Word: subs
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Former University President Lawrence H. Summers welcomed 39 young professionals to an international leadership conference last night with wide-ranging remarks that touched on the sub-prime mortgage crisis, global warming, and economic growth in East Asia...
...said new lending activity is decreasing in the aftermath of the sub-prime mortgage crisis, and added that he sensed “policy paralysis” in the White House...
...with his Merrill Lynch predecessor E. Stanley O’Neal, Labor Secretary Elaine Chao, and eBay CEO Margaret C. Whitman. James J. Burke Jr., a 1979 graduate of the Business School, said that Thain’s skills were well suited to maneuver Merrill Lynch out of the sub-prime mortgage crisis that has plagued financial firms across the country in recent months. Thain has gained a reputation as a cordial, perspicacious technocrat who rose to serve as a co-president of Goldman Sachs and revived the ailing New York Stock Exchange. Merril Lynch reported an $8.4 billion loss...
...African entrepreneurs; two very different stories. Together they illustrate the promise and pitfalls of business on the world's second fastest-growing continent. Africa? That's right. In October, the IMF predicted that sub-Saharan Africa's real GDP will grow 6.75% in 2008, versus 7.2% in Asia, 3.2% in Europe and 1.9% in the U.S. Growth rates in several African countries evoke the Asian tigers of two decades ago, prompting keen international interest. In October, London-based New Star Asset Management announced the creation of a $200 million Heart of Africa Fund...
Take Kenya. The sub-Saharan nation ranks abysmally on many basic measures, such as favoritism in decisions of government officials (115th) and business impact of malaria (113th), but on some more sophisticated metrics it does quite well--eighth for legal rights tied to the financial markets and 31st for quality of scientific-research institutions. Skipping the basics while nailing the more complicated stuff is a counterintuitive yet increasingly widespread trend--think of the places in Africa that leaped from no phones to cell phones, bypassing landlines--but whether a country can excel in the long run without a more stable...