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Last year China Construction Bank's net profit soared 10% to $11.9 billion. In the same period, Bank of America, which at the time owned some 19% of the Chinese lender, earned just $4 billion, down 73% from 2007. That's all you need to know to understand why Bank of America in May sold a 5.8% stake in China Construction Bank for $7.3 billion. Bank of America has been so badly hurt by the U.S. financial crisis that it needs to raise billions of dollars to recapitalize. Meanwhile, Chinese banks are making money hand over fist as China...
...appointment on account of sexual harassment accusations, however. It would not make that move until early 1985, when Government Professor Douglas A. Hibbs Jr. was forced to resign, making him the third faculty member in the government department to be publicly accused of sexual misconduct in a six year period.“They were a huge deal,” Ann Pellegrini ’86, Radcliffe Union of Students President in 1985, said of the cases. But she added that “one positive thing that came out of them was conversation. People were talking about sexual...
...improve, it is gratifying to see that it is beginning to branch out as more students look to alternative career options. The Q Guide also made a very sensible change this year by finally requiring students to complete their evaluations in order to view their grades promptly after examination period. Again, encouraging student participation is key to making the Q Guide effective, but further improvements such as creating a more accurate rating system and better integrating the Q Guide with the my.harvard.edu course shopping tool are necessary for the Q Guide to be truly useful for students.At several points...
...center of a black hole, even the nature of time. I began working on string theory—one of the most promising approaches—25 years ago, as a young graduate student hungry to make a mark on the physics world. It was an exhilarating period leading some to proclaim naively that the insights of string theory would be so sweeping that the end of physics was near. Of course, as more-seasoned observers knew, the end was not near. Even today, while we’ve witnessed stupendous progress and the resolution of problems many thought beyond...
...able to eat hot breakfast during the week? Was our outrage directed at our beloved dining hall workers, who might have hours cut as a result of the changes? Or were we simply angry about the fact that we heard about all these changes during the artificially stressful reading period...