LyrArc Article Gist
The hybrid Toyota Land Cruiser is an iconic brand that will be brought back in the US in 2024 in the $50,000 price range as a raw and utilitarian vehicle for off road adventure. By 2023 11.3 million were sold globally. It was discontinued in the US in 2021 with few design changes and lack of sales in the $80,000 price range.

LyrArc Article Gist
Ford gets $5.9 billion from the Advanced Technology Vehicles Manufacturing Loan Program of the U.S. government. It will use hte money to rettol 11 factories in the midwest. It will help Ford make 13 of its models more fuel efficient. Ford plans to sell 4 models of electric vehicles by 2012. Lawmkers in Congress are pushing to increase the size of the program from $25 billion to $50 billion. The $5.9 billion will be loaned to Ford and given between now and 2011, with Ford beginning repayment in 2012. THe plants are in Illinois, Kentucky, Michigan, Missouri and Ohio, and employ about 35,000 engineering and factory level employees.

LyrArc Article Gist
One of the most egregious abuses in the form of capitalism prevailing in the United States, that leaves consumers unprotected, is the way credit card companies operate. This NYT editorial talks about the tricks and traps, interest rate spikes, and other abuses that have agonized millions of customers. This becomes a larger social issue, because of the widespread debt and the increasing job losses, loss of income, and the housing market, which draw millions more into burdensome credit card debt situations. The Federal Reserve has made some changes in the rules by which credit card companies have to operate, but this will not go into effect till mid 2010. NYT editorial says that the new legislation sponsored by Senator Dodd to make this effective in 2009, is critical and should be passed.

LyrArc Article Gist
Krugman points out that the U.S. Federal Reserve's forecasts in March 2012 show the U.S. will experience low inflation and high unemployment for many years. These forecasts are in sharp contrast to the expectations in the equity markets based on an uptick for a couple of months of unemployment numbers. The Fed's own statements suggest the improvement in hiring may be temporary and a response to the overreaction in hiring in 2009-2010 to the financial crisis, and not a lasting improvement. The Fed pointed out that the long term unemployed are at about 40% of the total unemployed and the share of the population that is working in March 2012 has barely budged from 58% in 2009.

LyrArc Article Gist
After months of uncertainty and waiting for concessions, offering temporary exemptions, the Trump administration announced tariffs will go into effect on steel and aluminium imported from the European Union, Canada and Mexico. A tariff of 10% on aluminium and 25% on steel goes into effect on May 31st, 2018. The tariffs affect about half of the imports of steel and aluminium into the U.S. and are intended to keep promises to protect American industry made by president Trump during his election campaign.

Mexico and the European Union are imposing retaliatory tariffs. The European Union will impose tariffs on $3 billion of American goods in retaliation. 

LyrArc Article Gist
Now that the euro dollar parity is reached what happens next. This report in WSJ shows there is room for more downside because of the weaker European economy. It says Europe had less of the covid payments to lower income groups and smaller payments than in the US. As a result this shows up in consumer spending. The parity with the dollar does not reflect the event of a shutoff of Russian supplies of gas to Germany. If this happens it will impact the euro further.

LyrArc Article Gist
Argentina's win in a penalty shootout with Netherlands will be remembered for the intensity and the exchange of words between the teams, the red card to Dumfries of the Netherlands. It was not football like as Messi later pointed out. "We suffered more than we should have done," says Messi after the game. After the penalty shootout the Argentine goalkeeper Emiliano Martinez sent a defiant look at the Dutch. A fracas ensued and Dumfries of the Nertherlands was given a red card. Both teams are being sanctioned by FIFA.

LyrArc Article Gist
The US government takes strict action against Binance following the action against Sam Bankman-Fried's FTX crypto exchange after its bankruptcy. The settlement fine is $4.3 billion and is intended to ensure strict compliance with US laws. Binance will also be required to monitor and report all transactions to the US government and act for enforcement of US laws and regulations. It is intended to bring this part of US capital markets that was acting as being outside the law under the strict oversight of the US government.

LyrArc Article Gist
Sweden and Finland say they want to preserve their right of self-determination to join NATO. Russia will meet with NATO in the context of the NATO-Russia Council on Jan. 12, 2022, for discussions. Russia has given its list of grievances and demands to the US in meetings between Biden and Putin. The Western alliance and NATO aligned nations in Eastern and Northern Europe see standing firm together as the best way to counteract Russian pressures as it places 100,000 Russian troops on Ukraine's borders.

LyrArc Article Gist
Germany's goal of becoming climate-neutral by 2045 will be achieved by the city of Freiburg in 2038. Freiburg's new city hall has 800 solar panels on the facade and the new soccer stadium has a solar installation on the stadium roof.  Green Party and Economy minister Habeck's motto is "Ready- because you are," well suited to Freiburg. Baden-Wurttemberg's requirement for all commercial buildings to be fitted with solar panels could soon be a requirement in Germany.

LyrArc Article Gist
The New York Metropolitan Authority tht runs the city's subway system is in need of major capital spending to renovate a crumbling and old structure. The capital spending plan includes replacing 5500 rail cars, 6000 buses, all of its 493 elevators. 550 locations have been identified for flooding from the Hudson River. The assessment was released after last weeks storm flooding the subway system and shutdown of half the system. A first in the nation congestion pricing program will help fund the improvements and discourage drivers from Midtown Manhattan.

LyrArc Article Gist
The story of GM's self driving car Cruise stemming from its acquisition of a startup in California in 2016. It started with GM perceiving a threat from driverless cars and ride hailing firms. After the acquisition GM's share price rallied. Investments came in from Softbank and other companies. The company planned a robo-taxi service to test its cars in American cities. This story covers the accidents as GM pushed for it too early till California pulled out of the program.

LyrArc Article Gist
Aging does not happen gradually but happens in waves at early 40's and early 60's and at 78 years, say Stanford scientists. This means we should be proactive and act by having a regimen of exercises that we take extra care to do when we are at these ages so that we compensate for rapid muscle loss or other aging related issues including balance, posture, skin health, cardiovascular, and other health issues. Nutrition can also be geared to specific foods that will strengthen us.

LyrArc Article Gist
The Zeitenwende speech by chancellor Scholz in the German parliament came 3 days after Putin launched a full scale invasion of Ukraine. Zeitenwende means turning point in history- and Scholz's speech changed the mood in Germany to take on responsibilities for defense of Europe with a $100 billion fund. Chancellor Merz has expanded this and Germany's defense budget is expanding to $160 billion a year. Germany under Merz will invest 5% of its GDP on defense in future years making the Bundeswehr the largest army in Europe.

LyrArc Article Gist
During 2022 the San Francisco Federal Reserve Bank issued 6 warning citations to Silicon Valley Bank, saying that its bank practices did not allow for enough cash in the event of crisis. By July 2022 in a full supervisory review it was rated deficient for governance and controls. At a meeting with senior leaders of the bank the possible exposure to interest rate losses related to Fed increasing rates was also discussed says this report in NYT. The Fed regulators stated that the bank was using wrong models showing that SVB bank would do better as interest rates increased. Questions are being asked about why things that were in plain sight were overlooked by the regulators- 97% of deposits were uninsured by the federal government. In the event of a crisis depositors might try to get their deposits out causing a run on the bank which is what actually happened with $42 billion attempted withdrawals in one day. Michael Barr is the vice chair for Fed supervision. A investigation report is expected by May 1. March 29 the House Financial Services Committee will hold ahearing in Congress. Peter Conti-Brown, an expert on financial regulation at the University of Pennsylvania calls it failure of banking supervision, and says it will become clear from the investigation whether the supervisors failed in their work. One of the problems is that the CEO of SVB bank, Gregory Becker, was on the Board of the San Francisco Fed. NYT says the optics of this is bad. Bernie Sanders, Senator from Vermont, calls it absurd that he was appointed to the Fed board of the institution that was regulating SVB bank. Another problem is that Randall Quarles, vice chair of Fed supervision 2017-2021 carried out a 2018 regulatory roll back law of president Trump in an expansive way says NYT. This law exempted banks with less than $250 billion in assets from strict banking supervision that larger banks were expected to go through. Fed chairman Powell is criticized for not  flagging these steps as potentially dangerous for the banking system in the way this was done by vice chair Lael Brainard. Brainard is now head of Biden's National Economic Council. She never favored the Trump law and had grasped early the risks of such deregulation. Sanders will bring a new law to prevent bank CEO's from sitting on Fed boards, and Senator Elizabeth Warren has called for an independent review that does not include Powell.     ...

LyrArc Article Gist
Cyrus Mistry, who is 43 years old, head of the Shapoorji Pallonji Group, a construction company, will be the new CEO of Tata Sons. He was a board director of Tata Sons for several years. His father is the largest shareholder in Tata Sons with an 18% stake in the company. Mistry, who comes from the same Mumbai based Parsi families as the founder and previous heads of Tata Sons, studied civil engineering at the Imperial College in London and management at the London Business School. He is an Irish national because of his father's marraige to an Irish woman. The previous chairman of Tata Sons before Ratan Tata, J.R.D. Tata, who ran the company for most of the postwar period, also had a similiar background, as J.R.D.'s father married a French woman. By virtue of its acquisition of the steel company Corus Group, and the acquisition of Jaguar-Land Rover, Tata Sons is now the largest manufacturing company in the U.K., in addition to being one of the largest and most well known companies in India. About 58% of sales now come from overseas. Companies in the Tata Group include Tata Consultancy (IT), Tata Motors (autos), Tata Steel (steel), and a range of other businesses in India. Ratan Tata will remain chairman till Dec. 2012, to give time for Cyrus Mistry to assume his new role....

LyrArc Article Gist
The high energy costs and the need for the funding approved by the European Union mean the new Italian government of Giorgia Meloni will work closely with the EU. Italy's difficult fiscal situation with high debt to GDP limit the possibilities for Meloni to carry out policies independent of the EU. Her election campaign was fought mainly on cultural issues, opposing immigration and calling for a return to family and Catholic values, while extending support to the European Union positions on energy and other issues, says the WSJ.

LyrArc Article Gist
Greece prime minister Mitsotakis in this interview tells Reuters on May 15, that he hope the next four years will be years of rapid growth for Greece, but also one that will limit inequalities and make sure that Greece supports its most vulnerable. Greece was hit hard with higher energy costs after the war in Ukraine. It was not long ago in 2010 that Greece was daily in the news with reports of the eurozone debt crisis that affected Greece, Ireland, Spain. That crisis wiped out more than 25% of its GDP. He is credited with having managed the economy through the period after Syriza a rival party almost put Greece out of the eurozone. Lack of eurozone controls on debt of its members, lack of transparency in Greece's financial affairs were severe handicaps.  Today after a decade of austerity that it took to get its financial affairs in order including tackling over hiring in the government burreaucracy, lax financial controls, ordinary Greeks face high inflation and low incomes. Mitsotakis has raised the pensions and raised the minimum wage by 20% to 780 euros to help Greeks with the cost of living crisis. He has spent $50 billion euros in relief measures since 2020. Economic growth after reaching 5.9% in 2022 will slow to 2.3% in 2023. Mitsotakis addressed both Houses of the US Congress last year when Speaker Pelosi was in office. His image is dimmed somewhat by a surveillance of the Opposition ranks that was discovered recently and is covered in an accompanying article in the WSJ on May 19, 2023 shown on this page. The elections in 2023 are expected to bring Mitsotakis back in government with his party getting about 31% of the vote but lacking a majority in parliament. ...

LyrArc Article Gist
China bans smoking in public places in June 2015. The authorites say unlike previous bans before the Olympics this one will be enforced. The damage to public health is immense, with about one third of smokers in the world in China. Public spaces include restaurants, offices, bars, nightclubs, airports and trains. Included also are areas around schools and hospitals. There are 301 million smokers in China, according to the World Health Organization. About 53% of men and 2.4% of women smoke regularly, and this contributes to 1 million deaths from heart disease, cancer and other diseases. WHO estimates about 100,000 deaths from second hand smoke. About 28.1% of the population are smokers, based on the 2010 survey. The survey was organized by the WHO and China's Center for Disease Prevention and Control. The figure of 2.4% shows women are less affected than men by the damage done to public health. Women also are leading the way to fight smoking and effects of second hand smoke. People in Beijing already have to deal with the effects of pollution in the air they breathe, and are keen on eliminating the additional harmful effects of secondhand smoke added to this....

LyrArc Article Gist
The new iX3 will run 497 miles on a single charge and shows BMW's effort to reinvent the car from the ground up says it's CEO. Mercedes electric GLC will run for 457 miles on a single charge, competing at $80,000 with the Model Y of Tesla which does 387 miles at over $60,000. Mercedes GLC price is still to be decided. Tesla has lost a third of it's market volume in the European market. The newer versions of Mercedes and BMW join VW's own models that compete at the lower end of the price range which today is close to $30,000-$40,000. Earlier reports in WSJ show the German models are competing for dominant share in Europe.

LyrArc Article Gist
A copy of the letter Mr. Trump sent to Mr. Erdogan of Turkey telling him " don't be a tough guy... don't be a fool," to invade the Kurdish zone in Syria. He says history will judge him, that he should "not let the world down." 

Turkey sent forces into the Kurdish zone even after the letter from Mr. Trump. Mr. Trump said that it was a bad idea getting involved in the Middle East that trillions of dollars had been wasted. He made exceptions for keeping the Straits of Hormuz open and flow of oil from a commercial standpoint in providing assistance to Saudi Arabia and Aramco, something the U.S. has done since FDR administration.

It also says Mr. Trump has worked hard to help Turkey. And admonishes Erdogan saying "I don't want to be responsible for destroying the Turkish economy- and I will."

LyrArc Article Gist
Japan's prime minister Abe announces that all elementary, middle and high schools will be closed for one month. This followed speculation that the prime minister was not taking enough action and the possible cancellation of the Tokyo Olympics.

LyrArc Article Gist
The Obama administration is supporting proposals to spend an additional $6 billion on subsidies for electric vehicles. The Dorgan-Alexander- Merkley bill calls for the new spending and aprovision to establish 15 development communities to receive funds for infrastructure and programs for plug-ins.

LyrArc Article Gist
This WSJ editorial says despite his call for "hard-hitting sanctions" prime minister Cameron of Britain has not taken action to stop the flow of "dirty money" from Russia into the City of London. About $75 billion left Russia so far in 2014 in capital flight as the Russian elite shifts money overseas including to the City of London. France has a planned $1.6 billion sale of Mistral naval ships to Russia, and will need the British example to cancel this sale. Putin's strategy is to distance Europe from the U.S. In the EU countries opposing tougher sanctions are Germany, Netherlands, Italy and Greece. Netherlands suffered the most with 193 Dutch citizens killed in the shooting down of Malaysian Airlines Flight 17 over eastern Ukraine.