Word: dollarization
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Known as the Uniform Prudent Management of Institutional Funds Act, the legislation would aid universities by eliminating the “historic dollar value” rule currently in effect in Massachusetts. The rule, a product of legislation dating from the 1970s, prevents institutions from spending from a particular endowment fund if its value falls “underwater”—below levels pegged to a specific point in time, such as the donor’s date of death...
...years old, St. Pancras railway station is London's new, hip gateway to Europe. Thanks to a recent billion-dollar refit, passengers awaiting high-speed trains to Paris or Brussels can sip champagne at the continent's longest bar, or eat oysters and caviar at a fine-dining restaurant. With the value of the pound plummeting, though, Britons heading to Europe are not exactly in a celebratory mood. Trips to Paris used to involve "a stroll around the shops to see if I could pick up some nice Parisian fashion," grumbles Jemima, a 35-year-old sales professional...
...reaching as the impact on the economy. And right now sterling's losing its shine. In the past year, the U.K. currency has lost about a fifth of its value against the euro, the currency used in much of the rest of Europe, and 30% against the dollar. Causes aren't hard to come by. Worries over Britain's fast-shrinking economy, plunging interest rates, a wobbly banking sector and creaking government finances have driven traders to dump the pound. "I would urge you to sell any sterling you might have," Jim Rogers, once a business partner of George Soros...
Shortly after the European Management Forum was founded, world events began to shift the focus of the annual meetings to encompass more global issues. The collapse of the Bretton Woods fixed exchange system, which pegged the value of foreign currencies to the US dollar, and the Arab-Israeli War in 1973 introduced political and economic elements to the Davos discussions, and political leaders joined the European businessmen at the following meeting in January 1974. By 1976, membership in the forum was extended to the "1,000 leading companies of the world...
...wouldn't the billion-dollar expansion drive of McDonald's suggest that the company is seeking to lure more time- and cash-strapped European clients as frequent diners? If so, Berger says the objective may well prove elusive - at least among continental Europeans. "People will make concessions to time pressures when necessary for convenience's sake, but will often reserve evening and weekend meals for quality, sit-down, often homemade food," he says. "The British are a bit different in that regard - which may be why the U.K. seems to be a particularly strong market for McDonald...