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The vote in the Senate was 67 to 27 to move forward with the $95 billion aid package to Ukraine and Israel. The bill has $60 billion in military aid to Ukraine, and about $8 billion in economic assistance. $14.1 billion to Israel and $10 billion for civilians in conflict zones. Senate Minority Leader Mitch McConnell leads a determined group of 18 Republicans in the US Senate that support efforts by Majority Leader Schumer to get a bill for Ukraine Israel Aid passed in the next few days. This would also include economic aid for Ukraine and humanitarian aid in the Gaza conflict. Senator Dan Sullivan of Alaska says that deterrence is not divisible, American credibility is not divisible." This comes as former president Trump opposes the passage of such aid in Congress. This report says the former president says America's role should be only transactional, and to Russia the NYT reports he says he would encourage them to do whatever the hell they want. President Schulz of Germany met with president Biden at the White House this week. After passage in the Senate it faces a challenge in getting enough Republicans to support passage in the House. ...

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The astonishing fact about America in 2023 is that 90% of people in retirement are insecure in retirement with less than $100,000 in savings, and 50% have no savings at all.  A situation like this would be impossible when America led the world in manufacturing in the 1960's and savings of a majority of Americans in today's dollars were higher multiple times. A tiny one tenths of one percent have around $5 million and 4% have over $1 million savings in retirement. This report in WSJ by Dagher and Tergesen shows that only 3% of Americans have saved $1-5 million and one tenth of one percent have saved $5 million plus in retirement. People shown here are  software salesperson, pilot, surgeon, veterinary practice specialist. About 4% have savings of $500,000 to $1 million. 18% have savings of $100,000 to $500,000 of which the greater part of this number are closer to $100,000. This reveals the shocking fact that in today's America in 2023 only 10% are income secure, the rest 90% are income insecure, of which a shocking 50% have zero savings. ...

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South Korea's LG Energy Solution is pushing forward with its aggressive investments in electric vehicle batteries by going public, raising $11 billion through South Korea's largest listing on January 27. LG Energy has made large investments in the US and is dominant in Europe. CEO Kwon Young-soo told a recent news conference that its strength is that "we have global buyers and global production facilities in the US and Europe, which CATL doesn't have." Saying that LG Energy is not Chinese is a big pitch, and LG Energy is taking advantage of the current trade war between the US and China.  China's CATL or Amperex is the largest maker of electric vehicle batteries with 30% of all batteries sold, compared to LG Energy's 20%. Yet CATL is concentrated in the China home market. The next three companies are in order Japan's Panasonic, China's BYD, South Korea's SK Innovation, and Samsung SDI. The South Koreans plan $15 billion in investment in the US. They see the fact that they are not Chinese a big advantage in meeting European and US automaker needs. ...

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Wind and solar finally overtake coal in power generation for the European Union. 30% of EU electricity is now generated by wind and solar. Power generation from coal and gas dropped by 17% in first 6 months of 2024, resulting in one third drop in sector emissions, according to climate think tank Ember. In 13 member states power generation from solar and wind was higher than coal and gas with Germany, Netherlands, Belgium and Hungary achieving this for the first time. This makes US commitment to climate change all the more critical for 2024-2028. EU is a big contributor to emissions for climate change. It is also setting aggressive goals. This progress brings into view zero power from coal and gas.  Andrea Hahmann , scientist at Denmark technical University, author of one chapter in the IPCC report on energy systems says “The ‘crossing of the lines’ demonstrates that the EU’s electricity transition is possible, and we should not give in to pessimism. The renewable energy targets that must be met are substantial but achievable with the proper policy measures.” ...

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A Hyundai shipyard can build a military ship for $600 million that would cost the US about three times that number -$1.6 billion. South Korea can control costs with its marine shipyard capacity to build 40 ships a year in shorter time frame by 20 months. Note that the US had 17 shipyards in 1970, by 2020 it had dropped to 5 ships. Why is this a problem? China has this type of advantage in cost and expertise so that it would be even with the US current capacity by 2030.  Naval power made it possible for first Britain and then the US to provide the structure for the Modern World based on science and technology to grow and improve living standards. Unlike in the colonial era the US has helped raise living standards in China, India, South Korea, Indonesia, all parts of the world.  An administration that has focus and concentration in its leadership and is based on a concept of the Modern World based on science and technology is best suited for the task of renewing America for its role for the next generation of Americans. ...

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African continent debt reached $1.1 trillion in 2024. About 900 million people live in African countries where interest payments on debt exceed money spent on healthcare and education. In Nigeria external debt is $40 billion, in Kenya $35 billion and Uganda $12 billion.  Take Nigeria with 220 million people. 40% of the revenue collected goes to meet interest payments on debt. For many African countries there is zero per capita income growth for a decade. During the 2010 crisis as interest rates reached new lows US and European Reagan era intellectuals including Democrats encouraged African countries to borrow at low rates and banks loosened restrictions putting more African countries into debt buildup borrowings. As interest rates went up the cost of paying the debt accumulated required more loans at higher interest rates. Nigeria paid a premium over that of 10% for a loan of $2 billion just for interest payments. The debt crisis means African currencies depreciate reducing purchasing power.  With war in Ukraine and Covid prices of food and energy rose. Only the strong and disciplined leadership and rapid industrialization provided breathing room as with Modi in India, Jinping in China, the African continent and Latin America lacked this and are feeling the pain. ...

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For 51 million seniors over 65 years the $4000 added deduction in the Big Beautiful Bill 2025 would take the standard deduction for married to $40,000 a year in 2025 and $41,100 in 2026.This is in lieu of eliminating the tax on social security benefits entirely which was originally considered but could not be done under the budget reconciliation rules used to pass this DJT budget. For married taxpayers it is phased out after reaching $250,000 of income. What does $4000 provision over 65 years cost? It costs $66 billion over 3 years, and needs renewal in 2028. Eliminating taxes on social security benefits entirely would cost $1.4 trillion over 10 years or over 3 years $420 billion with a lot of it going to income earners with income over $100,000 or $150,000. It makes sense that this was avoided, and the political appeal being still in place for an ideal situation where when it comes to social security where middle class incomes of $200,000 are not taxed-as consider that it costs that much to just have a middle class life in these costly times.  ...

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This analysis by Mackintosh in WSJ points out that the low to negative interest  policy of the ECB has hurt savers, bank profits, and makes the ECB unpopular, yet it has shown tangible signs of success in creating jobs. This is true even though unemployment in the EU is still over 10% in some countries. He says that the unemployment is back to where it was in Nov. 1998 before the euro. There are 7.5 million jobs created in EU since beginning of 2014, the point at which ECB went to ultra low interest rates. This is above the 6.3 million created in the U.S. upto 1st quarter 2016. Big difference now is that companies and households are borrowing as rates fell. Inflation at 0.2% in August 2016 for EU is a weak spot, but considering where the EU was just 2-3 years before in 2013, the change is a largely positive one.

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Black or illicit money in India is estimated to be $400 billion to $1 trillion, much of it in the domestic economy. About 30% of land transactions are in black money, and it is growing with 500 and 1000 rupee notes increasing in circulation by about 79% and 106% between 2011 and 2016, according to government sources. The Narendra Modi government has announced that 500 and 1000 rupee notes will no longer be accepted in transactions as of midnight. People have 50 days to exchange them at banks, and banks will keep records so that this money can be taken into account for taxes due. A senior official in the Department of Economic Affairs, Mr. Das, says-"You cannot have a shadow economy representing a substantial percentage of the real economy." Big banks will be closed on Nov. 9, and ATM's till Nov. 11, 2016. Mr. Modi, the prime minister said in a televised address: "In the last few years the specter of corruption and black money has grown." He cited "the challenges posed "by threat of terrorism, the challenge posed by corruption and black money." ...

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German chancellor Merkel met with leaders of Germany's 16 federal states to come up with an exit plan for reopening the economy from the lockdown in phases. In the first phase shops with up to 800 square metres of space will reopen on April 20. Bookshops, libraries, car dealers, bicycle shops, and museums will open too. Larger retailers will wait till May 4 to reopen. On May 4 school children in primary school can attend school and teenagers can take exams. Germany has 133,000 infected cases, 3592 deaths. Merkel warned that the performance with coronavirus was "fragile and provisional success" and the need for social distancing measures. A ban on gatherings of more than 2 people from separate households will remain in place till May 1. The government will strongly recommend that face masks be worn in public and in shops, public transport. Mass events will be prohibited till September. Bars clubs and restaurants will remain closed at least till May 3, or beyond. ...

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As the virus toll mounts Japan's prime minister Abe announces a nationwide emergency on April 15. He delayed action to avoid effects on the economy of a lockdown. Japan is shifting to taking stronger action after seeing infections double every 8 days to reach 9000. Abe says person to person contact has to go down by 80%. The measures are not a lockdown as in the UK and are voluntary. Total deaths are 136 in Japan. A Kyodo News poll shows about 80% of the public thinks the moves comes too late. 

Schools are shut and companies have closed operations. Flights were restricted and visitors to Japan dropped 93% in March. These voluntary actions as well as a cultural advantage in people used to wearing face masks, is likely to help Japan through this health crisis. The emergency will cover a holiday period, and is through May 6. The government will give every household $1000 as a way to offset income lost.

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Small business and farmers are driving a recovery in the Indian economy in the latter half of 2020 after the impact of the pandemic. Rural India with demand from farmers for cars and tractors is also helping build demand. Maruti Suzuki, India's largest auto manufacturer, had sales increase of 10% in rural India vs. 4% overall in the third quarter of 2020. Manufacturing and farm sector are leading the recovery. Transport and hotel, airlines are also seeing an increase in demand. From 2 million in June airline passengers have increased to 5 million in September compared to 12 million before the pandemic. The second generation reforms made by the Modi administration and the many initiatives are expected to boost the potential growth and scale of the Indian economy. Building a strong manufacturing sector and getting foreign investment in that sector is also a critical step to building the economy's growth potential. Working with Taiwanese investment and investment from the U.S. and the European Union is part of this effort. ...

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Bernie Sanders launches his 2020 presidential campaign at Brooklyn College by sharing his personal story of parents who were immigrants from Germany during the Nazi period. His father made a living selling paint to hardware stores and the family struggled in the early years.  He tells students he lived only a short distance away growing up "in a three and half room rent controlled apartment, and going to quality public schools." Mr. Sanders is the top choice in the early primaries including New Hampshire, competing with former vice president Mr. Biden. His campaign raised $10 million in just two weeks at the beginning of the campaign. He is campaigning for Medicare for All, $15 minimum wage, tution free public college. With Mr. Corbyn leading the Labor party in Britain in a new direction, Mr. Sanders is leading the Democratic Party in a new direction, both supporting the pro-working class traditional policies of their parties for most of the twentieth century. ...

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Google will take part in the Digital India project of the Indian government with a $10 billion investment over five years. This is about leveraging the power of digital technologies for transforming lives of farmers, young people and for creating new businesses. Google Search and You Tube reaches 245 million Indians. Local language content is popular for 66% of the content online. For Google CEO Pichai this as he says is deeply personal as the investments in early computers and digital use in the first 20 years after independence in 1947 provided the opportunities for Pichai and Microsoft CEO Nadella and countless others to learn about these technologies in schools and universities in India. These investments will lay the ground for opportunities to be created for new generations. Earlier Google partnered with Tata Trusts to launch Saathi so that the internet could reach India's villages. About 23 million women in 300,0000 villages have gained through Saathi the first use of internet. ...

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Autoworkers want a raise of 40% from depressed levels with two tiers one for entry level workers set really low during a crisis when auto companies were near or entering bankruptcy. Automobile companies want to use high profits for EV vehicles.  Autoworkers have worked hard through the pandemic and have suffered low wages for a decade, now face a cost of living crisis- the 40% should be seen in the context of starting a depressed level trying to meet costs of living that have surged in 2021-2022. If both conditions are removed the increase might be a modest closer to 10% over a hypothetical higher wage and lower cost of living.

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India's currency is one of the hardest hit in emerging markets. India's rupee dropped by about 14% in 2018. India increased import duties by about 10% on airconditioners, refrigerators, washing machines and other categories for a total of $11.8 billion in imports in fiscal year ending in March.

India sees the possibility that with rising trade tensions between China and the U.S., president Trump increasing tariffs on Chinese imports, some of these Chinese exports to the U.S. could be dumped into the Indian market. The Federation of Indian Export Organizations sees the move in a positive light that it would help the rupee, increase local manufacturing and lead to foreign investments. India's current account deficit increased to 1.9% in the year ended March 31, 2018, from 0.6% a year earlier.

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The 140 billion in stock market losses in GE stock in just the last 12 months (2017-2018) ranks as the worst in history in the corporate world. In this report a retired GE worker at 61 years is shown looking for a second job after the losses wiped out a substantial part of his retirement savings in the form of company stock. This is the worst in history and is about twice that in market losses for Enron, and more than the losses in bankruptcies of GM and Lehman Bros. As a result GE is one of the worst funded pension programs in the corporate world. About $100 billion in pension obligations for 600,000 people who get GE pensions is underfunded by $30 billion. GE will need to borrow $6 billion in 2018 to contribute to the pension plan.

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There is a 82% jump of oil at sea in 2025 as China and India stay away from sanctioned oil from Russia Iran. About 1.4 billion barrels or 15% of supply out at sea on tankers by December 2025. When Modi met Putin he offered to continue supply of oil. India says Jamieson Greer in a recent interview with Sarah Burns, is not buying Russian oil and negotiations are ongoing so that a deal with US on dropping tariffs is reached in the very near future. This oil at sea is keeping prices of Brent crude at about $66 in December 2025. DJT is referring to prices down for oil, to gas pump prices in US states having dropped to $1.99 a gallon to show progress in tackling the affordability crisis in the US at a rally in Pennsylvania.

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Andrew Ross Sorkin points out that investors are sitting on their hands and money is moving out of the stock market. About $171 billion has moved out of mutual funds over the last year, according to the Investment Company Institute. About $208 billion has gone into the bond market in the same period. There are now fewer long term investors and the market is dominated by professionals which increases the volatility. There is a lack of confidence in the economy, the same reason that businesses in the U.S. are sitting on $2 trillion in cash that could be invested, and for investors the feeling that the market is rigged to favor insiders. The Financial Literacy Group surveyed 878 students at 18 high schools in 11 states in the U.S. It found that three fourths of the students agreed with the statement: "The stock market is rigged mostly to benefit greedy Wall Street bankers."

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Chile, Mexico and the U.S. rank high in the diabetes rate for top soda consuming countries. In the U.S. the diabetes rate is at 7.7% of the population, in Chile 9.6% and Mexico 9%. Soda consumption per capita was at 165 litres in the U.S., 146 litres in Mexico and 134 litres in Chile, and 145 litres in Argentina where the diabetes rate is at 3.9%, for 2012. A new public service ad in Mexico City subway stations says it all, showing an ad with a soda bottle and the words- "Would you take 12 teaspoonfuls of sugar? Soda is sweet, diabetes isn't." The new Pacto de Mexico agreed to by all major political parties includes the soaring diabetes rate in Mexico as a problem to be tackled, including lunches at public schools and the consumption of coke and sodas by children. A particular acute problem in Mexico is the lack of clean drinking water in many areas and the dependence on coke and sodas for liquids. But bottled water could be used in its place if available at lower prices. One proposal is for a soda tax which could generate $2 billion and be used for setting up clean drinking water fountains in schools and other places. Elected officals in Mexico are firm about the need for action, as Mexico recently became the first country over 100 million inhabitants with the highest obesity rates at 7 adults out of 10 over the age of 20 obese or overweight, and the consequently high diabetes rate. Diabetes is the No. 2 killer in Mexico, and a serious health danger. Coca Cola gets its second highest revenues from Mexico after Europe, and the situation has evolved after years of heavy coke advertising to the point where Coca Cola is taken at every meal by some Mexican families, and is a sign of prestige. The company's response is to fight the public service ads with ads showing people burning off 149 calories by walking. The country now faces a long and uphill fight. Russia is one of the countries which is also conducting a similiar fight against soda drinks. The Bloomberg Philanthropy is financing efforts against soda drinks in Mexico, as part of its campaign against smoking and sodas as health hazards, and this maybe Bloomberg's bigger contribution to society than his service to New York City. Developing middle income countries such as Mexico, Chile, India, China, Brazil, are the hardest hit by soaring diabetes. And the costs to their health systems in 10-20 years from uncontrolled obesity and diabetes will be enormous. The U.S. is a developed country with similiar high rates of obesity and diabetes, with soaring medical costs, and serious problems that strangely have not received the public awareness and efforts that one should expect. ...

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Of the world economies facing GDP decline in the first quarter of 2009, Germany saw adecline of GDP for first quarter over prior year of 14%, Japan 15%, and the USA 6%. Mexico was hit hard with adeckin of 21%. Auto production in Mexico fell by 41% in the first quarter over the prior year.

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Pakistan gets a $7.6 billion IMF loan with $4 billion disbursed this year and the rest in 2009. Interest at 3.51% to 4.51% with repayments beginning in 2011. Pakistan faces 25% inflation and reserves enough for 2 months imports. It needs between $10 billion to $15 billion over the next 2 years say Pakistani officials.

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Abbott Labs acquisition of Piramal Healthcare for $3.7 billion gives it 7% of the Indian market. Acccording to IMS Health emerging markets drug sales for 17 countries went up from $42 billion in 2000 to 126 billion in 2009. Anlysts expect 70% of global growth to come from these areas in next 5 years.

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State owned shipbuilder Vietnam Shipbuilding Industry Group (Vinashin), defaulted on a $600 million loan in December 2010. Inflation is running close to 12% in December from a year earlier, and the Vietnamese currency, the dong, has lost a fifth of its value since mid- 2008. Vinashin borrowed heavily with the idea of becoming a leading shipbuilder, and nearly collapsed in mid 2010 with $4.4 billion in debts. Top executives were arrested for mismanagement of the company. Vietnam faces a problem faced by other emerging market economies in the past- it has only small foreign exchange reserves, which may be why it decided to let Vinashin default. The $14 billion the IMF reported for Vietnam as of September end 2010, is not enough to cover the short term debt of about $6-$7 billion and a wide trade deficit of $12 billion according to a credit markets strategist at UBS AG in Singapore. Experts say Vietnam has not learned from the lessons of other emerging market countries in Asia that faced a financial crisis in the 1990's. The central bank estimates credit will go up by 28% in 2010 over 2009. The government is focussed on growth, and experts are pessimistic about any changes at the coming party congress or in policies of the government. The Communist party promotes officials on the basis of their ability to hit growth targets and meet five year plans- with little regard for inflationary effects and corruption. One government official says the only thing the Communist party understands is growth and this is why little change can be expected. ...

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Germany's Bundestag Budget Committee approves $61 billion for military expenditures for 2026 as it prepares to meet Russian advances in Europe following years of underfunding.