Iraq War: America’s not the only country with budget problems; a severe budget crunch is hampering Iraq’s ability to buy billions of dollars worth of American military equipment, like tanks, helicopters and radios, needed to fight the war there. Iraqi officials ordered the gear when oil prices were high, but when gas prices dropped, so did Iraq’s finances. Now, the U.S. government is looking at letting Iraq pay in installments, according to the Wall Street Journal.
2016 Olympics: President Barack Obama has decided to fly to Denmark to appeal to the International Olympic Committee to choose Chicago as the host of the 2016 Olympics. Expected to be in Copenhagen Friday, Obama’s trip marks the first time a U.S. president made such a trip to advocate for a city vying to host the Olympics. And it could be a political gamble, writes the Chicago Tribune; if he falls short, Obama could lose some clout.
Law in the Downturn: While many Big Law firms suffering financially from the recession are retracting, some are planning strategies to grow their firms. Reed Smith, for instance, plans to grow internationally, especially in China, in which business rebounded powerfully, reports the Philadelphia Enquirer. "A lot of U.S. firms are downsizing. People are leaving," Michael Pollack, Reed Smith’s director of global strategy, said. "We're getting a lot of resumes." Other firms, like Cozen O’Conner, plan to grow domestically when capital markets recover.
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