Category: Business is Fun

Northwestern University to Furlough 250, Tap Endowment for More

(Bloomberg) — Northwestern University forecast a $90 million budget shortfall due to the coronavirus pandemic and said it will tap more money from its endowment and furlough about 250 staff members.

The school forecast the deficit for the current fiscal year and said the endowment move is aimed at avoiding further budget pressures, according to a letter from university President Morton Schapiro on Monday. The endowment was valued at $10.8 billion as of August.

Universities across the U.S. are facing financial pressure as the virus outbreak has forced them to clear out dorms, cancel on-campus classes and, in some cases,

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Coronavirus job advice for the class of 2020: Prof. Brian Brenberg

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Students graduating from college this spring are entering the toughest job market in a decade or more, as the result of the coronavirus pandemic that has shut down many businesses and boosted the unemployment rate to its highest level since the Great Depression.

But the economic uncertainty created by the coronavirus doesn’t mean young job seekers are out of options. In a moment of chaos, the best strategy is to focus on what you can control. For this year’s college graduates, that means

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Jupiter calls for Barclays to stop fossil fuel lending

Pressure is growing on Barclays (BARC.L) to curb lending to fossil fuel companies, with a significant investor publicly backing calls for the bank to change its ways.

Jupiter Asset Management (JUP.L) on Tuesday said it would support a shareholder campaign calling for Barclays to put a stop lending to fossil fuel and utility companies that don’t align with the goals of the 2015 Paris agreement.

Investor campaign group ShareAction filed a resolution in January calling for Barclays to publish a plan to gradually reduce its fossil fuel lending. Investors will vote on ShareAction’s proposal at Barclays’s annual general meeting (AGM)

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Coronavirus forces UM to make budget cuts, and FIU predicts drop in enrollment

Like all industries bracing for the worst of the coronavirus pandemic and its economic aftermath, universities are reeling from the fiscal impact of shuttered campuses.

On Wednesday, the University of Miami in an email announced “financial mitigation actions,” effective immediately, to reduce expenses across the university, including its healthcare system, UHealth.

“Today’s highly uncertain economic environment poses serious financial implications for our University, as well as for our health care system, UHealth,” the email read. “These are unprecedented times, which require significant measures.”

Those measures include a hiring freeze, a postponement of merit-based pay raises, significantly reduced or eliminated non-essential,

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