Harvard to cut half its staff

BOSTON • Harvard University, the world's richest university, on Wednesday announced plans to outsource most of its investment management activities and cut its staff by roughly half.

Harvard, with a US$35.7 billion (S$50.6 billion) endowment, posted its worst performance since the financial crisis in fiscal 2016 when the portfolio lost 2 per cent.

REUTERS

Italy court ruling may lead to 2017 election

ROME • Italy's Constitutional Court approved a new voting system based on proportional representation that raises the chance of an early election this summer, as demanded by the two biggest parliamentary parties.

The Constitutional Court ruled on Wednesday that any party winning 40 per cent of the vote would be awarded a clear parliamentary majority and that the election should be held in just one round.

REUTERS

Russian 'ship of shame' leaves Syria

LONDON • A Russian aircraft carrier used to wage a massive offensive on the Syrian city of Aleppo is on its way back to Russia, Britain's Defence Minister said on Wednesday, calling it a "ship of shame".

The Russian warship, Admiral Kuznetsov, was shadowed by British jets and a frigate on its return.

REUTERS