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The latest version of the Galaxy smartphones is the Galaxy Note 8, which replaces the Galaxy Note 7. The Galaxy Note 7 had fire prone batteries which led to a costly recall costing about $6.5 billion. The Galaxy 8 has an "infinity" display that covers the entire front of the phone, for 6.3 inches. It has a dual lens camera and other features to match the iPhone 7. The Galaxy Note 8 effort was led by mobile chief D.J. Koh, who told his engineers not to hesitate in pushing the frontiers of technology, pointing out that Samsung could compete only if it was not afraid to innovate. Actions taken by Koh to prevent quality failures include signing 3 years instead of 1 year contracts with suppliers. The crisis with the Galaxy Note 7 forced Samsung to have its teams work with closer coordination. Samsung's sales have increased with the 6% increase in the market in the second quarter. Samsung had 22% of total shipments, compared to Apple's 11%, and Huawei Technologies 11%, according to Strategy Analytics. Samsung had 20 million shipments of Galaxy S8 and the S8+ since April 2017. In the U.S. Samsung continues to lose share to Apple. Yet overall Samsung has made a strong recovery. ...

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WSJ looks at how the relationship between Joe Biden and Kamala Harris evolved. From the faltering start when Harris was contesting for the presidential nomination and made sharp debate comments on segregationist senators and Biden, to her entry into the White House as Vice President dissolving her political action committees and not bringing her election people to the White House. The first assignment was on immigration and the White House asking Harris to tell Central Americans not to come to the US border did not exactly work out. Guatemala was in the middle of a drought affecting its agriculture and sending more people from the affected regions to the US Border. That message did not work and Harris came under criticism. There was less contact with Biden during the years 2020 and 2021 because of the pandemic.   Gradually though the president came to listen to Harris and set up a weekly lunch meeting. When Supreme Court nominations were to be made Biden relied on Harris's advice. Ketanji Jackson nomination to the Supreme Court came out of these talks with Harris. Then came Roe and Wade and the president who was not outspoken on this issue realized that Harris was better at communicating a common vision of what America stood for and the importance of reproductive freedoms. When Hamas attacked Israel, the response of Netanyahu was leading to an humanitarian disaster. President Biden listened to Harris describe the need for a Palestinian state and it building peace with Israel as the only real solution to the crisis. Biden sent Harris three times to the Munich Security Conference, and each year she met Mr. Zelensky and discussed the Ukraine issues with European leaders. Then came the debate performance and Democrats questioning Biden's health. Harris remained steadfast in her support till the end and on July 23 after announcing his withdrawal the previous day Biden told Kamala as he addressed Wilmington headquarters staff- "I'm watching you kid. I love ya." And Harris said "I love you." ...

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By September 2009, says the NYT based on a state by state analysis of Labor Department numbers, 1 out of 4 persons in California will either be out of work or just working part time. At this time in July 2009, 1 in 5 persons in California are in this situation. This would mean a 25% unemployment/underemployment rate in California, and the rate in Florida, North Carolina and Washington could reach 20%, by September 2009. This spring the unemployment/underemployment rate reached 23.5% in Oregon, 21.5% in Michigan and Rhode Island, and 20.3% in California. In Tennessee, Nevada and some other states that rely heavily on manfacturing or housing, the rate was just under 20% this spring, and may have since passed that number. And so far only $90 billion of the stimulus has made it out the door according to Moody's Economy.com. From now until the end of 2010, an additional $25 billion or thereabouts will be spent every month. In most of the Great Plains States and the Mountain West the unemployment/underemployment rate was still below 12% in spring 2009, and in North Dakota as low as7.8%. But these states are getting adisproportionate share of the stimulus fund, which shows that the allocation of stimulus funds needs to be adjusted. Who are these parttime workers and how many are there? Take Richard Smith and his wife Lyn. They left Michigan where he worked for GM and Ford in white collar jobs till he was laid off. Mr Smith moved to Charlotte, N. Carolina last summer. He hasn't found full time work after sending in hundreds of applications. He now works a few days aweek at agolf shop, repairing clubs and making $9.50 an hour. With the help of that money he has bought abargain-basement foreclosed house. Part time workers like the Smiths comprise about one third of the 20% unemployment/underemployment rates in states like Michigan and Oregon, so the rate for those who are completely out of work is around 13% in these 2 states....

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The WSJ provides a fact check of Trump statements on crime, debt, and taxes. Trump says he is looking at a new plan for taxes not the $10 trillion in tax cuts over 10 years reducing tax collection by 22%, but something about a third of the size. No details are available on the plan. WSJ disputes Trump's statement that the U.S. is "one of the highest taxed nations in the world." WSJ points out that the U.S. in 2014 for federal, state and local government taxes collected 26% of gross domestic product in taxes, compared to average of 34% for about 30 countries, according to OECD. Debt to GDP ratio is about 75% that is high, but because of low interest rates the budget deficit is less than 3% of GDP, which is close to the long run average. For this reason economists say the government should invest in infrastructure and R&D that supports long run economic growth. On crime the record is mixed with increase in Chicago, Los Angeles, and New York City, but decreases in Washington D.C. and Baltimore. Police shootings were 67 in 2016 compared to 62 in July 2015, and the high being 280 officers in 1974 when Nixon was President. Crime was an issue in the 1968 Republican National Convention during the Vietnam era protests, police shootings and terror incidents attracted attention in July 2016, yet the situation today is very different from the war protests of the Vietnam era. On terrorism fact checks by the NYT and in Lyrarc shows Clinton at State Department and Panetta at Defense Department taking hawkish stands only to hit a barrier from President Obama for taking action needed in Syria, Iraq and Libya. Panetta's new book calls for robust action where needed. A Clinton administration would take action with allies in the Middle East. Even Hollande and Obama who pulled the U.S. and France out of following up in the French-British Sarkozy-Cameron led intervention in Libya, have changed policy, with Obama calling it his biggest mistake. France under Hollande with the U.S. is now actively engaged in the Middle East, having changed policy. It is highly unlikely that a Trump led policy which alienates most allies in the Middle East- Iran, Iraq and Saudis- is likely to work better than a determined Clinton-Panetta led effort which has support of the local countries on the ground actually currently on both sides because of complexities of Middle Eastern politics.  On trade a new administration will still have to work with China, India, the European Union, and other countries, as global trade supply chains are not likely to evolve overnight. Lessons will have been learned by Clinton about the need to bring back jobs and ensure the strength of U.S. manufacturing. Economic and jobs growth will require prudence in strengthening U.S. manufacturing coupled with global cooperation, which a Trump administration that alienates trading partners without the possibility of making any serious immediate gains in jobs, is highly unlikely to do better.      ...

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Barbara Wesel of DW.com says 2017 will be a difficult year for the European Union. Elections will be held in the Netherlands, France, Germany, and possibly in Italy. The Netherlands election is coming up this month and the far right party led by Wilders is likely to gain as much as 25% of the vote but have to negotiate with other parties in a fractured parliament to form a government. Elections in France show Marie Le Pen winning the first round, with an uncertain result in the second round between Le Pen and Macron. A win by Le Pen could lead to the unwinding of the EU. In Germany another coalition government is expected with the SPD playing a larger role as it regains favor with the voters under the EU's Martin Schulz. Wesel says Germany and Merkel are looking like a beacon of stability and hope as the world looks for leadership with America looking inward to fix problems at home.

 

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Left party Syriza did better than the government parties in the EU elections. A new parliamentary election would have to be called if prime minister Samaras cannot find the 180 votes needed to elect a new president in Feb. 2014. Syriza is calling for writeoff of some of the massive 318.6 billion euros of debt owed, 85% of it to France, Germany and other foreign governments and IMF. To offset Syriza's popularity Samaras is likely to use the improved confidence of investors in Greece to raise funds on capital markets, and access funds from a Stability Fund. By exiting the IMF program early and not taking 12 billion euros of IMF funds due for 2015-2016, Samaras can take independent steps to revive the Greek economy and reduce the burden of cuts. Greece will run a primary budget surplus before interest payments in 2014, as it did in 2013. GDP is down about 25% and unemployment is at 26%. Anger in the early years reflected in Athens riots, is now replaced with anguish and despair among ordinary Greeks and some public suicides. The current debt repayments is for debt to be repaid to IMF in 10 years and the EU loans in 32 years, with 10 years of interest payments at 1.5%. Even then the debt is already at 178% of GDP, way above the initial target of 124% of GDP set by IMF-EU for 2020. As a backup strategy German officials including Asmussen and Schauble, and ECB's Draghi are meeting with Mr. Tsipras of Syriza to ensure a smooth transition if this becomes necessary, without the uncertainty in financial markets created by earlier Greece elections....

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The WSJ/Vistage U.S. Small Business Confidence Index ends 2013 at a new high of 108.4 reflecting optimism of small business owners. The Index for 2013 shows a sharp drop by November 2012 to about 82 followed by a sharp increase for Dec. 2013 to about 94, and a similiar pattern is observed as it declines to about 95 in October 2013 and increases to 108.4 in December 2013. The sequester and deadlock in talks by Nov. 2012, and the government shutdown and its resolution by Dec. 2013 are likely causes. The Dec. 2013 Ryan-Murray budget agreement points the way out of political uncertainty that Vanguard CEO McNabb pointed to as a primary obstacle to investment and growth. This may be the strongest indicator of what lies ahead for 2014- 52% of 937 small business owners surveyed online in the Index in Dec. 2013, say the economy has improved in 2013, an increase from 36% in 2012. And 38% say they expect conditions to be still better in 2014, from the prior years 27%. Small business owners polled have sales less than $20 million and fewer than 500 employees. They are the main engine for growth in employment. Loten cites small business owners in construction and other industries who have increased hiring and expect to see a significant improvement in 2014. One owner who represents the pattern taken by small business, cut back employees by 2010, and held back on investment till 2012, increased investment in 2013 and is now expanding. Availability of credit with improved bottom lines and banks more willing to lend will be another positive in 2014-2015....

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The economic damage is larger in some states with a larger manufacturing base and one tending to be cyclical. 20% of Michigan's GDP is in auto manufacturing. The large jump in cases to 40,000 and 3600 deaths have led to stricter quarantine. The unemployment rate in Michigan is forecast at 23% much higher than the national average of 16% that peaks in May. It is also likely to last longer till early 2020. As a result of the strict quarantine  larger parts of retail, service and construction sectors are affected. This has led to protests in areas where the coronavirus threat is not as large as it is in Detroit.

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Yields on the bonds of Spain and Italy dropped to 1.545 % and 1.795%, for Portugal to 2.465%, as the European Central Bank prepares its quantitative easing program to be announced at its Jan 22, 2015 meeting.

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The pace of fundraising for the Sanders campaign picks up pace in the 48 hours after the virtual tie with Hillary Clinton in Iowa- raising $3 million in small donations most well below $2700 maximum, and 40% from new donors. The Sanders campaign gains momentum with about 80% of the vote from young people going to Sanders in Iowa.

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Oil prices dropped below zero for West Texas Intermediate WTI to be delivered in May ended on Monday at negative $37.63. For oil delivered in June it comes back to positive at $21, and at $32 in November.

What this reflects is that though oil supplies are being cut- including large cuts from market supply and demand forces in the U.S. -this is not reflected in the price today. Producers in Texas and Canada are not able to close wells fast enough so that suppliers are "hitting tank tops" and can't find places to store the oil. As a result the average day rate for VLCC, Very Large Crude Carriers ships which can store 2 millon barrels are up from $29,000 a day to $100,000. This is threefold and spot charter rates are six fold.

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WSJ provides tips for getting the best airline ticket prices. 

Fly on a Tuesday or Wednesday.  The best time to buy is 3 weeks out, 3 months to 3 weeks is the best time after that you are at the mercy of the airlines, says WSJ. Fares can be 20% lower on the weekend or on if you buy on a Sunday. Nonstop flights can be cheaper than connecting flights nowadays. You find lower fares by staying on a Saturday, maybe 25% less costly to Europe, only 3% for inside the U.S.

One thing has changed- airlines cost for oil is only a quarter of operating cost. So if oil prices come down don't expect airline prices to come down. Consolidation, reduced flights and strong demand have led to a different climate for airlines.

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Harold Meyerson looks into the causes of the decline of white working class Americans by 2015. A whole section of society that was helped by the work of FDR is being undone by a combination of forces, from the decline in working class wages and jobs through globalized business, social structures unravelling, and support structures weakening. Meyerson refers to the Deaton-Case Princeton study on increasing death rates for this group. The white working class is much smaller now than in 1940 when he says 82% of Americans over 25 had only an high school education, down to 29% in 2007. The result is that it has less power to affect policies, yet is close to one third of Americans. Economic recovery, the American dream, all remain hobbled without efforts to tackle this problem. Trump's effort to appeal to this class, Meyerson points out, is similiar to the National Front's effort in France, making the political dialogue even more divisive by targeting immigrants.

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The new Apple iPhone 4S failed to impress analysts looking for further advances in design and capabilities. This is the fifth generation of the iPhone that was first introduced in 2007. It has a speedier processor, an improved camera, and voice-command services. The iPhone generated $13.3 billion out of total Apple revenue of $28.6 billion, in second quarter 2011. Analysts estimate Apple sold 22 millon iPhones in the third quarter 2011, and is expected to sell 25 million iPhones in the fourth quarter. The 4S iPhone uses the same Apple A5 processor chip that is found in the iPad 2 tablet, with twice the earlier speed for downloading data, and seven times faster speed for graphics enabling better videogame display. A personal assistant software Siri enables voice commands for checking weather and responses to text mesages. Prices start at $199 for 16 gigabyte models with a two year contract. Sprint, AT&T and Verizon will offer the phone.

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With the introduction of the iPhone 4S, Apple announced the iPhone 3GS will be offered free, and the iPhone 4 for $99. This puts Apple iPhones priced to compete with smartphones in the middle and lower price ranges in the market. The free iPhone is a model first introduced in 2009. As the expansion of the smartphone market is now ocurring at the low and mid price ranges, companies making smartphones using Google's Android software and Blackberry's RIM are targeting this market. In the U.S., as of the end of July 2011, 82 million Americans owned smartphones, increasing 10% from the prior quarter, according to comScore. 42% of U.S. smartphone users use Android phones, only 27% use Apple phones, as of the end of July 2011, because of the price difference. In India Apple iPhones have barely made a dent because of large price differences. Rapid growth expected in emerging markets will also make this low end of the smartphone market attractive for Apple.

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The pro-independence party of Catalan president Arturo Mas called an election two years ahead of schedule in an effort to increase autonomy for Catalonia in relations with the central government of Spain. He failed in negotiations to reduce the tax burden for Catalonia in relations with the federal government in Madrid. Arturo Mas's party lost seats in the regional election, ending up with 50 seats compared to the 62 seats it held previously in the 135 seat regional parliament in Barcelona. Other pro independence parties gained seats. The left leaning Esquerra Republicana de Catalunya party increased its seats from 10 to 21 seats. The Partido Popular of Spain's premier Rajoy won 19 seats, up one seat from the 18 it held earlier. There is considerable questioning inside Spain about whether this issue should be brought up at a time of 25% unemployment and negotiations with the EU for loans to restore the health of Spain's banking system.

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Lightsquared which invested about $4 billion in developing a new wireless network is facing huge losses as U.S. regulators block the proposed wireless network. Federal regulators say it will interfere with Global Positioning System devices. Investors in Philip Falcone's Harbridge Capital Partners had provided most of the funding. Before Lightsquared Philip Falcone made successful bets against the subprime mortgage market. Falcone used lobbying firms to press his position, to no avail because the GPS issue was a serious one for the federal government, as it would interfere with aircraft systems and military devices. Harbinger's biggest funds have also lost money in other fields, losing 23-27% in 2008 and Falcone had to suspend redemptions by 2009. In that situation Falcone increased his investment in LightSquared in 2010-2011. In 2011 Harbringer lost 47% in its biggest fund. Harbinger's assets declined from $26 billion in 2008 to $4 billion by Jan. 2012. The S.E.C. is now investigating his hedge fund for possible market manipulation....

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At the end of 2008 China's crude steel making capacity was 660 million tons, but production was only about 500 million tons. The draft plan for steel industry for phaseout of backward production capacity onlyphases out 25 million tons. Capacity for automobile production is 12 million but only 9.37 million were sold in 2008. The government plan encourages mergers but not much thought has bee given to reducing capacity. About 30% of aluminium capacity is idle, 20% of cement capacity, and 70% of semiconductor production is idle. Some of this overcapacity may have to be written off at this rate says a World Bank specialist. The Stimulus spending of $585 billion would help utilize some of this capacity but the concern is that once its clear that 10% growth rates each year are a thing of the past there will still be alot of unneeded capacity that will have to be written off at great expense.

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Con Agra is having to cut prices on its Pam cooking sprays, Wesson cooking oils, Egg Beaters and other produts to compete with growing sales of private labels . In its consumer foods segment the amount of food sold declined by 4% in its fiscal third quarter ended Feb. 22. Kraft Foods saw a loss of 2.5% of sales volume in the fourth quarter 2008 because people bought less Kraft products. And Kraft has lowered prices on some nuts,cheeses and coffee.Heinz saw sales volume decline by 6% in its most recent quarter. In 2008 food producrers pushed through price increases of as high as 10%. The situation now is that consumers are shifting to austerity spending and this will increase price competitive private lable products even more. And Nielsen data from the Private Label Manufacturers Association show private label sales of food and grocery products in the USA grew 10.3% in th 12 months ending Nov 2008 to $82.9 billion.

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The Hispanic vote counts for crucial vote margins not only in the southwest but in places like Pennsylvania and Virginia where they are 5% of the voting population. About 10 million Hispanics voted up from 7.8 million in 2004 accounting for 8% of the voting population. That is an increase of 2.2 million voters and abig part of grass roots efforts to get them to register both by Hillary Clinton, and Obama. This grass roots effort was crucial. And mobilized by immigration policies of the Republicans and by the economic downturn and by a new generation of younger latino voters they voted nationally 66% to 32% for Obama over McCain. In Florida the older generation of Cuban Americans were eclipsed by new younger Cuban American voters and South and Central American immigrants giving Obama 57% to 42% edge over McCain. In Colorado the Latino vote was 17% of the vote with 73% of Hispanics voting Obama. Newly registered voters were 35% in Colorado, 34% in Florida.

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The German parliament votes 439 to 119 on July 16, 2015, approving a 86 billion euro aid and loan package to Greece under an aid for reforms plan. 60 members of chancellor Merkel's CDU group voted against compared to 29 voting against the bailout extension of Feb. 2015. This included approval of 7.16 billion euros in short term funding for July 20, to meet a 4.2 billion euro payment to the ECB. This was conducted as a special session of parliament. Chancellor Merkel said: "we would be acting with crude intelligence and irresponsibility if we didn't at least try this path." Finance Minister Schauble told parliament- "We believe that there is a chance that we can bring these negotiations to a successful conclusion," yet he cautioned that after the negotiations of coming weeks "we will have to discuss whether the negotiations have shown a way that works."

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Prime minister Theresa May of Britain announces her plan to spend an additional 20 billion pounds a year on the National Health Service. Over five years the commitment is for an additional 70 billion pounds. By 2023 this will bring the UK to the point where it is spending the same proportion on health care as France. This also fulfills a promise made by the pro Brexit campaign. May says some of this would come from higher taxes, and 9 billion pounds that the UK contributes to the European Union each year would go to pay for the additional funds to the NHS. The 2017 British election with Labor winning 40% of the vote has affirmed the shift in public sentiment to greater commitment of funds for health and education. Poorer communities in Britain that were left behind tended to vote for Brexit, with a large gap widening between London and the rest of the country. Higher commitment to NHS is part of the shift in perception that the needs of health, education and underserved communities are the new priorities. ...

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India will allow automobile imports at 10% duty instead of 110%, allowing 250,000 EU automobiles into the Indian market, as part of the deal that benefits Germany. Tariff on European wines will go down from 150% to 20-40%. Duties on olive oil and processed food such as pasta and chocolates will go down to zero, which will benefit Italy, and Switzerland. A labor mobility agreement will let professional workers and seasonal workers from India into EU and EU to India. New talks will bring India into the EU's Horizon Research Programme.

It will double EU exports to India by 2032 over 6 years when it is implemented starting in 2027. An astonishing 97% of traded goods are included for cutting or eliminating tariffs. It will save EU 4 billion euros in duties, says the EU. Tariffs are cut on a vast arrayof industrial products- iron and steel (India benefits) chemicals, plastics, pharmaceuticals (India benefits) and machinery (Germany benefits).