LyrArc Article Gist
The social media site Twitter frequently loses money and took on $13 billion in debt says this report in the NYT. Musk faces financial challenges a he takes over the company, and this report says the company would be unlikely to invest and simply be paying the bills. Twitter it says, has not made a profit for 8 of its past 10 years. 

Twitter's interest expense alone would grow from $50 million to $1 billion with the new debt. Company operations generated about $630 million in cash flow to fund operations. Twitter had $6 billion in cash before the buyout and a large part of this would have gone to close the acquisition. All the financial resources of the company will now go to service the debt. About $1.2 billion in marketing expenses mostly salaries are likely to be cut. And layoffs of a significant fraction of the total employees may be a way to conserve capital to service the added debt, this report shows.

LyrArc Article Gist
This editorial in the WSJ shows a different view of the passage of the $280 billion semiconductor bill in the US Congress and the Biden Schumer negotiation for the $369 billion climate change and tax bill that was done at rapid pace in the span of 24 hours. It sees this from the view of the Republican party that hoped to present president Biden as a failure, unable to tackle inflation or achieve much for action on climate change, renewable energy, and building America's supply chain.  All this is happening quickly and shows the value of patience and persistence, and faith in the ultimate fairness of the American cause during a difficult time of war in Europe and rancor at home. It is not that 17 Republican Senators got played as the WSJ puts it, they voted for the $280 billion semiconductor bill on its merits and their ultimate faith in the fairness of the American cause and faith in America's workers and families, in its people. ...

LyrArc Article Gist
Critical to move forward in making investments for growth in the Indian economy are the government debt to GDP ratio and GST revenue collections. FInance minister Sitharaman tells parliament that the government debt to GDP ratio is 56.2 % and considerably less than many countries of the leading economies in Europe and the US, less than France and the US, Canada which are in triple digits. GST collections are at 1.49 lakh crores for July 2022, the second highest in history. Inflation is at 7% or below that.  Non performing assets of commercial banks are at 5.9%. She said about 4000 banks in China were reportedly on verge of being bankrupt by comparison and China has huge debt problem for local government. Much of the hard work of the government is makingit possible to set the conditions such as these for basic macroeconomic factors to be put in place for the next stage in India's journey to fulfill the aspirations of its people for a modern and technologically advanced economy with opportunity for all. ...

LyrArc Article Gist
A infratest survey shows 91 % of Germans support taking in refugees in the current war in Eastern Europe. 53% of Germans support German government's strong response, and 27% think it doesn't go far enough. 14% say it goes too far. How much has changed since as recent as February 2022 is shown by the change- only 20% supported arms deliveries to Eastern Europe just one month back, this has risen now in March to 61%, and 45% feel that German government did not act soon enough.

A lot has changed in Germany's view of Russia, and also of China, in a few weeks in 2022. This also appears to be the prevailing sentiment in all of Western Europe and most of Eastern Europe. From the Baltics to Scandinavia, across, Italy, Spain, France, Southern Europe, Eastern Europe, there is a remarkable shift in thinking. This also appears to have affected world opinion from Latin America, South East Asia, South Asia, to Africa.

LyrArc Article Gist
This report in the Mint suggests that there is strong economic growth in India today yet more needs to be done to broaden the economic recovery to reach all segments of the population. Pent-up demand is leading to economic spending for higher income segments of the population, yet sales of two wheelers for the moderate and lower income segments as shown in graphs here have fallen badly.

The next step is for a broad based recovery as India expands its vaccination drive. There is no room for relaxation of the vaccination drive as prime minister Modi pointed out to lagging district heads in a national virtual meeting on the same day that he returned from COP26 Glasgow. So much has happened in 2021 with the surge in coronavirus in India in the middle of the year, and the economic rebound is in its early stages requiring vigilant and careful attention from industry and government in the months ahead through 2022.

LyrArc Article Gist
Boris Johnson looks back to September of 2020 when he was at the Edward Jenner Institute in Oxford and scientists showed him the first slides of antibodies from the developing Oxford vaccine, and his realization that this was a cause for optimism, for Britain and the world.  Today its manufacture in India, Britain and other parts of the world show the meaning of Global Britain, says Johnson. By engaging with the world, both the world benefits and Britain gains. A larger view is that of protecting the values that originated in Britain and are part of the order in other parts of the world, including the rule of law, representative democracy, habeas corpus, freedom of speech. The new review of Britain in the world today is about how Global Britain engages with the world, with like minded nations, with democracies in Asia and Europe, America, to build a better future for all, and to advance those ideas and beliefs against those who oppose them, says Johnson. ...

LyrArc Article Gist
Gary Starkweather, son of a dairy farmer in Lansing, Michigan, invented the laser printer in 1977 with the Xerox 9700.  He did this while working for Xerox Corporation, with his idea that optical technology could be used to provide pulses of laser striking a photosensitive drum, with toner attaching to the spots touched by light, the toner then fusing to the paper. His initial idea was rejected by his bosses at Xerox so he got a transfer to the Xerox Palo Alto Research Center where he worked on developing the first laser printer and then better laser printers. Interesting and useful are his thoughts on productivity and use of technology. His views were that it was not a good thing having people pressured working from the 40 hour week to the sixty hour week. He also disapproved of the pressure for people to stay digitally connected all the time. For him the concern about the future of information technology was- can I still be human in the process. ...

LyrArc Article Gist
How the need for better power management for mobile, PC and Cloud helped ARM  Holdings compete effectively with much larger Intel Corporation. This report tells the story of the rise of ARM as a dominant supplier of chips for mobile phones. Apple is looking at "performance per watt" as a key parameter in selection of chips. This comes at a time when global cloud computing makes up 1% of global electricity use. Cambridge UK based company Arm Holdings licenses its microchips to 500 companies. Arm has 90% of the market for small processors going into smartphones and tablets, laptops. Intel does not license its microchip designs for them to build their own versions except for AMD and Via Technologies. Apple, Samsung, Qualcomm and Nvidia pay Arm for the license and make variants customized for them with their own engineers.  but all compatible with Arm's ecosystem and "instruction set (which is the instructions used for software to talk to hardware). ...

LyrArc Article Gist
This Times leading article on UK government's coronavirus policy says it is inconsistent, and a muddled effort just as the third wave is accelerating. It asks the public to be cautious when going outside and still opens nightclubs with covid passports not required till the end of September. By August cases could reach 100,000 say experts so that the nightclub and bars reopening can only fuel the rise in cases. The British government must be aware that the Netherlands opened nightclubs and bars in June and this led to a sudden jump in cases with 40% of new cases coming from nightclubs.  The policy is undermining public confidence. It is doing this at the same time as it is asking people to self isolate for 10 days. The policy also does not require covid vaccination pass for all events and for shops and restaurants as is being done in France and in other countries on a regional basis as in Germany. 

 

LyrArc Article Gist
A supply chain crisis with shortages of goods is affecting all economies in the world. The price of oil has increased to $80 and supply chain shortages are affecting most industries. Power shortages in China lead to cutbacks in consumption for industry and some large cities not having essential  electricity for traffic lights. Coronavirus pandemic has disrupted supply chain factories in Vietnam and Malaysia because of lockdowns. Once a product is manufactured it still has to be shipped from far flung places in today's cumbersome and costly supply chain. Cost of shipping is up 3 times according to one shipping index in one year. Prices to ship from China to Rotterdam in Netherlands is up 6 times in one year. Global supply chains at such high cost of shipping means that companies will look to invest in manufacturing at home so that they do not pay high shipping costs and also create jobs at home, and are able to build critical experience in manufacturing technology. ...

LyrArc Article Gist
Malaysia's Federal Court unanimously uphold's former prime minister Najib Razak's conviction of looting a state investment fund. Investigators say about $4.5 billion was stolen and laundered.This has been the bane or curse of African and Asian nations- the leakage of state funds into private hands thus depriving the last chance for countries with a colonial past and no investment for hundreds of years to move towards a better future. What does the Federal Court say? "This is a simple and straightforward case of abuse of power, criminal breach of trust and money laundering." The Chief Justice Maimum Tuan Mat said- "We agree that the defense is so inherently inconsistent and incredible that it does not raise a reasonable doubt on the prosecution case." This is a seen as setting the rule of law in Malaysia as it should be in all aspiring African and Asian, Latin American nations after colonial past of disinvestment and backwardness. ...

LyrArc Article Gist
The entire area from the east coast of Africa to the west coast of the US in Pacific is now being covered as the Indo-Pacific region with the US, India, Australia and other nations committed to keeping the international rule of law and freedom of navigation.German Air Force takes part in a joint military exercize of 17 countries for Indo-Pacific in Darwin, Australia. The focus was on rapid deployment. The German Bundeswehr transfer of fighter jets and supply planes in mid-August Rapid Pacific 2022 was done within 24 hours for 6 Eurojets fighter jets, four transport aircraft, and 3 air to air fueling tankers, with 100 tons of material. The exercize from Aug 19 to September 8 was for 2500 personnel and 100 aircraft from all over the world called Pitch Black in Australia's Northern Territory. Next year Gemany plans to have its army participate in Australian exercize. An entire fleet unit is being set for German navy to return to the Pacific waters.  ...

LyrArc Article Gist
A whole series of efforts will come together to cut logistics cost for businesses from 14% to a small percentage. PM Modi says the policy aims to expedite last mile delivery to save time and money. Gati Shakti Plan will address some of the infrastructure gaps. "National Logistics Policy helps in making the support system modern," says Modi. The government is using technology to support logistics in new ways, Faceless assessment has started in customs and e-way bills and FASTag are bringing efficiency to the logistics sector. Drones are being used.  Sagarmala Project to connect ports and dedicated freight corridors is starting to improve logistics connectivity and systematic infrastructure development work. Modi said the world has accepted the production linked incentive scheme PLI announced by the government for boosting domestic manufacturing. Put together this puts India in a position to become one of the top three economies in the world from the situation today of being in the top five. ...

LyrArc Article Gist
The life of Giuseppe Verdi can resonate today as more people look for life outside large cities after the pandemic. Giuseppe Verdi, is shown on his farm in Italian hamlet of Sant'Agata near Parma in northern Italy, in this NYT article. Verdi stuck to his rural roots. He studied music and humanities in Bosseto, and moved back to his farm in Sant'Agata to write some of his famous operas. NYT's Tommasini travels to Verdi's Italian homeland to trace Verdi's roots in the Italian countryside. For most of his life Verdi lived there even as his classical music operas were performed all over European cities. Many of these operas showed the same longing for home as in "Nabucco." On government documents Verdi showed his occupation as "agricultore" or farmer. After ridiculous objections by censors or inept impresarios Verdi would say he was ready to dig up the fields and return to farming in the countryside near Parma.

LyrArc Article Gist
Indian Navy has expanded to 140 warships and technology modernization with domestically produced ships. About another half of that 140 will be added and produced inside India in the next few years. This effort to build the Indian Navy comes with the need to ensure freedom of the seas for open navigation. Much of the world's trade happens for raw materials and manufactured goods through the shipping lanes including the seas in the Indian Ocean and adjoining region. Indian Navy is showing the results of this effort as it protects the oceans in its region in 2024 in the interest of all nations. The US is supporting India's effort with flow of new technologies. The French are also supporting India's efforts and president Macron is in India this week. He will attend the Republic Day celebration as a special guest in New Delhi on Jan 26, after an unprecedented road show in an open SUV in Jaipur today with prime minister Modi.

LyrArc Article Gist
Jaishankar  of India and Blinken of the US join to say the world should not be divided into political blocs and that there is room for working together in different groupings such as the Quad, in the Indo-Pacific economic cooperation, as two largest democracies, and for the rule of law, open navigation in the Indian Ocean and Indo-Pacific. Both agree that polical complexity should not be reduced into black and white and simplified. For India Jaishankar says it means we are in a certain location in the world, there is history, our experience is different, all this shapes how we see the world. India gives voice to the aspirations of over 2 billion people in India, Indonesia, Bangladesh and other countries. It created the G20 out of the G7 nations.

Baerbock of Germany adds that Europe has to accept that in the past it when it backed colonialism based on attitudes at the time, when it supported Apartheid in Africa, it had made mistakes.

LyrArc Article Gist
Maine's shift from heating oil to heat pumps. Maine is the state with the largest use of heating oil in winter, 50% of homes use heating oil. It was because utilities found it hard to set up transmission pipelines in a sparsely populated state that this happened. Now heat pumps which have no carbon emissions and take heat from outside and transfer it to the inside of homes are effective in the coldest weather and far, far better for Maine than heating oil. About 100,000 homes have heat pumps installed in recent years, and another 175,000 will have heat pumps installed by 2027.  State rebates cut the cost of $12000 for heat pumps to half that and there is another $2000 tax rebate. Users like the even distribution of heat and had problems with the cold parts of the house when using heating oil. Some rave about it. If all homes in America use heat pumps it would be like taking 32 million cars off the road, according to one estimate.

LyrArc Article Gist
Treasury Secretary Janet Yellen is the only Treasury Secretary who also served as the chairperson of the US central bank the Federal Reserve 2014-2018, and the only woman in these roles. Here she says she toured the country in 2022 a year after joining the Biden administration as head of the finance ministry. What she has seen are the early results of president Biden's  two trillion dollar bills, the Inflation Reduction Act of 2022 and the Science and CHIPS Act 2021, which give manufacturing and new infrastructure building a critical role in a new revitalized America. All across this vast country aging infrastructure is being rebuilt and new infrastructure is changing the landscape. Yellen says the US economy is resilient and growing amidst a global economic slowdown and higher interest rates. The labor market is strong and household balance sheets are healthy, consumer spending robust, says Yellen. It provides the basis for American global economic leadership in the years ahead. ...

LyrArc Article Gist
Pope Francis recalls his days as a boy playing soccer on the streets outside his home in Buenos Aires, Argentina, with a rag ball because they did not always have a leather ball. "There was not always someone with a leather ball so we played with a ball made of rags, a pelota de trapo." Pope Francis was born Jorge Mario Bergoglio to Italian immigrants in Argentina. He calls it a great school of life for him being the goalie and having to take all the shots taken at him. His leadership has shown concern for the marginalized and the poor through the repeated economic crises and the current pandemic. In his talks with world leaders including Trump, Biden, and recently Modi of India he has shown the importance of taking good care of the environment, the downtrodden and the marginalized in society. 

Some of the influences in his life come from his father, an accountant from Asti in northwest Italy, who loved reading to the children and had a library.

LyrArc Article Gist
About 30% of recent postings are for hybrid work at Boeing and it favors remote and hybrid work. It helps to reduce cost by trimming payrolls and cutting office space to return to cash flow and profitability. The leader of America's largest aerospace company Mr. Calhoun says headquarters is himself and CFO Mr. West. Calhoun is CEO of Boeing since 2020, and has run the company using remote work. He sees the company as distributed all over the US. Its headquarters shifted twice from Seattle to Chicago, and then to Virginia outside Washington D.C. He says about this that 70% of his day is virtual no matter where he is because he runs a large distributed company that Boeing is today. Many factories are in the Seattle area, suppliers in many locations. Calhoun has homes in the Hilton Head area, and near Lake Sunapee in New Hampshire. Boeing says it is a different approach to get employees to travel to many locations and engage people rather than be tied up at a corporate headquarters.  ...

LyrArc Article Gist
This astounding story in WSJ by Jiyoung Sohn in Seoul and Yang Jie from Tokyo, shows how South Korea stopped the illegal transfer to China of entire  computer chip factory setup information of Samsung by a South Korean engineer in Singapore. This shows president Biden has accomplished what no other president has been able to do in the last 40 years. Biden brought Japan and South Korea together reminding them that their differences over wartime occupation can be overcome, leading to the US, Japan and South Korea forming  close cooperation in 2023. After all it was the US that helped setup the democratic framework in the two Asian neighbors after 1945. This story shows how the problem of South Korean and Japanese technologies illegally transferred is being tackled by both countries in 2023. This is part of overall cooperation in the Indo-Pacific region that includes India and Australia, for an open Indo-Pacific region based on the rule of law. ...

LyrArc Article Gist
The DW.com's Christoph Strack says its a good sign that chancellor Merkel of Germany is opening up and showing emotions. She was decisive in the way she presented herself and what she has learned in the past 12 months since the refugee crisis erupted in summer 2015. She expressed her sense that she had "an absolutely sure feeling" that Germany will emerge out of all this better "than when we went into it." The remarks at Konrad-Adenauer-Haus for thirteen minutes were unusual and open in sharing how she felt. She said she is "fully committed" to making sure that the situation of 2015 never happens again. Don't count Merkel out, says Strack, she is down but not out, because she is going through the weaknesses in her policy, weakness in communication, and reflecting on her mistakes. And she has shown defiance and resolve, as she prepares for 2017, and its for everything she believes in.

LyrArc Article Gist
Google has come out firmly on the side of parents struggling to deal with schooling at home for children, with social distancing during the pandemic, as it supports working from home all the way till summer of 2021. For 200,000 full time and contract Google employees is sure to offer some relief.  Sundar Pichai the Alphabet CEO made the decision after a debate in Google Leads a small group of executives at the company.  Mr. Pichai told staff " I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months."  He was especially concerned about parents trying to tackle schooling of children. The surge of the pandemic in California where Google is located is likely to have convinced Google executives that this was the right step, with no vaccine in sight, and the possibility of a second wave after this one. Remote work has also proved to be effective in the software industry, creating this option. ...

LyrArc Article Gist
America whether under Eisenhower or under Truman, Johnson or Reagan embodied some measure of fairness and good sense. How this was lost when it comes to pharmaceutical pricing under Bush in 2003 and Obama in 2008 is shown here in a WSJ podcast. Bush and Republican allowed Medicare to pay for pharmaceuticals yet taking away its right to negotiate prices. Obama and Democrats in 2008 this podcast shows allowed the Bush introduced violation of good financial common sense to continue in exchange for support for Obamacare from the manufacturers. Over 15 years by 2019 pharmaceutical costs soared and remaining goodwill withered, this podcast shows. During this same period the financial industry went through a similar cycle and with it the ideas of a free market economy. The free market economy like everything else in life depended on good common sense, and a sense of how it benefits all, as both Adam Smith and the country's principal founders constantly reminded people.      ...

LyrArc Article Gist
CDC has given no explanation for its new guidelines that say testing for coronavirus needs to be done only for those with symptoms, not for those exposed to someone within 6 feet who has symptoms. About half of all new cases are from people who are exposed to people with symptoms but have not yet developed symptoms. One of the reasons the virus spread quickly in February is CDC failure in developing of its own test on February 9 and policy that did not let private labs and labs of teaching hospitals develop their own tests and use them for another 3 crucial weeks.  CDC and Health and Human Services Department errors in February, combined with the stalling of an American team for 3 weeks by China to enter Wuhan in January,  have combined to let the coronavirus spread to the wider population. Once it spreads to a wider population the strategy of test and trace cannot be implemented the way it was first in South Korea and Taiwan, and later in Germany. ...