Age confirmed for 'Eve,' mother of all humans
Fri Aug 20, 11:31 AM
Wynne Parry
LiveScience Senior Writer
LiveScience.com
A maternal ancestor to all living humans called mitochondrial Eve likely lived about 200,000 years ago, at roughly the same time anatomically modern humans are believed to have emerged, a new review study confirms.
The results are based on analyses of mitochondrial DNA. Found in the energy-producing centers of cells, mitochondrial DNA is only passed down the maternal line, and can be traced back to one woman.
However, this doesn't mean she was the first modern woman, rather it indicates that only her descendants survive to the present day.
"There is always some other female that predated mitochondrial Eve, whose DNA didn't make it up to modernity," said Marek Kimmel, a professor of statistics at Rice University. "So the age of the mitochondrial Eve is always less than the age of the true, first female modern human."
A molecular clock
While most of an organism's DNA is contained in the nuclei of its cells, mitochondria also contain genetic material, but much less of it, making it easier to analyze. Mitochondrial DNA contains a region that changes rapidly and can provide a sort of molecular clock calibrated to times comparable to the age of modern humanity, making it a favorite for population geneticists, Kimmel said.
As part of the three-year project, Kimmel and Krzysztof Cyran, a Polish researcher, compared the estimates produced by about 10 genetic models intended to determine when mitochondrial Eve lived. They started with data on mitochondrial DNA previously collected from random blood donors.
Scientists know the average rate of mutation, so they can look at the genetic variation among pairs of individuals to see when their lineages diverged. But the equation becomes more complicated.
"Mutation is producing divergence, but some of the divergence is lost because of random events that occur, for example some populations become extinct," Kimmel said. As ancient modern humans dispersed, some groups settled and grew, while others became extinct.
The models make different assumptions about growth and extinction rates, which had the potential to change the estimate of mitochondrial Eve's age, the researchers found. One type of model makes the less realistic, but more manageable assumption that the human population has increased at a smooth, nearly exponential rate. Another more realistic, but more technically challenging type of model assumes the human population has grown in discrete random episodes.
An agreement
But, regardless, all of the models produced estimates placing this ancient mother's age at around 200,000 years.
"We actually show if one uses different models, one comes up with a very similar estimate, so this makes the estimate more robust," Kimmel said.
The estimates produced by models that assume population growth occurred in discrete, random bursts fell within 10 percent of each other. When taking into consideration models that assumed smooth growth, that range expanded by up to 20 percent. These models also tended to estimate that mitochondrial Eve lived earlier, according to Kimmel.
The research was published in June in the journal Theoretical Population Biology.
The reasons behind why Wyclef Jean can't run for president of Haiti
By TAMARA LUSH,
Associated Press Writers Tamara Lush, Associated Press Writers
PORT-AU-PRINCE, Haiti – Haiti's electoral commission said Friday that hip hop artist Wyclef Jean cannot run for president of this Caribbean nation, ending his outsider's bid to lead a country struggling to recover from the Jan. 12 earthquake.
Jean, who faced a challenge to his candidacy in the Nov. 28 elections because he has not lived in Haiti for the past five years as required, issued a statement urging his supporters to remain calm and respond "peacefully and responsibly to the disappointment."
"Though I disagree with the ruling, I respectfully accept the committee's final decision, and I urge my supporters to do the same," he said.
The electoral commission approved 19 candidates and rejected 15, spokesman Richardson Dumel told journalists late Friday, without providing justification for the decisions.
While rejecting Jean, the board approved two leading presidential candidates, former Prime Minister Jacques-Edouard Alexis and Yvon Neptune, who was the last prime minister under ousted President Jean-Bertrand Aristide and has been active in helping to coordinate reconstruction efforts.
Also allowed to run are: Jude Celestin, head of the government's primary construction firm and the candidate supported by President Rene Preval, and Michel Martelly, a well-known Haitian singer known as "Sweet Mickey."
The electoral commission rejected the candidacy of US Ambassador Raymond Joseph, who is Jean's uncle. Preval is barred running for re-election in the Nov. 28 election under the Constitution.
Jean had apparently been aware which way the decision would go. The 40-year-old entertainer had been in a hotel near the electoral commission office but left abruptly without speaking to journalists about an hour before the announcement. He issued his statement later.
Dozens of police and UN peacekeepers in riot gear were stationed outside the electoral council office, but there were no signs of protests or unrest.
One thing is already certain: The singer brought sizzle to the election, attracting fresh attention to a country still devastated by the Jan. 12 earthquake.
"His candidacy certainly did shake things up," said Laurent Dubois, a Haiti historian and professor at Duke University. "But it's still a very important election whether Wyclef is in it or not."
The decision had already been delayed once because of uncertainty over candidate qualifications.
Jean, who gained famed as a member of the hip-hop musical group Fugees before building a solo career, had no political organization, not much of a following beyond his fans of his music and only a vague platform, casting himself as an advocate of Haiti's struggling youth and saying he will ask reconstruction donors to help the country's dysfunctional education system.
He also has faced persistent criticism over alleged financial mismanagement at the charity he founded, Yele Haiti.
On the other hand, he has generated global attention to a race in which almost no one outside Haiti could even name any of the candidates.
"If he hadn't been involved, today, no one would be talking about candidates in the Haitian presidential election," said Mark Jones, a professor of political science at Rice University in Houston.
The singer's fame and wealth instantly made him a formidable candidate in the desperately poor Caribbean nation he left as a boy — though some Haitians questioned the seriousness of his run.
"I don't think he's a politician at all," said Etienne St. Cyr, a pastor who helps at a camp for homeless earthquake survivors at the Petionville Country Club. "Maybe he's not what we need right now."
St. Cyr said Jean has not won over the people camped in squalid tents on the slope of a golf course, noting they already have allegiances to established political parties and the singer has not visited the camp.
Analysts said it was difficult to assess what kind of support Jean has beyond his mainly young and urban fans, but as a well-funded wild card, he has made more-established politicians nervous. Earlier this week, Jean said he had received death threats from somebody who called and told him to get out of Haiti.
The winner of the Nov. 28 vote will take charge of Haiti's earthquake recovery, coordinating billions of aid dollars in a country with a history of political turmoil and corruption. January's earthquake killed an estimated 300,000 people and left the capital, Port-au-Prince, in ruins.
The devastation from the earthquake, coupled with frustration over a weak government response, have created an opening for a messianic outsider like Jean, said Robert Fatton Jr., a Haiti expert at the University of Virginia.
"The very fact that he is taken seriously when, in fact, he has no preparation to be president is an indication that the whole country, in particular the youth, looks at the typical Haitian population as a bankrupt kind of species," Fatton said.
Fatton said he suspects the delay in announcing the candidate list, which was initially supposed to come out last Tuesday, owed to a struggle among the political elite, with some trying to keep Jean from running.
At the start of his campaign Jean stepped down from the Yele Haiti charity, which was accused of pre-quake financial improprieties that benefited the singer. Yele Haiti, which raised more than $9 million after the earthquake, hired a new accounting firm and Jean has said it was working to improve its organization.
Jones, the professor at Rice, said that even if officials do not accept Jean as a candidate, he can still influence the election by helping to mobilize the youth vote.
"The other candidates should try to get him on their team," he said.
Associated Press Writers Tamara Lush, Associated Press Writers
PORT-AU-PRINCE, Haiti – Haiti's electoral commission said Friday that hip hop artist Wyclef Jean cannot run for president of this Caribbean nation, ending his outsider's bid to lead a country struggling to recover from the Jan. 12 earthquake.
Jean, who faced a challenge to his candidacy in the Nov. 28 elections because he has not lived in Haiti for the past five years as required, issued a statement urging his supporters to remain calm and respond "peacefully and responsibly to the disappointment."
"Though I disagree with the ruling, I respectfully accept the committee's final decision, and I urge my supporters to do the same," he said.
The electoral commission approved 19 candidates and rejected 15, spokesman Richardson Dumel told journalists late Friday, without providing justification for the decisions.
While rejecting Jean, the board approved two leading presidential candidates, former Prime Minister Jacques-Edouard Alexis and Yvon Neptune, who was the last prime minister under ousted President Jean-Bertrand Aristide and has been active in helping to coordinate reconstruction efforts.
Also allowed to run are: Jude Celestin, head of the government's primary construction firm and the candidate supported by President Rene Preval, and Michel Martelly, a well-known Haitian singer known as "Sweet Mickey."
The electoral commission rejected the candidacy of US Ambassador Raymond Joseph, who is Jean's uncle. Preval is barred running for re-election in the Nov. 28 election under the Constitution.
Jean had apparently been aware which way the decision would go. The 40-year-old entertainer had been in a hotel near the electoral commission office but left abruptly without speaking to journalists about an hour before the announcement. He issued his statement later.
Dozens of police and UN peacekeepers in riot gear were stationed outside the electoral council office, but there were no signs of protests or unrest.
One thing is already certain: The singer brought sizzle to the election, attracting fresh attention to a country still devastated by the Jan. 12 earthquake.
"His candidacy certainly did shake things up," said Laurent Dubois, a Haiti historian and professor at Duke University. "But it's still a very important election whether Wyclef is in it or not."
The decision had already been delayed once because of uncertainty over candidate qualifications.
Jean, who gained famed as a member of the hip-hop musical group Fugees before building a solo career, had no political organization, not much of a following beyond his fans of his music and only a vague platform, casting himself as an advocate of Haiti's struggling youth and saying he will ask reconstruction donors to help the country's dysfunctional education system.
He also has faced persistent criticism over alleged financial mismanagement at the charity he founded, Yele Haiti.
On the other hand, he has generated global attention to a race in which almost no one outside Haiti could even name any of the candidates.
"If he hadn't been involved, today, no one would be talking about candidates in the Haitian presidential election," said Mark Jones, a professor of political science at Rice University in Houston.
The singer's fame and wealth instantly made him a formidable candidate in the desperately poor Caribbean nation he left as a boy — though some Haitians questioned the seriousness of his run.
"I don't think he's a politician at all," said Etienne St. Cyr, a pastor who helps at a camp for homeless earthquake survivors at the Petionville Country Club. "Maybe he's not what we need right now."
St. Cyr said Jean has not won over the people camped in squalid tents on the slope of a golf course, noting they already have allegiances to established political parties and the singer has not visited the camp.
Analysts said it was difficult to assess what kind of support Jean has beyond his mainly young and urban fans, but as a well-funded wild card, he has made more-established politicians nervous. Earlier this week, Jean said he had received death threats from somebody who called and told him to get out of Haiti.
The winner of the Nov. 28 vote will take charge of Haiti's earthquake recovery, coordinating billions of aid dollars in a country with a history of political turmoil and corruption. January's earthquake killed an estimated 300,000 people and left the capital, Port-au-Prince, in ruins.
The devastation from the earthquake, coupled with frustration over a weak government response, have created an opening for a messianic outsider like Jean, said Robert Fatton Jr., a Haiti expert at the University of Virginia.
"The very fact that he is taken seriously when, in fact, he has no preparation to be president is an indication that the whole country, in particular the youth, looks at the typical Haitian population as a bankrupt kind of species," Fatton said.
Fatton said he suspects the delay in announcing the candidate list, which was initially supposed to come out last Tuesday, owed to a struggle among the political elite, with some trying to keep Jean from running.
At the start of his campaign Jean stepped down from the Yele Haiti charity, which was accused of pre-quake financial improprieties that benefited the singer. Yele Haiti, which raised more than $9 million after the earthquake, hired a new accounting firm and Jean has said it was working to improve its organization.
Jones, the professor at Rice, said that even if officials do not accept Jean as a candidate, he can still influence the election by helping to mobilize the youth vote.
"The other candidates should try to get him on their team," he said.
The MBA accreditation By Stephen Kelly
The decision to pursue an MBA degree is a huge commitment, requiring both time and money in the hope of increased earning potential and career progression upon completion. The journey begins with a deliberate and thorough search for the right school.
Accreditation from a leading accreditation body provides an immediate short list. Because business schools participate in an extremely competitive market, each one competes for faculty, administration, researchers, corporate partnerships and of course students. The good, the bad and the ugly distinguish themselves by accreditation.
MBA accreditation is key
Accreditation, especially international certification creates global exposure for an institution inevitably drawing in a higher level of talent. Business schools are among the most competitive in the world, bringing advancements in curriculum and research for over a century. The indicator of success for many of these schools has been accreditation.
Those that compete on an international stage seek alignment with the three most respected organizations - Association to Advance Collegiate Schools of Business (AACSB), European Quality Improvement System (EQUIS) and the Association of MBAs (AMBA). Accreditation from any one of these organizations has a three-fold benefit for student, school and employer. The school benefits from compliance to a world-renowned process, the student is assured that their business education will retain its value and employers have a candidate pool of students that have been taught by a school of international acclaim.
AACSB
Founded in 1916 the AACSB is an association made up of higher learning institutions and enterprises focused on business education. It is also the oldest, largest and most recognized accreditation body for business schools in the world. With more than 1,100 members in over 70 countries the AACSB claims one of the most rigorous and respected stamps of approval a business school can achieve.
The AACSB spans undergraduate, graduate and doctoral programs and is not exclusive to just the MBA sector. "It is a mission driven institutional process that focuses on self assessment and overall quality," explains Jerry Trapnell, vice president and chief accreditation officer of AACSB. Schools adhere to 21 peer reviewed standards developed by a global network of 900 deans and university presidents.
Trapnell claims that the value proposition of the organization is, "A procedural, non-governmental, voluntary assessment. We provide a network of 1,000 schools, publish whitepapers, conferences and seminars, all with the objective of advancing management education worldwide."
AACSB has accredited about five percent of the world's business schools, a market that is approximately 12,400 institutions strong. "Our standards are demanding and we have aggressive expectations about learning. The choice to enter the process of accreditation with us, which can take up to seven years to complete is not for schools content on operating locally." It is for this reason that the AACSB will only be able to give approval to a small number of institutions over the coming years.
EQUIS
Operated by the European Foundation for Management Development (EFMD), an academia, business and public sector membership organization, the European Quality Improvement System or EQUIS is one of the world's leading international systems of quality assessment, improvement and accreditation of management schools and business administrations.
Created in 1997 with the goal of developing an accreditation system aimed at business schools who's mission was to permeate beyond their borders, it immediately amassed the support of big name European schools such as INSEAD and London Business School. Since then EQUIS has conferred 121 accreditations in 34 countries.
The EQUIS brand is not as well established in North America as AACSB and, for example, just seven Canadian schools tote EQUIS. Those that are included on the list have a commitment to developing partnerships in Europe and Asia, where the EQUIS name is common.
AMBA
Out of the top three, the only accrediting body that concentrates solely on the quality and relevance of individual MBA programs is the Association of MBAs (AMBA). AMBA is the impartial international authority on postgraduate business education in the world. Established in 1967 as global credentials for all MBA, DBA and MBM programs. Over 153 business schools in 69 countries enjoy AMBA accreditation.
Dr Richard Owen, director of accreditation and business school services at AMBA says that AMBA requires their schools to only admit students who have three or more years of full-time work experience under their belts. The strength of AMBA's accreditation is their acute focus on the MBA and value added services for its members. Unlike AACSB, schools must be accredited to be a member. Members are entitled to market trend reports, networking and information exchange, deans and directors conferences and forums for marketing and administration training.
The MBA accreditation 'triple crown'
AACSB, EQUIS and AMBA are three of the most highly regarded international accreditations in the realm of higher business education. Business schools have long since realized the growth potential afforded to them by securing accreditation.
From the students' perspective, accreditation provides a list of viable schools and students who select accredited schools desire an MBA that will not restrict their career options and afford them a breadth and depth of study. The value of an impartial review of every facet of your operation with the goal of making you better is undeniable. All three of these organizations pride themselves on the value they add to their member institutions in achieving their goals to become schools of international stature.
Stephen Kelly is an expert in the Canadian MBA industry. He is especially interested in the migration of universities into online delivery and the challenges and rewards that result.
Accreditation from a leading accreditation body provides an immediate short list. Because business schools participate in an extremely competitive market, each one competes for faculty, administration, researchers, corporate partnerships and of course students. The good, the bad and the ugly distinguish themselves by accreditation.
MBA accreditation is key
Accreditation, especially international certification creates global exposure for an institution inevitably drawing in a higher level of talent. Business schools are among the most competitive in the world, bringing advancements in curriculum and research for over a century. The indicator of success for many of these schools has been accreditation.
Those that compete on an international stage seek alignment with the three most respected organizations - Association to Advance Collegiate Schools of Business (AACSB), European Quality Improvement System (EQUIS) and the Association of MBAs (AMBA). Accreditation from any one of these organizations has a three-fold benefit for student, school and employer. The school benefits from compliance to a world-renowned process, the student is assured that their business education will retain its value and employers have a candidate pool of students that have been taught by a school of international acclaim.
AACSB
Founded in 1916 the AACSB is an association made up of higher learning institutions and enterprises focused on business education. It is also the oldest, largest and most recognized accreditation body for business schools in the world. With more than 1,100 members in over 70 countries the AACSB claims one of the most rigorous and respected stamps of approval a business school can achieve.
The AACSB spans undergraduate, graduate and doctoral programs and is not exclusive to just the MBA sector. "It is a mission driven institutional process that focuses on self assessment and overall quality," explains Jerry Trapnell, vice president and chief accreditation officer of AACSB. Schools adhere to 21 peer reviewed standards developed by a global network of 900 deans and university presidents.
Trapnell claims that the value proposition of the organization is, "A procedural, non-governmental, voluntary assessment. We provide a network of 1,000 schools, publish whitepapers, conferences and seminars, all with the objective of advancing management education worldwide."
AACSB has accredited about five percent of the world's business schools, a market that is approximately 12,400 institutions strong. "Our standards are demanding and we have aggressive expectations about learning. The choice to enter the process of accreditation with us, which can take up to seven years to complete is not for schools content on operating locally." It is for this reason that the AACSB will only be able to give approval to a small number of institutions over the coming years.
EQUIS
Operated by the European Foundation for Management Development (EFMD), an academia, business and public sector membership organization, the European Quality Improvement System or EQUIS is one of the world's leading international systems of quality assessment, improvement and accreditation of management schools and business administrations.
Created in 1997 with the goal of developing an accreditation system aimed at business schools who's mission was to permeate beyond their borders, it immediately amassed the support of big name European schools such as INSEAD and London Business School. Since then EQUIS has conferred 121 accreditations in 34 countries.
The EQUIS brand is not as well established in North America as AACSB and, for example, just seven Canadian schools tote EQUIS. Those that are included on the list have a commitment to developing partnerships in Europe and Asia, where the EQUIS name is common.
AMBA
Out of the top three, the only accrediting body that concentrates solely on the quality and relevance of individual MBA programs is the Association of MBAs (AMBA). AMBA is the impartial international authority on postgraduate business education in the world. Established in 1967 as global credentials for all MBA, DBA and MBM programs. Over 153 business schools in 69 countries enjoy AMBA accreditation.
Dr Richard Owen, director of accreditation and business school services at AMBA says that AMBA requires their schools to only admit students who have three or more years of full-time work experience under their belts. The strength of AMBA's accreditation is their acute focus on the MBA and value added services for its members. Unlike AACSB, schools must be accredited to be a member. Members are entitled to market trend reports, networking and information exchange, deans and directors conferences and forums for marketing and administration training.
The MBA accreditation 'triple crown'
AACSB, EQUIS and AMBA are three of the most highly regarded international accreditations in the realm of higher business education. Business schools have long since realized the growth potential afforded to them by securing accreditation.
From the students' perspective, accreditation provides a list of viable schools and students who select accredited schools desire an MBA that will not restrict their career options and afford them a breadth and depth of study. The value of an impartial review of every facet of your operation with the goal of making you better is undeniable. All three of these organizations pride themselves on the value they add to their member institutions in achieving their goals to become schools of international stature.
Stephen Kelly is an expert in the Canadian MBA industry. He is especially interested in the migration of universities into online delivery and the challenges and rewards that result.
Top 6 most indebted countries (and why)
By Michael Sanibel, Investopedia.com
Tuesday, August 17, 2010
The recent financial crisis and recession have been a worldwide occurrence. The events in the United States since 2008 have garnered most of the headlines because the U. S. has the world's largest economy and national debt, but the reality is that many countries in Europe are in worse financial shape and continue to deteriorate.
There are various ways to rank indebtedness, such as debt per capita and deficit or debt as a function of gross domestic product (GDP). This ranking is based on cumulative debt as a percentage of GDP and is limited to an analysis of the 25 largest economies. It is further limited to "external" debt, which is the portion of the national debt that is owed only to foreign creditors. The source for the debt and GDP amounts is the Central Intelligence Agency World Factbook most recent numbers from mid to late 2009.
1. Ireland - Debt/GDP: 997%
The days of Ireland enjoying one of the fastest growing economies in Europe are over, at least for now. The story is all too familiar, as easy credit fueled a housing bubble that burst and damaged consumer confidence.
After recording budget surpluses in the prior two years, the economy reversed course in 2009 and contracted 7%. This eroded tax revenues and sent the annual deficit to a record 14.3% of GDP. The European Union set a target for Ireland to reduce that figure to 3% by 2014, but the International Monetary Fund has indicated that the deadline will be missed. Moody's has subsequently lowered its bond rating.
2. Netherlands - Debt/GDP: 467%
The national debt in the Netherlands has reached record levels as a result of the world financial crisis and recession. Much of the added burden was caused by significant government support for the country's banking sector. The increase in debt per capita is second only to that experienced in Ireland.
The Netherlands joined the eurozone with a hard guilder a decade ago, but its current debt would likely disqualify it for membership.
3. United Kingdom - Debt/GDP: 409%
Investment bank Morgan Stanley fears that Great Britain could face a severe debt crisis in the near future if it continues down its current path. According to the bank's report, this is a case of not putting aside sufficient reserves when the economy was sound. During the peak of the boom, it still ran a budget deficit of 3% of GDP when other European countries were running surpluses exceeding 2%.
Like many other countries, Britain bought time during the financial crisis by implementing massive fiscal stimulus and forcing the public to fund losses in the private sector. Without the restoration of fiscal credibility, there is a significant danger of a government bond sell-off, pound weakness and a flight of capital.
4. Switzerland - Debt/GDP: 273%
Generally regarded as having one of the world's most stable economies, Switzerland has taken its budget crisis seriously. When the national debt began to escalate in the last decade, the Swiss voted to approve a constitutional amendment forcing the government to balance expenses and revenue during each economic cycle. While annual deficits may still occur, this has instilled discipline in the process and lowered the country's borrowing costs as investors rushed to safety.
This so-called "debt brake" was implemented in response to increasing debt stemming from a slowdown in economic growth. Deficits climbed as spending rose for unemployment benefits and tax revenues declined. While government expenditures were cut across the board, rising revenues have not been sufficient to pay down the incurred debt.
5. Portugal - Debt/GDP: 228%
With last year's deficit coming in at 9.4% of GDP, the Portuguese government has instituted a growth and austerity program with the objective of reducing that number to 2.8% by 2013. These measures have sparked strikes in the public sector including postal and transportation services. Those events have been further propelled by unemployment above 10%, the worst in 40 years.
The root problem has been low productivity and virtually no economic growth in the past few years. Portugal ranks last in GDP growth among countries that adopted the euro as a common currency. Demand for goods and services has stalled, along with innovation and business momentum. In addition, Portugal's exports have been undercut by cheap labor in countries such as China. (For related reading, see The Economics Of Labor Mobility.)
6. Austria - Debt/GDP: 214%
The recession and government assistance to banks have contributed to the budget crisis in Austria. The finance minister has rejected the notion of higher taxes in favor of administrative reforms to cut spending. He has predicted that the annual deficit would grow from 3.5% to 4.7% of GDP between 2010 and 2012 before starting to decline. That peak would be the third-highest since 1976 when such data were first recorded.
Rising unemployment has resulted in increased expenditures for unemployment compensation and other government benefits. In addition to the reduced payrolls, tax reforms have driven down overall tax revenues.
The Bottom Line
While the U.S. and Canada have large economies, their respective debt-to-GDP ratios are 93% and 62%. The U.S. gets most of the attention because of the size of the numbers that comprise the ratio - $13.5 trillion debt (June 2009) and $14.4 trillion GDP (2009 estimate).
By comparison, China and India have ratios of 7% and 20% respectively. Their economic growth rates have also exceeded the western nations over the past few years, thereby keeping their debt ratios relatively low. If the western nations don't implement policies to reduce their debts, they run the risk of jeopardizing future economic growth and prosperity.
Tuesday, August 17, 2010
The recent financial crisis and recession have been a worldwide occurrence. The events in the United States since 2008 have garnered most of the headlines because the U. S. has the world's largest economy and national debt, but the reality is that many countries in Europe are in worse financial shape and continue to deteriorate.
There are various ways to rank indebtedness, such as debt per capita and deficit or debt as a function of gross domestic product (GDP). This ranking is based on cumulative debt as a percentage of GDP and is limited to an analysis of the 25 largest economies. It is further limited to "external" debt, which is the portion of the national debt that is owed only to foreign creditors. The source for the debt and GDP amounts is the Central Intelligence Agency World Factbook most recent numbers from mid to late 2009.
1. Ireland - Debt/GDP: 997%
The days of Ireland enjoying one of the fastest growing economies in Europe are over, at least for now. The story is all too familiar, as easy credit fueled a housing bubble that burst and damaged consumer confidence.
After recording budget surpluses in the prior two years, the economy reversed course in 2009 and contracted 7%. This eroded tax revenues and sent the annual deficit to a record 14.3% of GDP. The European Union set a target for Ireland to reduce that figure to 3% by 2014, but the International Monetary Fund has indicated that the deadline will be missed. Moody's has subsequently lowered its bond rating.
2. Netherlands - Debt/GDP: 467%
The national debt in the Netherlands has reached record levels as a result of the world financial crisis and recession. Much of the added burden was caused by significant government support for the country's banking sector. The increase in debt per capita is second only to that experienced in Ireland.
The Netherlands joined the eurozone with a hard guilder a decade ago, but its current debt would likely disqualify it for membership.
3. United Kingdom - Debt/GDP: 409%
Investment bank Morgan Stanley fears that Great Britain could face a severe debt crisis in the near future if it continues down its current path. According to the bank's report, this is a case of not putting aside sufficient reserves when the economy was sound. During the peak of the boom, it still ran a budget deficit of 3% of GDP when other European countries were running surpluses exceeding 2%.
Like many other countries, Britain bought time during the financial crisis by implementing massive fiscal stimulus and forcing the public to fund losses in the private sector. Without the restoration of fiscal credibility, there is a significant danger of a government bond sell-off, pound weakness and a flight of capital.
4. Switzerland - Debt/GDP: 273%
Generally regarded as having one of the world's most stable economies, Switzerland has taken its budget crisis seriously. When the national debt began to escalate in the last decade, the Swiss voted to approve a constitutional amendment forcing the government to balance expenses and revenue during each economic cycle. While annual deficits may still occur, this has instilled discipline in the process and lowered the country's borrowing costs as investors rushed to safety.
This so-called "debt brake" was implemented in response to increasing debt stemming from a slowdown in economic growth. Deficits climbed as spending rose for unemployment benefits and tax revenues declined. While government expenditures were cut across the board, rising revenues have not been sufficient to pay down the incurred debt.
5. Portugal - Debt/GDP: 228%
With last year's deficit coming in at 9.4% of GDP, the Portuguese government has instituted a growth and austerity program with the objective of reducing that number to 2.8% by 2013. These measures have sparked strikes in the public sector including postal and transportation services. Those events have been further propelled by unemployment above 10%, the worst in 40 years.
The root problem has been low productivity and virtually no economic growth in the past few years. Portugal ranks last in GDP growth among countries that adopted the euro as a common currency. Demand for goods and services has stalled, along with innovation and business momentum. In addition, Portugal's exports have been undercut by cheap labor in countries such as China. (For related reading, see The Economics Of Labor Mobility.)
6. Austria - Debt/GDP: 214%
The recession and government assistance to banks have contributed to the budget crisis in Austria. The finance minister has rejected the notion of higher taxes in favor of administrative reforms to cut spending. He has predicted that the annual deficit would grow from 3.5% to 4.7% of GDP between 2010 and 2012 before starting to decline. That peak would be the third-highest since 1976 when such data were first recorded.
Rising unemployment has resulted in increased expenditures for unemployment compensation and other government benefits. In addition to the reduced payrolls, tax reforms have driven down overall tax revenues.
The Bottom Line
While the U.S. and Canada have large economies, their respective debt-to-GDP ratios are 93% and 62%. The U.S. gets most of the attention because of the size of the numbers that comprise the ratio - $13.5 trillion debt (June 2009) and $14.4 trillion GDP (2009 estimate).
By comparison, China and India have ratios of 7% and 20% respectively. Their economic growth rates have also exceeded the western nations over the past few years, thereby keeping their debt ratios relatively low. If the western nations don't implement policies to reduce their debts, they run the risk of jeopardizing future economic growth and prosperity.
Best cities for entry level jobs. Posted by J. Smith
The tried and true route to a successful, high paying career is to first obtain a college education, if not an additional degree beyond that.
But even for those who lay the proper foundation like that, the first job can be the toughest to get. Given the choice between a qualified person with experience in a given field, and a person who is qualified on paper but doesn’t yet have that experience, it’s understandable that most employers would prefer the experienced candidate.
In a down economy, this problem for the work force newcomer is only exacerbated. A high unemployment rate means more people competing for job openings, with more than usual of those people being experienced, appealing candidates.
Still, whatever the general state of affairs, prospects will always be better in some places and worse in others.
Recently, two major publications/websites - Bloomberg and Monster.com - researched which U.S. cities are most promising for recent graduates looking to start their professional careers. Bloomberg based its findings on data from the website AfterCollege that matches graduates with employers, as well as each city’s average salary, cost of living, and unemployment rate. Monster used the factors of the cities’ growth rates, unemployment rates, average salary, cost of living, and commute time.
So which cities came out on top for entry-level professional jobs? Let’s look at the top ten from each list:
* Bloomberg *
1. Houston, TX
2. Washington, DC
3. Dallas, TX
4. Atlanta, GA
5. Austin, TX
6. Minneapolis, MN
7. Pittsburgh, PA
8. Denver, CO
9. Columbus, OH
10. Fort Worth, TX
* Monster *
1. Austin, TX
2. San Antonio, TX
3. Salt Lake City, UT
4. Oklahoma City, OK
5. Raleigh-Cary metropolitan area, NC
6. Seattle, WA
7. Rochester, NY
8. Portland, OR
9. Denver, CO
10. Honolulu, HI
Maybe the first thing that jumps out at one is how little overlap there is between the lists. Only two cities made both top tens (Austin and Denver). What this shows as much as anything is that there is a lot of subjectivity, a lot of interpretation, a lot of judgment in determining which criteria to use and how to weigh them in deciding which cities have the best job climate. What precise method is best to use will depend in part on each individual job candidate’s preferences, and may not match either of these lists very closely.
The other thing that is striking about these lists is the dominance of Texas. Texas cities take two of the top ten positions on the Monster list, and a whopping four of the top ten positions on the Bloomberg list, including the Number 1 spot on both.
Beyond that, other notable results would include the geographic diversity. The South, the Rocky Mountain region, and the Pacific Northwest are all represented, and even the Midwest and the Northeast have multiple entries on these lists. Not to mention one outside the continental United States entirely (Honolulu).
Note, however, that California - the largest state in the nation, the state of top universities, the state of numerous thriving metropolises including Los Angeles, San Francisco, San Diego, and San Jose - managed to place a grand total of zero cities on either list.
These lists provide an interesting starting point for considering where to look for an entry level job, but really no more than that. The diligent job candidate will need to dig a lot deeper to determine not just which cities hold some promise in general, but which have the opportunities in his or her specific field, as well as fitting his or her other preferences.
Sources:
“Best Cities for New College Grads”
“College Graduates: Top 25 Cities for Finding Your Entry-Level Job”
But even for those who lay the proper foundation like that, the first job can be the toughest to get. Given the choice between a qualified person with experience in a given field, and a person who is qualified on paper but doesn’t yet have that experience, it’s understandable that most employers would prefer the experienced candidate.
In a down economy, this problem for the work force newcomer is only exacerbated. A high unemployment rate means more people competing for job openings, with more than usual of those people being experienced, appealing candidates.
Still, whatever the general state of affairs, prospects will always be better in some places and worse in others.
Recently, two major publications/websites - Bloomberg and Monster.com - researched which U.S. cities are most promising for recent graduates looking to start their professional careers. Bloomberg based its findings on data from the website AfterCollege that matches graduates with employers, as well as each city’s average salary, cost of living, and unemployment rate. Monster used the factors of the cities’ growth rates, unemployment rates, average salary, cost of living, and commute time.
So which cities came out on top for entry-level professional jobs? Let’s look at the top ten from each list:
* Bloomberg *
1. Houston, TX
2. Washington, DC
3. Dallas, TX
4. Atlanta, GA
5. Austin, TX
6. Minneapolis, MN
7. Pittsburgh, PA
8. Denver, CO
9. Columbus, OH
10. Fort Worth, TX
* Monster *
1. Austin, TX
2. San Antonio, TX
3. Salt Lake City, UT
4. Oklahoma City, OK
5. Raleigh-Cary metropolitan area, NC
6. Seattle, WA
7. Rochester, NY
8. Portland, OR
9. Denver, CO
10. Honolulu, HI
Maybe the first thing that jumps out at one is how little overlap there is between the lists. Only two cities made both top tens (Austin and Denver). What this shows as much as anything is that there is a lot of subjectivity, a lot of interpretation, a lot of judgment in determining which criteria to use and how to weigh them in deciding which cities have the best job climate. What precise method is best to use will depend in part on each individual job candidate’s preferences, and may not match either of these lists very closely.
The other thing that is striking about these lists is the dominance of Texas. Texas cities take two of the top ten positions on the Monster list, and a whopping four of the top ten positions on the Bloomberg list, including the Number 1 spot on both.
Beyond that, other notable results would include the geographic diversity. The South, the Rocky Mountain region, and the Pacific Northwest are all represented, and even the Midwest and the Northeast have multiple entries on these lists. Not to mention one outside the continental United States entirely (Honolulu).
Note, however, that California - the largest state in the nation, the state of top universities, the state of numerous thriving metropolises including Los Angeles, San Francisco, San Diego, and San Jose - managed to place a grand total of zero cities on either list.
These lists provide an interesting starting point for considering where to look for an entry level job, but really no more than that. The diligent job candidate will need to dig a lot deeper to determine not just which cities hold some promise in general, but which have the opportunities in his or her specific field, as well as fitting his or her other preferences.
Sources:
“Best Cities for New College Grads”
“College Graduates: Top 25 Cities for Finding Your Entry-Level Job”
Which Ivy League Schools produce the most billionaires?
Billionaire universities
by Janhavi Kumar Sapra, Forbes.com
Friday, August 13, 2010
Harvard's official color may be crimson, but with all its wealthy alumni, it might as well be green.
Even in tough economic times the wealthiest Harvard grads are prospering.
Over the past year the number of Harvard alumni who are billionaires swelled to 62, up from 54 last year, more than any other American university by a long shot.
Talk about good connections: A significant number of these 10-figure titans were classmates. New York Mayor Michael Bloomberg and oil and banking tycoon George Kaiser graduated from Harvard Business School in 1966, while hedge fund chief Bruce Kovner received a B.A. that year and private-equity kingpin David Bonderman a law degree. Meg Whitman of eBay and subprime short winner Jeffrey Greene graduated from the business school in 1979, while Apollo Management's Leon Black and Hamilton James of Blackstone earned M.B.A.s in 1975. Speaking on the condition of anonymity, a billionaire M.B.A. alumnus told Forbes that the business school's system of dividing the student body into sections afforded A+ networking opportunities: "You leave with 120 close relationships." He says he's still in touch with most of his section mates.
In second place on our list of the schools that have turned out the most billionaires is Stanford with 28 billionaire graduates, up from 25 last year. The school has many graduates who have made it big in Silicon Valley, including Jerry Yang, who cofounded Yahoo! while a grad student, and Google founders Sergey Brin and Larry Page. Sun cofounder Vinod Khosla and Gap Chairman Robert Fisher were classmates, graduating with M.B.A.s in 1980. Nike founder Philip Knight earned an M.B.A. from the Stanford Graduate School of Business in 1962 and reportedly made a quiet return to campus a few years ago to take creative writing and English classes.
Columbia is in third place with 20 billionaire graduates, up from 16 last year, including private-equity pioneer Henry Kravis and hedge fund tycoons Louis Bacon and Leon Cooperman. Cooperman used to carpool to business school with classmate Mario Gabelli, now a billionaire as well. The son of a plumber, Cooperman credits the Ivy League school with “putting him in a mold" and giving him “credentials to trade with," helping him to land a job at Goldman Sachs, where he rose to head the asset management division.
To go with its 85 Nobel Prize laureates, the University of Chicago can boast 13 billionaire graduates, up from 10 last year, placing the school sixth on our list. U. of C. billionaires include Thomas Pritzker, William Conway and David Rubenstein.
New entrants to the list this year are New York University, in a tie for eighth place with 10 billionaire alumni and Princeton University, in a tie for 10th with 9.
Schools with billionaire grads stand a chance to reap benefits down the road. Home Depot cofounder Kenneth Langone earned an M.B.A. in a part-time program from NYU; he later became a heavy donor to the school, and now the program is named after him, as is the school's medical center. Phil Knight pledged $105 million for the Knight Management Center at Stanford's business school. Hedge fund honcho Stephen Mandel has helped guide the investment strategy of Dartmouth College and was recently elected chairman of the board of trustees.
Of course, a degree from Harvard or Stanford isn't a prerequisite to becoming a billionaire. Of last year's Forbes 400 at least 41 billionaires did not have a college degree.
by Janhavi Kumar Sapra, Forbes.com
Friday, August 13, 2010
Harvard's official color may be crimson, but with all its wealthy alumni, it might as well be green.
Even in tough economic times the wealthiest Harvard grads are prospering.
Over the past year the number of Harvard alumni who are billionaires swelled to 62, up from 54 last year, more than any other American university by a long shot.
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In second place on our list of the schools that have turned out the most billionaires is Stanford with 28 billionaire graduates, up from 25 last year. The school has many graduates who have made it big in Silicon Valley, including Jerry Yang, who cofounded Yahoo! while a grad student, and Google founders Sergey Brin and Larry Page. Sun cofounder Vinod Khosla and Gap Chairman Robert Fisher were classmates, graduating with M.B.A.s in 1980. Nike founder Philip Knight earned an M.B.A. from the Stanford Graduate School of Business in 1962 and reportedly made a quiet return to campus a few years ago to take creative writing and English classes.
Columbia is in third place with 20 billionaire graduates, up from 16 last year, including private-equity pioneer Henry Kravis and hedge fund tycoons Louis Bacon and Leon Cooperman. Cooperman used to carpool to business school with classmate Mario Gabelli, now a billionaire as well. The son of a plumber, Cooperman credits the Ivy League school with “putting him in a mold" and giving him “credentials to trade with," helping him to land a job at Goldman Sachs, where he rose to head the asset management division.
To go with its 85 Nobel Prize laureates, the University of Chicago can boast 13 billionaire graduates, up from 10 last year, placing the school sixth on our list. U. of C. billionaires include Thomas Pritzker, William Conway and David Rubenstein.
New entrants to the list this year are New York University, in a tie for eighth place with 10 billionaire alumni and Princeton University, in a tie for 10th with 9.
Schools with billionaire grads stand a chance to reap benefits down the road. Home Depot cofounder Kenneth Langone earned an M.B.A. in a part-time program from NYU; he later became a heavy donor to the school, and now the program is named after him, as is the school's medical center. Phil Knight pledged $105 million for the Knight Management Center at Stanford's business school. Hedge fund honcho Stephen Mandel has helped guide the investment strategy of Dartmouth College and was recently elected chairman of the board of trustees.
Of course, a degree from Harvard or Stanford isn't a prerequisite to becoming a billionaire. Of last year's Forbes 400 at least 41 billionaires did not have a college degree.
Part-time MBA programs allow students to gain hands-on experience
Due to the difficult job market, applicants who do not have extensive experience in addition to superb educational qualifications are being overlooked by employers. In response, some business schools are beginning to extend the benefits of their MBA programs to help students increase their professional value.
For instance, Rockford College recently announce the launch of two new MBA tracks that are intended to give students real-world experience while they work toward a degree.
Individuals who enroll in the school’s project management concentration will be challenged to create a fundraising initiative for the nonprofit organization of their choice. Entrepreneurship degree seekers will be required to provide consulting services to a local small company through the college’s new Family Business Center.
Jeff Fahrenwald, director of the school’s MBA program, said that these new concentrations are part of the insitution’s mission to “support the educational needs of the community, and we continue to add course work to accomplish that goal.”
Similar courses of study that offer convenient scheduling options may enable degree seekers to gain valuable work experience without falling behind on their academic or professional responsibilities. ADNFCR-2969-ID-19924842-ADNFCR
For instance, Rockford College recently announce the launch of two new MBA tracks that are intended to give students real-world experience while they work toward a degree.
Individuals who enroll in the school’s project management concentration will be challenged to create a fundraising initiative for the nonprofit organization of their choice. Entrepreneurship degree seekers will be required to provide consulting services to a local small company through the college’s new Family Business Center.
Jeff Fahrenwald, director of the school’s MBA program, said that these new concentrations are part of the insitution’s mission to “support the educational needs of the community, and we continue to add course work to accomplish that goal.”
Similar courses of study that offer convenient scheduling options may enable degree seekers to gain valuable work experience without falling behind on their academic or professional responsibilities. ADNFCR-2969-ID-19924842-ADNFCR
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