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...That's because credit markets, which affect the ability of businesses and governments to borrow to fund day-to-day operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4%. Central banks are trying to pump liquidity into financial markets to avert a credit crunch. India on Monday cut the amount of cash that banks must deposit with the central bank in an attempt to loosen credit. "Credit markets are quite global," says Kirby Daley, senior strategist at financial services...

Author: /time Magazine | Title: US Financial Quake Rocks Asia | 10/7/2008 | See Source »

...plan’s use of reserve funds was “artificially propping up the city’s tax rate.” The Deputy City Manager Richard C. Rossi also responded to concerns raised by the City Council about how the national housing crisis would affect Cambridge properties. Rossi said that residential property sales remain strong, but they have decreased somewhat in the past year. “There is no backlog of houses in the city waiting to be sold,” he said. —Staff writer Sarah J. Howland can be reached...

Author: NO WRITER ATTRIBUTED | Title: City Council Sets Property Tax Rate | 10/6/2008 | See Source »

...this egregious waste, but it remains wasteful, almost as wasteful as before,” said Howell. “This measure doesn’t even begin to root out the government waste in city and town spending.” Yet legislators argue that the initiative will affect the aid the state can give to local communities. “One would find it hard to believe that they would be able to lose 40 percent of revenue stream and not have to reduce state aid to local cities and towns,” said Cambridge Budget Director...

Author: By Peter F. Zhu, CRIMSON STAFF WRITER | Title: Mass. Voters To Consider Income Tax | 10/6/2008 | See Source »

...create the Community Pediatrics Training Initiative. In an interview Sunday, Palfrey stressed the link between medicine and public health, saying that she aimed to shift the focus of pediatrics toward prevention. “It’s important for doctors to realize how much family and social circumstances affect health care,” Palfrey said. “Without such awareness, we can miss causes for children’s problems.” Palfrey noted that nine million American children are uninsured and said that she will continue the academy’s efforts...

Author: By Helen X. Yang, CONTRIBUTING WRITER | Title: Palfrey Elected Chief Of Pediatrics Group | 10/6/2008 | See Source »

Several students said it was too early to tell how the financial crisis would affect their lives. “Is this Armageddon or will this be fixed in five years?” Doelling asked...

Author: By Sofia E. Groopman, CONTRIBUTING WRITER | Title: Students Slam Wall Street 'Greed' | 10/6/2008 | See Source »

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