LyrArc Article Gist
Mohamed Bin Zayed was educated at the Royal Military Academy at Sandhurst in the UK and graduated in 1979. He is a strong proponent of US leadership in the Gulf region and Asia. He is now the third president of the United Arab Emirates with which India has significant trade and economic relations with 8 million Indians living in the Gulf region. Of the approximately 10.1 million people in UAE about 1.1 million are citizens and the rest are foreign workers. Mr. Modi has thanked Mr. Zayed for the good treatment given to Indians in the Gulf region by Zayed and his administration. 

LyrArc Article Gist
The significance of the economic relationship of UAE and India with the visit of prime minister Modi to Abu Dhabhi on June 28 on the way back from the G7 Summit from Germany. Under recent trade agreements trade with UAE will increase to $100 billion in 5 years. 8 million Indians live in the Gulf region with remittances of over $50 billion a year. During Biden's visit to the region there will be a meeting of a new grouping called 2I2U referring to Israel, India, US and UAE.

Mohamed Bin Zayed or MBZ is a clear proponent of a strong leadership by the US in the region and in Asia and maintaining peace in the region after so many disastrous wars.

LyrArc Article Gist
This report in the WSJ is about extensive cheating in ethics exams in continuting education for licenses in accounting. The failure of big accounting firms to prevent cheating. Ernst and Young will pay a $100 million fine after the SEC under Gurbir Grewal conducted an enforcement action. 

Other firms and banks have had similar problems in ensuring ethics standards are followed. For the first time in 3 decades Ernst and Young is considering splitting itself up into a consulting and a separate auditing company in recognition of the principle that combining the two activities is flawed to begin with. Increasing sales in the consulting activity leads to diluting the strength of ethical practices in the audit activity when the two are within one company. The two are diametrically opposite in intent and the tolerant attitude to combining such activities since the 1980's was itself an early mistake.

LyrArc Article Gist
A former Jharkhand state governor nominated for president of India. She will be the first tribal woman elected president of India if elected. She was born in a district in Odisha in 1958 and is from the Santhal community. She was a teacher at the Aurobindo Integral Education Center before running for the state legislature. 

LyrArc Article Gist
A global price cap on oil action by prohibiting insurance companies from insuring shipping companies that transport oil at a price set below discounted Russian oil. The idea was first discussed by president Mario Draghi of Italy with president Biden. Biden thinks this is a good, so does Mr. Macron of France. The questions remain on how this would be implemented in practice.

LyrArc Article Gist
NATO Summit in Madrid comes right after the G7 Summit. Just days before the NATO Summit in Madrid a number of important steps are taken. The NATO Response Force is increased from 40,000 which lacked deterrence to 300,000. Additional military spending of $100 billion announced will increase spending by the amount of the entire Russian defense budget. Turkish backing for Finland and Sweden to join NATO was negotiated bringing more capabilities and a long border with Russia in the Baltic into the picture. The G7 Summit will be seen as setting the framework of close cooperation and understanding of leaders of western and eastern democracies in the world including Africa, Latin America and Asia. Invited were leaders of South Africa, Argentina, India and Indonesia, major parts of the Free World in the 20th century and now into the 21st century. NATO Summit in Madrid adds to these leaders the leaders from Australia and South Korea. The idea here is to address the changing situation in Asia with China's aggressive posture in the Himalayas, the South China Sea, and with Taiwan, and the close cooperation with Russia during its invasion of Ukraine. ...

LyrArc Article Gist
The meeting of G7 leaders and of leaders from India, Indonesia and Argentina, South Africa, ended with a sense that economic sanctions the preferred tool against the Russian invasion are not working after 3 months. Discussions with India, Indonesia and other poor countries show the need for the developing countries for access to their large populations of oil at reduced prices from the recent skyrocketing prices. With oil and energy purchases made by China and India and other poor countries for reasons of price discounts from $125 per barrel oil, Russia is able to sell oil in other markets making up in price for the drop in volume.