trading businesses.

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A detailed story on Fethullah Gulen, once an ally of president Erdogan in his effort to reduce the influence of the nation's military but now seen by him as a rival. Gulen lives in Pennsylvania. The recent coup in Turkey, and the efforts by Erdogan to reduce the influence of Gulen supporters in Turkey, has increased tensions between Turkey and the U.S. This is happening just as Turkey's relations with Germany are worsening after the failed coup, the  Erdogan response, and what is seen as a drift to authoritarian rule. Earlier corruption inquiries in 2014 critical of the Erdogan government by judges in the Gulen faction of the AK Party led to the split between the two factions, followed by Erdogan controlling judicial appointments and controlling the media.

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In 2018 China, India, and America are Africa's largest trading partners. India is building 18 new embassies in African countries. Greater openness to trade and investment is leading to GDP growth in Africa, 40% higher than in 2000, which is still low by comparison with Asian countries. The Economist says African countries can benefit by drawing investment from all sides and all countries, so that Africa benefits the most. Chinese investment, and Indian investment can happen side by side with investment from America, Britain and France.

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Moore points out that there are twice as many people working for the government in the U.S. (22.5 million) than in manufacturing (11.5 million). In 1960, the situation was quite different, there were 15 million workers in manufacturing and 8.7 million working for the government. More workers in the U.S. work for the government than in construction, farming, fishing, forestry, manufacturing, mining and utilites put together. Every state in the U.S. has more people working for the government- except for Indiana and Wisconsin- than people in manufacturing industrial goods. And California has 2.4 million government workers, which is twice the number in manufacturing in that state. New York and Florida have a 3:1 ratio, and New Jersey a 2.5:1 ratio of government workers to workers making industrial goods. Part of the reason for this is the huge increase in productivity and the advances in technology that make it possible to have higher production with fewer workers. This kind of productivity is missing in the government sector. And efforts to improve productivity tend to be blocked by the unions who favor the status quo....

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Robert Doll, equity strategist for Black Rock, the world's largest money manager, says the growing population of the U.S. will drive economic growth in the next decade compared to Japan and Europe. He says that over the next two decades the U.S. work force will grow by 11%, Europe's will decline by 5%, and Japan's will decline by 17%. China's population growth will be only slightly more than that of the U.S. during that period and Doll expects China's growth to slow. He sees America as the best bet in a bad neighborhood. Higher immigration in the U.S. is a huge positive, as he points out economic growth is simply the product of the change in the size of the work force multiplied by its productivity. And America's productivity is good enough compared to other nations, is how Doll sees it. In 1995 the U.S. produced 25% of the world's goods and services, it was still 25% in 2010 says Doll. Other economists have pointed to this and observed a similiar pattern for most of the twentieth century. Doll sees this pattern continuing. India's population will show signficant growth and he sees greater opportunity there for long term investing. Doll sees a decoupling between U.S. stock markets and high unemployment. Most of the large U.S. companies generate a large portion of their sales and profits overseas. He estimates 40% of the business of these companies is overseas. Doll's estimate is for 70% of the incremental earnings growth of the S&P 500 companies coming from overseas markets. He also expects higher inflation with the Fed keeping it from getting out of control, and deficit cutting efforts to cut some trillions over the years. He sees favorable prospects for equities based on the money growth being strong and credit markets being good....

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Hong Kong's new chief executive, Leung Chun-ying, is intervewed by the WSJ's Te-Ping Chen, Jeffrey Ng, and Robert Thomson. He was elected by 1200 business and political leaders in 2012. The term ends in 2017, by which time China says it will hold direct elections with universal suffrage in Hong Kong. Leung plans pro-growth policies and says Hong Kong's growth rate of about 4% for the last two decades lags too far behind Singapore's over 6% growth rate. No action is planned to reduce property prices by providing new land supply. He sees more room for growth in maritime insurance and ship financing services to complement Hong Kong's development as a global shipping center, citing London as an example. To improve the problem of cramped housing space and small apartments he is looking at ways to build new towns in the New Territories, which are on the border with mainland China. Leung will not change Hong Kong's flat tax structure, and is not going to follow Singapore's example in granting tax holidays. Growth in China will be about 7% in 2012, and future growth will depend on how fast China shifts from export led growth to domestic consumption....

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The automakers are still stuck with dependence on pickups like the Dodge Ram which provides 17% of domestic vehicle sales and the F-150 pickup truck for Ford which provides 26% of domestic vehicle sales. Even though they earn estimated $5000 to $10,000 per pickup this dependence has hurt the automakers, as they are losing money due to the neglect of the rest of their lineup. In 2008 the domestic pickup sales will decline 10% to 2 million units from 2.2 million according to Global Insight. Sales to customers now will almost entirley be to construction industry users in a bad construction market, as other customers who used pickups for general use are shifting to other vehicles.

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Two weeks after his election Donald Trump says the U.S. will not join the Trans Pacific Trade Agreement during his term in office. Barack Obama took seven years to negotiate the trade agreement which was opposed by trade unions, the auto industry and was unpopular in the midwestern U.S. because of the impact of trade in hollowing out the manufacturing sector. Here Frank Sieren of the DW.com points out that the agreement was not really about trade, as most of the gains of trade had already been realized according to experts. It was part of the "pivot to Asia" to maintain American dominance in the region, says Sieren. After China pulled together some Asian and European countries into its trade agreement, the Regional Comprehensive Economic Partnership (RCEP), the U.S. pushed for TPP as a counterweight to the China sponsored trade zone. China says it will try to integrate the countries in TPP into the trade zone it has sponsored. President Trump has said that the U.S. is better off negotiating agreements with each country and not getting into multilateral trade agreements. He fought the election campaign on the basis of the opposition to TPP and trade agreements that unfairly hurt American workers. This could have provided the 110,000 margin of victory in the states suffering from the hollowing out in manufacturing such as Michigan, Wisconsin, Ohio and Pennsylvania. A similar hollowing out in Ontario favored Justin Trudeau's Liberals against the Conservatives in Canada's election. ...