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America's nonfinancial companies are sitting on the biggest cash pile ever- $2.1 trillion at the end of June, according to Moody's Investors Service. AT&T has $15 billion in cash. And Delta Airlines is in a better position to survive the pandemic with $15 billion in cash.  Companies in STOXX Europe 600 have also posted a similar rise.in cash. Liquidity ratios are up at Deere and Southwest Airlines.

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For the first time the number of people vaccinated in a single state in India reaches 40 million. In Maharashtra state in western India, with state capital Mumbai, the vaccinations crossed 40 million on July 20, 2021, according to the state's Additional Chief Secretary for Health. India has vaccinated 410 million people by July 20, 2021. About 3 million people are getting vaccinations daily.

Maharashtra was one of the top 5 states in the first and second waves of the coronavirus in India. About 2 million healthcare and front line workers have been fully vaccinated in Maharashtra. Maharashtra has a 2021 population of about 125 million according to Aadhar and is the second most populous state in India after UP which has an effective vaccination drive. 

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The new bill will increase defense spending- $858 billion an increase of 10% over the prior year. Domestic spending allocation is $772 billion. This will ensure that needs are met for 2023. 

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Home energy prices in the European Union eased to 25% over the prior year in December 2022 from 35% the prior month. Consumer prices eased from 10% to 9% in December.

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Apple App Store sales are estimated at $15 billion for 2014, increasing by 50% from 2013. Apple says it has directly or indirectly created one million jobs in the U.S., with two thirds of this in software development by developers to run programs on iPhone, iPad and iPod. The App Store opened in 2008 after the introduction of the iPhone in 2007. Other jobs created by Apple are the 300,000 working at parts and materials suppliers, or construction workers at Apple facilities. Apple employs directly 66,000 workers in the U.S., with 30,000 of this in retail stores.

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The European Union Commission says Ireland must recover 13 billion euros in back taxes for giving tax preferences to Apple that are against EU rules. The EU Commission says Ireland allowed Apple to pay a corporate tax rate of 1% on its European profits in 2003, and .005% in 2014. The EU Commissioner says the use of Ireland as the place where Apple pays taxes on operations in Europe has no base in reality, as most profits are earned in other countries outside Ireland. Taxable profits of Apple "did not correspond to economic reality," according to Ms. Vestager, the EU Commissioner.  In the current environment where political upheaval is unsettling the democratic process in the U.S., Britain, Spain, France and Italy, as well as in Brazil and other countries in the developing world- because of deep recessions, and efforts to cut the deficits with deep cuts in state spending including in education and healthcare, basic services- the moves by companies to reduce taxes to these absurdly low levels such as .005% when other companies in the EU are paying 12.5%, is becoming increasingly unpopular. As pointed out in this BBC News article this sounds like the way Carnegie, Rockefeller and Vanderbilt operated during the late 19th century, and were seen as operating in a manner that was above the law. Janet Yellen pointed out at a Boston Fed Conference on inequality in Oct 2014 that the bottom half of the distribution or 62 million households in the U.S. in 2013, had a net worth of about $10,000, One quarter of these households had a net worth of zero dollars. The working class and blue collar workers in the U.S. provide much of the support at Trump rallies. Younger college educated people support Sanders, because of the situation of the working and middle class in the U.S., and a similar situation exists in Europe. It is for the sake of the democratic process and delivering services in education, healthcare, and other basic areas to all, that companies small and large need to pay their fair share of taxes, regardless of size, influence, or technological advantages. Today this is is seen by most leaders who draw public support as the right way forward for the U.S., Latin America, Europe and Asian countries, including proper allocation of resources to best serve the needs of working people. For example the 13 billion euros is equal to all of Ireland's healthcare budget, and 66% of its social welfare budget.    ...

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Le Monde gives a detailed look at the origins of the RN and Marie Le Pen in her father's party the Front Nationale that had it's origins in France's War in Algeria. It's first success was in town councils in the south east Cote de Azur where former French Algerians had settled in large numbers. Jean Le Pen was the son of a fisherman in the Brittany region who lost is life hitting a mine during the war in Occupied France. He was a teenager at the time and is shown here as a ward of the state. He tried to enlist in the War in Vietnam but got there just after Dien Bien Phu and worked in Saigon for a newspaper Caravelle. He returned to France and joined a paratrooper unit in the French Air Force during the Algerian War and became an opponent of De Gaulle's policy in Algeria to decolonize the region. He inherited the fortune of a French cement manufacturer who supported his party FN. Chirac and Sarkozy become his opponents. For 20 years after this he is shown to win anywhere between 2% and 10% in European and French presidential elections. His daughter Marie Le Pen and her supporters decided to rebrand the party as Reassemblement Nationale RN and win as much as 15-20% and more recently 30% of the vote in presidential and EU elections. The fatigue with Macron leads to a surge in RN support in small towns and rural France. Marie changes her stance on the EU willing to support the EU. ...

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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. 

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The school shutdowns had a severe impact on UK school children. 41% of UK school children in grade 6 left school without reaching expected standards in literacy and math, in the first school year after the shutdowns. This means 275,000 11 year old children will be without the foundational skills and suffer the effects of a lack of social mobility. About 1.5 million children in UK are suffering from undeveloped speech and language skills following the pandemic. The Guardian says the Treasury Department under Rishi Sunak turned down a15 billion pound pandemic recovery program for education says The Guardian. Much now depends on parental participation to build needed math and language skills, sy experts.

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In his Bastille day interview French president Macron says Russia could cutoff all gas supplies to France at any time. He says "we will do without Russian gas completely." France gets about 20% of its total gas imports from Russia. Norway, Qatar, Algeria and the US are adding to gas supplies to France. France expects to have gas reserves filled to "near 100 percent by the autumn." In the event of a protracted war France will continue western sanctions against Russia and help Kviv defend its country, said Macron.

France gets 70% of its energy needs from nuclear energy. France will continue to invest in nuclear energy.

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This WSJ report looks at Hancock Prospecting's efforts to control the Kathleen Valley lithium project in western Australia. Lithium was discovered in 1817 and today is an essential component for electric batteries that power phones, EV cars. The world needs 50 lithium mines for action to meet climate change goals. The market for lithium was $1.5 billion in 2014, it is now $48 billion. It is found in the Atacama desert in Chile, in Western Australia and other countries. Mobil has invested in Arkansas. Hancock Prospecting in Australia, Albemarle in Charlotte, NC, SQM in Chile, and China's Ganfeng are competing for stakes in lithium mines. 

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Following a $77 million loss at The Washington Post Jeff Bezos is working on restructuring its operations. The Post has 2.5 million paying subscribers. Bezos sees the paper with potential of 100 million paying subscribers. He sees the need to get more people from the middle of the country and cover topics people are concerned about. One suggestion was to do a third newsroom for social media and service journalism. This has run into problems with some of the staff resigning. Bezos has suggested one way to attract more people is to rewrite articles from other sources. Staff at the paper see by contrast the role of The Post in original journalism.

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French premier Barnier meets Marie Le Pen of National Rally. National Rally says it will veto any policies that reduce the purchasing power of the French people. Barnier lays out austerity policies and cuts in spending. National Rally had 8 seats, after this year's election it has 125 seats in the National Assembly. The Socialist bloc is the largest party but lacks amajority to form a government. Les Republicains party, Macron's party with National Rally's support are running the administration till another election is called to clear up the situation of no party having a majority. Macron remains president till May 2027 to oversee the situation.

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Jimmy Carter holds the record for appointing federal judges in one term- 262 judges, 55 minorities, 42 women. In 1978 a Democratic Congress responded to a federal case backlog by creating positions for 150 more federal judges, all of which would be filled by Carter. Ruth Bader Ginsburg was one of these judges. Carter did not appoint a single Supreme Court Judge yet Ginsburg and Stephen Breyer another of these judges made it to the US Supreme Court.

By comparison for a single term Biden has appointed 235 federal judges. Reagan with 383 and Clinton with 378 hold the record for federal judges appointed  in two terms.

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Of the 104 deportees on the C-17 military aircraft to Amritsar in the Punjab state one third are from Punjab, another one third from Haryana, and one third from Gujarat. India's rapid development towards Vikshit Bharat 2047 means it does not support such illegal migration. The adjoining article in Times of India reports that job scarcity is not the reason- more about governance or social security or a better life. Of the 82 comments on this article in India all do not favor such illegal migration. Indian attitudes in general are in favor only of legal migration and with rapid industrial development of attracting people back to India to develop the nation.

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This report in the WSJ points out that president Trump's much hyped infrastructure plan is not the $1.5 trillion federal spending plan as reported, but more in the range of $200 billion over a decade. This means fixing the crumbling infrastructure in transport, energy and water systems remains uncertain under the Trump administration, and will leave this problem to a future administration to tackle. Jakab cites the basket of 10 infrastructure stocks that lag behind the broader market in Feb. 2018. Further evidence cited is the ratio of four to one of nonfederal money to federal money under the Trump infrastructure plan, and that much of the nonfederal  money has to come from state and local governments than private entities.  Additional problem is that with the tax cut leading to a growing federal budget deficit, rising bond yields would make borrowing more costly for state and local governments.  About $100 billion will be needed for the Highway Trust Fund over the next decade to keep it solvent. Jakab of the WSJ sees overall spending stagnant, with the $100 billion Trump Incentives program for infrastructure offset by cuts elsewhere. Bottom line the revenue side is absent making this more hype than substance for much needed infrastructure spending, that is once again being postponed in America. ...

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Under its $10 billion Semiconductor Mission India is promoting the manufacturing of semiconductors in India. It is keen on getting investment from Foxconn, and Intel through its acquisition of Israel's Tower Semiconductor.

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The new Indian parliament building in New Delhi where the flag is hoisted in 2023 marks a remarkable journey since the first parliament met Aug. 15, 1947- a 75 year journey for India.

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Jawaharlal Nehru's Aug 15, 1947 speech announcing India's freedom at "the stroke of the midnight hour." "A moment comes which comes rarely in history," said Nehru.

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Starting in 2023 the penalty on missed RMD drops to 25% from 50%, and down to 10% if corrected in 2 years. The statute of limitations for missed RMD's is three years.

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NewLink Genetics founded by cancer researcher Dr. Charles Link in Ames, Iowa, in 1999, is one of the few biotechs based in the midwestern U.S. NewLink went public in 2011. Genentech has invested $150 million in the company for development of cancer drugs based on immunotherapy, using the body's immune system to fight cancer.

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Business Week's Chad Terhune points out that the health reform bill that passed Congress will do little to restrain the overbilling by pharmaceutical companies, medical device and equipment makers. Chad cites numbers from the U.S. Health and Human Services Department that shows $47 billion in Medicare spending went to dubious claims in the year ending Sept 30, 2009. This is 10% of the $440 billion Medicare program. And 10% of the Medicaid program also goes to dubious claims. Consider then that Congres allocated $10 million annual increase to fight fraud. A suit filed by a former Siemens manager at the federal court in Philadelphia states that Siemens routinely overbilled the Veterans Affairs Department and other governmental agencies by humndreds of millions of dollars for MRI and CT scan machines.

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Having an adequate supply of N95 masks is critical for each hospital tackling the coronavirus pandemic. The lack of enough masks leaves health care personnel without the basic protection and is a grave emergency. Hospitals are resorting to reuse of the masks in this crisis and this is not a good practice as it increases the chances of infection. President Trump has invoked the Defense Production Act on April 2 against 3M. This gives the federal government more control over 3M's operations to ensure that it goes all out to make the healthcare N95 masks that the hospitals need in this grave emergency. This report in the WSJ covers the situation as of April 3 on the supply of M95 masks for health workers and others. N95 masks block 95% of very small particles. Supply in the U.S. is for 50 million N95 masks. Demand in the U.S. is for 300 million N95 masks as estimated by the Department of Health and Human Services. in March- this is how many are needed by health care workers to fight this pandemic in the U.S. The principal manufacturer is 3M. 3M company has doubled its production since January 2020. The trend before this pandemic was to send production over to China and other countries. This is changing now with the pandemic and the U.S. policy shifting to be self sufficient in medical supplies in the event of an emergency. A policy Peter Navarro, who heads the agency in charge of getting medical supplies, says President Trump is insisting be implemented. Hospital buyers supported the earlier trend to keep costs down, but this appears to be a costly mistake, putting health care workers in hospitals across the U.S. without the basic protection they need. Minnesota based 3M invented the first modern disposable masks in the 1960's. Interestingly 3M continued to make millions of masks in the U.S. even though competitors moved manufacturing overseas. The 50 million disposable masks 3M made globally went to workers in industries where it provided extra safety from metal shavings or other substances, and medical workers. Now 90% of masks go to medical workers. 3M ramped up production globally since January 11 when the pandemic first hit to 100 million masks a month globally, and 35 million a month in the U.S. at plants in South Dakota and Nebraska. 3M says that it will import 10 million masks from its factory in China, which earlier this year was restricted from shipping it outside China as China needed masks for the pandemic. About 10 million more masks are made by two other manufacturers Alpha Pro and Louis Gerson Co.  U.S. Department of Health and Human Services ordered 600 million N95 masks from 5 companies to distribute to hospitals and build up the national medical supply stockpile. 190 million each of this is from 3M and Honeywell and 130 million Owens & Minor Inc.  3M says it will make 50 million a month in the U.S. by June. Honeywell which had moved production overseas, plans to bring back production to the U.S. by making 10 million masks by May at its Rhode Island and Phoenix plants. There is a company in Singapore that makes one million masks a day in China and other Asian countries, Pasture Pharma Pte, but most of it is committed to government agencies in China.   ...

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1. PETROBRAS KNOWHOW IN DEEP-WATER DRILLING HONED IN DEEPWATERS 100 MILES FROM RIO. In the 1970's Petrobras discovered oil in the coastal area near Maca. Later geological tests showed large deposits more than 100 miles offshore and more than a mile deep underwater. Senior Petrobras engineers worked with manufacturers to develop pressure resistant instruments and the hardware needed to drill deeper. This technology was developed over the years and Petrobras has now honed its skills in deepwater drilling. Since then Petrobras has become the leader in deepwater drilling.. The fact that Brazilian oil was offshore made Brazil focus on offshore oil exploration and use the Atlantic ocean near Brazil for one big R&D project. Petrobras uses floating platforms, of which many are converted oil tankers. These platforms are more agile in deep and remote waters and better weater waves and storms. Petrobras gets 90% of its oil from the waters over 100 miles north east of Rio de Janeiro from a cluster of 38 such platforms. The floating platforms are like large ships that can be connected to hoses to pumping points on the seabed. 2. PETROBRAS INVESTMENTS IN OVERSEAS OFFSHORE DEEPWATER OIL PRODUCTION. Petrobras has the size and profits to have global reach and make the large investments and bring deepwater expertise to other regions. It is 55.7% state owned. Production was 1.9 million barrels a day in 2006. Sales of $45 billion and profits of $10 billion for 2005. The 2005 profit was a 50% increase from 2004. Countries where Petrobras is working include Angola, Tanzania, Turkey and India. Petrobras has stated that it will increase overall investments by 66% in the next 4 years investing $87 billion, mostly on exploration and production from 2007 to 2011. Of that $12.1 billion will be invested overseas for new platforms off the Gulf of Mexico and new fields off the coast of Nigeria and Angola. Petrobras plans to invest $2 billion in the Gulf of Mexico for deepwater drilling. ...