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Hon Hai chairman Terry Gou told corporate employees that Hon Hai plans to increase the number of robotic arms in its manufacturing plants from 10,000 to one million by 2013. He says the move will "improve working conditions and provide a better career path to employees." The improvement of working conditions is a major concern after a number of suicides. The plans to automate dangerous and monotonous tasks is intended to migrate workers to other work. Hon Hai has about 1 million employees in China. It is moving plants to the less costly interor of China where wages are lower- to Chengdu, Wuhan and Zhengzhou from the coastal areas.

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Bill Keller describes the diversity of news sources available today from the BBC and Guardian websites to Al Jazeera and websites of other foreign news organizations. Radio stations are another source. Yet this diversity exists with one troubling factor- the decline in foreign news bureaus and experienced journalists covering events in distant locations. As a result many of the important foreign events are now covered by free lance journalists who take many risks and are still underpaid. Without experienced journalists it becomes more difficult to sort out the good information from the bad or poorly researched, and the average reader facing a glut of information or misinformation is faced with the prospect of being as uninformed as before or worse misinformed. Keller gives the example of NYT's journalist C. J. Chivers who carefully researched information from a UN report- compass bearings for two chemical rockets- to show that the chemical weapons attack in Syria originated with the Assad military forces in Damascus. This was after much of the media went with the stories spread by different sources that there were doubts about who was responsible. Unusual and cause for concern is that many governments around the world may have found the ambiguity useful by taking off some of the moral pressure for action, of having to intervene so soon after the Bush invasion of Iraq....

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Pope Francis is strongly critical of the manner in which the capitalist system has functioned in recent decades, increasing inequality, and hurting the marginalized, the working class and poor. Pope Francis tells people during his visit to the poorest countries in Latin America, Ecuador, Bolivia and Paraguay, that the Catholic Church committed grave errors during the period of Spanish colonialism by allying with the ruling classes and creating great inequalities and suffering. The director of the Institute for Policy Research and Catholic studies at Catholic University of America, Stephen Schneck, says the Pope is reflecting a century of activism on social issues since the Pope Leo XIII encyclical in 1891, calling for social and economic fairness for labor, with the encyclical "Rerum Novarum" - or "On the Condition of Labor." The Pope's message in Santa Cruz, Bolivia, to nearly 2000 social activists, farmers and trash workers, neighborhood activists, was that change has to come from grassroots, that the local communities have acquired the knowledge which is valuable to act for economic and environmental betterment. He praised cooperatives and local organizations that enhanced the value of labor. His message resonates say Catholics because he has stayed in close contact with local communities, and the poor, working class people in Argentina. It is focussed on empowerment of local communities. In Bolivia the left government has adopted measures that attract foreign capital and investment, so that it is a model that stays away from socialist ideology, while at the same time embracing the grassroots idea of empowering local people and communties. In this way it has improved living standards in Bolivia and received favorable ratings in capital markets....

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The top 1% of Americans owns more wealth than the 90% at the bottom, according to the Economic Policy Institute. The Economic Mobility Project points out that the U.S. provides less intergenerational mobility than most other industrialized countries. A key factor is less educational investments to give better educational opportunities to the less advantaged. Michael Spence, a nobel prize winning economist, says we have in America gone from one propertied man, one vote; to providing voting rights to all regardless of color or gender or property, and back to where it is now one vote for so many dollars. The financing of political campaigns has made good policy decisions for the financial sector based on merits and wise judgement impossible, as Congress and the White House are beholden to interests that finance political campaigns, says a former head of the Commodity Futures Trading Commission.

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The author Li Congjun, is head of the Xinhua News agency, official press agency of the People's Republic of China. He calls for rebalancing the global economy with China depending more on domestic consumption, efforts to restrain the excesses of property and asset price bubbles, and renewed focus on technology and investment.

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Energy Aspects, London based consultancy, estimates non-OPEC production declines of 700,000 barrels a day, up from previous forecasts of 200,000-300,000 barrels a day. Demand is expected to be higher than supply by June 2016, and drawing down inventory from that time. Agreement to freeze production is uncertain at a Doha meeting of OPEC countries, with Iran planning to increase production from 3.1 million barrels a day currently to 4 million barrels a day. Saudis increased production to 10 million barrels a day in 2015, and Iran is determined to increase its production to the higher level. The price of U.S. oil rebounded to $42.17 by April 2016.

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France's central bank chief Christian Noyer, says public spending to create jobs has the drawback of creating yesterday's jobs, but lasting job creation has to look at today and the future for effective job creation. Once government spending crosses a certain level, about 55% of GDP, a level France has crossed, further spending becomes counterproductive, reducing public confidence in the economy, as higher future taxes are anticipated canceling any benefits.

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Pearlstein argues that the US and the Obama administration achieved most of its goals, even though the Europeans took the credit. On regulatory reform, Geithner's regulatory reform proposal he says, could well have been written at the French Finance Ministry, as at the US Treasury. And it gives Obama ammunition to prepare, as private equity, hedge funds, and banks try to water down his proposals for regulatory reform. By having member countries commit to adding $850 billion to the resources at the IMF, and regional development banks to provide help to countries in serious difficulties- and giving instructions that the money can be used not only for debt rollover, bank recapitalization and balance of payments support, but also for stimulus spending, infrastructure investment, trade finance and social support- the Obama adminstration has accomplished a great deal. It has succeeded in putting in place the necessary financial resources to support not only the financial systems of countries in Eastern Europe, Asia and Latin America that need help, but put emphasis on the need for resources to go for helping reduce job losses, create jobs, and provide some forms of income or support to people in these countries. This is a major step as it means the countries of Eastern Europe and other developing countries can deal with their crises in confidence. Mexico is taking loans from the IMF. Dominique Strauss Kahn had begun the policy of shifting IMF's focus to these social goals as significant parts of the recovery process in countries, but he faced the old mindset among the IMF staff, as when its reported staff wanted to increase interest rates in Pakistan by 10% instead of the 3% that was finally agreed to. That would have caused serious difficulty to the people of Pakistan, created chaotic situation and disturbed the social fabric of that country. See the link to this for S. Korea and for Pakistan. And as Gordon Brown put it the old conditionality that lay behind the IMF loans, is phased out. This makes it the new policy at the IMF backed by the G20 mandate. The Washington consensus which prescribed open borders, floating exchange rates and fiscal prudence is now ended. And to support this change the developing countries will have a bigger say in IMF policy and decisions. ...

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Experts point out that Saudi oil price policies are set on a technocratic basis by a small group of advisors. An oil industry veteran Naimi, 79, leads this group of advisors. This means the new King Salman is likely to follow the same course as his predecessor King Abdullah. Gulf oil officials were expecting a drop to around $50 to $60 a barrel, the drop below $50 has surprised even the Saudis. NYT cites IMF estimates of a loss of oil revenues for Saudi Arabia and its allies in the Persian Gulf of about $300 billion in 2015. The Economist and WSJ reports say that for the long term shale oil production and advance in technologies are likely to play a lasting role in keeping oil prices low. At a time when Saudi society is changing, population growing, an older generation likely to transition to a younger generation in government, the cost of the social safety net and ample benefits will remain a concern for the Saudis for the long term.

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A decade after the 2004 speech at the Democratic National Convention, Obama's message of change and hope as seen by American voters in 2014.

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There are similarities in the Republican and Democratic party platforms in 2016. One area of agreement is in the reinstatement of Glass Steagall Act. That legislation made in the Depression period to separate commercial banking from investment banking was changed  when president Clinton made changes in a deal with Senators Phil Gramm and Jim Leach in 1999. The too big to fail problems of banks and the problems of investment banks during the 2008 financial crisis are attributed to the lack of Glass Steagall protections for financial stability and safety. The result is that in the post 2016 environment banks can expect a tougher regulatory environment. Another are is in trade where both parties are expected to take tougher positions to protect U.S. interests. The Republican platform calls for "better negotiated trade agreemets that put America first."

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Walmart in Mexico, how it helps the average man in Mexico and adapts to Mexican ways. About a fourth of its sales and profits come from Mexico. And it is helping bring modernized retail experience to Mexico and changing people's lives.

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Microsoft CEO, Satya Nadella, is intervewed by Shira Ovide of the WSJ. Compared to Bill Gates and Steve Ballmer, Nadella has a quiet demeanor. Responding to a question about how he made it from heading R&D for the Bing search engine to the CEO position, he says what helped him most was working in different jobs at Microsoft with different contexts and challenges, including a mix of some where success was achieved and some in which it was much harder. The experience of people in his management team is similar. He says his sense of being an outsider while being an insider is something he always had in him, and something he now encourages as a CEO. Reading outside of work is his only rule, and this may help him maintain some distance from work to think like an outsider. His preference is literary reading not common among senior managers- T.S. Eliot's poetry. Taking some off from work for medical leave or other reasons, is something he supports, especially from his own experience needing such leave as a 29 year old at Microsoft....

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Liu He, the author of the 2013 DRC report on recommended changes to China's banking and financial system, is now the director of the Communist party's top financial policy committee and senior advisor to president Jinping. Changes he is pushing for relate to increasing focus on credit risk for China's banks, promoting competiion between banks, a mechanism for letting banks fail, and a deposit insurance program to protect the public against failing banks. To open up the sector dominated by state owned banks, opening private banks would be encouraged. Local governments would be allowed to issue bonds in an effort to reduce their dependence on land sales and opaque off-market borrowing. The urgency of this agenda comes from the realization in top Chinese policy circles and the Jinping-Keqiang administration of the risks to the banking sysem from the lack of attention to credit risks in bank lending.

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This piece in the Economist provides useful insights in the efforts to repair relations between Japan and China by October 2014, following a series of incidents and disputes. Some experts say China's slowing economy is one reason for mending relations. Japanese direct investment in China has declined sharply by over 40% in 2014 compared to 2013. In 2013 there was a decline following other incidents, and Japanese business has experienced difficulties in operating in China. As a result there is a shift to other parts of Asia including Vietnam and India, that is underway. Volatile relations with China has given the Japanese business and diplomatic community pause about the future of Japanese business investments in China. This is also the background as Chinese Communist leaders face a critical decision on how to handle the protests in Hong Kong over universal suffrage- errors will only add to the image of a China volatile in its relations with the outside world. It is not just North America and Europe, China has to interact with, it has to interact with Japan, Australia, S. Korea, South East Asian nations (Vietnam, Malaysia, Thailand, Philippines), and India, all these countries not sure what China's intentions are after territorial waters or land disputes. Along with Indonesia and Bangladesh, this is a region with about twice the population of China and representing most of Asia, a fact usually omitted as western business rushed into the Chinese market. Chinese Communist leaders are faced with huge challenges and success in the next phase of development, and it is by no means certain under a ossified system of government which cannot change with the times, as technology and foreign investment will now be much more critical drivers of development than in the first phase. ...

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Polls show 83% of the German public support increasing the minimum wage to 8.50 euros an hour. About two thirds of the public support increasing income taxes on high wage earners. The Social Democrats talks with the CDU to form a coalition are likely to lead to CDU accepance of the condition for a minimum wage of 8.50 euros an hour, but not to the condition for raising the taxes on high income earners. The SPD sees the higher taxes as a way to pay for new infrastructure. A survey done for TV broadcaster ZDF shows 61% of Germans favoring a SPD-CDU coalition. In the 2013 elections the SPD gained 25.7% of the vote and the CDU-CSU gained 41.5%. The SPD is pushing for flexible retirement age, equal pay for men and women, a tighter financial regulation, and a growth and employment strategy in the EU.

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A formal lifting of economic sanctions takes place in Jan 2016 with the implementation of the nuclear deal with Iran, a landmark event.