LyrArc Article Gist
A new trend is underway to automate retail stores to reduce waiting time for customers in lines and create cost savings. This can be seen at the Amazon Go experimental convenience shop in downtown Seattle. 

The world's top retailers are doing this in the competition with Amazon. Being tested are robots to keep shelves stocked and apps that would enable buyers to ring up items on a smartphone.

About 30-50% of retail jobs around the world could be at risk say experts if automated checkout is fully implemented. 

At Amazon Go convenience store hundreds of cameras in the ceiling automatically keep count of items placed in shoppers carts and charge the customer the total amount as he goes out. 

LyrArc Article Gist
India's airline market has grown from 51 million passengers in 2010 to 138 million in 2018. 600 planes are in operation with 859 on order. The airline industry in India is experiencing intense competition and putting some airlines such as Jet Airways in trouble as they compete with low cost carriers such as Indigo.

Jet Airways has temporarily stopped operating its 115 planes on about 1000 routes as it has failed to win new funding. This could lead to higher prices. Fuel prices and depreciation of the rupee hurt Jet Airways.  A problem for Indian airlines is the thin margins and the uncertain oil price environment. Etihad Airways took a 24% stake in Jet Airways but that partnership has not prevented Jet from having problems with lenders.

LyrArc Article Gist
Britain's parliament voted Jan. 15, 2019 to reject the Brexit deal crafted by Theresa May with the European Union by a huge margin of 230 votes. The vote was 432 to 202, with 118 Conservative MP's voting against along with the entire Labour Party members. 

If a no-confidence vote by the opposition Labour Party is defeated as expected with 118 Conservative MP's backing the government in that vote, the uncertainty and rancour and bitterness will continue. May will look for ways to tweak the deal to get it through parliament. If this fails Britain could march out of the EU with no deal on March 29, 2019, or the date is extended. She opposes extending the date or having a second referendum.

LyrArc Article Gist
Canada's foreign minister in a speech in parliament says Canada will now "set its own clear and sovereign course." This follows a speech by Angela Merkel of Germany saying " the times in which we could fully rely on others, they are somewhat over." Both countries plan to take a bigger role in international affairs as the U.S. under president Trump is seen as not being able to or not wanting to lead. The U.S. withdrawal from the Paris climate change accord has shaken confidence in the U.S. role in international affairs in 2017.

LyrArc Article Gist
Rep. Ron Paul, assumes chairmanship of the House sub-committee that will oversee the US Federal Reserve. He is the author of the 2009 book "End the Fed." He is critical of the Greenspan-Bernanke Fed policy on interest rates, calling it an inflation of the money supply, penalizing the thrifty and cheating those who save, promoting consumption and spending over saving and investing. He views it as economically destructive. He views Fed policy in other areas as immoral, such as what he calls a counterfeiting operation-creating new money out of thin air- to sustain monopolistic financial cartels.

LyrArc Article Gist
Safeway invested $8 billion upgrading stores over past six years. As the economy has tumbled it is having atough time bringing down prices fast enough as frugal coustomers defect to other stores. Its prices are 10.7% higher than Kroger according to J.P. Morgan pricing study of 31 identical products.

LyrArc Article Gist
Yahoo's uncertain future as Board members differ with CEO Marissa Mayer on the right strategy. Mayer sees Yahoo's turnaround as taking more time and this not being the right time to look for a buyer. And the Board saying Mayer has run out of time for the turnaround.

LyrArc Article Gist
Orlik cites a 2011 survey from China's South Western University of Finance and Economics, which surveyed 8000 households and found that 55% of Chinese households had little or no savings for that year. 10% of households control 86% of wealth and 56% of household income. Surveys in 1995 and 2002 showed 10% of households controlled 31% and 41% of wealth. In the U.S. top 10% of households control 74% of the wealth, according to the Federal Reserve figures. What this means, says Orlik, is that before China can shift to consumption based growth the low incomes of the majority of households have to go up, requiring a major policy shift. Under current policies and even with movement in the direction of the DRC/World Bank policy report for China for a gradual shift away from state owned enterprises, there is little prospect for rebalancing the world economy.

LyrArc Article Gist
Weakness and lack of economic growth in the rest of Europe is having an impact on the growth rate in Germany. In the second and third quarters of 2011 combined, economic growth in Germany was 1.6%. The economic growth for France during that period was 0.6%. For the third quarter, acccording to Eurostat, the European statistical agency, Belgium had no growth, and the Netherlands reported a GDP decline. Spain showed no growth. Germany had higher growth rates during the early period of recovery after the 2009 financial crisis, and it now appears that this may be because German companies were better able to export, having held down labor costs, and the euro was weaker than what the rate for the deutsche mark would be. This shows a slowdown across the whole of Europe replacing the earlier situation where Germany far outpaced other European countries.

LyrArc Article Gist
The U.S. birthrate edged up slightly for the first time since the recession of 2008 led American families of childbearing age to defer having children. There were 62.9 births for every 1000 women of childbearing age in 2014, increasing from 62.5 in 2013, according to the Centers for Disease Control and Prevention. The total fertility rate also increased slightly to 1.862 children in 2014 from 1.858 in 2013. This is below the rate of 2.1 children a woman would have over her lifetime to keep population at the same level, without immigration. Kenneth Johnson, a demographer at the University of New Hampshire, estimates about 2.3 million more births if the 2008 recession had not led women to defer having babies. In 2014 U.S. births increased 1.4% to 3.99 million children from 3.93 million in 2013. Women over 30 and better educated are showing a larger increase in births.

LyrArc Article Gist
A Tax Policy Center study (joint project of the Brookings Institution and the Urban Insitute) shows $157 billion would be generated in the first year from an increase in taxes on the top 1% of income earners in the U.S., about 1.13 million households earning average $2.1 million, by increasing the federal tax rate from current 33.4% for this group to 40%. This could pay for a program to provide tution free education in America's colleges and universities. Even increasing the federal tax to 40% on the 115,000 households earning over $9.4 million on average, the top 0.1% of American households, would generate $55 billion in the first year, enough to pay for the $47 billion cost of tution free education at all of America's public colleges and universities, according to the Tax Policy Center. Economists including Stiglitz and others, point to significant impact of revenue generated from such a tax when applied to improving educational opportunity for the middle class and lower income groups. Education is a great leveler of income disparities as seen in the U.S. after World War II. During recent decades the highest income groups weren major beneficiaries of tax and economic policy, at the very time the middle class and factory workers were hit hard by global competition which lowered wages and exported jobs. The interest rate policies of the Fed after boom bust cycles also favored large investors in equity markets over smaller income earners with savings account deposits, whose savings experienced little growth under interest rates close to zero. ...

LyrArc Article Gist
Gail Collins of the NYT describes the Hillary she came to know during the period she was Senator, a liberating time for Hillary Clinton, when she could be more of a private citizen, free of the publicity and attention as an active First Lady.  She chose to take up her assignment as New York Senator by visiting constituents and getting to know New York state, coming from Illinois and settling in Arkansas with her husband Bill Clinton in the early years. As Hillary herself said that was the first time she had lived in New York, and it was a time in which nobody cared in a nation having gotten tired of hearing about the Clintons, a welcome moment for Hillary who chose in her inimitable style to get to knowing her constituents. Collins tells about the enthusiasm of middle aged women in those days when women used their husband's name just to get a credit card, and it was harder for women to get a job than men. Bill Clinton talks about the Hillary he knew at law school and the years in Arkansas at the Democratic National Convention in Philadelphia, and describes a real person that he came to know, not gregarious and easy with strangers as he was but with something deep inside caring for other people. One time he tells her that she could run for office, and she tells him in the courtship days that he was being silly that no one would vote for her. Americans must appear to Hillary as not caring much for First Lady or presidential spouses getting deeply involved in government, and American men not really passionate about women in key roles in government,  and as time passed and women in the thirties had grown accustomed to the newly won rights that Hillary and others had fought hard for to the point of looking for something new- throughout this Hillary was tested as never before. As the nominee of the Democratic Party for president she now had to prove that the old was also part of bringing in the new, that a passion for new encounters, experience and learning, combined with patience and perseverance, were also needed in the tasks of regenerating and renewal. If only she looked more carefully she would find that the first president having fought a long and difficult war for about ten years with men "half starved and often in rags", George Washington, also faced skepticism and doubts about him, which he alludes to frequently in his letters.      ...

LyrArc Article Gist
Zombrun describes the effect of low interest rates on savings for the bottom half of households in the U.S., the pressure to invest in stocks without the skills and experience of the better educated part of households in the top 20% of households by wealth and income. This resulted in a negative effect, a depletion of savings compared to an increase under a higher interest rates scenario with less pressure to take risks in a volatile stock market. This is the direct cost of the crises in stock and financial markets of 2000 caused by a internet bubble, and the larger crisis of 2008-2009 caused by the bubble in mortgages and housing. The secondary effects of the mortgage price bubble and faulty mortgage securities was in the millions of homeowners who went into foreclosure in 2009-2013, which further depleted wealth and savings of households in the bottom half lacking the experience and skills to navigate this type of housing market. The failure of the Obama administration to stem the foreclosures with practical steps which would have helped not hurt the banking sector, as suggested by FDIC's Sheila Bair and Harvard economist Martin Feldstein in many WSJ op-eds in 2010-2012, added to the erosion of savings and wealth of the bottom half. Minorities in particular were hit hard. A third effect is of communities across America that are feeling the effects of job migration to emerging markets such as China that has been underway as part of the globalization of the last three decades. A fourth effect in the rising cost of education, particularly since 2000, has reduced the opportunities for struggling working class people to enter the middle class and enjoy the higher incomes in precisely the very period when the divergence of incomes between less educated, less killed people and the more educated and better skilled people was taking place. The last two effects were neutral as part of the overall process of emergence of a globalized economy with a premium on more skills and education, requiring action by the government, universities and business for a concerted effort to mitigate in some places the negative effects and enhance in other places the positive effects. The first two effects were man made crises which required managing in constructive and positive ways for the entire American people, taking risks where necessary such as fears about the financial system if foreclosures did not go through. The risks of a long period of extremely low interest rates for savers and the middle as well as working class were poorly understood by the Fed since 2000. A similiar crisis is being faced in Europe with extremely low interest rates. Janet Yellen was only doing the honest thing by acknowledging how far and how different the situation is now compared to the period of three decades following 1945- a question not just of values cherished in America, also of the need for societies to advance through creation of wealth across all sectors of society or regress, as described by Smith in the Wealth of Nations....

LyrArc Article Gist
Paletta, Hilsenrath and Solomon give an exceptional journalism report on the silence and tension in the room at the meeting on Monday, October 13, 2008, at 3.00 pm in the Treasury building. It was an historic meeting between Treasury Secretary Paulson, Fed chairman Bernanke, and FDIC chairwoman Sheila Bair on one side, and the head of America's leading banks on the other side. The situation was explained, the bankers asked questions, bankers were not allowed to negotiate, and at one point Bernanke had to intervene saying there was no need for this meeting to have a confrontational tone. Wells Fargo's Kovacevich asked why banks had to accept a capital injection. Kenneth Lewis of Bank of America softened the tone of the meeting by saying that "any one of us who doesn't have a healthy fear of the unknown isn't paying attention." Even before the meeting an anxious John Mack of Morgan Stanley asked Paulson for the reason for the meeting and Paulson told him, "come on down, you will be pleased." John Mack who had fought so many rumors of the firm's demise, was surely pleased with the $10 billon injection of capital in Morgan Stanley by the government in return for preferred share and a dividend of 5%, which helped assure markets about Morgan Stanley's future. Goldman Sach's also received $10 billion. The meeting was ended at 4.30pm. Before this Timothy Geithner, head of the New York Fed, acting as the point man went around handing each CEO a term sheet with a place to sign. Another meeting was setup for 6.30 pm and at that time all the term sheets were returned - and all were signed. There was no meeting. Treasury officials and Fed officials and others had hoped that the intervening time would give CEO's a time to talk to their boards, to think things over, and clear their heads. In a few hours the government took preferred shares in the nation's leading banks and injected $125 billion into the largest banks. Treasury injected $25 billlion in Bank of America, Citigroup, and JP Morgan Chase, And between $20 and $25 billion in Wells Fargo, and $3 billion in Bank of New York Mellon, and $3 billion in State Street. Another $125 billon would be injected into other smaller banks in coming days. Officials at Treasury, Fed and FDIC and other government officials hoped this would give a "confidence shock" to the nation's banking system. ...

LyrArc Article Gist
In a sign of the changes roiling the pharmaceutical industry the off patent business of American maker Pfizer is based in Shanghai. The generics business of Mylan Pharmaceutical is incorporated in Netherlands and run from Pittsburgh. Pressure is increasing in the generics industry from manufacturers in India and China. Pfizer announced the merger of its Upjohn off patent pharmaceuticals business with Mylan to fight pricing pressures. Pharmaceutical prices in the U.S. are the  highest in the world and generics offer only small relief compared to the government mandated pricing of the same pharma products in India. Generics drugs are also offered at lower prices by distributors who buy in bulk adding to pricing pressures in the U.S. The government rarely intervenes in the negotiated prices as it does in India or in other countries in Europe including Britain.  In fact many asthma patients young and old alike are forced to do without inhalers because of the exorbitant prices set by American manufacturers with scant help from government under Democratic or Republican administrations in the U.S. In this respect middle class customers in India have better access to asthma inhalers as well as hundreds of other medicines basic to healthy living. This has created a greater level of basic equity/fairness in India as well as in Europe in this regard than in the U.S.  In this sense the pricing of basic care medicines in the U.S. adds to the sense of a lack of fairness. To that is added the manner in which the banking and financial industry operated resulting in the financial crisis of 2009 and damage to the bank savings accounts of ordinary Americans hit by unemployment, underemployment, and lower savings accumulation with interest rates kept low to offset the damage done by the banks through bad lending. This is also why an astonishing percentage of Americans like never before in the last 50 years do not have basic funds for spending to manage a health crisis in the family. Just as in times of the Depression in the U.S. industry operates in a way that is oblivious to what ordinary Americans are experiencing only to be excoriated by FDR. ...

LyrArc Article Gist
Anxiety in financial markets about exposure of French banks to Greece pulled down French bank stocks on August 10, 2011. Societe Generale shares were down 15%. A British tabloid the Daily Mail published an article on Societe Generale saying that it was in a perilous condition, and on the "brink of disaster." The Daily Mail later retracted its report. The rumors spread quickly in a jittery market, reminiscent of the rumors that affected Morgan Stanley at the height of the U.S. financial crisis in 2008. Sanford Bernstein analysts say in a report that the selloff in French banking stocks was based more on anxiety and the rising price of insurance of thinly traded credit default swaps, and not based on rational concerns about earnings and raising capital. Societe Generale says it has no exposure to Greek bonds maturing after 2020 on its books- to deflect fears of additional bank bondholder haircuts beyond 2020- and has taken a 395 million euro provision against losses on Greek sovereign bonds maturing upto 2020. The jittery condition of markets was also affected by rumors that France was about to be downgraded. Moody's, Fitch, and S&P reaffirmed that French credit ratings of triple A and stable outlook would not change....

LyrArc Article Gist
One manager looks at gaining experience overseas as a professional objective, after already having worked in Spain for 3 months, and spent 6 weeks in Germany as part of an MBA program. He is even opting for dual citizenship with Italy and hopes to use his EU passport to get new experiences.

LyrArc Article Gist
Simon Wilde of The Times Analysis of a Test cricket series for the Ages, India vs England 2025- showing 10 Key Moments in the Series of 5 Tests over 25 days of cricket. He compares it to Ashes cricket series back to 1981, 2005, and 2023. I would go furhter back to the West Indies Australia series of 1960 which ended up tied, with both sides having the same score down to the last run. It was a series in which Richie Benaud and Gary Sobers played major roles. Siraj has Christiano Ronaldo on his phone screen with the words BELIEVE! as he prepares for the final day's bowling. The catch of Siraj that did not count as he went over the boundary line for Brooks, and the last ball of the match at the Oval that flattened the wicket of Atkinson, the fielding effort of Woakes that cost him a dislocated shoulder and his heroic effort to come out for the 10th wicket when it was painful to run, the burst of sixes and fours knock of Sundar as India went up to 396, and the tense nervousness of the crowd in the final moments, Gill's perplexed face as he arranged the fielding deep at the boundary lines to avoid fours and the final sigh of relief when Siraj bowled out Atkinson- these were the moments that linger in the memory of the final test at the Oval in London. ...

LyrArc Article Gist
War in Ukraine after failed Alaska effort by US to end the war. In September 2025 Russia holds out, spurning peace efforts from the US president, to see if the economy holds out over the next 24 months and Russia can get Ukraine to abandon it's efforts to join the EU and Western European alliances. The baffling aspect of this war is that the neutral aspect adopted by Finland before the war, by Sweden, by the Swiss, was never considered as a realistic option by Ukraine, looking beyond the problems of the 1930's and having awareness that there were weaknesses in both the capitalist and the Soviet systems, to take the broad larger view. And with that being realistic that a better effort would be to reflect on the corruption and lack of clean government, the need to build the healthy institutions that would serve the people best. The approach taken by Gandhi in India in its relations with Britain, to preserve the best and improve on what failed the Indian people, and reflect on the integrity, the right attitude needed for India in the Modern World. From the Russian side the failure to use the period before the shift to renewable energy to invest the capital used in the war of $200 billion a year for a stronger economy and industrial base in 2022- 2027- an investment of a trillion dollars that would make it the industrial power and support its position as the preeminent power in Northern Europe. ...

LyrArc Article Gist
Supreme Court protects parent opt out of LGBTQ stories and requiring age verification for porn sites. Texas was where the civil rights movement got its support from president LBJ, a Democrat and FDR follower. And still Texas vote for the age verification for porn sites was voted for with support being 164-1. Yet Elena Kagan, who was a Harvard legal scholar, now Supreme Court Justice did not support this decision, and offered a flaky and irresponsible dissent- “Carefully drawn age verification laws stand a real chance of surviving.” What about the harm done to minors while the scholars quibble about legal writing. Kagan was in elite schools all her life, Hunter high school in NYC, Princeton Worcester Oxford, Harvard Law School,  and deputy assistant to Clinton, before Clinton's economic aide Summers picked her for Harvard Law School Dean, and Obama picked her for SC Justice. In 2025 these elitist backgrounds have failed, and are failing to address the problems of the Nation in a direct common sense way as faced by ordinary Americans and even by the 164 of 165 members of the Texas state legislature, which is saying a lot. A search shows failure of Google and of AI after search of 10 pages on Google no mention is found that the vote in Texas legislature was 164 to 1. Parents have to protect their rights and 22 states are now passing this law. ...

LyrArc Article Gist
New Hampshire is known from poet Robert Frost's days to chart out its own path. It did so yesterday in typical Robert Frost ways- "Two roads diverged in a wood and I- I took the road less traveled by, And that has made all the difference." Fettterman of Pennsylvania Masto of Nevada, Shaheen of New Hampshire and King of Maine all Senators who helped get 8 Senators to vote with Republicans on ending shutdown Nov 10, 2025. Tim Kaine of Virginia was pulled in because of the 300,000 federal workers in Virginia that are his constituents for whom he felt a special responsibility and negotiated with Republicans to reverse layoffs, get back pay. This may be a key achievement of Time Kaine that is truly bipartisan. New Yorkers Schumer and Jeffries not having a federal workforce to worry about had no such responsibility and led the effort against a compromise. Masto says she saw long lines in northern Nevada for food pantry that she had not seen since Covid. Maggie Hassan joined King and Shaheen from their part of Maine-New Hampshire, and Masto was able to pull in Jacky Rosen of Nevada. All these senators are not up for reelection next year and Dick Durbin is retiring next year. As an experienced leader of Democrats Durbin might have felt that the Schumer-Jeffries demand on ACA subsidies was only going to hurt Americans who needed help, that 40 days of shutdown was accomplishing little. ...

LyrArc Article Gist
Local elections for 181 local councils in Britain in April 2012 show the toll taken on the Conservative party led coalition government of David Cameron from austerity measures and general dissatisfaction with the government. The Conservative party Mayor of London won the election in London over Labor's Ken Livingstone, with a slim majority, largely determined on personality issues. Throughout Britain the Conservatives lost seats in local government. BBC projections with most of the votes counted show Conservative share of the vote dropping from 35% to 31%, Labor moving up from 35% to 38%, and the Liberals remaining at 16%. Labor gained 823 seats, Conservatives lost 405 seats, and Liberal Democrats lost 336 seats. Voter indifference was shown in the voter turnout at 32%, the lowest since 2000, according to the BBC. Cameron said he would continue with his austerity program and cuts in spending, saying "these are difficult times, and there aren't easy answers."

LyrArc Article Gist
Germany's Foreign Ministry warned in a cabinet note that investment by China's COSCO in Hamburg port terminal "disproportionately expands China's influence on German and European transport infrastructure as well as Germany's dependence on China." Germany handed over a 25% stake in the Hamburg port terminal to China's COSCO shipping with the decision approved by chancellor Scholz. Several government ministries in Germany including the Economy ministry headed by Habeck and the Foreign Ministry have opposed the bid which is seen as having geopolitical aspects as Germany has no stakes in Chinese ports. "On behalf of the Foreign Ministry, I point out the considerable risks that arise when elements of Germany's transport infrastructure are influenced and controlled by China- while China itself does not allow Germany to participate in Chinese ports," said the note from the Foreign Ministry brought forward by Anna Luhrmann, Minister of State for Europe.  China is seen by Germany and NATO as posing security challenges. "In this respect the acquisition of the container terminal does not only have an economic aspect, but also a geopolitical aspect."  ...

LyrArc Article Gist
The symbolism of the Ramstein Air Force Base is unique as US Defense Secretary Austin says this months meeting of Blinken and Austin at Ramstein with their European counterparts will be followed by monthly meetings. Lloyd Austin sees this as a monthly group on Ukraine self-defense. Ramstein Air Force base is the headquarters of the US Air Force in Europe, and of NATO Allied Air Command. For the first time the invasion of a free people and country in the middle of Europe is being taken seriously in Europe and the US.  In Germany Annalena Baerbock and Robert Habeck of the Greens have joined with Mr. Lindner of the Free Democrats to express the same views in the coalition government with the Social Democrats, making it clear that the German people are with the Americans and European leaders gathered at Ramstein base. The earlier symbolism of Merkel and Steinmeier and a German position of a bystander in the changes happening in the world in China and in Europe are now seen as having emboldened the Russian invasion of Ukraine. India and most Asian and Latin American countries and the UN Secretary General have called for an immediate end to the invasion.  ...

LyrArc Article Gist
This report in WSJ says Mr. Musk's agreement with Twitter for the $44 billion merger had terrible timing. It comes with the future for social media companies becoming dimmer and the plunging shares in Tesla with the high inflation and the war in Ukraine hitting stocks.  It is striking that Musk around January 2022 before the invasion of Ukraine referred to Twitter as "the future of civilization," as reported by WSJ. This was typical of the hyperbole and talk typical of the last two decades that hyped up internet stocks. Musk said- "Having a public platform that is maximally trusted and broadly inclusive is extremely important for the future of civilization. I don't care about the economics at all." Twitter stock meanwhile has dropped to 20% below the price it came into public markets in 2013, now at about $35 a share. Mr. Musk agreed to buy Twitter at $54.20 a share about 50% more than it stands now. Twitter ad revenue outlook is dimming further as has happened at other social media companies and the company is now cutting jobs says the WSJ. ...