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...cutback in state support due to the state budget crisis, are planning to increase student fees another 32%. The U.C. system must chop $637 million out of its budget this year following the agreement between Gov. Arnold Schwarzenegger and the legislature on how to close California's massive $26 billion shortfall in July. Many of the protesters believe the constant increase in fees over the past decade is endangering the university's mission as a public university that offers students an outstanding education at a cost that middle- and working-class families can afford. (Read a story about budget cuts...
...been asked to accept half their pension payments; the airline also plans to cut 14% of the workforce (about 6,800 jobs) over the next three years and to suspend or reduce tens of international and domestic routes. That's not enough, however. JAL reportedly needs more than $1 billion just to continue services into next year. So Nishimatsu has been forced to go hat in hand to the government seeking help to meet its financial needs of up to $3 billion in emergency capital. (See pictures of how Japan has changed in 20 years...
...Gaddafi was so enraged by his son's two-day detention that he immediately retaliated by shutting down local subsidiaries of Swiss companies Nestlé and ABB in Libya, arresting two Swiss businessmen for supposed visa irregularities, canceling most commercial flights between the two countries and withdrawing about $5 billion from his Swiss bank accounts. (See TIME's exclusive interview with Gaddafi on Obama, Israel and Iran...
...reportedly ended up costing many times the original estimate of $177 million, a phenomenal amount given that none of the money went to the promised infrastructure projects. (Some reports had the final costs in Rio close to $2 billion; the costs of the 2008 Beijing Summer Olympics, according to Chinese organizers, totaled roughly $2.5 billion.) Some commentators said that was indicative of corruption, but it also suggests serious deficiencies in organization and planning. "Brazil is still learning how to do continuous public policy," Alencar said. "Public works are emergency, localized, specific. There is no strategic planning involved. That was what...
...this year, passengers took it as just another sign of the humbling of the country's once-proud flagship carrier. But far greater humiliations were in store for Asia's largest airline by revenue. Beset by a steady erosion of its customer base, high cost structures and a $15.4 billion debt load, JAL lost about $1 billion last quarter and projects a loss of about $700 million for this fiscal year. With nowhere else to turn, JAL CEO Haruka Nishimatsu this week met with Transport Minister Seiji Maehara to discuss a government bailout, inviting unflattering comparisons between the Japanese airline...