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According to ComScore the Yahoo internet site had 618 million unique desktop visitors globally in October 2015, compared to Facebook's 863 million. But for Yahoo this traffic is not yielding much in terms of revenue and profit. Yahoo's lack of quality content to command premium pricing means a continual decline in ad revenues. Analysts point to the lower quality of traffic on the Yahoo site, fewer direct searches on its site relative to clicks on ads, and aspects of its collaboration with Bing and Google, as serious problems. Compared to Google News, Yahoo News is chaotic and likely to draw less quality traffic, with the addition of Kate Couric and other commentary not having much impact on the gradual deterioration of the site. Facebook is dominant in mobile with $3.4 billion in revenue in the third quarter of 2015, compared to $271 million for Yahoo. As a result Yahoo's internet site based on its current share price in Dec. 2015 shows a small or insignificant valuation considering the level of traffic. ...

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John Havens who was cofounder with Vikram Pandit of Old Lane which Citigroup acquired to bring Vikram Pandit to Citigroup, has spent 20 years working side by side with Pandit going back to his Morgan Stanley days. Now Pandit has made him head of the investment banking and alternative investments group at Citigroup.

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Mr. F. W. De Klerk, former president of South Africa from 1989 to 1994 and deputy president under Nelson Mandela till 1996, set the path for reconciliation and a mutiracial open society based on democratic process after Apartheid. Here he says some of the original vision for reconciliation and multiracial society based on constitutional processes is being lost under the presidency of Jacob Zuma of the ANC. He points to the growth rate of 5% achieved under president Thabo Mbeki from 2005 to 2007. The economic stagnation and corruption under the Zuma administration means South Africa is falling behind in tackling problems of wide disparity in incomes of the vast majority of black people, as only about 15% of the black population have benefitted under president Zuma. WIth political appointees in key positions for state run enterprises, municipal administration, and in the public service, services to the public are deteriorating. The Communist Party's hold on key postiions in the ANC and 12 cabinet positions, is reversing policies for an open economy with more state control. De Klerk says the point at which this happened was in Dec. 2007, when certain factions led by Mr. Zuma took control of the ANC at its national conference in Polokwane. The drop in commodities prices have hit South Africa hard and poor management of the economy adds to South Africa's many problems in 2015....

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The authors of the book Red Capitalism, two bankers, Walter and Howie, describe the evolution of China's banking system from the early days of 1974 to the present day. The account shows a sophisticated system of markets and companies, but behind the facade, is a more primitive system with its good side and problem areas. Risk is hard to define or capture in this system as the system is for the most part closed, trading entirely with itself. State controlled banks deal with stae entities in ways that are not so transparent. This distorts external perception of China's solvency. state debt for example is low, about 20% of GDP by one measure, but when all government obligations are added together, the authors say it is 76%. The whole business of providing, receiving and regulating money involves different state entities. As the system trades with itself, critical information about liabilities and pricing is concealed or difficult to figure out. The lack of outside entities setting prices disrupts efficient capital allocation and lets excesses grow within the system, making for concern about the future of this system.This is especially true considering that with the Asian crisis of 1997, then the US banking crisis of 2008, and the current crisis in the Euro-zone countries banking systems, excesses eventually take root....

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The Egyptian military announced the names of a eight member Constitutional Committee. The committee will be given the task of rewriting six articles of the constitution. These articles relate to presidential term limits, judicial oversight of elections, and parts related to curbing the president's powers to amend the constitution and restrict civil liberties, including sending civilians to military tribunals. The committee is asked to come up with recommended rewriting of these articles in 10 days. Reports say the constitutional changes will then be put to a popular referendum. The committee will be led by Tareq al-Bishry, who is a retired judge and a prominent historian. Mr Bishry and a Cairo University law professor, Atef al-Bana, are thought to be followers of a modern Islamic school of thought. Other members are Sobhi Saleh, a popular member of the Muslim Brotherhood who represented Alexandria in parliament from 2005 to 2010. About the selection of the committee, Abdel Yousef, a senior official of ElBaradei's National Association for Change, says the names are a good sign from the military. See the heart rending account of Sobhi Saleh and a prison set on fire from which he makes his way out after his arrest during the protests. The account is by Nicholas Kulish in the New York Times, Feb 4, 2011....

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BP is by far the oil company most concentrated in deep water oil exploration. So it is coming up for criticism in the industry for not having prepared better for a subsea oil leak at this depth. Talking with journalists BP's President Tony Hayward acknowledged this failure to "prepare for an emergency of this kind. " BP appears to observers to be trying to create the technology to deal with the leak on the go, and Hayward accepted this criticism by saying BP should have done things differently and had the capability to act instantly. Hayward went through two days of hearings in Congress, and the exchange of blame between Transocean Ltd, the Swiss based company that owned and operated Deepwater Horizon, and Halliburton which provided services for the rig, and BP, only worsened its image. Testimony showed that company managers at BP decided to go ahead with finishing work on Deepwater Horizon well even though tests showed highly combustible gas had seeped into it. The failure of a massive effort at its Houston offices to have much to show for results, only demonstrates that poor quality systems and maintenance cannot be corrected easily no matter what the scale of the effort. The publicity surrounding BP's handing out contracts to potential claimants to seal off future claims has not helped....

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Adam Bryant interviews Barry Salzberg, new CEO of Deloitte Touche Tohmatsu. Salzberg pays attention to tried and tested ideas and this adds to the value of what he has to say about managing and leadership. He emphasizes being prepared, being a little proactive and forward looking, thinking ahead. Its about being transparent and having people reporting to you being comfortable with being open and direct, sharing everything they know. He talks about the importance of being open to feedback, even as in his own personal experience when it takes effort, and takes some maturing to learn from what one hears and what people are saying. Questions he says that reveal more about a person are asking- was there something in the last few years that did not go well, why didn't it go well, and what did you do about it. In work his advice is cascade the things you learn through the organization by sharing it with others. Be yourself not what what someone wants you to be, find that thing which makes you unique, find ways to express this and make your contribution this way. And he says get out of your comfort zone to widen your horizons and see and experience new things. As Salzberg says these things were true in 1980 in his early years and are just as true today in 2011....

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Fears of nervous investors is now touching the bond markets. AIG's insurance subsidiaries traded their bonds at prices ranging from 38 cents on the dollar to around 81 cents, from more than 50 cents on the dollar a month ago, according to MarketAxess. Investors are worried that future restructurings will cause cash generated by AIG's units to go to the government before its bondholders, as the government has already chalked up a huge bill of $177 billion for AIG. Long term bonds of triple rated General Electric Company, which with GE Capital is the largest US corporate debt issuer, dropped last week to 63 cents on the dollar. Again investors are worried that they may not get all their money back. And again GE's CFO Sherin had to reassure investors that GE's capital position was strong. The bonds of Citigroup are trading at 70 cents on the dollar. Sales of blocks of securities called "bid lists" are not a good sign, as big groups of sales are an indication investors are desperate to unload investments quickly. Bonds issued by Goldman Sachs and General Electric without the government's backing have dropped to 96 cents on the dollar and 73 cents on the dollar, respectively in the last few days. Their government backed debt trades at close to full value or 100 cents on the dollar. ...

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Ajami makes the point that opinions and attitudes -after the Obama efforts to improve America's standing in the Muslim world - havent changed much since the Bush days. He cites the Pew Global Attitudes Survey for 2009- In Turkey after the Obama Anakra visit favorable rating is only 14%, 69% are unreconciled. In Egypt 27% have favorable view 70% do not, in Pakistan unfavorables actally went up from 63% to 68%. He also points to the situation in Iran where the protester for the fraud in the election of Ahmadinejad did not receive much supprt from Obama, as the Obama administration decided to engage with Ahmadinejad to achieve nuclear settlement. In effect the rhetoric from Obama has not been matched with courage of convicitions , and lacks the courage to turn a new chapter by breaking from the past not just with talk but in real policy changes. And says Ajami the Arabs havve stopped listening to the rhetoric as little has been accomplished by way of change. At the same time false expectations may have been aroused because the Cairo speech was made at the University with the aging Mubarak at Obama's side, and beyond addressing these students the feeling clearly must be that the US would simply continue its policies of supporting old regimes that tolerate no dissent of any kind such as Mubarak's. ...

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Mark Roe and expert on cororate governance and bankruptcy law at Harvard Law School, says two of the toughest issues facing the auto industry are clearly better dealt with under bankruptcy law. For the $30 billion of bond debt he says while a few holdouts can prevent arecapitalization outside of bankruptcy, under bankruptcy Chaoter 11 bondholders vote on the plan, and if those holding more than two thirds of the bonds by dollar value accept the deal it applies to all of them. For the supplier network he says courts know that the bankrupt company has to have supplies, inventory and parts flowing for it to function, so the bankruptcy code and bankruptcy courts put payments for new supplies at the top of the queue ahead of old lenders. HE says a bankruptcy judge has to approve these kinds of payments, but the approvals are regular and quick, sometimes on the first day of bankruptcy. So why is GM management saying the supplier network would collapse under bankruptcy? Mark Roe's answer to this question is that bankruptcy usually leads to a sharp change in management, and a new direction for the company. He adds that here are experts at fixing troubled companies who would take new directions and be more effective than current management at GM. ...

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Only two and a half hours from Anchorage is the water at Kenai Fjords National Park. Another road trip from Anchorage is a 240 mile drive into Denali National Park. Emily Pennington takes one on a road trip to Denali. The first 15 miles of Denali Park Road are accessible by private vehicle. Then there are iconic green buses into park with many stop points. September has long days with sunshine till 8.30 pm and the trails are right for hikers.

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This report in The Times points out that the world of work is changing as employers reduce office space and shift workers to work from home with some limited time spent in the office environment to link up with colleagues. This report cites a survey that shows 45% of companies are saying they do not need 70% of office space.  The Times has been published for one year with employees not coming into the office. The Reach which publishes the Daily Mirror and Daily Express in UK has cut office space and 75% of employees in future will work full time from home. Banks are also making that move- HSBC is getting rid of 40% of global office space, Lloyds Bank is getting rid of 20% of office space. With these changes comes the question when did this idea of working out large offices start? It started in 1906 with the Larkin Administration Building in New York. It was based on the ideas of Frederick Taylor's scientific management ideas and was designed by Frank Lloyd Wright to recreate something like a factory floor. Later by 1970 office spaces shifted to privacy with cubicles and private offices. It then went through another transformation with a shift to open offices as in Japan in the period around 2000 which is making a comeback today. This time open offices with social distancing space for a smaller number of people coming in for a short time to the office. Simon Nixon says employers should not simply look for savings as the main motivation but at the broader picture- wellness of employees, guiding employees on how to structure work and space at home, associations in this field should also provide guidance and get involved in the transformation of office space. Productivity goes with wellness, and happy employees who have kept wellness in mind will be more productive asset for the employers. Lyrarc recommends office workers read articles on the German approach to office work called "Feierabend," which sets clearly demarcated lines between work and recreational activities that renew one for work the next day. Feierabend literally means "end of the day" in German and a specific time say 5.00 pm cuts off the days work and sets time aside for breaking away from work to take a bike ride or a walk in the garden for instance.   ...

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Senate Majority Leader Mitch McConnell says he doesn't yet have the necessary votes to stop Democrats from calling for witnesses. Democrats want former presidential National Security Adviser Mr. Bolton to testify under oath about the president's motivations for freezing aid to Ukraine. During three day of presentations by Mr. Trump's defense legal team the focus of Pat Philbin and Alan Dershowitz was on the actions of the president on Ukraine policy not rising to the level of Abuse of Power and Obstruction of Justice that Democrats in the House have presented as the 2 Articles for impeachment. Earlier the White House legal team put the focus on Mr. Biden, and his son Hunter Biden's role in the Ukrainian company Burisma as a board member. Burisma was being investigated for corruption by Ukrainian prosecutors. Much of the defense presentation recalled the effort during the early days after the Civil War to impeach president Andrew Johnson simply because Republicans in Lincoln's party did not like Mr. Johnson's views on Reconstruction of the South, and his dismissal of Mr. Stanton, the Secretary of War. That effort failed because it lacked one additional vote needed for a two thirds majority in the Senate. Republicans say not only are the president's actions on Ukraine calling for an investigation of the Biden's not an impeachable offense as "a high crime," but also that Democrats dislike of Mr. Trump just as Republican dislike for Mr. Johnson was lowering the bar for impeachment by making malleable charges. They argued that one of the country's founders Mr. Mason even rejected the idea presented to him that "maladministration" as grounds for impeachment should be put in the Constitution for the very same reason, that it was malleable to a preconceived notion of what is wrong. Four Republican senators Gardner of Colorado, McSally of Arizona, Tillis of North Carolina and Collins of Maine face tight races in upcoming elections, and may decide in favor of a compromise for the calling of witnesses. This would allow Republicans to call Mr. Biden and Hunter Biden to testify, and Democrats to call Mr. Bolton to testify on his views expressed in his to be published book that the president withheld aid to Ukraine because he felt that corruption needed to be investigated.   ...

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This NYT report looks at the last minute negotiations on the day the trial was to begin that led to the FNN television network working out a deal with Dominion.It says in a conference room down the hall from Judge Eric Davis's courtroom in downtown Wilmington, Delaware, were the head of Dominion, John Poulos, and the top investor in Dominion, State Street Capital co-founder Hootan Yaghhoobzadeh. In a call from Los Angeles was Viet Dinh, chief legal officer, close to Rupert and Lachlan Murdoch. Also calling in was a mediator who knew both sides, Jerry Roscoe, a veteran of wartime negotiations in the Balkans on a Danube river cruise with his wife. Roscoe says he had two things working for him- the about to begin opening statements of Dominion ("lies have consequences,") and the finalization of the jury selection (12 jurors presenting much uncertainty for Dominion) that had given pause to both sides. That Viet Dinh's hardline was just that an appearance, was Fox head Lachlan's earlier decision unknown to each side to raise the money needed for a larger settlement close to $787 million the company actually paid. It suggests that Fox heads Lachlan and Murdoch really wanted to settle in the final moments using as skilled a mediator as Jerry Roscoe . FNN television network also owned the WSJ, and WSJ had independently supported the 2020 election results from the beginning, as WSJ pointed out in its editorial this week. Murdoch's own position being ambivalent about his positions, never quite convinced what was the right thing to do whether his own judgement was dependable. FNN was simply following the practice of creating controversy to increase circulation, a practice going back to the Melbourne Herald in the 1920's when competing with papers from Sydney, under Keith Murdoch. Setting the early twentieth century origins of News Corporation, parent of FNN, following  the practices of increasing news circulation by pursuing controversy of British newspaper businessmen Beaverbrook and Northcliffe through the prewar period in the 1920's to the 1950's. In that period it had led to Beaverbrook to support Neville Chamberlain, and to oppose Truman and Churchill during the early days of the Cold War till the Berlin Blockade in 1948, positions which were speedily retracted in that time to back Churchill in 1940 and in 1948.   ...

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On World Soil Day DW.com provides this reminder about how important soil is to our life. It is a reminder too of the all things that are really important during the pandemic. Few remember the words of FDR in 1937 during the Dust Bowl days in America when overplowing and displacement of prairie grasslands that anchored the topsoil reduced once-fertile plains to parched, barren wasteland that were swept by dust storms. This was brought to life in Steinbeck's novel Grapes of Wrath. American president Franklin Delano Roosevelt (FDR) said in 1937 that "a nation that destroys its soil, destroys itself."   This is true for India and all parts of the world, now more than ever. The promotion of ancient grains by Mr. Modi in India helps in the way that crops can be varied so that the soil can regenerate itself, and is not drained of nutrients with one or two crops such as rice and wheat. A 2015 study by University of Sheffield in UK showed that one third of the world's arable land  was lost to pollution and erosion in the last 40 years. That study says it takes 500 years to form one inch of topsoil. Countries like India cannot afford land degradation and Modi's emphasis on improved practices in agriculture away from pesticides and careful use of chemical fertilizer, with natural substitutes in traditional agriculture taking precedence, cannot come at a better time. Healthy soils also create carbon sinks storing greenhouse gases and reducing climate change. A square meter of soil can contain 10,000 different species of worms, insects, bacteria and fungi, with a single gram home to a billion bacteria. Rich fertile earth that nourishes ecosystems is a world apart from the dust storm swept land that led to crop failures in Depression period America, leading to farmers migrating and poverty, Some of the agricultural practices that promote biodiversity are more labor intensive, and suited to India, and can actually increase agricultural production. With the added advantage of produce being organic. It can increase crop yields through better biodiversity, to yield 2.3 billion metric tons of additional crop yields per year worldwide, worth 1.24 trillion euros, (imagine that) according to the International Union for Conservation of Nature, cited by DW.com. For Indian farmers this is a great opportunity in agriculture to improve agriculture and increase incomes. It is also an opportunity for farmers everywhere, in Europe, America, other parts of Asia, Latin America and Africa. ...

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This report in the WSJ provides details on the groundwork that was laid by the Trump administration as it worked to find a solution to the problems facing Venezuela with refugees and economic crisis, and months of protests. The plans were set in the days before Nicholas Maduro took office for the second term as president. The night before Juan Guaido, head of the National Assembly, declared himself president, U.S. vice president Mike Pence stated that the U.S. would support him if he took the reins of government from Maduro by invoking a clause in the Venezuelan Constitution that makes the head of the National Assembly take the office of president if the existing president is declared illegitimate taking office unlawfully. About 60 nations did not recognize the elections that gave Maduro a second term. On Jan 2 Mr Trump who feels deeply about the collapse of the Venezuelan economy and rising poverty, the suffering of the Venezuelan people, met with presidents of Brazil and Colombia. Colombian president Ivan Duque and Trump hinted at a plan to cooperate to help people fleeing Venezuela and respecting its democratic heritage. Mr Pompeo spoke to allies of the U.S. The National Assembly laid out its plans on Jan 15, for using a constitutional mechanism that allows the head of the Assembly to lead an interim government till new elections are held if the existing president is declared illegitimate. A leading Republican senator of Cuban origin Mr. Rubio supported the move. On the eve of protests in Venezuela Rubio and two other senators from Florida met Mr. Trump and Pence at the White House. Also present were Bolton, Pompeo, Ross and Treasury Secretary Mnuchin. Mr. Trump then decided to do it. He placed a call to Mr. Guiado  to tell him that if the National Assembly invoked Article 233 the U.S. president would back him.  The U.S. believes the rank and file in the military are with the opposition even though its leaders back Maduro. After the U.S. action, the governments of Brazil, Argentina, Chile, Peru, Colombia, backed the move for an interim government. The European Union called for free and credible elections. Russia and Mexico supported Maduro.  The State Department instructed the U.S. Federal Reserve about Guiado government as the sole representative for Venezuelan assets in banks. Sanctions could be placed on Venezuelan oil exports as backup efforts proceed to support the interim government. ...

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This indepth report from the Economist looks at the damage done in 9 years of rule under Jacob Zuma, and the prospects of the African National Congress under the new leadership of Cyril Ramaphosa. The South African economy suffered under Jacob Zuma. The Zuma government hurt the government's finances, and suffered from corruption and mismanagement. Only 21% of South Africans trust their government in one poll. This indepth report also asks the question- how much has changed since the days of Apartheid South Africa? Mandela's release from prison in 1990, and the ANC party winning elections in 1994 changed South Africa into a multi cultural and multi ethnic society with democracy. A liberal constitution protects the rights of all of South Africa's communities and citizens. Share of households without electricity fell from 42% in 1996 to 10% in 2016. Black people make up 50% of the middle class. Blacks now make up more buyers of suburban homes than whites. Race relations are better today. The problem is that progress and improvement in living and economic conditions stalled after 2009 when Jacob Zuma as head of the African National Congress became president. GDP per person declined after 2013. Half of South Africans were born after the end of Apartheid in 1994. Nearly 40% of people of age 15-34 are not in work, training or education. To get into the middle class one needs a job. About 62% of South Africans would trade democracy for an unelected leader who could deliver on housing and jobs and the economy. Cyril Ramaphosa was made president and head of the ANC after a bruising struggle to oust Jacob Zuma in 2017 ANC conference. He now faces elections in May 2019. In the 1980's he led the National Union of Mineworkers. He later became secretary general of the ANC in the 1990's and led talks for democracy. Ramphosa was passed over by Mandela because of pressure within ANC to select Thabo Mbeki. Mbeki was followed by Zuma, also from ANC. Ramaphosa then joined business, as a small number of well connected black South Africans and made $450 million through preferential access to equity in large firms for a few black South Africans. Then went back to the ANC as deputy president,  then deputy president of the country. The Economist says after Zuma South Africa is running out of time, and Mr. Ramaphosa expected to win, faces many challenges, particularly youth unemployment. ...

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Doubts about Pandit's inaction at Citi, suggesting that restructuring needs to move faster.

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As Citigroup shares dropped to $3.77 a share last week abruptly losing 50% of their value in a week, the Federal Reserve, Treasury and the FDIC were in negotiations over the weekend with Citigroup. Mr Paulson had several discussions with Robert Rubin, influential executive and director of Citicorp. And Citicorp CEO Vikram Pandit spoke with regulators and lawmakers. The deal that was worked out is as follows. Under the deal about $306 billion of largely residential and commercial real estate loans and certain other assets, which will remain on the balance sheet, will be backed up by Citigroup and the government. Any losses will be shared in the following manner. The first $29 billion in losses on that portfolio will be Citigroup's responsibility. Any losses over the $29 billion will be shared 10% by Citigroup and 90% by the government. Of the government's losses Treasury will use $5 billion from the bailout fund, FDIC bear the next $10 billion in losses, and the Federal Reserve will guarantee any additional losses above this $15 billion. What will the government get in exchange? Citigroup will issue $7 billion of preferred stock to government regulators. In addition the government is buying $20 billion in preferred stock in Citigroup with all preferred shares paying a 8% dividend. The other aspects of the deal are that all dividend payments by Citigroup will be halted for 3 years, certain executive compensation restrictions, and Citigroup will put in place the FDIC's loan modification plan which is similiar to the plan it recently announced....

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Consider not only the cost of gasoline per gallon but also the higher fuel efficiency of cars and light trucks. The comparison is with the profligate consumption and larger cars before 1978, when gas hit 20 cents per mile on average, today it is 15 cents per mile on average, these figures factor in inflation which should be taken into account in coming up with the real number. Gas cost less in the 60's and 70's but fuel efficiency was pretty poor in those days, and cars were much larger, so per mile gas cost even more before fuel efficiency made big strides in the eighties and then again reverted to the pre 1978 days as gas prices dropped and consumption jumped, in the 90's. Conclusion: high gas prices are needed for the market mechanisms to work, and incentives to develop more fuel efficient vehicles if those vehicles demand increases.

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Incentives such as 0% financing for 60 months reduce GM profitability and GM had hoped to stay aaway from them, but with over 100 days of inventory on most of the pickup and passenger trucks GM has been forced to resort to it again. With construction slowing dowwn the inventory has been building up quickly.

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Create small, more transparent financial institutions out of the big banks by breaking these big banks up and selling them to private equity. These big banks are too big to save, too big to manage, andprone to taking excessive risk, thus damaging the economy. Craft policy and antitrust laws so that no financial firms become too large, as this has been proven to create risks for the whole economy. Do this by dividing banks up regionally or by type of business. TARP simply contimues the old game of big banks and financial institutions. These are the views of Paul Krugman and Simon Johnson presented to the Joint Economic Committee of Congress on April 21, 2009. Also on the panel Kansas City Fed President Thomas Hoenig who said policy measures have focussed too heavily on propping up big institutions like AIG.

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People in California did not feel the early blows of the coronavirus like New York. This is now turning into a disadvantage as people in California have now failed to follow the guidelines for social distancing and masks as carefully as they should be. The state reopening  took place as the case numbers were increasing as the economy and unemployment became an issue.  State hospitalizations are up 40% on July 1 from 2 weeks ago. Percentage of tests coming positive are close to 6% but in some counties much higher- in Riverside county has rate positive in tests at 11.7% and bars are only recommended to close. In Los Angeles county it is 8.2%. On June 20 the day after the bars were allowed to open 500,000 people visited bars in Los Angeles County. A big problem is that for lockdown the whole state was asked to lockdown by the governor. For reopening it is done by county and each county is doing this differently. Pressure to reopen has led to counties with increasing and poor metrics for cases still reopening. Some counties felt pressured to open when other counties had reopened. Even when a county such as Riverside or Los Angeles county is doing poorly the governor waits 14 days for it to be on a watch list before acting. This is too long for the extremely contagious virus giving it time to spread quickly. Governor Newson is now facing serious problems tackling the coronavirus. ...

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Th cost of cancer drugs Avastin and Erbitux and the need for putting life savings at risk for a few months of treatment create tension among families, doctors and treatment providers. A course of Avastin could run $56,000 and take 90 days for reimbursement by meicare or pricate insurance, and a 20% co-pay comes to $11,200.