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Turkey's former minister of economic affairs and treasury on the need for IMF help too all developing countries that need help and have followed reasonably good economic policies, without simply labeling policies as good or bad in an oversimplified way. Decisions should he says reflect the widespread need for fiscal stimulus in te face of collapsing demand for exports and declining private expenditures. And here also IMF resources are close to $200 billion and the needs of developing countries are estimated between $500 billion and $800 billion. China and the Gulf states need to step in and steps taken quickly to associate them in a more substanital way till improvements are made in IMF governance.He is looking for help in weeks not months. Dervis points to the need for fairness in eligibility criteria for help with help not limited to countries with political clout or systemic importance, wheras other countries have to engage in protracted negotiations with intrusive conditions such as those which raise interest rates in the face of collapsing demand as in the past. ...

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Atul Gawande in the New Yorker shows how doctors in McAllen, Texas prescribe half the tests that doctors in other comunities in Texas do. Frank cites the effectiveness of the salaried model used by the Mayo Clinic. This battle has been postponed for another day the current halth care reform bill. But crucially the failure to tackle this program and have the country shoulder another deficit burden for healthcare leaves the country with a serious liability of overspending, with guns and butter if the Afghnistan war adds up another big bill to the Iraq war bill.

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By a vote of 223 to 202 largely along party lines the House passed a bill that brings sweeping changes to the American financial regulatory system. The 1279 page bill creates anew federal agency for consumer protection, establishes a council of regulators to police the financial system for systemic risks, initiates oversight of the derivatives market, and gives the government power to wind down large firms that are in danger of collapse and pose systemic risk. The bill also gives sharehlders advisory say on executive compensation, increases transparency of credit rating agencies, and sets aside billions in governmet money to help unemployed homeowners.

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The restructuring underway at Pfizer. Experts view the cut in R&D budgets, when more new drugs are needed, with skepticism. Pfizer and other drug manufacturers believe they can make up for this by working closer with universities. Pfizer is reducing the size of its Groton, Connecticut R&D facility and is moving research operations closer to universities in Boston and Cambridge, England. R&D budgets will be cut 30%, from $9.4 billon to $6.5- $7 billion. The emphasis now is to develop a new model for drug development by focussing on a few promising areas, collaborate closely with universities, and fill gaps with acquisitions, as a more efficient way to develop new drugs. In this new approach the infant nutrition business, even with its high growth rates, did not fit in. Cash from the operations sold to Nestle will be used to make share buybacks and be returned to shareholders. Other drug companies from Novartis to Bristol Myers are trying this approach.

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Apple reports a slowdown in iPhone sales, with a less than 1 percent in increase in sales, for fiscal first quarter ending Dec. 26, 2015, over the prior year quarter. Revenue is expected to decline by 11% for the quarter ending in March 2016, over the prior year, first such decline in 13 years. Analysts say Apple will have to reduce gross margins of about 40% to increase sales. Apple CFO Maestri says Apple increased prices in some markets because of the strong dollar. When the stronger dollar is excluded from results for the quarter ending Dec. 26, 2015, sales revenue increased by 8% over prior year quarter, according to Apple. As Apple slows down its shares financial performance is stalled at about $100. Apple tried to present a different picture now that China sales are slowing down- it said that users had "engaged" with 1 billion Apple devices whether iPhone, iPad, Mac, or Apple TV, in the last 90 days, by downloading an app, song or movie. These services geneated $5.5 billion in revenues for the quarter ending in December, a 15% increase over prior year quarter....

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Building the large LNG terminals to get gas in its liquid form from Canada, the US and Qatar, is essential for Europe as it is expected that Russia will cut off gas supplies this winter. Germany needs three large LNG terminals on the Baltic Sea.  About 1.6 million tons of weapons and explosives were dumped into the North Sea and Baltic Sea after World War II. The problem is most acute near Germany as Allied Commanders ordered the destruction of German explosives after the war. All this debris has to be removed before LNG terminals or offshore windfarms can be built as shown in this report in WSJ.

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This article in The Guardian on Pakistan's economy was written over 3 years ago and many of the problems in the economy shown here have increased with the pandemic and the war in Ukraine's effect on food supplies and inflation. New governments in 2022 will face economic difficulties that are worsening in many developing economies. Foreign currency reserves were at $21 billion in March 2022, with total imports of $56 billion in the 2021 fiscal year according to the World Bank. Surging inflation and drop in the value of the currency in 2022 are creating new difficulties in an already difficult situation making good governance for the economy a major priority.

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The old Fifth Avenue NYC building that Lord & Taylor department store opened in 1914 is remodeled by Amazon for offices that will have 2000 employees or a fifth of its New York workforce. Konrad Putzier of the WSJ looks at the problems of renovating old spaces in cities across the US. The cost is a factor as it cost Amazon $978 million. Renovating it means staying within what the old Italian Renaissance based design would allow without too much cost. This means less natural lighting, putting more interior meeting space which does not require windows. Only the new rooftop 2 floors have flexibility to put in modern windows. 

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The Indian Budget speech by Finance Minister Nirmala Sitharaman seeks to keep the fiscal deficit on a downward trajectory from 4.9% fiscal deficit in 2024, lowering it each year 2025-2028. The total expenditures for Indian Budget 2024 are $720 billion and the total government revenues excluding borrowing $480 billion, tax revenues $390 billion. To attract investment by foreign companies in India the corporate tax rate is reduced from 40% to 35%. And abolition of angel tax for startups. capital gains tax reduced to 20% for short term gains and 12.5% for long term gains. Simplification of the Income Tax Act of 1961 within 6 months. Lowering of taxes for personal income taxes to 30% above 15 lakh rupees. Exempt 25 critical minerals from basic customs duties to assist processing in India. Reduce basic customs duties on mobile phones to 15%. Customs duties to support domestic manufacturing, export competitiveness. Simplify and rationalize the hugely beneficial GST Tax, "a success of vast proportions, reducing the compliance burden and logistics cost for trade and industry." "The gross and net market borrowings through dated securities during 2024-25 are estimated at ` 14.01 lakh crore and ` 11.63 lakh crore respectively. Both will be less than that in 2023-24. 114. The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year. The Government is committed to staying the course. From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as percentage of GDP." For the year 2024-25, the total receipts other than borrowings and the total expenditure are estimated at ` 32.07 lakh crore and ` 48.21 lakh crore respectively. The net tax receipts are estimated at ` 25.83 lakh crore. The fiscal deficit is estimated at 4.9 per cent of GDP. ...

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Brexit Agreement between Britain and the European Union is finally reached. Labour party supports the agreement making it certain that this will win passage overwhelmingly in parliament. Boris Johnson's persistence works for Britain.

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Just about half of Africa's population is within 25 kilometres of a fiber network for mobile telephone connections. In Nigeria this is much lower at 14%. Instead of having to lay costly fiber optic networks for high speed broadband connections Africa can benefit from new 5G network technologies that enable Africa to leapfrog to better high speed internet connections. The telecom company MTN has started testing 5G mobile internet in Nigeria with live demonstrations in Abuja and Calabar, and in other Nigerian cities during a 3 month trial period. Nigeria is one of the few African countries that is pushing 5G with rollout in 2020. 5G uses radio waves to transmit and receive data between an antenna and one's mobile phone. It operates at high radio wave frequencies which cannot travel as far as other frequencies, so a denser network of base stations or masts is needed. This makes it highly suitable for large urban areas. A report by GMSA shows that South Africa, Nigeria and Kenya and four other African countries will have 5G by 2025 and this will be about 3% of mobile data compared to 16% worldwide. Problems with use of 4G in Nigeria show the issues facing Africa. Cost of using 4G is high for the average user, so that only 4% of users of mobile internet in Nigeria are 4G even though Nigeria has an extensive 4G network. Instead 40% of Nigerian users use 3G networks. 5G faster internet could help Africa in areas such as health with telemedicine, and in remote education, say experts. They also say 5G rollout in Africa will benefit from drop in costs as the technology becomes widely used in Europe, China and America. ...

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For the first time Ford intorduces a car that will be a global car to go on sale in all markets around the world . The small car Fiesta will take a cue from Toyota's Corolla and Honda's Civic and be sold around the world under one name. The Fiesta has beeen sold in Europe for 30 years. Ford hopes to seel a million of these cars. The Fiesta was shown as the concept vehicle the Verve at recent auto shows in Detroit, Frankfurt and Guangzhou.

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Stefan Jacoby, a former head of VW USA, will be the new CEO of Volvo, after its acquisition with 100% ownership by Geely of China. Geely paid $1.3 billion cash for Volvo to Ford Motor, the original price was $1.8 billion but adjustments were made for retirement funds and working capital. Ford originally acquired Volvo for $6 billion. Ford has debt of $27 billion and will be able to reduce some of this debt wit cash from the Volvo sale.

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A wonderful video on how Ukrainian refugees in Berlin are going back home some for a short time to see friends and their homes. Six buses go back and forth taking people in both directions every day says the bus driver for this bus company for Bonn to Kviv bus. There are 800,000 refugees from Ukraine in Germany. Some young women have family who are soldiers in hospitals who they will see. Most have not seen their homes for 3 months.

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For Republicans not to back ajobs bill creates aquandary for voters.

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Zampano and Emsden describe the difficulties new premier Matteo Renzi will have with a divided parliament and opposition in parliament from the parties of Berlusconi and Grillo. A poll by IXE shows 53% of Italians support Mr. Renzi compared to 37% for former premier Letta. He is expected to focus on economic measures and institutional reforms are likely to slow down because of the political situation with no party having a clear mandate. European elections in May 2014 will be a first test for Renzi and the Democratic party.

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NHK Proportional representation exit polls for Japan's  2025 elections for parliament show twice the number of people in 20's 30's and 40's voted for Sanseito over voted for the LDP. The LDP is the party that has run Japan's government for mostly all of the past 75 post war years. It is losing its touch with the common man as issues of cost of living, migration, and income mobility affect the Japanese people as they have done in Europe and the US. The two opposition parties are the Sanseito and the Democratic Party of the People formed in the last ten years to fight the entrenched LDP governments, and the Constitutional Party of Japan that has acted till now as the main Opposition Party. Not just LDP, the Constitutional Party of Japan also draws most of its support from the 50's, 60's and 70's people age groups and are being trounced by Sanseito and Democratic Party of the People with younger age groups. This is a significant observation on the direction Japan is taking with resistance to too much tourism, too much migration, and not enough attention to Japan's national interests. The LDP under Ishiba is now navigating a new environment as it looks to running the government taking credit for the US Japan Trade Agreement and working with the new parties. ...

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The UN Biodiversity Conference will now be held in Montreal in December 2022 instead of being postponed to 2023 for its Kunming, China location. China has delayed large events including the Asian Games to be held in the country because of its zero Covid policy. China has faced repeated lockdowns in 2021 and 2022 even as the world was opening up after vaccination campaigns and milder symptoms for Omicron cases.

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School enrollment in New York city for public schools has dropped from 1 million to 900,000 in 2024. Some families in NYC moved to South Carolina, and US birthrates are dropping. The migrant children fill this gap in city schools. Teachers have been adept at integrating children of different backgrounds. This is another side of the migration issue even as Biden has closed the border with Mexico for unlawful migration.

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The Nation's Healthcare takes a huge hit in August 1997 by opening up television to a surge of drug ads. The president is Bill Clinton who reappointed Bush appointment Kessler as the Food and Drug Administration chief 1990-1997. DJT and RFK Jr. are finally tackling issues the Bush and Clinton/Obama Republicans and Democrats failed to bring up or address for the Nation's Health.

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Video presented by Gen. Dan Caine on how the Fordow site strike was done in real time. Dan Caine explains why the strikes were effective as Bombs Unit 57 were designed specifically for Fordow and the effort at Fordow is a project of the Threat Reduction Agency in the US War Department, doing this since 2009 when Fordow was being built.

Defense Secretary Hegseth points out that in the media's haste in reporting it had missed a key event at NATO meetings in The Hague, Netherlands. For the first time all EU nations had decided to shoulder their defense responsibilities for Europe. Germany and other nations will put 5% of the budget into defense of Europe.

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Demonstrations across France in cities like Paris, Lyon and Marseilles, by private and public trade unions drew an estimated 2.5 million people. They are protests that President Sarkozy's government is not doing enough to provide stimulus to the economy and protect jobs. THese are the largest nationwide demmonstrations in more than 20 years. France lost the most jobs in 40 years in the last quarter of 2008 and Sarkozy's government has only announced a$35 billion stimulus. Germany and France are also holding back on large stimulus spending , including significant help for Eastern European countries, and this will become an issue at the April 2, 2009 G-20 meeting. Ted Truman at Treasury is articulating aforceful response for the Obama administration calling on the EU countries to come up with astrong stimulus plan. See link.

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NYT Shanghai bureau chief Alexandra Stevenson sends this report on the magnitude of the problems facing Country Garden, China's largest housing developer, Country Garden has $200 billion in unpaid bills, has missed interest payments on debt. It lost $7.6 billion in the last 6 months. A million apartments remain unfinished. The government's first concern is that buyers are made whole, it is less committed to housing as a driver of economic growth. And the numbers are just way too large for the government to tackle. By one estimate the unpaid bills goes as high as $370 billion in unpaid bills. What happens to all those construction workers, carpenters and other workers who remain unpaid. Country Garden follows failure of Evergrande another huge Chinese real estate developer in 2021. Experts say even if people buy Country Garden's apartments the losses are too large to make up.

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This public site was formerly the Royal Mint till 1967 and before that a Cistercian Abbey, one of western civilizations profound spiritual movements that lasted over five centuries 1100 to 1600 from France and England to Portugal and Italy, with 338 Abbeys throughout Europe by 1200 under St Bernard of Clairvaux, France. The Cistercian religious awakening among the people in Europe weakened feudal ties, developed agriculture and created the conditions for the renaissance and scientific revolutions in Europe by 1600.

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Labour party leader Corbyn reflects on his years as leader, the 2019 election, his effort to get Britain to spend more money to fix social wrongs made worse through austerity programs of the last decade. He tells BBC's Laura Kuenssberg, that he was denounced in the election for advocating spending more money  than Britain could afford. He sees himself and Labor vindicated in its proposals for spending vast sums, to invest in the state, as this is what the Tories are now doing under Johnson. He sees Britain as ill-prepared for the coronavirus pandemic after ten years of austerity. The result of the Labour party election will be announced on April 4, a contest between Sir Keir Starmer, Rebecca Long Bailey, and Lisa Nandy. Mr. Corbyn is resigning after Labour's defeat in the 2019 election. He says the divisions over Brexit which led to a vote at Labour's conference to negotiate a new deal with EU and put it to another referendum, clearly did not win the election. Reflecting he says he did his best with an expanded level of membership for Labour party, and shifting the party to an interventionist economic policy that was anti-austerity investment led economy. He made his share of mistakes says Corbyn, as he was just human. And urged new Labour party leaders to spend time listening to people in all parts of the country, and recognize the strengths and good in the people.  ...