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Restaurants in UK have large price increases. UK restaurant owners say they are facing a squeeze with 55% of revenue going to pay taxes in 2026, and 45% left for rent, employees wages, electricity, food and other costs. Unclean streets and closure of restaurants during covid affect the prospects in the restaurant business. 38% of restaurant customers say they cannot afford to go to restaurants the way they used to.

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Greece announced a speeding up of its privatization plans to sell 50 billion euros worth of state assets over 5 years after pressure from Germany and other EU members. Greece will sell 5.5 billon euros of assets in 2011 up from a target of 2-4 billion euros.It will sell stakes in a state owned bank, in Hellenic Postbank, in 2 state owned water utilities, in Hellenic Telecommuncations, and a state gambling monopoly.

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The SCHOOL survey by eminent researchers shows that that 37% of rural school children in India are dropping out- an alarming piece of information. Only 8% of rural school children have access to online classes regularly. The figure for urban areas in India is 24% of school children having access to online learning regularly. This could have serious consequences. Getting primary and secondary schoolchildren back into classes is an important goal during the pandemic. Online learning has only a limited reach at this time. Many households have no smartphone or only one smartphone that is used by adults. The SCHOOL survey covered 15 states and 1362 sample households. Between 51 and 58% of students had not met their teachers in the preceding month according to the survey.  This also affects nutrition as schoolchildren are missing the midday meals given at school. Midday meals were discontinued with the closure of schools. Overall this report says 97% of parents support reopening of schools. ...

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The cost will increase the longer the effort for cleanup of PFAS chemicals used in military bases is delayed and could also lead to increased contamination of water in surrounding areas. In 2025 the cost is about $31 billion for 50 US military installations says The Guardian.  The Environmental Working Group policy analysis group senior analyst Jared Hayes is cited in The Guardian- "The DoD is facing a ticking cleanup time bomb as funding falls dramatically behind cleanup costs.” “The DoD has an obligation to its service members, the families living on bases, and the surrounding communities that have already been contaminated, so they need to clean up their mess." The adjoining article in Le Monde shows the awareness being created by Le Monde and its partners and The Forever Pollution Project in Europe about PFAS cleanup in France, and in Europe. ...

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Production cuts of 9.7 million barrels a day of oil are negotiated by president Trump to save the global oil industry. Yet demand has dropped by 30 million barrels a day by April 12, 2020 from the pandemic.

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A charm offensive is under way following the New York primary led by Mr. Manafort to show the Republican National Committee (RNC) Trump is just "playing a part" and has another demeanor. Wiley points out that Trump would appeal to traditionally Democratic states in the midwest that have working class Reagan Democrats. This follows a parallel effort by Trump presenting an election narrative to draw voters by saying that the system is rigged, first banking, then trade, now the way delegates are chosen, to increase voter support at a time when voters have genuine concerns. Yet the fact that Trump won 90% of the delegates with 60% of the vote in New York, provides proof that it is not, says Vince Preibus, RNC chairman. Others point to the splintered vote in the early primaries as disproportionately benefitting Trump, as well as the media coverage for sensational statements, and jingoistic talk about China, Mexico and Muslims.

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Pello Bilbao becomes the first Spaniard in 5 years to win a stage in a Tour de France. He made it through hilly terrain in the massif central highlands of France to win Stage 10. Jonas Vinegaard retains a 17 second lead overall. 

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Voters back about $10 billion in bonds to start a high speed rail network system for California and $18 billion for expanding mass transit service in Seattle. About 23 initiatives were approved that would inject $75 billion into transportation systems according to the Center for Transportation Excellence. About 70% of transportation funding measures on the ballot were approved showing voter support.

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We asked the question if survey respondents by 60% chose Nature to replace historical figures, why wildlife, why not British gardens which are famous and something Britons can be proud of? This BBC report by Kevin Peachey shows why but does not fully answer that question. Banknotes from Sri Lanka and Asian countries already show nature or birds unique to each country.  Scientists in England's Industrial Revolution that set the example for the Industrial Revolution in the rest of Europe, then Asia, or landmarks, cathedrals including Salisbury location of Magna Carta were these not candidates that Britons could be proud of? All these made an enormous impact on people's lives, not just in England but in the whole world. 

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New Zealand grows from 3.8 million to 5.3 million 2000 to 2025  (40%) bureaucracy from 30000 to 64000 (113%). New Zealand has 39 Departments, UK 24, USA 15. New Zealand Finance Minister Nicola Willis says there are 39 human resource departments that can be consolidated. Minister for Youth, Minister for children , Minister for child poverty reduction, many different ministries often overlapping. Public service jobs grew by three times the rate of increase inthe private sector jobs. The plan is to bring it down to 55,000 by 2029 about the same percentage as it was of the population in 2017. It would be achieved by productivity and AI, closing offices, simplifying operations, attrition in the first 3 years.

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China's 15th Five Year Plan with shift to robotics, semiconductors, EV's, renewable energy, and lower investment in education, healthcare- the shift to a slowing economy, job losses. GDP per capita one third of the US much lower than most of southern Europe or Eastern Europe. China is still a middle income country. Unlike Japan which surpassed most of EU countries  GDP per capita, China with 1.4 billion people is a vast country. The shift in the emphasis in the 5 year Plan means economic growth  of 10-12% is now only 5%. With the collapse in housing construction and slowing manufacturing facing tariffs in the US means job losses.

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This Washington Post Editorial Board Opinion asks Europe to get serious about its energy needs and finding alternate supplies than Hormuz, that the US president DJT is sending the right message "Go get your own oil." And this is true also for China, Japan, South Korea and India. What there is no need for is the posturing of these countries when it is China and Japan that are dependent on Hormuz strait and that region for 90% of their imports, not the US which is zero dependent and self sufficient. Germany has shown the way with only 6% of its imports from that region, Italy and Britain have not acted to find other alternate supplies. 

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See what individual parents say in Australia after social media is removed from children's lives under 16 years. The vast majority of parents are relieved by 2025 removal of social media from 16 year olds in Australia- Guardian collects views of individual parents. The first twelve of 20 views expressed to The Guardian are quite positive with parents and also children relieved. About four are ambivalent or say kids will circumvent the restriction. Only about four question the restriction saying their children get social connections. In all 16 out 20 accept this as a necessary direction in this small audience poll by Guardian.

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Polish and other Eastern European immigrants to Ireland return home from the Ireland aand the UK as the economies of the 2 countries and unemployment deteriorate and improved job prospects draw the immigrants back home. In fact share of immigrants in ireland reached a high of 155 as Ireland averaged economic growth rates of 5% for many years. Nearly half a million received the irish version ofa social security number. Polish immigrants were the highest almost two thirds followed by Lithuanians and Slovakians. Hourly wages for Eastern European immigrants are 45% less than for Irish people with the same education and experience. Now Ireland's growth has dropped to 1.2% for the last quarter. The reversal is also of the similiar magnitude. A citigroup econ9omist in Warsaw estimates that half of Polish immigrants to Western Europe will return home in the next 2 years. In the UK half of an estimated one million Eastern European immigrants have already left says London Institute for Public Policy Research in an April report. As the immigrants return the currency dynamics also help the pound has lost 40% of its value against the zloty, Poland's currency, and this makes the UK less atttractive to immigrants. Overall the EU immigration opening has helped both sides, as it has helped stabilize the Polish economy and the UK has gained from the immigrants services as it moderated wage inflation and increased domestic demand and met the demands of the economy as it was growing. Now there is a fear that too rapid an exit of immigrants would hurt demand in these economies and also overwhelm labor markets in Poland. Another noteworthy feature of this immigration wave was the low cost of airlinne tickets which has helped travel across europe and also helped European integration. One immigrant a polish mechanic says that he felt more like a commuter than a migrant, as it conly cost $150 a round trip. How are things in Poland today as they return. Very very different. EU entry has really helped Poland through foreign investment and aid from Brussels to assist the country in its catching up progress. Average monthly wages have gone up 30% with construction wages up 50%. and inflation a low of 4.4%. The difference is striking in the medieval city of Krakow in the southeast that has emerged as an information technology and outsourcing hub. where a steady stream of returning workers is helping companies hire workers to meet the new growth. German commercial truck maker MAN has finished recruting 250 mechanics for a new plant in Krakow with 40% of applications from returnig workers. And those who are returning bring fluent English skills and expertise gathered during their stay overseas, and new attitudes to work. This happened to Ireland as Irish workers returned home in the early years of its boom, they hared skills and attitudes learned abroad, according to an economist at Dublin's Economic and Social Research Institute who sees the same thing happening in Poland....

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Yousaf Humza comes from a family that immigrated from the Punjab state in Pakistan in the 1960's to Scotland. His grandfather worked at a Singer sewing machine factory in Clydesbank, and his father worked as an accountant. He studied for a Masters degree in Arts at Glasgow University and entered politics as a parliamentary assistant to Alex Salmond and Nicola Sturgeon during the early days of the SNP. He held several ministerial positions before becoming First Minister. He is a Sturgeon loyalist who defeated challenger Elizabeth Forbes 52% to 48% in a close election for leadership of the SNP party.  His election is seen as a transitional period in the same way as Rishi Sunak's winning the leadership of the Conservative party after Boris Johnson like Nicola Sturgeon lost support. This is because of divisions within the SNP and in the Conservative party, and the rising popularity of Labour during a cost of living crisis after the ravages of the pandemic had affected working families in many ways. Both are from Punjab province of the British and the two provinces of Punjab in independent India and Pakistan. In fact the election of Humza as SNP leader and First Minister, the defeat of Elizabeth Forbes, provides Labour with an opportunity to win as many as 20 seats in Scotland for Keir Starmer of Labour to make it to No. 10 Downing Street, according to reports in The Times. ...

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In an astonishing contrast to other European countries, including neighbors Norway, FInaland and Denmark, the Swedish government decided to not impose a lockdown, keeping bars, restaurants, hairdressers, gyms, primary and middle schools open. Secondary schools, museums were closed, sports gatherings, gatherings of more than 50 people were not allowed. Social distancing was not enforced, and entirely voluntary. Sweden now has 29000 cases according to Statista and its death rate of 358 per million population is higher than in the U.S. which is 267, and Denmark 93, Finland 53.  Critics such as Lena EInhorn, a virologist, say the Swedish government did not set up a broad testing program, and let a problem develop for elder care in nursing homes. She says a 14 day quarantine of household members of a person infected with the virus would have made a difference. Most action we take for granted was not taken in Sweden. Restaurants that were not required to close spread airborne transmission. Einhorn also says that the government officials have denied it but under their breaths they have acknowledged working on a herd immunity strategy. Denmark has opened schools with social distancing and other measures and reopened its economy. Sweden is in reverse with calls for stricter action and an ongoing debate. No reopening as there was no lockdown, yet considerable and nagging uncertainty. The speed of transmission of coronavirus is the biggest danger, as it can let the numbers grow very quickly if the wrong decisions are taken or something is left out. ...

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China's huge trade surplus with the U.S. continues to grow even after President Trump imposed tariffs on Chinese imports. China's total exports have risen by 15.6% from a year earlier, higher than the 14.5% increase year over year in September. Exports to India, Hong Kong, grew by more than 20% in October over a year earlier.  By Chinese figures China's trade surplus with the U.S. of $260 billion for 10 months of 2018 is up 15% from year earlier, ready to set another record. This does not tally with what the U.S. says it is, with the U.S. estimate of the trade gap at $375.2 billion, over $1 billion each and every day. Previous administrations of both Republican and Democratic parties put up with the trade surplus or did little. President Trump has taken this up as a big issue and imposed tariffs on Chinese goods in a series of actions. The combined U.S. and Chinese tariffs now cover 60% of their trade in goods after the latest round of tit for tat tariffs. Experts say there is front loading of Chinese exports which accounts for the sharp increase in exports to beat the date when tariffs go into effect. Yet the overall increase in China's exports, with an added impetus from a stronger dollar suggests that the trade gap with the U.S. is a problem that will fester for a while till the trends are reversed.  ...

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WSJ looks at how businesses are coping and how the government and the financial institutions are trying to make handling the stress of coronavirus easier and recovery easier. Bedrock is one of the financial firms that is forgiving rent for small bookshops, retailers, restaurants, gyms and other stores in Detroit, Michigan. Bedrock owns 50% of the leasable commercial real estate space in Detroit's 1.4 square mile downtown business district. In all it covers about 40% of downtown Detroit and retail. A similar program is underway in Seattle with help from Amazon. This story shows how Mr. Cullen who is Bedrock's CEO is doing this. He reports to Mr. Gilbert, a billionaire, who is also owner of Quicken Loans lender, Cleveland Cavaliers sports team. Mr. Gilbert is recovering from a severe stroke he had this year. This makes the job harder for Cullen as he has to seek approval from Mr. Gilbert and show this is something that will also benefit Mr. Gilbert. This will make recovery in Detroit easier. He says Detroit suffered badly in the 2008 economic crisis, and he does not want to see this happen again. Fortunately Mr. Gilbert, who is in therapy, has approved the action of Mr. Cullen. Cullen has to show that out of work local people in Detroit and empty storefronts hurts Mr. Gilbert as well as Detroit. So both come out winners from forgiveness for rent for a couple of months.   ...

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New offices, making them less awful, (NO-LA) this is the trend says this report in WSJ. Reopened offices are opening on a voluntary basis. How will they attract employees back?  Try sweeping views, new yoga and wellness areas, "tech-free reflection zones,"  more conference rooms. This report looks at spaces by Accenture and other companies. Accenture adds sweeping views of the Hudson river, access to an outdoor terrace. The idea is to act as a pull, rather than a push. Unilever is changing offices into destination spaces where employees will come and work in 40% of the time. Salesforce is moving out desks to add more couches, TV's and whiteboards for teams. More offices are building spaces for 60% collaboration, up from 40% previously. Sanofi in Paris is adding options for breakfast, early dinner.  Other ideas are engagement days if workers are coming in only a few days a month. At Hightower this means one set day in the office a week, two engagement days a month for collaborative work. And workers are allowed to not coming one month a year and work from anywhere they choose.  ...

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

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Some manufacturing towns have done worse than others during this period of a surge in Chinese imports. Dunn, North Carolina is one of these towns. It is 40 miles south of Raleigh. In the 10 counties clustered around Raleigh factory employment declined by 40% between 1990 and 2007. Per capita cost of government payments for benefits such as unemployment insurance, food stamps, increased by 74%. Cleveland by contrast was relatively insulated and adapted to the imports by moving into areas of manufacturing that required more technology and complexity. Autor and Hanson studied 722 county clusters throughout the U.S. to discern the impact of the surge in imports and free trade.

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Congestion pricing has cut vehicles in central Manhattan (NY) district by 11% in 2025. One benefit it has made finding parking space easier. Peopel avoid taking the car if they can. Fee is $9 below 60th Street. It means safer quieter streets, easier walks, less traffic, and revenue for public transportation projects. 27 million fewer car trips say NY authorites were made compared to before the pricing was introduced. Traffic moves at speeds faster by about 4-5%, yet in the tunnels and bridges in NYC the morning commute traffic moves from 15% to 30% faster so it eases up a lot of traffic movement.  $550 million from revenue generated from the pricing can now be invested in the rail and subway transit with additional investments to upgrade it to make life easier for transit riders. This is improving quality of life for New Yorkers not just in the city district but in the outlying areas of NY state and NJ where 73,000 fewer cars leave every day for the commute into NY City. ...

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The significance of the economic relationship of UAE and India with the visit of prime minister Modi to Abu Dhabhi on June 28 on the way back from the G7 Summit from Germany. Under recent trade agreements trade with UAE will increase to $100 billion in 5 years. 8 million Indians live in the Gulf region with remittances of over $50 billion a year. During Biden's visit to the region there will be a meeting of a new grouping called 2I2U referring to Israel, India, US and UAE.

Mohamed Bin Zayed or MBZ is a clear proponent of a strong leadership by the US in the region and in Asia and maintaining peace in the region after so many disastrous wars.

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Jay Powell and the US Fed have less to worry about from China's increasing demand for oil in 2023 that could keep oil prices high, says this column in WSJ. China says Taplin, has over 50% of oil demand coming from the construction industry, heavy industry and the trucking that backs it up. The construction industry has problems from years of overexpansion, and heavy industry, manufacturing, faces lower demand for Chinese exports from the US and Europe in 2023. This means oil demand will not increase enough to keep oil prices high, says Taplin. This puts the Fed in a better position to tackle inflation, just as the decline in global shipping and spare capacity in shipping, supply chains returning to normal is helping the Fed.