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...deep-pocketed corporations. Many sports facilities have been upgraded and located within gentrified business districts, and teams cater to high-end clientele through luxury suites, driving up prices for all fans. As workers see their savings erode, they will probably be less willing to pay stratospheric ticket prices, which fund the cartoonish salaries of sports stars. Likewise, companies that dish out millions for sponsorships won't be able to justify sports-marketing expenditures to their shareholders. "The new model that has emerged over the last two decades is not going to hold up," says Zimbalist. "It's not conceivable that...
...Some argue Bretton Woods and the International Monetary Fund (IMF) and World Bank it created should have undergone revamping even before the crisis broke. Initially tasked with overseeing currency exchange rates and providing funds and advice to nations suffering trade deficits, the IMF has watched its field of action wane as economies developed and globalized. As part of that evolution, financial trading began spanning borders and generating previously unimaginable transactions through highly-leveraged and complex derivatives - all within a virtually unregulated atmosphere that national governments couldn't manage to police. Sarkozy and his European partners hope that...
...reason to blame its worsening economic outlook on the rest of the world, some of its woes are self-inflicted. The government of Recep Tayyip Erdogan and his Justice and Development Party (AKP) set about transforming the economy after its election in 2002. Spurred on by the International Monetary Fund (IMF), which provided financial support during the 2001 crisis, the government pushed through strict budgets, monetary discipline and a big privatization campaign. Inflation and interest rates tumbled, and growth took off. The Turkish business community, while privately nervous about what some refer to as the government's "creeping Islamization," nonetheless...
...Turkey's oddities that the Steag plant, the Isdemir steel factory and the Renault plant are either joint ventures with or wholly owned by an organization called OYAK, which is the military's professionally managed pension fund. Unusually for a pension fund, OYAK directly owns and operates major sectors of the Turkish economy, and it has boomed along with Turkey these past six years. Indeed, OYAK is now the third largest business in the nation, behind the conglomerates owned by the Sabanci and Koc families. Its rapidly growing profits this decade have ensured that military officers now get substantial lump...
House Committees may be receiving $800 more than they did last fall from the Undergraduate Council. The Council presented a provisional budget this past Sunday that notes that the 12 HoCos will receive approximately $5,400 from the UC in upfront funding. Dudley House will receive a smaller increase that is proportional to its size. The Council is expected to pass the measure next Sunday after it has gone before the Finance Commitee (FiCom). UC Treasurer Anthony R. Britt ’10 said the UC’s overall budget increased by 11 percent this year. Britt said...