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Ted Cruz and Marco Rubio differ on their approaches to immigration. Cruz takes a tougher line. As Jonathan Martin points out in the NYT, this was not always so, citing an instance when Cruz prepared a campaign document as advisor to the 2000 Bush presidential campaign.

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WSJ reporters McDowell, Otto and Murray's interview with Indonesia's president Joko Widodo in December 2014, focusses on Indonesia's need for foreign investment for badly needed infrastructure development. Widodo says Indonesia will compete with Vietnam, Malaysia and other countries to attract foreign investors and offer better terms to attract projects. Widodo plans to take up reform of state electricity company PLN, open a limited, national one-stop investment center, and tackle land acquisition for the Adaro power project in central Java to be built with Japanese investment, in coming months, always following a deadline. His goal is to streamline processing and approval of foreign investment projects so that the time is cut from about a year to a few weeks. Investors such as Samsung have preferred to invest in Vietnam, and other investors have preferred to invest in Malaysia, because of a deteriorating foreign investment climate under the previous administration. Indonesia remains dependent on coal and commodity exports to China. The goal says Widodo is to increase the growth rate from 5% to 7% by 2016. This includes revising the old structure of contracts with oil companies to encourage oil exploration investments by foreign oil companies, according to Economics Minister Sofyan Djalil. Indonesia's oil production has declined in the last decade and it is now a net importer, a situation similiar to that in Mexico....

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Moody's lowered Italy's credit ratings by two notches from A3 to Baa2, putting it two levels from junk territory. Moody's views are that Italy was subject to increasing deterioration in market confidence with contagion from Spain, as Spain may need more support and its banking system is likely to have more losses than expected. Moody's also sees diminished overseas investments in Italy. Its assessment is for a 2% decline in GDP in 2012. High debt levels and significant funding needs in 2012-2013 are also taken into account in this rating.

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The impact of the two phases of the ECB's Long Term Financing Operation on Italy's bond yields in 2012.

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The problems facing U.S. Speaker of the House of Representatives, John Boehner, as a government shutdown occurs in October 2013. Republicans and Demorats fail to agree on raising the debt ceiling and financing of the government. Boehner faces a movement in the Republican party led by Senator Ted Cruz of Texas for defunding the Obamacare law.

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Elvira Nabiullina, head of Russia's central bank, is a think tank economist who was Economy minister before becoming chief economic advisor to Russian president Putin in 2012. She is one of the liberal economists in Russia who see the years of economic growth following ruble devaluation in 1998 as an example of how devaluation can actually help the economy. The devaluation lowers costs for manufacturing and agriculture, and is seen by some economists as having done more than oil price increases to help the Russian economy grow during president Putin's first term from 1999 to 2004. Nabiullina's position to support a free float after the sharp decline in the value of the ruble following the plunge in oil prices, is based on the need she sees to use the crisis to reduce Russian overdependence on imports. This policy had other advantages by reducing the need to tap Russia's foreign currency reserves to defend the ruble. Russia's gold and foreign currency reserves are at $385 billion. In Jan 2015 the central bank cut interest rates. A policy of increasing rates would trigger a sharper recesssion. Russia faces a unique situation in that the oil price decline and the decline in the value of the ruble occurred at about the same time of about 50%, so that the budget continues to be balanced. The number of rubles coming in from oil exports remains the same after the crisis. Nabiullina told Russia 24 television- "We have to live in a different zone, Russians should orient ourselves more toward our own sources of financing projects, and to give a chance to import substitution."...

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A 41 year old doctor, Vasant Narasimhan, is the new CEO of Novartis in Feb. 2018. Under Narasimhan R&D is expected to get prominence. His predecesor Mr. Jimenez's focus was on developing new prescription drugs. Dr. Narasimhan sees a shift to new technology, improving data science and digital capabilities to discover new medicines. This shift raises the possibility of a spinoff of the Alcon eyecare business and the Sandoz generics business.   Narasimhan joined Novartis in 2005 from consultancy Mckinsey & Co. and becoming head of R&D. He is expected to push a series of tech based initiatives including artificial intelligence to be used for new biomarkers showing effectiveness of treatment, new sensor technologies developed with Microsoft. This shift is a result of the earlier effort under previous CEO's to make up for the loss of patent protection on profitable drugs by diversifying into consumer healthcare. During the period under Jimenez Novartis share price performance was mediocre, rising 41% over 8 years. Its business is stagnant with a 1% increase in 2017 for revenues, the first increase in 3 years.   ...

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NYT's Mokoto Rich provides this excellent report from Daegu, the fourth largest city in South Korea, where the current president's father attended teacher's college, and where she draws her base of support. Her father is the dictator president Park who ruled South Korea from 1961 to 1979, known for efforts to modernize South Korea and protect it from the Communist North.Most of the city's residents no longer support president Park Geun-hye because they say even though she herself is a good person, she had poor judgement in having a friend who they say swindled her. That friend Ms. Choo Soon-Sil won favors and contracts using the powers of the presidential office with the full knowledge of the president. This makes her incompetent for the presidential office say even conservative supporters who disagree with the opposition's protests. 

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U.S. President Obama's effort to ramp up sanctions against Iran to force Iran to halt its nuclear program.

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The U.S. Federal Reserve gives banks 2 more years to sell their stakes in private equity, venture capital and hedge funds under the Volcker Rule. This extends the deadline for divestiture to 2017 from 2015. The reason given is that it will reduce the disruptive effects of large divestitures on markets.

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Scott Shane and Jo Becker provide this exceptional account of the events that led to the unraveling of Libya. Saying they were not going to do another Iraq, senior policymakers and president Obama failed to realize the importance of basic steps that needed to be taken to secure the large arms arsenal of the Gaddafi regime, providing the assistance and support for transition to peacetime of the many militias in the country, and arrangements with Arab allies of the U.S. such as Qatar and UAE and other Arab neighbors allied with the U.S. to secure the arms arsenal and secure borders. It was clear from the beginning that Gaddafi had discouraged the development of institutions that would hold the country together- handholding was essential for the Libyan project to succeed. Instead as Shane and Becker document here Libya received neglect with strong conditions set for U.S. assistance such that neglect was assured. It is not clear from this report that Secretary Clinton supported the policy because this is what she would have done, or because of a sense of being a team player in the Obama administration, though it leans on the latter. Observing her role in supporting a Libya free of the dictatorship supports the idea that Hillary Clinton would have seen the need to help build institutions where none existed, and the basic step of transition of militias to peacetime. The weakness of the Libyan government is cited here, which only reinforce the need for the U.S. to be involved in a transition to peacetime Libya, after enabling the Libyan people to remove the Gaddafi regime. The militias allied with Qatar and UAE on opposing sides helped worsen the situation, with the U.S. having sufficient influence with western allied governments to ensure a unified internationally supported policy for transition with basic security....

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Parussini describes the different style of new RBI Governor Urjit Patel, who is no rock star economist like his predecessor Raghuram Rajan. Rajan is quoted as once saying; "My name is Raghuram Rajan and I do what I do." Rajan engaged widely with the media. At his first press conference Patel made a short statement thanking RBI staff, and turned it over to staff at RBI who talked about financial supervision, banking regulation and other issues. Patel's answers were short without follow-up questions, the whole event over in 20 minutes. Patel was chosen by the new government of prime minister Modi to run RBI in 2016.