dad norman macrae died of cancer june 2010- his obituaries- his last article dec 2008 on the sad consequences subprime would trap youth in - coming notes on remembrance parties across the globe- on his 10th parting we are also zoom-remembering- rsvp chris.macrae@yahoo.co.uk..
next only to education/health/safety, change in banking immediately changes lives of families and generations whereas infrastructure and natural resources multiply national impacts over time- financial services have at least 3 segments - how its designed for people, for big organisations, for pensions ang government
since 1950, in developed countries - quarter of humans) changes in tech have caused changes in finance first- some peoples have leaped into banking consider those most linked to developed west, development of china region, rest of developing world- we will map what happened to innovation of tech to the west which has had access to 4 tech revolutions from 1950 rural, space-communications, engineering , computing brain power- china that had access to rural revolution in 1970s, engineering from 1980s, all tech from about 2005, and bangladesh which accesses rural change from 1970, has for most of its people not yet accessed engineering change, has joined in other tech between 1995-2005 thanks to being the epicentre of ngo sdg economy - epicentre fazle abed- of course in a world of 200 nations there are other hybrid models but decide which if any of these three is one your peoples need to understand first because big data collection has gone global - see society 5.0 and osaka track g20 2019
key system transformations -paper non-digital banking operations, digital operations, consumer digital atm and cards and end of community banking. mobilising change in commerce and banking, integrating all post 1950 tech revolution- finance needed to be a future affair that teachers and students questioned before youth began livelihoods- since 1760 alumni of adam smith and james watt glasgow u birth of industrial revolution have recommended mediating these questions openly - how much of wealth and natural resources do the top 10 and 500 people control- is your society one in which 3 halves of people - women youth and poor each have less than 10% voice in the future of their generation

putting our species at risk- wall streets bankers and washington lobbyists and careless media moguls did the worst job ever at end of 2000s- can ny's biggest fund managers return the planet to all families as we enter 2020s - search worldrecordjobs -biggest marketmakers bezos and ma - then join us at economishealth.com -or help us value goal of worlds biggest -search - google versus microsoft; health&safety investor bloomberg vs soros; largest funds fink versus mitsubishi ; education for all schwarzman versus hongkong-singapore partners -supercity adaptability ban ki-moon versus masa-son; big decision makers events schwab vs guterres; rural villages fazle abed partners

we also thank the baltimore branch of www.chinacybercenter.com for sharing its investigative scholars of everything that's crazy about 21st financial services that thurgood marshall wouldn't have let rip chris.macrae@yahoo.co.uk

dec 2020 Washington thinktanks have become in most cases as dismal as the supreme leader trump making these exceptions absolutely brilliant 1 2
this economics policy series shows how banking in america has been serially designed to tip off the poor and the young - and even when the rich elders mess up they demand the poor and young bail them out- i now see why my father as early as 1980s described macroeconomics as totally fame political chicanery nothing to do with the origins system designs of the first 200 years of followers of adam smith moral sentiments- see also economistscotland.com
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Thursday, December 31, 1970

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america's old economy

up
-32.​56%
Today's arctic ice area vs. historic average
Abu Dhabi, United Arab EmiratesMost polluted air today, in sensor range
$69.​9B
Renewable power investment worldwide in Q2 2020
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Soccer pitches of forest lost this hour, most recent data
50,​820
Million metric tons of greenhouse emissions, most recent annual data
32%
Carbon-free net power in the U.S., most recent data
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Parts per million CO2 in the atmosphere
+0.​92° C
Jul. 2020 increase in global temperature vs. 1900s average
update aug 2020 
Finance

Exxon Booted from Dow Industrials in Major Embrace of Tech

 Updated on 
  •  
    Amgen, Salesforce, Honeywell to join blue-chip index
  •  
    Oil giant among three ousted with Raytheon and Pfizer
The dominance of technology companies has eclipsed every other story in 2020’s pandemic-upended stock market. Now it’s helping speed changes to the world’s most famous equity benchmark.
In the biggest reshuffling in seven years, Exxon Mobil Corp, Pfizer Inc. and Raytheon Technologies Corp. were kicked out of the Dow Jones Industrial Average, making way for Salesforce.com, Amgen Inc. and Honeywell International to enter the 124-year old equity gauge a week from today. The actions were prompted when Apple Inc. -- currently 12% of the 30-stock index -- announced a stock split that reduced the sway of computer and software companies in the price-weighted average.
The changes mark a stunning fall from grace for Exxon, the world’s biggest company as recently as 2011, whose ejection reflects the steady decline of commodity companies in the American economy. They represent an equally significant embrace of technology firms, whose giant rallies have have caused the Dow to trail other indexes this year.
“Those changes are a sign of the times - out with energy and in with cloud,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
The Dow hasn't yet reclaimed its record while other benchmarks have
The latest reshuffling comes as technology companies have surged past every other industry in a trend amplified by this year’s Covid 19 lockdowns. While the Dow average is still 4.2% off its February record, the tech-heavy Nasdaq 100 is almost 20% above the pre-pandemic all-time high.
While any change to the Dow is notable, the ejection of Exxon Mobil, the longest-serving member, marks a particularly rapid shift in fortunes. Worth $525 billion in 2007 and more than $450 billion as recently 2014, the stock had fallen in four of six years before 2020 and is down another 40% since January. It’s now worth about $180 billion.
Founded in 1999, Salesforce was one of the best-performing stocks of the bull market following the global financial crisis, rising 27-fold since March 2009. Amgen is among the world’s biggest biotechnology companies with a market value of about $137 billion, though it’s replacing a company -- Pfizer Inc. -- that is about $90 billion larger.
Stocks of the affected companies were quick to price in the shake-up. Shares of Exxon dropped 2% as of 6:10 p.m. in New York, in after-hours trading, while Raytheon fell 3%. Honeywell climbed 3.5% and Salesforce.com rose 4%. Pfizer dropped 1.9% and Amgen rose 4%.
“This action does not affect our business nor the long-term fundamentals that support our strategy,” Exxon said in an email. “Our portfolio is the strongest it has been in more than two decades, and our focus remains on creating shareholder value by responsibly meeting the world’s energy needs.”
This is the second time a stock split by Apple has had big consequences for the Dow. The first was in 2014, when its 7-for-1 split lowered the price of its shares enough to make inclusion feasible. Apple’s decision to do it again this year effectively lowered its sway on the price-weighted average, making the influence of technology companies too small in the eyes of the Dow’s handlers.
Under-representation in technology has penalized the Dow in 2020, when it has frequently trailed the market-cap weighted S&P 500, whose concentration on megacap companies like Amazon.com and Alphabet has juiced its returns. Neither of those companies are effectively eligible for the Dow given their $1,000-plus share prices.
The blue-chip index weights its constituents by price rather than market value, making it different from the broader S&P 500. A committee chooses members in an effort to maintain “adequate” sector representation and favors a company that “has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors,” according to its website. Other major indexes add and subtract members on a rules-based process.
Honeywell, meanwhile, is returning to the average after being kicked out 12 years ago to make way for a financial services company, Bank of America, and an energy producer, Chevron. Its shares are down about 9% in 2020 but before that had risen in 10 of 11 years, pushing its market value above $100 billion.

The New Dow Jones Industrial Average

Ranking of new member companies by share price
Source: Bloomberg
*Note: Divides Apple Inc. share price by four for upcoming stock split; Prices as of 8/24/2020
While the Dow’s influence has faded over the years as passive managers linked to benchmarks based on market value, the index remains an exclusive club and still serves as one of the highest profile showcase of American industrial heft. Roughly $31.5 billion of assets are benchmarked to the Dow, with $28.2 billion of passively managed funds linked. (The figures are $11.2 trillion and $4.6 trillion for the S&P 500.)
The last time three companies were added to the Dow was seven years ago, when Visa Inc., Goldman Sachs Group Inc. and Nike Inc. displaced Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc.
— With assistance by Kevin Crowley