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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.

China Rebuffs Hopes for Bailout

1 Links 7 Groups   
Wall Street Journal - 09.26.2011 Original article ›
Bob Davis, Bob, Davis
LyrArc Article Gist
Gao Xiqing, vice chairman, president of China Investment Corporation, told a panel discussion during meetings of the International Monetary Fund, on September 24, 2011, China cannot be expected to provide solutions to the eurozone debt crisis. Xiqing said: "We're not saviors. We have to save ourselves." He added that CIC would consider buying bonds of troubled eurozone countries -"if it has a risk profile that fits into our allocation, but don't expect us to buy more than our risk appetite would take." And the head of China's central bank, Zhou Xiaochuan, told the panel that China cannot raise its growth rate because of inflation and other problems from unsustainable growth.
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The hidden indicator pointing to bad news for jobs - The Washington Post

7 Groups   
Washington Post - 10.20.2012 Original article ›
Neil Irwin, Neil, Irwin
LyrArc Article Gist
Temp hiring is seeing a slowdown in Aug-Sept 2012. It declined by 2000 jobs in Sept and made no gains in August. By contrast in the first 6 months about 21,000 temp jobs were added each month. The historical correlation since 1990 of changes in temp employment with ensuing job growth in the next 3 months is 77%. This indicates job growth in the fourth quarter of 2012 will be about 72,000 jobs a month says Irwin, not enough to keep up with population growth, and likely to lead to an uptick in the unemployment rate. The results at temp hiring firms Manpower and Robert Half confirm this trend.
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Mark J. Carney Seeks Greater Challenges at Bank of England

3 Groups   
New York Times - 11.26.2012 Original article ›
Ian Austen, Ian, Austen
LyrArc Article Gist
Mark Carney, chief of the central bank of Canada, was chosen to be the next Governor of the Bank of England, succeeding Mervyn King. Carney's private sector experience with Goldman Sachs has given him contacts with people in the city of London and in British industry. He also studied at Oxford for a doctorate in economics. He helped Canada strengthen the economic reforms made in the previous 15-20 years, in his position as head of the Bank of Canada, say experts. This helped Canada withstand the 2008 financial crisis better than other countries. He says he can "play a constructive role in relaunching this institution with its new responsibilities."
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RIM’s New Boss: The Analysts React

4 Groups   
Wall Street Journal - 01.23.2012 Original article ›
David Benoit, David, Benoit
LyrArc Article Gist
RIM's management change with new CEO Thorsten Heins is received positively by analysts as the co-CEO arrangement was not considered responsive enough to losses in market share- RIM's share in the smartphone market dropped below 10% in 2011. However the statement by Heins that there would be no "seismic" change at RIM was received with caution. One analyst pointed to the need for fresh thinking and thought it would have been better to bring in someone from the outside, though Heins only joined in 2007 and worked for 23 years at Siemens. The need for a new Chief Marketing Officer was pointed out.
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Dr Doom Predicts Another $1 Trillion in Housing Losses in 2011

3 Groups   
New York Times - 12.07.2010 Original article ›
Evelyn Rusli, Evelyn, Rusli
LyrArc Article Gist
Nouriel Roubini on the housing losses expected in 2011. Roubini says he is particularly concerned because of a recent study by Laurie Goodman of Amherst Securities, which shows 11 million borrowers are in danger of losing their homes, which is one of every five borrowers. He says this number is scary because previous estimates had shown the number to be 3-4 million for the next four years. Roubini says he has talked to experts in the housing industry who tell him the 11 million number is realistic. His overall sense is that the housing problems in the U.S. are "underappreciated," with banks facing about $1 trillion in housing related losses.
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Toward a Different Fiscal Future

7 Groups   
Wall Street Journal - 02.08.2010 Original article ›
Glenn Hubbard, Glenn, Hubbard
LyrArc Article Gist
As remedies for the $1.6 trillion federal budget deficit for 2010, which says Hubbard threatens to compromise Americas economic future, set agggressive targets for reducing discretionary spending limiting growth to 2%. Hubbard also wants to see 1% reduction in projected entitlement spending growth for Social Security and Medicare. This can be done progressively, he says, by lowering the growth in spending for middle and upper income households and strengthening the safey net for lower income people. And third he would have a broad based consumption tax to pay for added social spending. Hubbard was adviser to president George W. Bush and is Dean at Columbia Business School.
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U.K.: Devaluation No Balm

3 Groups   
Wall Street Journal - 03.10.2010 Original article ›
Richard Barley, Richard, Barley
LyrArc Article Gist
The U.K.'s deficit in trade in goods widened to 8 billion pounds in January 2010, even with the 25% decline in the value of sterling against the dollar and the euro. This suggests that devaluation is not likely to help rebalance the economy and things will have to be adjusted the hard way in the manner being done in Greece, Ireland and possibly Spain with cuts in spending. In the past the devaluations were accompanied by drop in interest rates, but this time interest rates are already low. And the U.K.'s weak manufacturing and excessive reliance on financial services does not help in boosting exports.
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Blue Dogs Face Sharp Losses in Midterms

1 Groups   
Wall Street Journal - 10.26.2010 Original article ›
Gerald F. Seib, Gerald, F., Seib
LyrArc Article Gist
Of the 54 Blue Dog in the House, six have retired, 39 are in competitive races, and 22 of those are in pure toss-ups, according tot he Cook Political Report. Blue Dogs are Democrats from the conservative districts, which says one expert makes them an endangered species anyway. The result will be that the returning Congress will have Democrats who are more liberal than the previous Congress. The same dynamc is being repeated on the Republican side with some 50 newcomers expected, and they are not from the political centre. This will make for a very polarized Congress, with less opportunity for new legislation in areas where it is needed.
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Cheap Natural Gas Unplugs U.S. Nuclear-Power Revival

2 Links 13 Groups   
Wall Street Journal - 03.15.2012 Original article ›
Rebecca Smith, Rebecca, Smith
LyrArc Article Gist
The increase in natural gas supplies from shale in the U.S. is dampening the interest of energy companies in the development of nuclear reactors. It is also changing the whole trajectory for energy sources in the U.S. The Energy Information Administration's forecasts for new additions of power generation capacity 2010-2035 show that natural gas will be the dominant source with 58.1%, nuclear is only 4%. Wind is 13% and other renewables including solar is 16%, giving renewables about 29%. Coal and fossil fuels are at 8% and hydropower 1.6%. This is a major development in the energy industry, for the U.S. efforts to reduce dependence on imported energy supplies.
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Why Treasurys Won't Crater

7 Groups   
Wall Street Journal - 03.23.2012 Original article ›
Ben Levisohn, Ben, Levisohn
LyrArc Article Gist
Experts view the behaviour of 10 year Treasury yields at different periods following the 2008 financial crisis. Twice in early 2010 and early 2011 there were signals that the economy was not so weak before faltering, each time 10 year Treasury yields went up to 3.75-4% before going down to the 2.24% level. This situation appears to be happening again in 2012 with rates dropping in the first quarter to between 1.82%- 2.11%. The yields on 10 year Treasury jumped again, this time to 2.39% on March 19, 2012, as the eurozone crisis fears and U.S. economic growth fears subsided for the time being.
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French President Gives Nod to Austerity in Finance Pick

1 Groups   
Wall Street Journal - 05.17.2012 Original article ›
Gabriele Parussini, Gabriele, Parussini
LyrArc Article Gist
The new administration of Francois Hollande in France includes Pierre Moscovici, as Finance Minister. Moscovici was European Affairs minister in 1997-2002 during the formative period of the European Union, served in the European parliament and wrote a book on economics with Hollande. This brings someone with deep EU experience in a critical role of shaping EU policies. Laurent Fabius, is Foreign Minister. Fabius was prime minister in the 1980's. Michel Sapin, a former finance minister is minister for Employment, Labor, and Social Dialogue. The credibility, talent and experience of this team will be critical as the EU enters a difficult phase in 2012-2013.
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Peering Over J.P. Morgan's Hedges

1 Groups   
Wall Street Journal - 05.18.2012 Original article ›
David Reilly, David, Reilly
LyrArc Article Gist
David Reilly points out that using the regulatory figures JP Morgan had exposure to Italy of $87.5 billion, to Spain of $57.5 billion, and an exposure of $390 billion for France, Germany and the Netherlands. This is as of Dec. 2011. This is higher than the netted figures given out by the bank. In his chairman's letter Dimon showed bank exposure to Portugal, Ireland, Italy, Greece and Spain of about $15 billion with potential loss in a bad situation of $3 billion. This is if portfolio hedges work. If for some reason they did not work as anticipated, the losses could be much higher.
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PC Firm Lenovo Hunts For Brazil Acquisitions

2 Links 12 Groups   
Wall Street Journal - 05.29.2012 Original article ›
Juro Osawa, Juro, Osawa, Yun Hee Kim, Yun Hee, Kim
LyrArc Article Gist
Lenovo's efforts to increase sales in India and Brazil. Lenovo is the largest PC company in India with 15.8% market share in the first quarter of 2012. It has only 3.6% market share in Brazil and is planning to increase its market share in the Brazilian market. Its market share in China is 30%. Slowing sales in China is increasing the focus on growth in Latin America. Lenovo's head of Asia-Pacific and Latin America, Milko van Duijl says Lenovo will have to build a manufacturing presence in Brazil to be successful there. Lenovo is now the second largest in PC sales worldwide after H-P.
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Mexico’s Next Chapter

1 Links 4 Groups   
New York Times - 07.02.2012 Original article ›
Enrique PeÑA Nieto, Enrique, PeÑA, Nieto
LyrArc Article Gist
Pena Nieto, the new president of Mexico, says that this is a new generation and a different PRI party from the one in the past. His focus is to learn from efforts made by countries such as China, Brazil and India in modernization and reducing poverty, so that Mexico can fulfill its potential. His goal will be to avoid ideological positions and patronage, and achieve measurable progress against poverty in Mexico. He cites the Mexico's Office of National Statistics figures showing Mexico's growth rate at 1.7% for 2000-2010, and the lack of reforms in the energy sector, labor markets, education and social security.
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Nationalist Appears to Lead Peru’s Presidential Election

1 Groups   
New York Times - 04.10.2011 Original article ›
Simon Romero, Simon, Romero, Andrea Zarate, Andrea, Zarate
LyrArc Article Gist
Ollanta Humala, is the leading candidate for the presidential election in Peru, with 27% of the vote after 43% of the votes were counted. Kuczynski has 23.6%, of the vote and Keiko Fujimori has 21.8%. Humala, lost a runoff against the current President Alan Garcia in 2006. He is modeling his campaign on the effort by Lula Ignacio Da Silva's when he ran for President of Brazil. Both have credentials viewed as left of centre and want to be viewed as offering a more balanced version of development. In Humala's case the rural areas outside of the capital city of Lima have not seen the benefits of rapid development and modernization.
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Mexico Mulls Curtailing Energy Bids Amid Falling Prices

5 Groups   
Wall Street Journal - 12.06.2014 Original article ›
Laurence Iliff, Laurence, Iliff
LyrArc Article Gist
Mexico is likely to move ahead with long term deep water oil exploration tenders in 2015, and delay tenders for shale and other oil fields. President Nieto's popularity has dropped to 40%, an all time low, reducing political capital. Other problems are staffing the agency that will put together the bid round, which will take time. The initial bids for 109 exploratory blocks and 60 production fields were earlier planned for 2015. Shallow water fields are likely to go first. Oil companies are expected to be choosier in making investments at the current oil price, yet retain interest in long term deep water oil exploration.
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U.S. and Germany Signal Willingness to Repair Strained Relations

  
Wall Street Journal - 02.02.2014 Original article ›
Harriet Torry, Harriet, Torry
LyrArc Article Gist
German chancellor Merkel says after a meeting with U.S. Secretary of State Kerry, after disagreements over NSA spying activities- "Mutual interest will be the motor for finding common solutions step-by-step. We talk about such questions of NSA openly even when there are differences." In the first address to parliament as head of the new CDU-SPD coalition, Merkel said mass collection of phone data by NSA only led to mutual mistrust and in fact diminished rather than increased security. Germans are even more sensitive than the U.S. about such spying after traumatic experience under Gestapo and Stasi secret police during 1931-2090.
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There’s Nothing Wrong With Being a Banker

5 Groups   
New York Times - 05.31.2014 Original article ›
Josh Barro, Josh, Barro
LyrArc Article Gist
Banking careers do not have to be damaging as widely stated following the missteps and bad practices that caused the 2008 financial crisis, which made America and its middle class poorer than before and damaged the reputations of many banks. Here Josh Barro provides one example. He says its critical to choose being the right kind of banker doing the nuts and bolts of banking such as reviewing loan applications, and doing it diligently and well. Equally important, says Barro, is picking the right bank. He chose Wells Fargo, which avoided the worst errors and bad practices of that period under the leadership of CEO Kovacevich.
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CBO Sees Deficit Narrowing to $642 Billion

1 Groups   
Wall Street Journal - 05.14.2013 Original article ›
Damian Paletta, Damian, Paletta
LyrArc Article Gist
The U.S. Congressional Budget Office (CBO) revised estimates in May 2013 show the U.S. debt to GDP ratio in 2013 at about 75.1%, coming down slightly in the next couple of years and then rising to about 73.6% by 2023. The U.S. deficit for fiscal 2013 is estimated to be about 4% of GDP, down from 7% in 2012 and 10.1% in 2009. The deficit is estimated at 3.4% of GDP in fiscal 2014 and 2.1% of GDP in 2015. Spending levels increase closer to the 2020s as more people reach retirement age. Lower projections on Medicare, Medicaid and Social Security spending have reduced the cumulative deficits over the next decade.
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Longer-Term Deal With Iran Faces Major Challenges

  
New York Times - 11.24.2013 Original article ›
Michael R. Gordon, Michael, R., Gordon
LyrArc Article Gist
Michael Gordon of the NYT points out that the nuclear deal with Iran reached in Geneva on Nov. 23, 2013, is largely a holding action and a way to put some constraints on the nuclear program till Iran and the U.S. can work out some major differences. The Obama administration looks to be willing to concede Iran's rights to enrich uranium- it is the strict limits that are needed that are the points of negotiation. The agreement is given in the 4 page document- the Joint Plan of Action which leaves most of the core sanctions in place and lets Iran keep most of its nuclear infrastructure.
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Ireland's Not-So-Grand Bargain Options

10 Groups   
Wall Street Journal - 02.25.2011 Original article ›
Richard Barley, Richard, Barley
LyrArc Article Gist
Ireland is paying close to 6% for the cash it is getting while European authorites are paying 3% to issue bonds in January 2011. With the rate at 3.5% over German bond yields, J.P. Morgan estimates that Ireland would have to generate a primary surplus, excluding interest costs, of 2.3% in 2015. This is what it would take to stabilize debt against GDP. Borrowing at one percent lower Ireland would need a primary deficit of 0.2%. Ireland is in its third year of fiscal austerity, and this unjustly penalizes Ireland. An interest rate reduction would be contingent on Ireland achieving fiscal targets and monitoring by the European authorites.
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Obama Picks Team for EPA and Energy

  
Wall Street Journal - 12.16.2008 Original article ›
Stephen Power, Stephen, Power
LyrArc Article Gist
Obama picks many Californians for his energy and EPA team. Carol Browner Clinton era EPA head takes over as climate change czar at the White House, and Lisa Jackson of New Jersey's Department of Environmental Protection takes on the EPA head position. Steven Chu who heads the Larence Berkeley National Lab will be Energy Secretary. Add Nacy Pelosi, Barbara Boxer and Henry Waxman in Congress all Californians to the team. Colorado Senator Ken Salazar becomes Interior secretary. It will take on a host of challenges in this area to give the US a new energy and environmental protection agenda and policies after years of neglect.
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Ford's Mulally Sees a Taurus in His Future

1 Groups   
Wall Street Journal - 06.24.2009 Original article ›
Matthew Dolan, Matthew, Dolan
LyrArc Article Gist
The 2010 Taurus with its muscular styling appears aimed at individual drivers than to families. The price will still keep it from becoming aFord product aimed at the mass market that the original Taurus once targeted. Prices start at $25,995 and can go up to $40,000 when you had an array of high tech features like an anti collision system. Its more than the segment leader Chevy Impala. Says the editor in chief at Edmunds.com, Ford may be chasing the original Taurus fans, who are now much older. Ford sold 52,667 Taurus cars in 2008, and marketing chief Farley expects an increase from that but has modest expectations.
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Ford Among First to Get Loans for More Efficient Cars

1 Groups   
New York Times - 06.24.2009 Original article ›
Nick Bunkley, Nick, Bunkley
LyrArc Article Gist
Ford gets $5.9 billion from the Advanced Technology Vehicles Manufacturing Loan Program of the U.S. government. It will use hte money to rettol 11 factories in the midwest. It will help Ford make 13 of its models more fuel efficient. Ford plans to sell 4 models of electric vehicles by 2012. Lawmkers in Congress are pushing to increase the size of the program from $25 billion to $50 billion. The $5.9 billion will be loaned to Ford and given between now and 2011, with Ford beginning repayment in 2012. THe plants are in Illinois, Kentucky, Michigan, Missouri and Ohio, and employ about 35,000 engineering and factory level employees.
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Climate in the Senate

  
New York Times - 07.01.2009 Original article ›
Editorial
LyrArc Article Gist
The NYT cautions against possible further watering down of the climate change bill as it goes to the Senate after clearing the House. Only 45 yes votes can probably be counted on, and 23 fence sitters. Among the watering down provisions is one that postpones asystematic accounting of carbon emissions from corn ethanol, at the urging of the farm lobby. A mandatory tarifff on imports from countries that do not adopt comparable systems for controlling emissions. The bill aims for a17% reduction in carbon emissions from 2005 levels by 2020 and 80% reduction by 2050. It also provides money for developing more energy efficient vehicles and buildings.
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