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As the Indian economy experiences a slowdown in 2019-20 a revealing statistic that lack of loans in the banking system is playing a critical role comes from the central bank, the RBI. Compared to the 6 month period April to September 2018 when 800,000 crore rupees loans were made to borrowers in the first 6 months of 2019 the loan volume dropped to 90,000 crore rupees.

Bad loans in the banking system and mismanagement in the banking system have caused the drop in loans, leading to government efforts to inject money into banks and consolidate banks by merging failing banks into larger better run banks. Additional causes of a slowdown are the drop in consumption, sales decline in the auto and other industries. A cut in corporate tax and the 2020 budget with investments in infrastructure, relaxing fiscal limits to invest more.  are designed to stimulate growth.

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The UN-Turkey arranged Black Sea corridor has enabled shipping of Ukraine grain to poor countries and countries depending on such supplies to feed their people. About 1 million tons were shipped in August and in one week to Sept 4 another 1 million tons were shipped. Russia says only small shipments are going to the poor or poorest countries. The figures provided by Ukraine are as follows:  54 vessels to Asia carrying 1 million metric tons of foodgrains 16 vessels to Africa carrying 469,000 metric tons. 32 vessels to Europe carrying 853,000 metric tons. Turkey is the largest recipient according to UN data. Also receiving largest shipments are Iran, South Korea and Egypt. EU makes up 23% according to UN data. Un says the first shipments were for the backlog of ships trapped in Black Sea ports that could not leave after the invasion in February of Ukraine. These are determined by international markets for grain. The UN says priority will be given to shipments to poor countries once a steady flow of ships from Black Sea ports takes place. Turkey which arranged the shipments and is closes to the Black Sea ports and Egypt have depended on Ukraine for grain supplies and rising inflation had become a major problem in the two countries. The two are also some of the most populated countries in the region. Turkey for this reason has a major interest in keeping this route open.   ...

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Slovenia is a small country of 2 million nestled in the mountains between Italy and Austria, part of the former Yugoslavia. Problems of bad debt at the major state owned banks, including Nova Banka Ljubljana, stem from a series of large management buyouts for home improvement chain Merkur, supermarket chain Mercator, the largest brewer and a major construction firm. Easy lending by state owned banks, corruption, cronyism and fraud have led to a large number of non-performing loans after a credit boom during 2000-2010. The bad debt at 6.8 billion euros is 19% of GDP in 2013. Protests in the capital Ljubljana in 2013 led to the fall of the centre right coalition government, the resignation of the opposition party leader and the appointment of a new opposition leader to run the government. Cuts to benefits and austerity measures have left the public in Slovenia seething about the economic mismanagement. This is another example of how the shift to a market economy after decades of state run economy in communist controlled countries of Eastern Europe and the Soviet Union has run into serious trouble because of opportunistic behaviour of politicians, bureaucrats and business....

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A old $2 million coal mine in Wyoming is now the biggest find for rare earth elements in the US since 1952. It could be worth as much as $37 billion says this report in WSJ. Randall Watkins the son of Ashland Oil founder the elder Watkins, runs Ramaco, the $600 million metallurgical coal company that bought this coal mine. He says he has learned lessons from his father that will help him build on this rare earth elements discovery for commercialization.

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In the middle of the pandemic US Congress approved $190 billion in aid to schools. Of this 20% was to be spent addressing learning loss for children. The pandemic period taking 50 million children out of schools is now seen as the biggest disruption in history of American education. It set student progress in math and education back by two decades and widened the gap between wealthy and poor children. These learning gaps remain unaddressed even as money runs out in 2024.

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Ekrem Imamoglu, three time elected Mayor of Istanbul follows a career similar to that of Erdogan who became Mayor of Istanbul and was then elected prime minister in 2003, as the administration of the CHP party failed to manage the economy. A period of economic growth followed with increasing foreign investment and Erdogan was reelected till 2013 when he decided to run for president following the term limits for prime minister. At that time his rule had become increasingly authoritarian. He was elected with smaller majorities with no effective opposition leader ,and the Middle East in turmoil with ISIS and Syria's civil war. Erdogan fought a tough election against a civil servant candidate from CHP turning out the nationalist  and conservative vote.in 2020. By this time the economy was having high inflation and his popularity was down, and he won barely with 52% of the vote. By 2019 Ekrem Imamoglu, 47 years, emerged as a more effective opposition leader, winning election for Mayor of Istanbul. He won again in 2024 and is now emerging as an alternative to run the country. Erdogan is 71 years and the world around Turkey has changed with DJT in the US, and Russia- Ukraine peace talks, trade tariffs worldwide, and the investment climate completely different, inflation increasing to 39 percent, and no easy solutions to economic problems. Some of the conservative and small business vote is no longer assured for Erdogan as the economy and Turkey's situation in Europe has changed. ...

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Uber CEO Kalanick faces problems after the ride sharing app service company uses aggressive tactics in its business. Kalanick resigned after increasing pressure, with major investors on the board asking him to resign. Mike Isaac in the NYT says Uber is an example of how some aspects of Silicon Valley culture have caused a public outcry. A federal inquiry is under way into a software tool used to avoid law enforcement. Other complaints came up during the period Kalanick was CEO. The business conduct of CEO Kalanick has come under strong criticism and shows what can go wrong in the aggressive pursuit of business. For many it is an example of how not to run a company.

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The new Samsung Fod smartphone is $500 costlier than the priciest Apple iPhone. It provides a tablet sized phone with glass display that bends in half, so that it can be closed as a wallet and fit in the pocket. It has 6 cameras, can run 3 apps simultaneously and measures 7.2 inches diagonally when open.

In an effort to have a wider lineup at different prices there will be 4 versions of the Galaxy S10, similar to a strategy of Apple to go to a wider lineup.

Smartphone sales have declined for five quarters, including  4.9% decline in the last quarter of 2018, according to IDC. The new versions are an effort to stop the decline.

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This article clearly shows that Russia is turning the corner for full scale use of western technology to tap oil and gas fields in the North. Note the efforts to bring in western expertise include- 1. Efforts to hire Donald Evans, former U.S. Commerce Secretary, to be Chairman of Rosneft. Evans turned down the offer. The hiring of Peter O'Brien a former Morgan Stanley investment banker as chief financial advser.2. With China National Petroleum as a strategic partner. 2. The financial backing and expertise of state run oil companies around the world now give them the ability to contract directly with Schlumberger or Baker Hughes or other oil field technology suppliers. This changes the whole playing field with less need to negotiate with the major oil companies and the ability to do it themselves at their own pace and strategic advantage and execute their own oil policy. Previously negotiating with the oil companies meant giving up some of the ownership of the oil fields to the oil companies in return for the technology. The oil services companies sell the technologies on a fee basis. 3. The pressure to move ahead aggressively with new technology. Estimates from IEA in Paris by Chief Economist Fatih Birol, show that increasing oil production by one and half million barrels a day to level of ten and half million barrels a a day requires Russia to invest $900 billion dollars by 2030 or about 40 billion a year. The only way to generate this kind of investment is to grow its oil development capabilities, keep prices high but stable, invest in the latest technology and bring some of it inhouse....

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Shows that the commodities boom may have gone too far and sooner or later will run its course, as the ability to absorb all these commodities resources reaches its limit for that time.

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Stephen Castle of the NYT gives an objective look at Andy Burnham of the Greater Manchester area and Labour party leader. Burnham has said that Britain has been on the wrong path for 40 years and had the courage to prove this by leaving London for his home region of Greater Manchester in the North of England, after serving as chief secretary of The Treasury and Labour minister under Gordon Brown around the time of the financial crisis of 2009. After winning in Greater Manchester he served as Mayor of this important region of Britain second only to London in importance, which after the fall of the British Empire, has led to politics focusing entirely on London. His term as Mayor involved getting transportation out of the hands of the private companies and having the government run it efficiently for the people of Manchester. His term is viewed favorably for improving the economy of the region. Compared to the people Britain has turned out previously- Thatcher, Blair,  Brown, Cameron, Starmer, he has genuine experience running a region and tackling tough problems, which none of the other leaders had, that comes from his hard work for the people of Greater Manchester as head of the local government. He has the skills to bring people together around his vision for the Labour party, similar to that brought by Clement Attlee. At Lyrarc we looked at what  Britannica Encylopedia has to say about Attlee and found that Attlee spent his first 15 years in the difficult working class district of East London, similar to what Burnham has done by moving back to his home region in the north and quietly working to understand the people, their aspirations and how to make them come true. Attlee did this in 1945-51 (setting up the National Health Service NHS and Bank of England, other revered institutions) the way Franklin Roosevelt did in the 1930's to establish the modernization of New York government that he later applied to 51 states as president. This is the kind of task similar to Attlee and FDR that Burnham has the potential to accomplish for Britain. Like Attlee Burnham is self effacing with little sense of wanting public recognition, comfortable with who he is and where he is from. Like Attlee staying away from Ramsay MacDonald's Labour government in 1931, when it failed to find a clear path ahead for Britain, (Burnham concentrated on Manchester away from London), and decided to forge his own way forward with new ideas and being creative- as it was under Attlee that the British Empire was converted into the British Commonwealth of Nations. An enormous feat that has not been fully grasped and will one day be seen as an amazing achievement of the 20th century- India independent and  creating a modernized state the size of the US, European Union or China by 2040/2047. This is our assessment at Lyrarc of the potential Burnham could have for Britain- and possibly for the world again like Clement Attlee in 1945-1951. ...

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Manjoo says Mayer's failure at Yahoo comes from making small moves but not acting as a transformational CEO by changing Yahoo's business. He says three years later apart from small acquisitions such as Tumblr Yahoo's business was the same as before. By Nov. 2015 the Board and investors appeared to be saying that Mayer had run out of time to make the changes needed to preserve Yahoo's U.S. internet business.

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How Norway's sovereign fund operates. It is one of the largest sovereign funds and one of the best run funds with carefully planned arrangements. Only 5% stake can be taken in any one company. No more than 4% of the profits may be used for budgetary spending. The Ministry of Finance makes the guidelines, but the Central Bank actually manages the fund, with a unique arrangement for division of responsibility.

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The two contrasts between Eintracht Frankfurt a soccer club with a local presence and modern management with Germany's 50+1 rule, and Barcelona with Catalan support but an international club in which the president runs the club independent of members, could not be larger. 30,000 Eintracht Frankfurt fans make their way to a game with Barcelona at Camp Nou in the Catalan city. Barcelona did not make it to the final stages of the Champions League and struggled to pay the large amount of money owed to Messi during the pandemic. Because of its old ownership structure Barcelona is not able to raise financing by selling shares and in capital markets in the way Frankfurt can. Under the 50+1 rule, a German Football League regulation, club members retain majority voting rights in an outsourced company that runs its football team. This gives it a genuine local presence and is why German clubs have opposed the Super League of just a few star teams playing each other. This DW.com report shows messages on Twitter by Eintracht Frankfurt saying that the whole Super League idea "is completely absurd." And that "every decent club must distance itself from it." German fans have a different culture, come early and watch the game standing. ...

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"Yesterday, I spoke with President-elect Trump to congratulate him on his victory. And I assured him that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition. That's what the American people deserve." "Yesterday, I also spoke with Vice President Harris. She's been a partner and a public servant. She ran an inspiring campaign, and everyone got to see something that I learned early on to respect so much: her character. She has a backbone like a ramrod. She has great character, true character. She gave her whole heart and effort, and she and her entire team should be proud of the campaign they ran." "You know, the struggle for the soul of America since our very founding has always been an ongoing debate and still vital today. I know, for some people, it's a time for victory, to state the obvious. For others, it's a time of loss." "Campaigns are contests of competing visions. The country chooses one or the other. We accept the choice the country made. I've said many times you can't love your country only when you win. You can't love your neighbor only when you agree." ...

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“We will make sure our tax dollars support healthy foods. We will scrutinize the chemical additives in our food supply. We will remove the financial conflicts of interest in our agencies.” RFK Jr. tells the Senate Finance Committee in describing his plans to Make America Health Again. The president DJT signs an Executive Order setting up a Commission to Make America Healthy Again to look into the dismal health of Americans where 40% of children suffer from chronic diseases and about 80% of Americans are not fit for military service. RFK Jr. plans to break the grip of the pharmaceutical industry and the packaged foods industry has on America's health that produces these dismal outcomes, and the lack of education on health that leads to unhealthy foods and chemicals ruining the food supply. For this he has the support of many Senators including Rand Paul (Kentucky) and Ron Johnson (Wisconsin). Ron Johnson even said at hearings that RFK Jr who is supported by millions of moms and parents, is an answer to his fervent prayers. “We will create an honest, unbiased, science-driven HHS, accountable to the president, to Congress, and to the American people.” ...

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Local government debt is estimated to be 27% of GDP using estimates by Dragonomics and the China's National Audit Office. Prof. Shih of Northwestern University, an expert on this subject, estimates this to be $2.6 trillion or 42% of GDP. The total government debt is at 82% of GDP using the 27% estimate for local government debt. Using the higher 42% figure for local government debt of Chinese banks gives total government debt of 97% of GDP. Considering the nature of China's financial system in which state run banks and state run enterprises are a dominant feature, local government debt is likely to become the responsbility of China's central government. This also affects China's efforts to tackle inflation because higher interest rates would increase the cost of servicing this debt. As a result the government is unlikely to meet its inflation target of 4% in 2011. Large foreign exchange reserves of $3 trillion, the low interest rates, and high growth rates are expected to help China cope with this looming debt problem. Another round of capital injection to recapitalize banks is expected in 2012-2013 with the transition to a new leadership in China....

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A detailed account of the expansion of Banco Santander under Emilio Botin, using his shrewd financial abilities and extraordinary stamina. Botin expanded the bank with acquisitions of Banesto in Spain, Abbey National in UK, and acquisitions in Brazil and Mexico. This reduced its profit exposure in Spain to 15%, reducing its risk in the 2011-2013 banking crisis in Spain. Botin's family has run the bank for three generations, with the bank now headed by Patrcia Botin, after Emilio Botin died of a heart attack in 2014. Sheila Bair, former head of the U.S. FDIC, says the bank is run efficiently, and Botin was careful to manage risks prudently in the global financial crisis of 2008. Banco Santander benefitted from the years of rapid growth in Spain following Spain's entry into the European Union in 1986, the year Emile Botin took over as chairman. He comes from Santander in northern Spain, and studied law and economics at Spanish universities. With the passing away of Adolfo Suarez, and the abdication of Juan Carlos, the passing away of Emile Botin in the same year, three of the men who helped create modern Spain have now faded away....

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Workers at Pemex are about half as efficient as workers at the Brazilian oil company Petrobras, and have one fourth the efficiency of workers at BP, according to a study by the baker Institute in Texas. Union leaders run the union in a manner reminiscent of feudal times with favors and patronage for workers and politicians. Once in power union leaders have run the union for decades, including shooting of rivals. Hernandez Galicia, a son of an oil worker, built up a system of patronage in the sixties and remained in power till he was arrested in 1989 on weapons charges by the government of president Salinas Gortari. The union formed part of the PRI party power base as the 200,000 union workers were expected to vote for the government. In the 1988 election union votes did not go to the PRI candidate and Salinas barely won with 50.7% of the vote. After Hernandez the system of patronage and corruption has continued. At the top of Mexico's agenda for president Nieto is changing Pemex, improving efficiency for reversing decline in oil production, and working with foreign oil companies. ...

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Stuart Broad's remarkable achievement of 500 wickets as England beat West Indies in the Third Test at Old Trafford. He joins Glenn McGrath and James Anderson in an elite club of bowlers. He was made man of the match and of the 3 Test series after taking 10 wickets in the Third Test and hitting a quick 62 runs. 

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Awesome pictures of the lunar eclipse in the night sky on Wednesday, May 26, 2021. It combined a supermoon, lunar eclipse, and a blood moon. Blood moon refers to the reddish hue as light filters through the earth's atmosphere. In native American cultures this is referred to as the flower moon. Lunar eclipses happen when the Earth passes between sun and moon, blocking the sunlight that normally illumines the moon's grayish white cratered surface. The next one is on May 16, 2022.

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November 18, 2020 WSJ ran the editorial from the Editorial Board- Rage against the Voting Machine. Rejecting the claims made by Mr. Trump and others about the 2020 election. WSJ cites this editorial and an Op-ed by the CEO of Dominion on its pages that showed its position was not affected by FNN even though News Corporation is the parent company of both. And showing its independent judgement after the election of president Biden with a margin of over 7 million more votes, in rejecting such erroneous claims.