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...refreshing change from Estrada, a former movie actor. A U.S.-educated economist, and the daughter of a former Philippine President, Arroyo presented the image of a competent, if comparatively uncharismatic, technocrat. Indeed, the Philippines has made considerable economic strides under her stewardship, posting 7.5% GDP growth last quarter - the highest in 20 years - and paying down a massive government deficit. Arroyo's government has attracted millions of dollars in foreign investment - no small beer for a country where political instability and a crushing debt load have often made investors wary. Arroyo has also made progress in tamping down the long...
...diptychs and triptychs that reference the computer economy defining modern India. His digital gamble could very well pay off. "To have real staying power, contemporary art from India has to have universal appeal," says director of Mumbai's Bodhi Art Gallery Sharmistha Ray, who notes that most of the highest prices paid for Indian art at recent Christie's auctions in London and Hong Kong were from foreign buyers...
...culture, Asians may be more vulnerable to habitual gambling. The cliché that Asians, and Chinese in particular, love to gamble appears to have anecdotal and statistical support. Hong Kong - which bars casinos but has a $13 billion horse-racing, lottery and sports-book industry - has one of the highest per capita betting averages in the world (about $2,000 annually), according to figures from the Hong Kong Jockey Club. And rates of addiction appear to be higher. A 2004 study by psychiatrists at the University of Queensland found that Chinese were almost 50% more likely to develop a gambling...
...hedge-fund guidelines. "Regulation can be a blunt instrument," says Russell Read, chief investment officer for the California Public Employees' Retirement System (CalPERS), a $240 billion California pension fund that invests in hedge funds. "We think investors and hedge-fund managers themselves will have the best and hopefully the highest impact" in improving the industry's practices, says Read, who is chairman of the Working Group's investor committee...
Bloomberg was in Boston on Monday to receive the Julius B. Richmond Award, the Harvard School of Public Health’s highest honor...