IU school named for Indiana political greats
Indiana University has named its School of Global and International Studies after two Indiana political legends — former U.S. Rep. Lee Hamilton and former U.S. Senator Richard Lugar.
The school will now be known as the Lee H. Hamilton and Richard G. Lugar School of Global and International Studies, or the Hamilton Lugar School for short.
The announcement Wednesday afternoon kicked off a $25 million fundraising campaign, the proceeds of which will help establish a scholarship program and endowed faculty positions.
IU President Michael McRobbie said the school is a symbol of IU’s “global engagement in an increasingly complex and connected world.”
Older CEOs keeping their jobs longer thanks to bull market
Bull market is getting older, so are CEOs powering it
As the United States enters the ninth year of economic recovery, big company chief executive officers are, on average, as old as they’ve been in at least 17 years, according to a study released Wednesday by the Conference Board and recruiter Heidrick & Struggles.
About 10 percent of the CEOs in the Standard & Poor’s 500 are 65 years old or older, working well past the traditional retirement age. Warren Buffett is the oldest, at 88.
The aging of the C-suite is driven by complementary factors. Executives aren’t eager to retire, and directors are increasingly comfortable keeping them around. Earlier this year, Merck & Co. directors voted to eliminate a mandatory retirement age to keep Kenneth Frazier in the job after he turns 65.
U.S. services companies grow at a record pace
U.S. services firms expanded at a record pace last month, stepping up production and hiring, in another sign of strength for the American economy.
The Institute for Supply Management, a trade group of purchasing managers, reports that its services index hit 61.6 in September, up from 58.5 in August and the highest in records going back to 2008. Anything above 50 signals growth, and services companies are on a 104-month winning streak.
Economists had expected the index to fall slightly in September.
Seventeen services industries reported growth last month, and none declined.
The services sector enjoyed faster growth in just about every activity—production, new orders, hiring, prices, export orders.
The uptick in the ISM index reflects a healthy economy, helped partly by recent tax cuts. “Activity is still being boosted by the substantial fiscal stimulus enacted earlier this year,” Andrew Hunter, U.S. economist at Capital Economics, wrote in a research note.
