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Achieving net zero emissions by 2050 will require huge amounts of capital. One estimate is $131 trillion. Where will it come from. The UN Glasgow Financial Alliance for Net Zero says financial groups with assets of $130 trillion have committed to its program to cut emissions. This WSJ report says that is enough scale to generate $100 trillion through 2050 to fund the investments needed for new technologies and provide the finance for companies to restructure themselves in a new world.  The question is how much of this is real as banks, insurers, pension funds and private investor groups are only now taking on the task of restructuring the finance industry. It was not even addressed during the 2015 Paris Agreement on Climate Change talks. For this to be truly transformative and the transformative changes to take place governments have a critical role in requiring a common standard for reporting and measuring climate change progress. Government regulatory action and oversight is essential for timely and rapid action to take place. Financial regulators, including the US Federal Reserve and the Bank of England have agreed to add their own oversight through reviews and disclosure standards. The problem is that private sector plans are not concrete. Data is non existent or inconsistent and measurement is not taking place across all of the financial sector on key parameters. The UN has limited power to enforce rules. Who will act to ensure decisions are taken, progress measured after standards are set, transparency set, and how can governments deliver on each step through 2030 ensuring the transformation of the financial sector so that the decisions are taken according to a master plan for climate change in the US, UK, European Union, and India.   ...

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The inflation worse than Germany in the Great Depression, and the collapse of the economy made worse by US sanctions of Democratic and Republican administrations on Venezuela's Maduro regime has led to the largest migration in the history of Latin America. About 7 million refugees leaving a country of about 28 million people or a fourth of the population in a large oil producing country. Socialist Policies of Bolivarist military leaders promoting populism such as oil at pennies a gallon led to the collapse spiralling inflation, and as relations worsened with the US and its oil sector was neglected. US sanctions played a part by 2012. Yet the economy worsened with further deterioration and stronger sanctions under the Trump administration by 2017.  The situation is such that even the US and both parties had never anticipated this, and not the middle and educated, or the working classes in Venezuela. Such a massive failure has never happened in Latin America in its whole history in the twentieth century. Considering the scale of this disaster, actions of all parties in Venezuela, and the political parties in the US have at every step exacerbated the situation. For further interest on this topic use search term Venezuela. ...

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Sofia Diego from the Southern European region of Spain and Portugal, says the idea of a multi-speed European Union as put forward by some in Brussels, including Jean-Claude Juncker, is not the answer- because at some point it makes the whole exercize of a united Europe futile with some countries choosing to ignore the very ideal of European unity. In fact she says we have come too far in that direction and it is necessary to pause and reflect what this means. France's leading presidential candidate Emmanuel Macron has called for a closer union as a better solution to eurozone financial stability with a tighter union. German public opinion and other opinion in the EU does not favor more concessions following Brexit. This opinion from a Southern European country shows how young people especially have developed a new attitude and feeling of togetherness as the European generation. Young people from all parts of Europe have a changed attitude compared to previous generation, and this is a valuable experience that needs to be nurtured with closer interaction to take the EU experiment to the next stage. ...

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Republican presidential candidate Rick Perry said in a nationally televised debate with Mitt Romney, Jon Huntsman, Michelle Bachmann and Ron Paul, that "maybe it's time to have some provocative language in this country." He did not hesitate to call Social Security "a monstrous lie," and a "Ponzi scheme." He said making economic decisions on the basis of climate change science is "nonsense," saying Galileo got outvoted for a spell. And he had this to say about Obama, Rove and Bush. About Obama- "has some of the poorest intel of a president in the history of this country, or he was an abject liar to the American people." About Karl Rove- "Karl has been over the top for a long time in some of his remarks, so, you know, I'm not responsible for Karl anymore." And Bush- "I don't think America needs to be in the business of adventurism."

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Boeing reaches a tentative agreement with the International Association of Machinists & Aerospace Workers in Nov. 2011. Under the agreement Boeing will build the 737 MAX, a retooled version, at a union plant in Renton, Washington. In exchange the union will not oppose Boeing's use of a new nonunion plant in South Carolina for assembling some 787 Dreamliners. The agreement when approved by union vote would extend the contract for 4 years till 2016. Advantages to Boeing lie in labor peace during a period when Boeing plans to increase production by about one third, over 2012-2014, to meet aircraft orders of $332 billion. Existing 737 production has been moved up to 35 a month, going up to 42 a month, accelerating the pace significantly, making it important for both sides to avoid labor discord. The Max first delivery is planned for 2017. In the current unemployment crisis there was considerable incentive on both sides to resolve the issue quickly, after the union had raised the issue with the National Labor Relations Board. It provides Boeing with flexibility in assembling some of the 787's in S. Carolina along with assurance for union commitment to productivity, and gives the union assurances that Boeing will continue to maintain significant maufacturing presence in the Washington area, a win-win for both sides. The NLRB appeal will be dropped by the union....

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As the Nation looks to take care of it's farmers, a look at two farms in Wisconsin dairy country. One is a milk farm Norm Lane in Chili Wisconsin which supplies 200,000 pounds of milk to a cheesemaker Nasonville Dairy in Marshfield, Wisconsin. Shown in this story in NYT are the Master Cheesemaker Ken Heimann who runs the Nasonville Dairy which produces Colby, Cheddar and other cheeses. Also shown are Josh Meissner whose grandparents started the mil dairy Norm Lane in 1946.  The economics of dairy farms are such that they depend on the government to set the price and with all the competition the margins on milk are quite thin. This is true for cheese also where there is the West Coast production of cheese that has larger output and greater mechanization than Wisconsin's cheesemakers. What keeps the dairy industry going these days is the production of whey protein a byproduct of the cheese making process. This has much higher margins with prices up from $3 a pound of whey protein to $10 a pound. On a typical day the Nasonville Dairy can turn out 150,000 pounds of cheese, and 150,000 pounds of liquid whey protein. ...

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Relevant to British India and Gandhi in 1921 was this story about the Irish Conference and the setup of the Irish "Free State."  Also relevant  to  Nivedita, (N of RVk) from Ireland. How the Irish Conference achieved what had baffled generations of Irish and British people for two centuries is shown in this article in The Times on December 7, 1921. After centuries of British rule the Irish Free State was agreed on, and the state that is today Ireland and  a member of the European Union established. The Times says Sinn Fein rightly agreed to see this as a first step to the eventual unification of the island, not as as agreeing to partition of Ireland. It says- "An agreement was reached yesterday morning that ended the secular feud between the British and Irish peoples forever." A feud that lasted for centuries under British rule of the island of Ireland. It also says Sinn Fein leaders had proved themselves to be "courageous statesmen," and added- Instead of pursuing the shadow of an Irish union enforced by legislation, they have boldly played for the substance. Enemies of peace may allege against them that they have consented to the partition of their country. But to any such allegations they have a reply. The scheme to which they have consented brings Irish Union at an early date into the field of practical politics. No other scheme that Ulster would have agreed would have brought union nearer. Sab ka vikas, sab ke sath, sab ka viswas offers the path to a settlement of differences in Indian subcontinent to bring together in peaceful cooperation and development all parts of India that were pulled together and reconstituted under British rule and arrangements for democracy in 1910's and the 1930's, 1950's with the right to vote for self government. Ireland has also setup a similar arrangement for cooperation in the spirit of development on the island.   ...

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Queen Elizabeth's voice is heard on the microphone before a meeting of the Welsh parliament: "We only know about people who are not coming to the Glasgow Climate Change Summit, its very irritating that they say but they don't do." China had promised to peak coal use by 2030, and help achieve reducing global warming under Paris summit goals. This looks like a remote possibility today as China faces blackouts and factory closings from reducing coal use.

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This video in The Indian Express shows how president Biden invoking US defense act provisions to ensure supplies of vaccine ingredients to US companies prevents exports to countries that badly need it. India has surpassed 300,000 daily cases of coronavirus on April 22, and India's largest vaccine manufacturer Serum Institute of India says vaccine manufacturing in India is restricted because of president Biden invoking that law. 

India's vaccination drive is stalling because of not enough vaccine supplies.

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Steve Scalise of Louisiana and Jim Jordan of Ohio are candidates for the position of Speaker in the US House of Representatives. WSJ looks at the career and political positions taken by Steve Scalise who favors aid to Ukraine and working in incremental steps. Scalise has also come to agreement on raising the debt ceiling. Former Speaker McCarthy is said to favor Jim Jordan for the Speaker's position. Some Republicans who want a non traditional choice also favor Jordan.

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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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This WSJ report shows the Kimmich goal that won the game for Bayern Munich against Dortmund. Three weeks of practice have improved the goal scoring for many Bundesliga teams. Goals scored as a percentage of opportunities has gone up from 15% to 19% for Bayern, and from 19% to 26% for Dortmund. Dortmund's coach says they made the best of it during three weeks of practice starting in April when within social distancing guidelines the Bundesliga began practice. Lots of technical work, work in front of goal, and stuff they never get to practice. Pandemic practices created so much more time for shooting. The goal that Kimmich made was one that he had done in practice. 

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How to safely return to normal exercize routine after a year of less activity has lowered our baseline that we begin with. This risks injury if not done correctly. This article covers how to do this safely.

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The story of the Pfizer BioNTech vaccine is the story of 2 chikdren of Turkish immigrants to Germany. Sahin the son of a engineer working at a Ford factory in Cologne, and Tureci the daughter of a surgeon working at a hospital in Mainz Germany. Sahin was born in 1965 on the Mediterranean coast in Iskerundun, Turkey and he went to Germany when he was 4 years old, his father being recruited in a new effort to rebuild Germany with foreign labour. Both are motivated by scientific research and the drive to come up with some method to tackle cancer for patients with new research and cures.  Both did their doctoral dissertation on experimental therapies at the Johannes-Gutenberg University of Mainz in Germany, and both joined the faculty there. Sahin spent years studying the mRNA , genetic instructions that can be delivered to the body to help it defend itself against viruses and other threats. Much of this mRNA research was already at an advanced stage in January 2020 when Sahin heard about the coronavirus in China. At that point he saw the potential of retargeting the mRNA research to tackling the coronavirus. By this time he already had his own company with over 200 million euros invested in it  by investors including Helmut Jeggle, now supervisory board chairman of BioNTech. This report says he sat down one Saturday, January 25, 2020 and working on his computer designed the template for 10 possible coronavirus vaccines, one of which would become BNT162b2, the vaccine now approved in Britain. On the same day he told a surprised Jettle that he would refocus the company on the new virus that had not yet hit Europe. Shain he says cited the Hong Kong flu that claimed 4 million lives. Why Pfizer. Pfizer had already been working with BioNTech on a new flu vaccine based on mRNA technology. A cooperation deal was signed with Pfizer in March for organizing clinical trials, manufacture globally, and distribute the vaccine. BioNTech then acquired a U.S. company and a German pharmaceutical factory in Germany. ...

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Xi Jinping's experience as Communist Party secretary in eastern Zhejiang province, and in running Shanghai, gave him insights on how the private sector had changed the province and the weakness of state run companies; as well as how state run companies operating efficiently such as SAIC in the automobile industry in Shanghai had achieved success by diversified ownership through listing on the Shanghai Stock Exchange. Studying how Singapore's Temasek has provided efficient management of state owned enterprises, which are run like private companies and have private investors and compete in markets; has reinforced the idea in the Communist Party that state ownership in key sectors can be maintained. The idea being adopted is retaining a majority controlling interest for the state at the same time as transformation of state run enterprises to operate similar to private enterprises takes place. The new plan put out by the Communist Party and the State Council, China's cabinet, takes up reform of the large state owned enterprises in China along these lines. The enterprises will take on private investors, list on stock exchanges, and operate like private companies hiring managers at the market rate. The energy, resources and telecom sector state enterprises will be reorganized as asset investment firms, and these enterprises will be required to operate like private companies to maximize profits, hire managers, and list on stock exchanges. ...

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Bill Ford answers some very pertinent and good questions with confidence and clarity in a meeting with Maria Bartiromo of CNBC and Business Week. His answers are direct and show his thinking today and throughout his difficult experience of the last few years struggling to establish his presence at Ford Motor and then struggling to get the right person to run the company. "It hurts us to see the employees of the company suffer," and this has made this experience at Ford have a personal impact as Ford traumatized over the layoffs of employees with many years of service. And he himself was not easily accepted in the prevailing culture of the time at Ford, and asked to drop his contacts with environmentalists when he joined the Board, which he says he told them he had no intention of doing. He knows his managers had foresight in borrowing a "ton of money" just before the credit crisis struck, and which will be a key to going through any further deterioration of the market in the next 2-3 years. Much clearer than any of the other manufacturers is Ford's new vision under, Bill Ford, Mullaly and Farley, with the finance guys in the background, of Ford as a car company and focused on smaller fuel efficient automobiles. And Bill Ford's vision and aspiration has a lot do with it, who he helped bring in and what he supported and pushed for in the old Ford culture helped Ford to grasp a vision of its future with clarity and purpose like a new beginning. Ford will continue to make trucks but it believes as Bill Ford does that the market will never go back to its old ways, that the absolute price of oil will have less to do with it than the psychology which will push for smaller more fuel efficient cars. And as he points out its European cars are" extremely well appointed and very, very succesful and extremely profitable"....

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It may come as a surprise that even a conservative Republican Senator Lindsay Graham of South Carolina, talked recently on CSPAN television about the US needing immigration in an organized manner to meet the growing shortage of workers in the coming years in the US. This report by Alicia Caldwell in the WSJ looks at the city of Topeka, Kansas, home to University of Kansas in nearby Lawrence, which is trying to attract immigrants who are allowed to work to meet 6600 worker positions that remain unfilled. Mayor Michael Padilla of Topeka is a cross between a liberal Republican and a conservative Democrat as are many immigrants from countries in South America. The Greater Topeka Partnership is looking to attract Spanish speaking people to fill these jobs, because of stagnant population and a lower unemployment rate than the US average. This effort in Spanish language has resulted in 10,000 resumes submitted. Another effort for Uniting with Ukraine has brought 160 Ukrainians to Topeka. These efforts are happening since 2019 and in some cases the city has offered $15000 a person for relocation costs. Citywide the effort is being welcomed including the business community. Topeka, a town of 126,000 is home to 17% Spanish speaking residents. Molly Howey who heads Go Topeka and the Greater Topeka Partnership is shown here, and says Topeka had already had success with its Spanish speaking population when it started welcoming new immigrants.  The rapid recovery of the US after the pandemic and its resilience for growth over the next decade is creating a recognition among Republicans as well as Democrats, among economic planners and business of the need to fill shortages of workers as the US invests trillions of dollars in its economy in coming years in infrastructure, manufacturing and and new technologies. It is an effort that is unprecedented since the post war effort to build a modern economy in the 1950's. ...

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The blue collar city of Wilkes-Barre in Pennsylvania in October 2024- Harris makes the pledge to get rid of college degree requirement for jobs. Something Governor Shapiro had learned working in rural and working class parts of the state. All about respect and opportunity.

Governor Shapiro learning from his campaign in 2022 says-

 “I can remember some conversations I had early on in the campaign, about how they felt disrespected by the Democratic Party that only talked about helping people earn a college degree.”

Kamala Harris says in Wilkes-Barre-

For far too long, our nation has encouraged only one path to success.”

 

 

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US housing prices are seeing a decline in 2022 as a result of the Fed's interest rate increases even though there is no extra supply of housing. Renters are staying away from high mortgage payments at the higher rates, and families with a 3% mortgage are staying put rather than risk making larger mortgage payments for a new home. Fed's Jerome Powell has this to say- "You had housing markets go up at very unsustainable levels and overheating. Now the housing market is going through the other side of that and hopefully coming out at abetter place." This is more like the drop in demand for housing in 1979 which revived in 1983 after the Fed eased up on increasing rates, says the WSJ.

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Paul Singer, head of hedge fund firm Elliott Management and its unit NML Capital, has relentlessly pursued a case in U.S. courts involving collecting full payment on bonds from the Argentine government after its default on the bonds in 2001. Singer bought bonds with face value of about $170 million according to legal filings, but paid a price well below the original value. Elliott and other investors are now seeking $1.5 billion, including unpaid interest. Judge Griesa's ruling in a federal court in Manhattan blocks Argentina from paying bondholders who accepted an agreement for about 25 cents on the dollar from being paid $530 million in interest in July 2014. Argentina has to consider other risks in settling the dispute as more than the $1.5 billion as a one off payment is involved, because as Stevenson points out in another article (see link), the payment could run from $15- $27 billion depending on whether it then has to pay all holdout bondholders or all exchange and holdout bondholders at a higher rate. The result is an intractable dispute beyond the statement of honoring creditor rights, seen by a debtor country facing difficult finances in a different light. Serving as a reminder for Greece, Argentina, and other countries with chronic borrowing and debt history about the need for care and constant vigilance on state finances. In May 2012 Greece paid over $436 million in a one off payment to holdout bondholder financial firm Dart Management in a similiar bind, even as pensions were being cut and Greeks protested daily on Athens streets with over 20% unemployment (see link)....

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German Foreign Ministry is to take up question of dependence on China in 2026, and a commission will look into it. Yet this comes 2, 3 or 4 years too late. Germany is scrambling to develop it's foreign policy. German Defense officials in the military say they no longer have 24 contact with their US counterparts. Germany is pulling Britain and France with it to counter any signs of weakness in Europe, so that the three countries can act as a counter weight to the US, and to Russia allied with China. Merz is now called the foreign policy chancellor. So much has changed from the Merkel days which are years that were wasted in infrastructure, digital, foreign policy, and migration policies that make sense for people's ease of living. Germans may have underestimated Merz in the way they overestimated Merkel, lacking the clear view of what the future requires from Germany in a world filled with China, India, Brazil and the other nations of Europe, and the US, a world which requires confidence and investment. ...

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1.2-2 million barrels a day go from Iran's Kharg island through Straits of Hormuz for ship to ship transfers in South China Sea, then labeled Emirati oil and unloaded at refineries on Shandong coast. These refineries are called teapot refineries. In this way US sanctions are avoided. Shipments of oil were about 700,000 barrels a day before 2023. After 2023 this more than doubled. China gets this at a 10-15%  discount costing Iran about a third of revenues it would otherwise be able to sell this oil if it decided to work with the US in a new arrangement. This report in FR24 shows China as limiting it's relations with Iran to oil, careful to not let it affect more important trading relations with US European Union, and Germany. This is similar to the situation for Venezuela -which under a new arrangement the US has with Venezuela- now gets market prices for its oil increasing it's revenues substantially by about one third to benefit the Venezuelan people suffering from high inflation and economy wrecked by sanctions. ...

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German chancellor Olaf Scholz is on his first trip to Africa. He called for serious attention to problems of food and energy supplies, energy prices, in African countries. He visited Niger, Senegal, and this interview with DW.com was done in Johannesburg, South Africa. Scholz called for European countries to assume responsibility for their colonial past and to increase food supplies to Africa. He said "it is obvious that a lot of countries are suffering from this war" with the grain shortages that are hitting Africa hard. In the intervew Scholz tells DW Political Editor Michaela Kufner that he has talked directly with Putin and told him that the war "will never have a good outcome" for Russia. "They will go back in their opportunities of economic development for decades, tey will suffer and they are suffering, and for getting out of this Putin has to stop the war." Scholz said Putin had made the decision to wage " a very brutal war" with "an imperialistic approach" and manner of thinking. ...

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This view in WSJ about Trump the candidate being no different in 2024 than eight years back in 2016, by Gerard Baker, gets 3813 Comments from Readers. It says Trump today in 2024 is no different than in 2016, only then he faced a candidate Hillary Clinton who had spent so much time in endless foreign travel as Secretary of State, that she had lost touch with the American people. In that situation Trump prevailed and that by only 90,000 votes in 3 states. Baker comes to this conclusion by reading carefully and objectively assessing the meaning of the Mar Lago interview that Trump gave last week. He says this time Trump is up against someone who is clearly in touch and and a seasoned politician. One that is able to give voters a chance to project on a clean slate whatever they want to see. This even though Kamala Harris has well known views from her days as Attorney General and Senator. Baker sees Trump lacking a coherent message and failing to provide a vision for the future, simply restating what was said before. ...

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U.S. president Trump has a meeting with the Pope at the Vatican in which both were seated at a wooden desk in the pope's private study, and both listened carefully. Trump told the pope, "Thank you, thank you, I won't forget what you said." The pope gave Trump an encyclical on the environment, in which he said that capitalism had contributed to degrading the environment and this hurt the poor. Trump said he would read the encyclical. The U.S. president was critical of the Paris climate change accord on the campaign trail in 2016. Now as he decides whether the U.S. should withdraw, aides at the White House in favor of it see this as an opportunity for Trump to get a better understanding of the issue before deciding. Mr. Trump gave the pope a first edition copy of Martin Luther King's writings, and Francis gave Trump a medal bearing an olive branch. Trump then met for 50 minutes with the Vatican Secretary of State Cardinal Parolin.