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JP Morgan Chase disclosed that traders in the Chief Investment Office may have tried to avoid showing the full extent of losses by placing inaccurate prices on their positions. A trader named the "London whale," may have been asked by his boss to mark positions more aggressively. CEO Dimon said this has "shaken our company to the core."

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Events before and after the hacking of emails during the U.S. presidential election of 2017 and contacts with Russia of Republican party leaders and campaign officials for the Trump campaign are discussed in this report by the BBC.

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The new India built refinery by RIL (Reliance India Limited) in the US at Brownsville, Texas, will reduce US trade balance by $15 billion a year and will produce oil using cleaner US shale oil and newer technologies that are less polluting for the environment.  India's RIL Refinery Project for $300 billion at Brownsville, Texas, is Explained here in the Indian Express. The Project is called America First Refining, and was announced by the US president recently.  $125 billion for 60 million barrels of US shale oil processed annually over 20 years and $175 billion for 2.5 billion gallons of refined product to be produced annually for 20 years. US  imports about 2.8 billion barrels a year and (exports 1 billion barrels a year) at a cost of $180 billion a year. This means the trade imbalance from crude imports will be cut by about 10% annually. The new refinery is the first in 50 years and is designed to process cleaner lighter shale oil from the US Permian Basin -whereas existing refineries are designed with older technology for heavier crude oil such as the US gets from Venezuela. Reliance India Limited has a fast turnaround time on projects- new project will come onstream in 2027. It currently has the world's largest single refining complex in Jamnagar, Gujarat, India.  ...

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A new state government in Bihar state, India, takes shape with Nitish Kumar as Chief Minister and 2 Deputy CM's from the BJP party. Bihar is the second largest state in India after Uttar Pradesh, with Maharashtra the third, West Bengal fourth making up the top four by population each with over 100 million people. Rajasthan, Madhya Pradesh, and Gujarat make up the top 7 states each of these three with about 75 million population. Rapid economic development depends on state governments working with the federal government on investment, technologies and effective governance. Gujarat and Maharashtra form an industrial core for India with investment increasing in Uttar Pradesh and Madhya Pradesh which forms the rural interior in the Ganges plains. In contrast to China where industrial development is state driven led by the CCP in a centralized form embedded in the complete authority of the central government, India has to achieve this through the democratic process based on delivery of infrastructure projects and standards of living. Much of this depends on the combined effort of federal and state governments ,with seven of these eight states having this coordinated effort in 2024, at a time when foreign investment in the economy is increasing rapidly to diversify global supply chains. This provides an opportunity for India to change from a developing economy to an advanced industrial economy in stages by 2030 and 2040. ...

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Mullaly's experience at Ford, its culture, changes he has made and the gradual improvements that are taking place and showing up in better quality cars, cars for a global market with all global product capabilities focussed on developing top rated cars and all energies focussed on fewer car brands, the Ford and Lincoln brands. But as results improve the test will be how well Ford can withstand the difficult conditions ahead as consumption is sure to decline, and sales of cars drop with it as carmakers go through 2008 and 2009. The decision to focus on profitability was a critical choice made by Mulally and shows his instincts are right to let Ford's market share drop to its natural level and cut production to cut inventories and let ford scale down into a smaller but profitable and reilient company. The other was to focus on global cars and global product capabilities under Dennis Kuzak. And the third move to get marketing right with Jim Farley taken by Mullaly from Toyota's marketing organization. And the focus would be only on the Ford brand and logo, so Mulally will close Mercury models and sell the premium luxury brands except Volvo with the sale to Tata Motors. The market and stock price is responding and Ford has already shown a profit of $750 million in the second quarter of 2007 by being able to sustain higher prices with fewer cars to sell. The Fiesta compact goes on sale in the US in 2010 and this with the redesigned Focus and other models will show how far Ford can go. The risk is now more in the economy as BW estiimates show a $3 trillion overhang of overspending that occurred over the last decade that will have to be worked down by US consumers and so one can expect a continued and protracted decline in sales not just for Ford but for all manufacturers in the USA market....

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Walmart's e-commerce business doubled from last year. Walmart expanded availability of delivery and used its large supply chain to push ahead.

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Chrysler hopes new models in 2007 will give it a gain of 1% in market share. Chrysler lost about 1% market share in the last year. But this is optimistic, as inventories are building up on dealer lots, and Chrysler chief La Sorda admitted that Chrysler screwed up by continuing a high build rate.

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Stephen Fidler of the WSJ lists 6 factors that will influence the direction of the war in Ukraine.  1. The weather. This will affect operations as muddy wet conditions will limit movement.  2. Bakhmut. Russia is using persistent attacks on this city as a way to show people in Russia that it is making gains in a political effort more than a military one. 3. Ukrainian offensives in the Zaporizhia region in the south. Since this report was written Russia has advanced its forces in this area as Ukraine still awaits western aid in the form of Leopard tanks and other tanks. Russia has called up 300,000 reservists and this is now making an impact in the Russian efforts to advance. 4. Russian defenses. Russian forces are dug in across a smaller front 550 miles instead of 700 after ceding some territory to Ukraine, of which 240 miles are river barriers. Trenches and excavations extend all the way to Crimean beaches. 5. Russian offensives using the 300,000 reservists that were called up and new discipline in the forces. Here experts say the reservists are not expected to do what trained Russian regular armed forces could not do. An attack from Belarus is seen as less likely as massing of forces there would be detected early by western allies of Ukraine. 6. Events outside Ukraine Russia is counting on waning support for Ukraine as Republicans in the House of Representatives raise the debate of the issues in this war and look for alternative solutions. French president Macron's views and German Social Democrats views are also against escalating the war, and are only taking steps for military support one step at a time to not let Russia be seen as coming out of this war as winning by staging an unprovoked attack on a friendly neighbor. ...

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The 22 states that formed the state of Rajasthan 22 months after independence in 1947 were part of the Rajputana Agency under the British Empire in India. It spanned 330,000 square kilometres with an agent under the Governor General in charge at Mount Abu. All had Hindu rulers except Tonk and most of them were Rajput except for Jat rulers in Bharatpur and Dholpur. These states were not affected by the 1857 revolt against British rule because they remained loyal to the British. Sardar Patel, deputy prime minister, headed the States Ministry with VP Menon as Secretary. The integration to form the new state happened in stages. The first union was the Matsya Union of Alwar, Bharatpur, Dholpur, Karauli, at the eastern edge of the Rajputana Agency by March 18, 1948. Nine other states near Udaipur in the south east merged to form the Rajasthan Union by March 25, 1948. On March 30, 1949, Patel pulled in 4 states bordering Pakistan, Jodhpur, Jaisalmer, Jaipur, and Bikaner into Greater Rajasthan. The Matsya Union was merged into this state. In 1956 under States Reorganization Act Ajmer was added from federal rule and Abu Taluk was integrated into Rajasthan. ...

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Tech heavy S&P 500- for the largest tech companies- gains are now reversing after a rally based on potential for AI. Nvidia with its AI potential alone was 30% of the gain in S&P 500 at one time. The change in the election situation in July 2024 may be one of the causes. Smaller companies in the Russell 5000 are doing better. It is not clear if this is a trend. 

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A look at how Kamala Harris plans to focus on specific aspects of the Biden Economic Policy Agenda that are of the greatest concern for the American public. Cost of living action is the highest priority. Harris has ideas on this issue to cut housing costs and has specific proposals from 2023 with rising housing costs to tackle this by limiting rent increases to 5%. She will also come up with specific actions to sharpen her focus on cost of living issues to help ordinary Americans cope with rising cost of living for groceries, autos, auto repair bills, insurance costs, and energy costs. Economic advisors include the following from the years since 2020 with Biden as his VP- Brian Nelson,Treasury Department, Mike Pyle   Deputy National Economic Advisor for International Economics, Brian Deese     former National Economic Council Director  Gene Sperling, former Biden Economic Adviser, Deane Millison former Harris Economic Adviser, Rohini Kosoglu, Grace Landrieu, Bharat Ramamurti.      ...

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Women feel overwhelmed with housework during the pandemic. About 80% of women feel responsible for house work compared to 28% of men, according to a NYU and U Penn study. On average women do one and half times the house chores compared to men. This difference is wider when looking at households where men do very little of the housework. The author of "Fair Play" a book about dividing housework says women are burned out, stressed and full of rage about the way household chores are handled. The pandemic has seen a further deterioration in the amount of time men spend doing household chores, according to the Bureau of Labor Statistics, creating a situation of tension. As men have worked from home during the pandemic the once invisible labor of women is now in plain sight. For women who have quit their jobs and looking for a way to get back to work there is an additional element of frustration. WSJ looks at ways in which men can make the changes to create a healthier situation at home, and reduce the tension. ...

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By taking action in Venezuela in a way that benefits the Venezuelan people (and similar action in the long run interests of the Iranian people to dedicate most of the resources for development and increase share of oil revenues without discounting and removing sanctions ill effects on economy and quality of life) major new changes can improve quality of life in the world.  Venezuelan production which was 3 million barrels a day has declined to 900,000 without US investment and technological upgrades. With US investment this can be increased to put additional oil supplies on the market lost in the war with Iran and smaller traffic through the Straits of Hormuz. Venezuelan crude is best suited to US refineries which frees up shale oil for export to meet needs of India and Europe. China which had hyper growth through massive oil consumption would reduce its growth rate and its impact on climate change as it adjusts to the loss of 3 million barrels a day it no longer gets from Iran. Slower growth rate in China is good for the climate as it is the hyper growth of China that put the most pressure on climate even as Europe and the US had cut  fossil fuels consumption over the last decade. China made 2 coal plants a week and 95% of all new global coal construction in 2023. India needs additional oil supplies as it increases its growth rate from a much lower point of development (and electricity poverty) than China. By simply settling for normal development compared to hyper development targets( China has reached a point of Oil Fairness Percentage where each country gets to use the same percentage of oil as its population is as a percentage of world population- the number being about 17% for China for both, with the number being 18% for India and it having a shortfall of 12% based on its oil consumption being only 6% of the world total). China can reduce oil and coal consumption reducing pressure on oil prices and absorbing most of the impact from the loss of Iranian oil. China and Russia + (old Soviet territory) Canada, Australia, Brazil, Argentina, make up about 40% of the world's territorial landmass, would be large beneficiaries with improved climatic conditions from burning less coal. They are now highly developed countries and do not need hyper growth which requires China to build 2 coal plants a week and consume excessive amounts of crude oil and coal based on artificially set targets that make no sense by destroying the climate when no child in China lacks electricity to read. Marathon Philipps Valero with over half a million barrels of refining capacity for heavy Venezuelan crude can now put this to use using the imports by US of lower priced (by $9 to Brent crude) Venezuelan crude oil. In a few months of 2025 US has imported 280,000 barrels a day of Venezuelan crude in February 2026 alone some of it going to the large Valero refinery in Port Arthur, Texas. American oil refiners make larger margins using the Venezuelan crude than they make on light crude from shale oil producers in the US. What this does is to increase the supply of crude and refined oil products on the market as the light crude get shipped overseas to India and Europe- including countries like Spain which took in 100,000 barrels a day of shale crude from US in February 2026. ...

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New York City's bike share system with 420 stations covering Manhattan below 63rd Street.

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The California gasoline car ban is set for 2035.