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The task of getting 20 million tons of foodgrains in Ukrainian silos out of Ukraine is being taken up by the European Union. Ms. Leyen of the EU has emphasized the importance of this mission for poor countries. About 50 countries depend on Ukraine and Russia for over 30% of imports of foodgrains says the WSJ. One way supported in this WSJ Editorial Board opinion is to use naval ships to escort ships carrying grain out of Black Sea ports. This requires Turkey's support and has to be done as a humanitarian move with ships from many countries. Rail would be an option yet Ukraine and the rest of Europe use different railway infrastructure. Steps need to be taken to do this quickly to overcome the rail issues and also use motor transport. The port of Odessa has been mined by Ukraine to prevent a Russian naval assault showing that there are obstacles along the way to be met by land or by sea. Starting now would be the best way to approach this. Both the Eu and the US should work together on this. The baby food crisis in the US was tackled by special flights from Germany. This shows that many options can be combined and problems tackled to get food grains out. What seems insurmountable can be tackled with action taken early, learning along the way. The Berlin Airlift did this in 1947 with another Soviet blockade. This would also lift spirits throughout the world. ...

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Lane Florsheim's interview with Melinda Gates.  Melinda Gates is reinventing herself at age 60 years. Born in the 1960's  and as part of the Gates foundation she now faces both the opportunity and the challenges ahead of her new effort with The Pivotal foundation, which replaces the effort she made at Gates, the launch of a new book to share her experiences with panic attacks and coming to terms with her own inner voice that said start over.  Here she describes her life in Seattle that starts with a cup of coffee at 6.30, and a chance for reflection in the early mornig hours. She goes out for a walk by 7.00 with three trusted friends she has gone out for walks for 20 years. Melinda describes her new life with her love of kayaking and her chance to do this without being recognized in Seattle. Her three children and her grandchildren live in the East coast. She likes poetry and instead of the frequent travel abroad in her first life, in this second life she can devote time to her passion for making life easier and better for women. She describes meeting women in Louisiana and other states and seeking solutions for better women's health and mental health. She has an objective view of the times, and faith in American democracy, and her new role in the discussions as her own self as a woman. ...

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Gordon Brown, former prime minister of Britain from 2007 to 2010, chaired the April 2009 G-20 meeting that came up with ways to tackle the global financial crisis. Brown also led the way by recapitalizing British banks, a step the U.S. followed. He comments on the volatility in financial markets in August 2007 following the S&P credit downgrade of the U.S.. Brown gives an incomplete grade to the tasks the 2009 G-20 set out to accomplish. He points to three goals the G-20 had set in the middle of the financial crisis in April 2009. The first was to prevent a recession from becoming a depression. The other two were to establish a financial stability regime, and a compact for growth. These two became paper promises says Brown. Brown sees the best approach to prevent a lost decade is for U.S. and Europe trading their way out of a downturn as the Asian market absorbs more industrial goods from Europe and the U.S. This includes policies that would keep commodity prices low and ways of coping with currency shocks. Analysts have pointed to an export led recovery as one of the solutions the U.S. was hoping to achieve with a lower value of the dollar. This has had only limited success because of deep structural problems- high consumer indebtedness, bad debt at the banks, weak housing sector following the mortgage crisis, and a rising U.S. deficit- which will take some time to clear. Brown does not come to grips with these underlying imbalances built up during the boom years of the last decade, both in Britain and in the U.S., during which he was the finance minister of Britain....

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Conversation with Ford's marketing chief Jim Farley who had 17 years with Toyota and marketed the Scion brand. He is a guy who likes to get a fresh look at things like talking to a security guard before coming up with a marketing plan for the Scion, and talking to a maintenance technician about the 150, all off the beaten track. This is reflective of the approach of Jim Farley. Even talking to psychologists about how to convince people to come and try out Ford cars. He is excited about Ford's Eco-boost engine which is a direct injection technology engine which Ford can democratize as he puts it to put it, on some 500,000 cars and trucks by 2013, something not done before. This is a technology that scales up pretty well. Drivers in Western Europe are familiar with direct injection diesels as a way to cut high gas costs and cut emissions, but Americans are not that familiar with it. It boosts fuel economy by 20% and reduces emissions by 15%, and giving a V6 the power and torque of a V8 engine. Basically it injects fuel directly into the engine in small specific amounts so that very little is wasted and the turbocharger uses waste energy from exhaust gas to drive the turbine. He is also in charge of promoting and marketing the Eco-Boost engine, which will show up first in the 2009 MKS Lincoln sedan. ...

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How the supply and demand for oil is changing according to updated forecasts by the International Energy Agency. Demand is expected to be 500,000 barrels a day less than originally forecast for the fourth quarter by IEA. Also Iraq's northern fields produced 600,000 barrels a day and Angolan production also went up to increase supply by 1.4 million barrels a day. This provides some slack in the supply-demand situation to ease price pressures. Examples of energy conservation are given one of a refrigerated truck firm, Willis Shaw Express in Arkansas which runs a fleet of 725 refrigerated trucks and has installed "governors" on its truck engines to max speed at 65 miles per hour and thus get more fuel economy per gallon used. The full impact of recent price increases has not been felt at the pumps till noand this should also encourage further conservation. The slowing down of the U.S. economy should help reduce demand in 2008 as the full impact of the mortgage crisis is felt (see the OECD report of further losses ahead estimated at $300 billion by 2008-2009) this should lead to slowing demand. At this time demand in the US is rising by 1% down from 3-4% in the 1990's. This could be be part of a trend that could lead to actual decline in consumption in the industrialized countries. The impact of a US slowdown could impact less industrialized countries and moderate demand there. Slower growth is reported for Eastern European countries. Meantime Saudi Arabia states its on schedule to increase production from 11.3 million barrels a day to 12.5 million barrels a day by 2009. ...

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Krugman points to some striking data in a U.S. Federal Reserve study, showing 47% of Americans do not have the money to meet an unexpected expense of $400 without selling something they own or borrowing. The is the 2nd year of this Federal Reserve study. It shows alarming information about the condition of retirement savings- about 30% of nonelderly Americans say they have no retirement savings or pension, and reported going without some kind of medical care because they could not handle the expense. About 25% say they or a family member experienced financial hardship this year.

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Modi refers to an ecosystem that continuously shrinks the pool of capital from government revenues, revenues intended to fund development roads, bridges and other infrastructure illegally siphoned away, that stalled and suffocated rapid development in India for 75 years. Without foreign investment there can be no rapid development in India. Without strong and efficient institutions foreign investment has not come to India in the last 30 years in the way it has come to China. These institutions of good governance that prevent such siphoning away of revenues enable 100% of every dollar or rupee of taxes to go into development essential for funding infrastructure, climate infrastructure, logistics and the other inputs of capital, labor, energy and land to build manufacturing capabilities. An ever widening pool of the inputs of capital, labor and land year after year- a process that Japan, then South Korea, then China has accomplished is possible. I It is only now taking place in India. What Mohandas Gandhi, Nehru and Sardar Patel failed to grasp in the 30's, 40's and 50's is that it was possible to have an independent India and still remain a backward undeveloped nation for a staggering period of 75 years or almost half of the period the British ruled India. What Mao failed to grasp in China and which was corrected by other leaders to make China an advanced economy able to fulfill the aspirations of the Chinese people, is also the situation that prevailed in India. Post independence leaders in China and India both isolated their economies, both limited human potential, both let institutions fail in good governance.  It is only now moving India into the process of developing an advanced developed economy by 2040, able to fulfill the aspirations of a youthful population of 1.2 billion people. ...

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The marketshare of companies in China's smartphone market for the 1st quarter shows Samsung with a commanding lead of 25%, the Apple iPhone has only 6.5% of the market, Huawei comes in ahead of Nokia with 12% compared to Nokia's 11%, and close behind is ZTE with 11%, Lenovo with 8%, CoolPad with 6.2%. Motorola has 4.8%. HTC slipped badly and is now at 2.6%. With other companies having 13% of the market. The market is largely fragmented today with Samsung the leader. It also shows the very fluid nature of the market with many new entrants and rapidly changing positions for Samsung, Nokia and HTC. Nokia finds itself facing competition from many new entrants and a rapidly expanding Samsung, which accounts for its suddenly eroding position.

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The U.S. Border Patrol apprehended 327,577 illegal immigrants crossing the U.S.-Mexico border in fiscal year 2011, ending Sept 30. This is a steep decline from the 1.6 million apprehended crossing the border in 2000. The numbers have been dropping since the 2009 financial crisis and high unemployment in construction and other trades employing migrants. The figures for 2011 suggest a drop of about 25% from 2010. Researchers at the Pew Hispanic Center, say the balance now is about zero for people entering the U.S. across the border from Mexico and people returning to Mexico. In fact there are stories of money being sent to migrant workers without jobs in the U.S. by families in Mexico, which has affected the flow of migrant workers.

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To increase the appeal of the Conservative party and help it stage a comeback, party leader and now prime minister Cameron, made a pledge not to reduce the budgets for health care and the National Health Service. By sticking to keeping this pledge Cameron is committing to much deeper cuts in government agencies, public sector jobs, and other areas. Carl Emmerson of the Institute for Fiscal Studies, says that because of this the cuts elsewhere will rise to a much deeper 25%. Phillip Cowley, a political scientist, says that the NHS is a totemic issue with the British people, and helped Cameron get the top job, as the Labor party could not hit the Conservatives on the issue of the National Health Service.

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Ford's North American operations reported a pretax profit of $1.6 billion for the 3rd quarter 2010. Revenue went up to $16.2 billion from $13.4 billion in the prior year. Ford sold 145,534 F-series pickup trucks, a 25% increase from the same quarter prior year. Worldwide Ford Motor reported a profit of $1.7 billion. Ford will pay down its revolving credit line by $2 billion and will make a cash payment of $3.6 billion this week to cover the last of its health-care trust obligations to Voluntary Employee Beneficiary Association (which covers 195,000 retirees and their spouses). The UAW controls the VEBA trust. These actions will reduce the company's overall debt to $22.8 billon, from $27.3 billion at the end of June 2010.

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Shigeru Ishiba was reappointed LDP party secretary-general in Japan. Ishiba served three terms as defence minister, is popular with the rank and file and the public. He has a good grasp of security issues. He will be the No. 2 person in the cabinet after prime minister Shinzo Abe. Ishiba was the first LDP official to give a specific trading range for the yen by publicly calling for a range of 85 to 90 yen to the dollar. The yen closed at about 85 yen to the dollar on Dec. 25, 2012. Two women join Ishiba and Abe in the leadership positions. Seiko Noda is now chairwoman of the party general council. And six term parliamentarian Sanae Takaichi is policy chief for the LDP.

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How a small Kansas town of Grinnell in America finds a way to deal with the rural-urban divide and covid anxiety generated in the tumultuous years of 2020-2021, is the subject with pictures of this report in the WSJ. Grinnell is heartland America and its residents find a way to set Kansas and America in the right direction. One one side some resident worried they would end up like Minneapolis or Portland with protesters. An incident of drivers along Highway 70 emptying shelves of toilet paper in neighborhood stores is seen negatively by some  Grinnell residents and leads to forming an Emergency Preparedness Group to prevent outside agitators from creating problems. Others like the Enlightened Ladies Group try to calm things down. Gene Tilton, 84, and his son 63 years, whose family arrived in Kansas in 1880's did'nt see the need for forming some sort of vigilante group. He raises cattle and crops on a 10,000 acre farm. Michael Machen who practiced medicine in Gove County for 35 years also felt the same way and believed law enforcement could tackle the problem if there was one. Sheriff Mesch attended the Gove County emergency Preparedness Group public meeting by invitation in January 2021. This about the time when the Capitol in Washington DC was stormed by protesters and the country was divided after the election. At that time after 19 months of coronavirus deaths, racial unrest and political violence America was on edge, communities all over America were struggling with the idea that the immediate threat they faced was from other Americans not foreign adversaries. The sheriff told everyone at the Emergency Preparedness Group's public meeting where he stood- law enforcement could handle any threat and he didn't anticpate anything his deputies could not handle. He told the Emergency Preparedness Group that he appreciated their sentiment though, if he needed help he would ask, yet concluded that is the only way. From that rebuff by the sheriff the Group paused its activity and shifted its message to offering to help anyone deal with the deep cold spell in February, to cope with snow, tornadoes, fires, rattlesnake bites and similar hazards. They sponsored first aid classes, and a "Homesteader Gardening Class." Soon their idea was "we're here to help people, the last thing we want is for people to be uncomfortable." "Gove County" says Don Tilton, "has moved on." So must America today. ...

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Baked goods salty snacks and other ultraprocessed foods made up 55% of calories of all Americans in 2021-2023. 62% for children and adolescents, says CDC in 2025. It is an astonishing figure and shows the neglect of health nutrition by business and previous administrations in the US, in an alarming and dangerous way. RFK Jr. at Health and Human Services department, and Rollins at Agriculture department, have made it their life's mission to get America healthy again. And fight the battles, conduct the policy changes that have to be made to do this. Education of the public and making healthy choices available and affordable, are a big part of the challenge today. Individual states such as Iowa and West Virginia, Texas and Florida are already taking it up at the state level in a concerted effort.

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Jeremy Hunt, head of the Health Select Committee and Health Secretary 2012-2018, says Britain needs to take up mass contact tracing as its next national mission. Britain he says has passed 20,000 tests a day for coronavirus. America has passed 150,000 tests a day. Both more than South Korea. What is missing when compared to South Korea and Taiwan is mass contact tracing.  The app TraceTogether is not enough, as it was used by only 20% of Singapore's population. Only South Korea and Taiwan are able to open up the economy, have workplaces and life function close to normal through extensive testing and mass contact tracing, with feet on the ground. This is the only path that has worked with South Korea successfully out of the lockdown. This means "feet on the street." Making these calls requires skills, getting information, getting cooperation, offering guidance, and ensuring people isolate themselves after contact with an infected person. Sometimes it is by phone and sometimes in person wearing full PPE. They need to be sensitive enough in talking to someone feeling ill and to see how home isolation can be achieved, who else the coronavirus infected person or someone in the chain of contacts has been in contact with. Mr. Hunt says no effort should be spared in doing this as the millions of jobs in Britain, of people without work, the economy, and the need for light at the end of the tunnel of lockdowns, requires a way out. A huge task but a lot of impossible tasks are being tackled in the health services. The resources of Britain, every spare civil servant, every administrator not working, every one who can do this, needs to be enlisted to do this. The same task needs to be tackled in America, and in other countries as a national mission. ...

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900 million eligible voters in India means this is the largest election ever. The election will take place in 7 phases in April and May from April 11 to May 19. Votes will be counted on May 23. The election is for 543 seats in parliament, the Lok Sabha. Turnouts are high with 66% turning out in the last election that brought Mr. Modi and the BJP to power.  Unlike elections in Britain a lot is spent in each election, about $5 billion in the last election and double that this time. The U.S. elections in 2016 had spending of $6.5 billion as a comparison. Women vote at about the same rate as men and more women than men are expected to vote this time. Prime minister Modi won the last election with promises of development and infrastructure. He is delivering on infrastructure but building manufacturing and generating jobs in the formal sector remains a tougher task for any administration in 4 years. During the first term Mr. Modi made needed changes including introducing the GST tax to integrate India's fragmented market and get rid of a patchwork of regional state taxes. He introduced a whole range of projects and yojanas which are setting the stage for widening the middle class, and improving living conditions. Some of the problems such as the bad loans in the banking system date back to previous administrations and the government has taken steps to clean up this problem by refinancing banks and introducing a bankruptcy law. This has slowed GDP growth to about 7%. However this would have happened under any administration.  The brief war with Pakistan in February 2019 has added another dimension to this election with questions about whether this may help Mr. Modi because of his strong stand against terrorism camps in Pakistan.  In the end it all comes down to whether the public still believes the BJP party under Modi is best qualified to develop the infrastructure to modernize the country and improve services, and whether it can create enough of the manufacturing capabilities to generate jobs needed. It may not be that the BJP under Modi has  not made mistakes in the process of learning how best to tackle development, but whether a patchwork of regional parties led by the opposition Congress party is in a position to provide the strong decisive direction to make quick decisions on development. Getting the agreement of a number of regional parties such as the party in West Bengal state or the Uttar Pradesh state when it was under a previous administration of Mrs Mayawati means an even slower rate of decision making as it leads to lack of speedy decision making. Whether voters have short memories and forget the slow rate of infrastructure development under previous administrations or have a willingness to give the BJP a chance to show what it can do under Modi for development can eventually decide this election. An example of what this means is in how the Mumbai Metro is being pushed through to timely delivery- Metro Rail's head Mrs. Ashwini Bhide simply says she feels for the people of Mumbai who have suffered from delays in development of needed infrastructure for so long, with millions doing appalling rides in a creaky old rail system. In her view it should have been done yesterday. It is this attitude that can make or break the current administration, and whether it can get this message through to voters one more time. Most who have this attitude are aware that China is now laying enough concrete every two years than America did in the whole 20th century, as reported in the Guardian newspaper, and are equally passionate about delivery of services and rapid development of badly needed infrastructure.         ...

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Most people would not guess or recognize that this place where elderly people in society were treated shabbily is a country in northern Europe, and a country where citizens pay high taxes for precisely better healthcare across different age groups. Sweden is where about half of the 6000 people dead from coronavirus were elderly people.  Over the last two decades Sweden has cut hospital capacity and discouraged elderly people from entering hospitals during the early period of the pandemic, says this report in the NYT. The for profit nursing homes in the centre of Stockholm were unable to cope. Having turned the work in these homes to low wage workers, it put these workers and the elderly at risk with lack of staff, lack of adequate PPE oreven  basic masks, says this report in NYT.  One of the lessons of this pandemic is the failure not just in turning over manufacturing of health care equipment and pharmaceuticals to China, but also turning over the basic care of elderly to for profit institutions that were totally unprepared and could not give elderly the dignity and care they deserve. Year of cuts to public services and health services now showed in a glaring way what can happen when this is done. It has lessons for countries from Europe to North America, and to Latin America, India and other Asian countries as they redesign policy and allocate resources to public services in the next 10-20 years. ...

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Under a landmark ruling by a federal court in Leipzig, German cities can now ban older diesel engine vehicles. The cities of Stuttgart and Dusseldorf are allowed to legally ban older higher polluting diesel cars from zones that are badly affected by air pollution. Environmental group DUH brought the lawsuit after 70 German cities exceeded European Union limits for nitrogen oxides (NOx) in 2017. NOx emissions can cause respiratory disease and difficulty breathing. Diesel engines produce high levels of nitrogen oxide, and low levels of carbon dioxide. EU air quality standards are not being met in cities across Europe, so that this could set a precedent for Europe, says the BBC. Of the 15 million diesel cars on German roads only 2.7 million meet the latest Euro-6 standards, according to German automotive watchdog agency. Diesel car market share is dropping- falling to 39% in 2017 from 48% in 2015. The VW diesel emissions scandal in 2015 further eroded public confidence. The German government already has suggested alternatives such as offering free public transport in cities with poor air quality. The government opposed the ruling because it did not want the car industry to bear the additional cost of retrofitting older vehicles at a time when German carmakers were investing in electric vehicles.  Yet the trend is clear. Paris, Madrid, Mexico City, Athens have pledged to ban diesel vehicles from the centre of cities by 2025, with Copenhagen doing this in 2019. ...

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California's economy is going through tough times during the coronavirus. Unemployment is up to over 20% which compares to 14.7% for the U.S., closer to that of New York. The state depends on the tourism industry, agriculture in the San Joaquin Valley, and entertainment industry around Los Angeles for jobs. Tech in the San Jose area does not account for as many jobs. The state also has a public university system and foreign students mostly from China bringing in $7 billion.   Its port system around Long Beach and Los Angeles connects with the Asian economies and China, for goods mainly transported to the rest of the U.S.  All these sectors are the ones most badly hit during the coronavirus.  California now has a deficit of $54 billion and was the first state to borrow from the federal government to pay $13 billion in unemployment claims. Undocumented Californians are not able to collect unemployment because of their immigration status, creating an American version of the informal economy that is found in India and Italy or Spain. California has 83 million people taking plane trips to the state for a tourism industry that normally brings in $145 billion. 600,000 travel industry jobs were lost in the state. Taxes related to travel are a significant source of revenue for cities in California bringing in $12 billion. The only sector that is less affected is the tech industry, yet this makes up only about 10% of the jobs or 1.7 million higher paid but fewer jobs. This tech sector at about just 15% of the California economy GDP, is of a precarious nature with a boom bust pattern, the last boom one that happened since the 2009 financial crisis. It in no way forms a significant support for employment or income for people in California or the U.S., and may even be responsible for distortions in the allocation of capital away from infrastructure and public services, through its disproportionate influence on how the nation's capital is allocated. The broader changes underway during coronavirus are likely to affect the state over many years, as supply chains shift away from China, and as infrastructure and public services investment assume their rightful role again in the nation rebuilding effort, agriculture and rural America become a part of the American renewal story.   ...

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As Washington Post writer points out from personal experience- he is one of those who put up 15% to buy ahome inDenver at the top of the market and now has negative equity as prices drop- negative equity is one of the most serious problems facing the US economy. It has the potential to undo many of the encouraging things from the stimulus, as rising foreclosures continue to act as adrag on the overall economy. As he says about one fourth of Americans with home mortgages, or about 11-15 million people, owe more money on their homes than the market value of their homes. As Hoffman says the administration's approach has been a Band-Aid at best for a serious injury. The Obama administration set aside only $75 billion to get banks to modify loans and also made this voluntary for banks to modify loans. Treasury Secretary Geithner testified in Congress: "This is a conscious choice we made, not to start with principal reduction. We thought it would be dramatically more expensive for the American taxpayer, harder to justify, create much greater risk of unfairness." But making it voluntary means very little of this $75 billion has gone to help achieve modifications- banks had no incentives to do this. Only 31,000 permanent loan modifications have been made. Of the 750,000 temporary loan modifications made as of Dec 2009 only 4% of homeowners signing up have qualified for permanent federal relief. See the links to Martin Feldstein's proposals for this on the pages of the Wall Street Journal in 2008 and 2009 which called for aggressive program of relief for the sake of the economy. With 2.4 million Americans likely to lose their homes in 2009 according to Moody's Economy.com estimates, following the 2 million in 2009 and 1.7 million in 2008, this may be a serious mistake of the Obama administration and drag out this recovery....

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The marketing of the iPhone 6 in the U.S., China and global markets helps Apple widen its lead over competitors in 2015. Apple sales were 47.5 million iPhones in the 2nd quarter 2015, increasing by 35% over the prior year quarter. Apple is also gaining sales from buyers switching from Android phones. Apple's iPhone sales now make up 63% of its sales, compared with 53% in the same quarter in 2014. Sales of iPhones increased 59% to $31.37 billion as the average selling price went up by $100 to $662.42. Apple remained above the fray, and actually increased average selling price to $662, as Xiaomi sold quality Android phones at near cost in China hitting Samsung sales and margins hard, and leaving unsold inventory for Samsung in China. Rarely has a company dominated its business in this manner from the standpoint of profits with only about 20% of the market in smartphones. Apple profits in the 2nd quarter were $10.7 billion, increasing from $7.74 billion in the prior year quarter. The iPad unit sales declined by 18% for the 2nd quarter 2015, the sixth quarter of such declines and fewer customers upgrading. The iPad has also not taken off in the workplace. Mac unit sales were up 9%, even though the PC market declined in units by 9.5% globally for the quarter. Apple shares up 39% in 2015, fell by 6.7% over concerns about slowing China sales....

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Geopolitical problems and installation of US air defense systems in South Korea led to Chinese restrictions on South Korea. This led Samsung to reduce its labor force in China from 60,000 to 18,000 in 2023. It shifted operations to India and Vietnam. It is Vietnam's largest exporter and makes 20-30% of its global smartphones in India. Apple is only now beginning to shift to India. This is called decoupling or de-risking after an excessive concentration of manufacturing by companies like Apple in China.

Xiaomi took a large share of the local market in China from Samsung, another reason Samsung reduced presence in China. It still gets advanced components from China. In India Samsung has a dominant market presence. Because India is a price conscious market Apple has only a small market share in India.

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A Russian Kinzhal hypersonic missile attack on Kviv is repelled with all missiles shot down on May 16, 2023. For the first time in the war the missile attacks are causing far less damage than in the early days of the war. A DW.com German reporter in Kviv on German television says the whole attack lasted only 15 minutes before things were back to quiet over Kviv with missiles exploding in the sky not on the ground.

This week Mr. Zelensky visited Berlin, then Aachen for the Charlemagne Prize as a symbolic acceptance of the Ukrainian people into the European community of nations with Zelensky speaking in Aachen in Ukrainian. He then went to Paris and London. Next week the G7 meet in Hiroshima, Japan. The war that followed a pandemic enters its 64th week in 2023.

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The European Union is drafting a ban on oil imports from Russia, says this report in the NYT. The European Union now pays Russia about $1 billion every day for oil imports from Russia. Under chancellor Merkel Germany actually increased its dependence on Russian natural gas from 36% during Russian annexation of the Crimea to 55% today. In this way creating some of the conditions that emboldened Russia into its invasion of Ukraine, creating over 4 million refugees and immense destruction. Oil revenues of this magnitude of about $1 billion a day from the European Union help finance and prolong the invasion with enormous cost of human life. The longer the war lasts it affects a grain producing region in Ukraine that would lead to world food scarcity and famine.

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Finance minister Nirmala Sitharaman announces the details of the $280 billion (20 lakh crore) economic package and action being taken to help (MSME) small and medium size enterprises in India. About 3 lakh crore or about $40 billion will be for support of the MSME enterprises. The MSME sector in India cover millions of micro, small and medium size businesses that support the economy. By increasing the size of the market by 2000 crores rupees through avoiding foreign tenders the government wants to give more scope for growth and investment to this sector. Some imports from China and other countries could now be manufactured in India as part of the push to be local and self reliant, as well as provide room for robust growth in the future after the blow from coronavirus.