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...Iceland's economic recovery and bid to join the E.U. would be doomed if it failed to meet its obligations. British Financial Services Minister Paul Myners even said the country risks becoming a pariah state. Both Britain and Holland hinted that they may block a $10 billion International Monetary Fund rescue package for the country, and Iceland's Scandinavian neighbors shelved a $2.6 billion loan they had promised Reykjavik. On top of all that, Fitch Ratings lowered Iceland's credit grade to junk status last week. (See the worst business deals...
Harvard is borrowing $480 million to refinance its debt and to fund capital projects on campus, including the construction of a new Harvard Law School building, according to a credit rating report released Friday by Moody's Investors Service...
...education system. In the same week that Schwarzenegger revealed his budget proposal, which calls for deep cuts to health care, social services and public transit, he also proposed a constitutional amendment (yes, another amendment) that would guarantee that the state would spend no less than 10% of its general fund on public universities and no more than 7% on state prisons. In his State of the State address, he declared that the state's future economic well-being is dependent on education. "Thirty years ago, 10% of the general fund went to higher education and 3% to prisons," he said...
...Indonesia's largest conglomerates, will be used to further scholarly research on Indonesia and is divided in two parts. The Rajawali Foundation Institute for Asia will receive $10 million for its permanent endowment, spread over five years, and an additional $10.5 million, also paid over five years, will fund research, teaching, and exchange programs focused on Indonesia...
...only does Pimco managing director Bill Gross oversee the world's biggest bond fund, his views often sway markets. In a late December interview with TIME's John Curran, Gross pointed to the second half of 2010 as a period when investors large and small will reckon with a new reality of poor economic growth and a Federal Reserve that is hard-pressed to offer much help...