Harvard on trial over alleged discrimination against Asians

Harvard University went on trial Monday over an opaque admissions selection process that critics say discriminates against students of Asian origin.

A lawsuit has challenged the use of race as a factor in Harvard admissions -- a decades-old push to boost minority enrollments at America's oldest and perhaps most prestigious university.

Federal Judge Allison Dale Burroughs heard opening arguments Monday in the non-jury civil trial in Boston, which is expected to last three weeks.

Harvard denies discriminating against Asians but defends its use of broader selection criteria than academic excellence, such as personality, to form a diverse student body.

The university also notes that the proportion of students of Asian origin has increased substantially since 2010, and today account for 23 percent of the 2,000 students admitted to the freshman class, compared to 15 percent blacks and 12 percent Hispanics, out of 40,000 applicants.

Pitted against it is an organization called "Students for Fair Admissions," led by a conservative white activist, Edward Blum, who previously attacked the "affirmative action" policies at the University of Texas.

The US Supreme Court decided against him in 2016, upholding the university's admissions policy.

In Monday's opening arguments, the group's lawyer Adam Mortara claimed that Harvard had used personality criteria to suppress Asian admissions in favor of black, Hispanic and white applicants.

Harvard "let the wolf of racial bias in through the front door," the Boston Globe quoted him as saying.

Bill Lee, the university's lawyer, argued however that "Harvard cannot achieve its educational goals without considering race."

Race is never a negative in admissions, he said.

The Trump administration has weighed in in favor of Blum's suit, asserting that Harvard engages in "racial balancing" in its admissions process at the expense of students of Asian origin.

Whatever the outcome, analysts expect this ultra-sensitive case to wind up before the Supreme Court, where a conservative majority has been solidified with the addition of Trump nominee Brett Kavanaugh.

source: news.abs-cbn.com

Harvard admissions bias case can proceed to trial: U.S. judge

BOSTON - A federal judge on Friday cleared the way for a lawsuit accusing Harvard University of discriminating against Asian-American applicants to go to trial, a closely watched case that could influence the use of race in college admissions decisions.

U.S. District Judge Allison Burroughs in Boston rejected dueling motions by Harvard and a nonprofit group suing the Ivy League university to rule in their favor ahead of a non-jury trial set to begin on Oct. 15.

The ruling came after the U.S. Justice Department, which has been investigating Harvard for potential civil rights violations over its affirmative action policy, in August threw its support behind the 2014 lawsuit by Students for Fair Admissions Inc (SFFA).

The group, headed by prominent anti-affirmative action activist Edward Blum, has alleged that Harvard's admissions process, which factors in race, significantly disadvantages Asian-Americans compared with other groups.

Burroughs wrote that rather than presenting her with undisputed facts and evidence that would allow her to rule without overseeing a trial, Harvard and SFFA had filed motions that were "essentially mirror images of one another."

"Whether SFFA may prove its intentional discrimination claim requires a close review of the conflicting expert testimony, the available documents, and the testimony of the admissions office employees in the context of a trial," Burroughs wrote.

Harvard in a statement said it does not discriminate against Asian-Americans and looked forward to defending itself at trial.

Blum declined to comment.

The U.S. Supreme Court has ruled that universities may use affirmative action to help minority applicants get into college. Conservatives have said such programs can hurt whites as well as Asian-Americans.

In court papers, SFFA claimed an Asian-American male applicant with a 25 percent chance of admission would have a 35 percent chance if he were white, 75 percent chance if he were Hispanic and 95 percent chance if he were black.

Cambridge, Massachusetts-based Harvard has denied that it uses a quota system or has engaged in "racial balancing." It has criticized the lawsuit as an effort to attack the right of colleges to consider race as an admissions factor.

After President Donald Trump, a Republican, took office last year, the Justice Department began investigating whether Harvard's policies are discriminatory because they limit Asian-Americans' acceptance.

Yale University on Wednesday announced that the Justice Department was also investigating it over similar claims. The university denied discriminating against Asian-Americans.

source: news.abs-cbn.com

Harvard accused of anti-Asian admissions policy

The U.S. Justice Department accused Harvard University Thursday of discriminating against Asian applicants, ramping up the Trump administration's opposition to widespread policies seeking to manage racial balance among students.

The department filed a statement with the Boston federal court endorsing a lawsuit by an Asian students group that charged the prestigious university with preferring whites, blacks and Hispanics at the expense of more academically deserving Asians.

The move came two months after the Trump government announced it was cancelling the previous Obama administration's support for so-called "affirmative action" programs, by which universities seek to boost the numbers of under-represented minorities, particularly Hispanics and African-Americans.

The 2014 lawsuit by Students for Fair Admissions said Harvard's affirmative action violated civil rights laws by discriminating against people of Asian origin. 

Harvard recently moved in court to have the judge rule without a jury trial, arguing that its admission of Asian-Americans has risen 29 percent over the last decade.

Harvard also said that in the class of students entering the university this year, 22.7 percent were Asian-American, 15.5 percent African-American, and 12.2 percent Hispanic.

The Justice Department opposes a summary ruling, saying Harvard has not proven its lack of racial bias.

"Harvard acknowledges that it voluntarily uses race as a factor in deciding whether to offer certain young adults admission to, and the substantial educational benefits of, its elite institution," the Justice Department said in its filing Thursday.

"The record evidence demonstrates that Harvard's race-based admissions process significantly disadvantages Asian-American applicants compared to applicants of other racial group," it said.

"No American should be denied admission to school because of their race," Attorney General Jeff Sessions said in the statement.

The Supreme Court has ruled repeatedly in favor of the concept of affirmative action in the past, essentially accepting that the record of discrimination against black Americans justifies giving them an extra advantage in admissions.

The court has rejected specific quotas but as recently as 2016 endorsed a race-conscious admissions policy.

But two conservative Supreme Court judges nominated by President Donald Trump -- one approved last year and one waiting to be approved by the Senate -- could swing the high court against the concept if a new challenge comes to it.

source: news.abs-cbn.com

13 years after quitting, Zuckerberg gets (honorary) Harvard degree

Thirteen years after dropping out of Harvard University to work on Facebook, Mark Zuckerberg on Thursday finally got his degree -- well, sort of.

Zuckerberg returned to the university where he launched what would become the world's biggest social network, and basked in the spotlight by receiving an honorary doctor of laws degree and addressing the 2017 commencement.

His speech capped a nostalgic visit for the 33-year-old billionaire, which included a visit to his old dorm room.

"Mom, I always told you I'd come back and get my degree," read the caption of a picture he posted of him posing with his honorary diploma and his parents.

Facebook -- now one of the biggest tech firms, with nearly two billion members worldwide -- grew out of a website he created on campus.

He left Harvard in May 2004, according to his Facebook profile.

In his address, which he said he'd been working on "for a long time," Zuckerberg urged graduates of his alma mater to "build great things."

He highlighted themes of equality, inclusiveness and opportunity, while urging students to be unafraid to take chances.

"I'm here to tell you that finding your purpose isn't enough," he told the rain-soaked crowd in Cambridge, Massachusetts.

"Our challenge is to create a world where everyone has a sense of purpose."
Zuckerberg said he is from the same generation as the new graduates, and that the so-called Millennials will be facing a challenge of inequality, disillusionment and a loss of jobs to automation.

"It's our generation's turn to build great things," he said.

"Let's do big things .. not just to create progress but to create purpose."

- 'New social contract' -

Zuckerberg said opportunity is hindered by "a level of wealth inequality that hurts everyone" and that this is one of the social problems that need to be addressed.

"Right now our society is way overindexed on rewarding people who are successful," he said.

"There is something wrong with our system when I can leave here and make billions of dollars in 10 years while millions of students can't even afford to pay off their loans, let alone start a business."

Zuckerberg said this generation needs to find creative solutions to social problems.

"We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas," he said.

"Now it's time for our generation to define a new social contract. We should have a society that measures progress not just by economic metrics like GDP but by how many of us have a role we find meaningful."

source: news.abs-cbn.com

Bond markets set for taste of the 60s as inflation picks up

LONDON - Inflation has a habit of creeping up on you. Just ask historians.

From rates below zero less than a year ago, inflation across the developed world has risen in recent months towards central bank targets, largely driven by a rising oil price.

And if history is any guide, bond markets had better beware.

Paul Schmelzing, a visiting scholar at the Bank of England from Harvard University, has studied 800 years of bond markets history and says the most relevant parallel with today's environment is with the late 1960s under USPresident Richard Nixon.

The United States was emerging from a prolonged period of low inflation, the jobs market was tightening and a new pro-business president had raised expectations of fiscal expansion. It was a bruising time for bond investors.

US bonds lost 36 percent in real price terms between 1965 and 1970, while annual consumer price inflation more than tripled in the period, to 5.9 percent from 1.6 percent.

As the world's biggest bond market, what happens to US Treasuries usually sets the tone for bonds across the world.

The specter of what Schmelzing describes as an "inflation reversal" could be the final nail in the coffin of a 36-year bull run in government bonds that has been underpinned by years of low growth and subdued inflationary pressures.

"If you look at inflation expectations in the 1960s, no one expected them to rise so quickly but inflation can accelerate quickly and take people by surprise," said Schmelzing.

Based on historical standards, bonds could be set for double-digit losses, he said.

Other elements of previous sell-offs are also coming into play, creating the potential for a "perfect storm" for fixed income assets, he added.

This includes a sudden steepening in yield curves, as witnessed in a sharp sell-off in Japan in 2003.

END OF AN ERA?

Bond yields globally have risen recently on Trump "reflation" bets and growing signs of strength in the global economy.

US 10-year yields have risen about 65 basis points since the November election to around 2.50 percent, and German Bund yields -- the euro zone benchmark -- are near one-year highs just under 0.50 percent.

Based on his analysis of bond bear markets, Schmelzing said that what is currently priced into market inflation expectations may be conservative.
A sharp jump in yields on signs that inflation is taking off could be painful for bond investors and hurt savers.

The interest rate on benchmark Bunds, for instance, is just 0.25 percent, so even a slight rise in yield can outweigh an investor's return and spark a snowballing sell-off.

The 2015 "Bund tantrum" provided a taste of what happens when investors sense inflation building -- German yields rose sharply from record lows as data pointed to an inflation uptick.

What that episode showed, said Schmelzing, is that inflation remains the key driver for bond markets. But what is different to 2015 is that the uptick in inflation appears more enduring.

US average hourly earnings rose 2.9 percent in December, the largest year-on-year increase since 2009, and Germany's unemployment rate is at its lowest level since reunification in 1990 -- suggesting the jobs market in Europe's biggest economy is tightening.

China's producer prices surged the most in more than five years in December, while in the UK, many economists expect inflation will hit 3 percent later this year -- well above the Bank of England's 2 percent target.

"What is changing is that we are no longer looking at economies with a lot of slack in them," said Lombard chief economist Charles Dumas.

Pictet estimates annual returns in the next 10 years from US Treasuries could be less than half the 4.8 percent of the past 10 years, while German Bunds, will on average deliver negative returns.

For some investors, there is now a clear risk from the trajectory for higher interest rates.

"The risk is greater for bond holders about rising interest rates now than at any point since the financial crisis," said Payson Swaffield, Chief Income Investment Officer at Eaton Vance, an asset management firm with $354 billion in assets. "There will be periods where we will question that, but I believe the landscape has changed."

source: news.abs-cbn.com

How Much Does a Masters Degree Really Cost?

A master’s degree is a higher form of education that will distinguish you from other job candidates who are looking for the best paying jobs. Investing in this education will give you more specialized skills and allow you to enter more exciting careers. For example, you can enroll in RN to MSN programs, or you can even go the more flexible route and get your masters of science in nursing online from the University of Arizona if you want to enter the medical field. Or you can instead invest in an MBA if you wish to run your own business or become qualified to manage someone else’s company. But a master’s degree isn’t cheap, so keep reading to learn about how much it will really cost.

The Factors That Determine Cost

How much you will need to spend on your master’s degree will ultimately depend upon a few different factors. For example, some master’s degree programs are longer than others and require more credits than others, so they will be more expensive. Also, some employers are willing to provide you with tuition assistance, so that can help you lower your out-of-pocket costs for your degree. And whether you go to a school as an in-state or out-of-state student will also determine the cost of your tuition for your master’s degree.

Average Tuition Costs for Master’s Degrees

The tuition cost for a master’s degree will vary. Typical costs range from $30,000-$120,000. Different schools charge different rates, and different master’s programs cost different amounts. Plus, there are other costs involved with going to school for a master’s, such as investments into books and software, that also need to be factored into what you will end up spending in the long run by the time you complete the program. For example, an MBA at a public college might cost around $40,000, but the same graduate degree at a school like Stanford University or Harvard University would be around $120,000 or more. In other words, the cost of your master’s degree is not only dependent upon the type of degree that you are after, but also what school you plan on attending.

Out-of-State Students Pay More

Going to a college or university that is located within your state will help you save money, especially if you are going to be attending a public university. For example, an in-state student might end up paying $11,000 for about nine credits each year, while an out-of-state student in the same program might pay around $20,000 each year.

When it comes to getting a master’s degree, costs can vary considerably based upon the type of degree that you want and the school that you hope to attend, as well as whether you will be completing the coursework in person or online. The best way to know what a master’s degree will ultimately cost you, therefore, is to actually do your research into the schools and programs that interest you, and contact the schools’ administrators for a breakdown of the tuition and fees.

source: 20smoney.com

Harvard University sounds all clear, no bombs found after threat

BOSTON - Harvard University said on Monday that a search of four campus buildings targeted by an "unconfirmed" bomb threat had turned up no explosives and that the buildings had reopened for normal business.

"Nothing to substantiate the emailed threat has been found and the investigation regarding the source is ongoing," the Ivy League school, located in Cambridge, Massachusetts, just outside Boston, said on its website.

Three classroom buildings - The Science Center, Sever and Emerson Halls - and one dormitory, Thayer Hall, were affected, Harvard said.

The threat comes three days after coordinated attacks by gunmen and suicide bombers killed 129 people in Paris.

source: www.abs-cbnnews.com

Wife gets $530 million in Britain's most expensive divorce

LONDON - The estranged wife of a London financier was awarded £337 million ($530 million, 425 million euros) on Thursday in one of the biggest divorce settlements seen in a British court.

Details of the payment to US-born Jamie Cooper-Hohn, 49, emerged after a draft judgement was given to lawyers ahead of a final ruling.

Cooper-Hohn's lawyers were reported to be considering an appeal to get an ever bigger payout.

Cooper-Hohn had separated from hedge fund manager Chris Hohn, 48, after being married for 15 years and the two had fought over assets worth over £700 million.

Hohn had offered his wife a quarter of the fortune, but she argued that their wealth was the result of a partnership.

The two, who met while studying at Harvard University and have four children, founded charity the Children's Investment Fund Foundation to help the poor in developing countries.

The son of a legal secretary and a car mechanic, Hohn was reported to have given away almost £1 billion between 2006 and 2011.

He was knighted this year for services to philanthropy and international development.

"Over the long term I am an unbelievable money-maker," Hohn told the court, but adding that he did not "really care about money" and that it did not bring happiness.

Legal experts said the settlement was one of the biggest made in Britain, but that it was difficult to know whether it was the largest ever because higher payouts may not have been made public.

It does however dwarf the divorce settlement previously reported to be the highest ever in Britain -- a 2011 award of between £165 million and £220 million from late Russian oligarch Boris Berezovsky to his former wife Galina Besharova.

source: www.abs-cbnnews.com

NFL players union funds $100M Harvard study on injury

BOSTON - The union that represents U.S. professional football players has given Harvard University a $100 million grant for a study of the range of health problems, from brain damage to heart conditions, that affect current and former players.

Researchers with Harvard Medical School plan to spend a decade studying hundreds of former players who are members of the National Football League Players Association, university officials said on Tuesday. The aim is to develop strategies to limit the long-term damage that players suffer from years of hits on the field.

The recent suicides of a spate of former NFL players, including 12-time Pro Bowl linebacker Junior Seau, have raised concerns about the toll that blows to the head take on the brains of current and former players.

Scientists have found that years of steady, small hits can lead to a condition called chronic traumatic encephalopathy, which at its start can cause victims to have a hard time concentrating on small tasks and eventually can lead to aggression and dementia.

The worries are not limited to the pros, who are part of a $9 billion U.S. industry. Parents of players, from peewee leagues to college, have raised concerns about the game and leagues have changed rules to limit hits to the head.

Those concerns reach all the way to the White House.

"I'm a big football fan, but I have to tell you if I had a son, I'd have to think long and hard before I let him play football," President Barack Obama said in an interview with the New Republic magazine published on Sunday, a week before the Super Bowl championship will be played in New Orleans.

Harvard Medical School Dean Jeffrey Flier said the research would aim to address health concerns at all levels of play.

"Millions of kids and college athletes play football, formally and informally," Flier said in a statement on the school's website. "We cannot afford to ignore the health risks associated with this sport."

Harvard researchers plan to identify a group of at least 1,000 retired NFL players from around the country and focus their study on 100 healthy and 100 unhealthy former players.

The NFL lauded the move.

"We look forward to learning more about the Harvard study and hope that it will play an important role in advancing medical science," league spokesman Brian McCarthy said.

The league faces lawsuits from more than 2,000 former players who say NFL management concealed information about the risk of chronic brain injury to players. It has begun to change the rules of the game to lower the risks, including sharply penalizing the most dangerous helmet-on-helmet hits.

Seau's family sued the NFL this month, saying brain damage he suffered during his 20 years in the league led to his suicide. A study by independent researchers found that Seau, 43, suffered from chronic traumatic encephalopathy - the same debilitating brain disease diagnosed in at least two other former NFL players who committed suicide.

The NFL has said the findings about Seau's brain underscored "the recognized need for additional research to accelerate a fuller understanding of CTE." League teams have donated $30 million to the National Institutes of Health for research.

(Editing by Cynthia Johnston; Editing by Dan Grebler)

source: abs-cbnnews.com

Pinoy anti-graft lawyer gets Harvard award for excellence, leadership

A Filipino lawyer received an award for academic excellence and leadership from the prestigious Harvard University in the United States late last month.

Lawyer Gerard Mosquera received the 2010 Lucius N. Littauer Award for Academic Excellence and Leadership from Harvard University’s John F. Kennedy School of Government last May 25.


"I plan to continue to do work that will help fight corruption, promote transparency and accountability, and improve governance, either in government or as an active member of the civil society," Mosquera said after receiving the award.

The award is the highest recognition given by the Harvard Kennedy School for exemplary academic achievement, public service and leadership.

Mosquera holds a Masters degree in Public Administration and was at the top five percent of Harvard Kennedy School’s Class of 2010, with 577 students from 80 countries.

Mosquera, a native of General Santos City, made a name for himself in anti-corruption work.

Since 2005, he has served as Chief of Party of the United States Agency for International Development (USAID)'s anti-corruption program in Timor-Leste.

He also served as technical adviser for anti-corruption to the United Nations Mission of Support in East Timor.

In the Philippines, he briefly served as Director in the Office of the Ombudsman.

Mosquera placed second in the 1992 Bar Examinations, and holds a Masters of Law degree from Kings College London and graduated with honors from the Ateneo School of Law.

He once served as Integrated Bar of the Philippines chapter president for General Santos City and South Cotabato and Sarangani provinces.

He has four children with wife Myra. — LBG, GMANews.TV