Oil rises above $67, Goldman ups forecasts

Oil rose above $67 a barrel on Thursday after a 3.5 percent decline the previous day, boosted by increased oil price forecasts from U.S. investment bank Goldman Sachs.

U.S. crude for July delivery rose $1.19 cents to $67.31 a barrel by 0945 GMT. London Brent crude
Further support for oil prices came from higher European equity markets and a weaker U.S. dollar on Thursday.

Much of oil's rally this year has tracked stock market gains as investors look to equity markets for signs of economic recovery, while a weaker dollar can boost the appeal of oil and other commodities as a hedge against inflation.

''Equity markets are performing well, the dollar is falling, add to that Goldman Sachs and you see why oil has risen,'' said Simon Wardell, oil analyst at Global Insight.

Goldman Sachs raised its end of 2009 oil price forecast to $85 a barrel from $65 and introduced a new end of 2010 forecast of $95.

''The recent rally in WTI (U.S. crude) prices is likely to be but the first stage in the oil price rally that we expect will accompany a recovery in economic activity,'' Goldman said in a research note.

Oil closed down more than $2 on Wednesday following a report by the U.S. Energy Information Administration that U.S. crude inventories rose 2.9 million barrels, against expectations for a decline of 1.4 million barrels in a Reuters poll.

Saudi Oil Minister Ali al-Naimi has said producer group OPEC would wait until crude inventories fall to around 53 days of forward cover before considering raising output, nearly 10 days below current levels.

Markets are watching for decisions later in the day by the European Central Bank and the Bank of England, which are expected to keep interest rates on hold at record lows.

The latest signal on the state of the U.S. economy will come from employment data due on Friday.

U.S. non-farm payroll jobs likely fell by 520,000 jobs last month, the smallest number in seven months, a Reuters poll showed, but economists expect the U.S. unemployment rate to rise to 9.2 percent in May, the highest since September 1983.

29 Students from India Named 2008 Goldman Sachs Global Leaders

The Goldman Sachs Foundation and the Institute of International Education (IIE) today announced that an extraordinary group of 29 second-year students from leading Indian colleges have been named as 2008 Goldman Sachs Global Leaders, the third class of students in India to be so honored.

Since 2001, the Goldman Sachs Global Leaders Program (GSGLP), developed by The Goldman Sachs Foundation and IIE, has been a pioneer in identifying and developing some of the world's most promising future leaders. Students are selected through a rigorous competition on the bases of academic excellence and leadership potential. Today's honorees are among 150 outstanding second-year students selected this spring from over 100 of the world's top colleges and universities.
The selection of this year's students continues a recent expansion of the programming India. Along with other philanthropic initiatives, the expansion of the program demonstrates the commitment that both Goldman Sachs and IIE have made to the region.
Participating colleges and universities in India include The Indian Institute of Technology (Kanpur), Lady Shri Ram College (New Delhi), Loyola College (Chennai), Mt. Carmel College (Bangalore), St. Stephen's College (New Delhi), The National Law School of India University (Bangalore), Nizam College (Hyderabad), Presidency College (Kolkata), St. Xavier's College (Mumbai), Birla Institute of Technology and Science (Pilani), and Fergusson College (Pune.)

"Global Leaders are extremely talented academically and have already shown proven leadership abilities and a strong interest in global affairs," said Brooks Entwistle, Managing Director and C.E.O., Goldman Sachs India, as he lauded the 29 Indian 2008 Goldman Sachs Global Leaders. "India plays an increasingly important role in the global economy, and these Goldman Sachs Global Leaders will undoubtedly take on critical leadership roles in business and society here and around the world."
Over the past eight years, 900 students from more than 20 countries have been honored as Goldman Sachs Global Leaders. They have built an extensive network with each other and, with modest seed funding from the program's Social Entrepreneurship Fund, have joined forces to launch innovative social ventures, including a school in rural India, a technology education program in China, an art therapy program for AIDS-affected children in Namibia, and a micro-enterprise initiative for women entrepreneurs in Macedonia.
Each Global Leader receives a $3,000 grant for educational expenses, as well as continued support for their academic and professional advancement through an international alumni network. In addition, 75 of this year's 150 Global Leaders, including 15 from Indian universities, will be selected to participate in the annual Goldman Sachs Global Leadership Institute in July in New York City. At the Institute, they will engage in meaningful dialogue with experts from the private, public and nonprofit sectors about their own leadership roles and critical global issues such as environmentalism and emerging markets. Past Institute speakers have included executives from Goldman Sachs and other companies, diplomats from the United Nations, and leaders of influential non-governmental organizations.
"Our world today requires leadership that is culturally fluent and well-prepared to address complex issues that have global impact," said Stephanie Bell-Rose, President of The Goldman Sachs Foundation. "This program invests in the talented young people who make up the next generation of global leaders to ensure that they possess the skills and the networks they need to lead us to a better future."
According to IIE President and CEO Allan Goodman, the Goldman Sachs Global Leaders Program addresses the critical need to develop leaders for an interdependent globe. "These students have an extraordinary understanding of the world around them, and an unwavering desire to continue to learn how to work across cultural and national borders to solve global problems. Through the Global Leaders Program, they are learning to think and work in ways that will prepare them for a world in which international cooperation will offer the best solutions to our most pressing political, social, and humanitarian concerns," he said.

The Goldman Sachs Foundation was funded in 1999 with a $200 million donation from The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education worldwide. The Foundation is an important extension of the tradition of philanthropy and public leadership at Goldman Sachs. Grants have been awarded in excess of $114 million since its inception, providing opportunities for young people in more than 20 countries.

The Institute of International Education (IIE) is a leading nonprofit organization specializing in the international exchange of people and ideas. Its expertise enables institutions and individuals to build capacity in their home countries and regions. IIE designs and implements over 200 programs of study and training for students, educators, young professionals, and trainees from all sectors with funding from government and private sources. These programs include the Fulbright Student and Scholar programs as well as corporate training and scholarship programs. IIE also conducts policy research and provides advice and counseling on international educational opportunities. The Institute of International Education has a network of 19 offices worldwide, over 900 college and university members, and more than 5,000 volunteers.

An independent nonprofit organization founded in 1919, the Institute of International Education (IIE) is among the world's largest and most experienced international education and training organizations. The Goldman Sachs Foundation awarded a grant to IIE to create the Global Leaders Program, and IIE administers the Goldman Sachs Global Leaders Program in partnership with The Goldman Sachs Foundation. With a mission of Opening Minds to the World®, IIE assists donor agencies to build the international competence necessary to address global problems and forge creative solutions. Last year, more than 20,000 men and women from 175 countries received scholarships and professional training through IIE programs. Fifty-eight Institute grantees, Trustees, and Fulbright alumni have been awarded Nobel Prizes. One of IIE's key goals is to build leadership skills and enhance the capacity of individuals and organizations to address local and global challenges. In addition to administering the Fulbright Student Program on behalf of the U.S. Department of State since that program's inception, the Institute also designs and implements international exchange and scholarship programs on behalf of many far-sighted donors and sponsors, including governments, foundations, and corporations around the world.

Goldman Sachs Launches 10,000 Women

The Goldman Sachs Group, Inc. (NYSE: GS) announced 10,000 Women, a global initiative that will provide 10,000 underserved women, predominantly in developing and emerging markets, with a business and management education. The initiative will invest in a largely untapped yet significant resource - the exponential power of women as entrepreneurs and managers. Through partnerships between universities in the U.S. and Europe and business schools in emerging and developing countries, 10,000 Women also will seek to have a lasting impact on the quality and capacity of business education in developing regions around the world.
The initial partnerships will support pragmatic, flexible and shorter term programs, resulting in business and management certificates that can open doors for thousands of women whose financial and practical circumstances prevent them from receiving a traditional business education. There will also be a select number of MBA and BA degrees conferred.

"Those of us who champion open markets must also do our part to create more opportunity to ensure economic growth is more broadly shared," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. "10,000 Women focuses on a critical, yet often overlooked area where we believe Goldman Sachs can use its resources and convening power to help build the foundation to expand the ranks of businesswomen, managers and entrepreneurs around the world."
In addition to funding tuition for business and management education, 10,000 Women will work with development organizations to better understand the local challenges girls and young women must overcome so more of them can realize economic opportunity and achieve their full potential. Many of these partnerships will seek to establish mentoring and networking channels for women and encourage career development opportunities.
10,000 Women has been in development for more than a year and was inspired by economic research from Goldman Sachs that showed the powerful effects of greater labor force participation of women on economies and societies. Goldman Sachs will commit $100 million to this initiative over the next five years. In addition, the people of Goldman Sachs will contribute their time and expertise through classroom instruction and mentoring.
Increasing the entrepreneurial talent and managerial pool in developing and emerging economies - especially among women - is one of the most important means to reducing inequality and ensuring more shared economic growth. Goldman Sachs also will announce in the coming months additional 10,000 Women program partnerships that will provide more business and management education for disadvantaged women in the United States.

Initial Academic Partners:

-- American University of Afghanistan

-- American University in Cairo

-- Brown University

-- Columbia Business School

-- Harvard Business School

-- Indian School of Business

-- Pan-African University, Nigeria

-- School of Finance and Banking, Rwanda

-- Stanford Graduate School of Business

-- Thunderbird School of Global Management

-- United States International University, Kenya

-- University of Cape Town Graduate School of Business

-- Judge Business School, University of Cambridge

-- University of Dar es Salaam, Tanzania

-- William Davidson Institute at the University of Michigan

-- Wharton School at the University of Pennsylvania

Delivering Business and Management Education to 10,000 Women

10,000 Women will pursue a variety of ways to provide a business and management education to underserved women. For instance, schools will work together to establish or expand certificate programs ranging from 5 weeks to 6 months that could include courses in marketing, accounting, market research, writing a business plan, strategic planning, accessing capital and e-commerce.

There will also be a strong focus on capacity building: developing curricula, creating local case study models and "Training the Trainers" to improve the level of faculty training and expertise as well as increasing the overall quality of business education.

More detailed information about 10,000 Women as well as specific program details for each of the program's initial markets can be found in a fact sheet available for download at 10000women.org

Women Hold Up Half the Sky

Goldman Sachs just released a research report, "Women Hold Up Half the Sky," which demonstrates that strengthening education for women is a critical and underutilized lever for economic growth in developing and emerging economies.

-- The impact of female education is felt not only in women's lifetimes, but also in the health, education and productivity of future generations as well. The economic growth that results from higher education feeds a virtuous cycle that supports continued improvements in education and health.

-- Narrowing the existing gender gap in employment could increase income per capita by as much as 10%-14% above our baseline forecasts in the BRICs and other key emerging markets by 2020. Higher levels of female education could also have raised trend GDP growth rates in these countries by 0.2% over the past decade.

Goldman Sachs Corporate Engagement

10,000 Women is one of Goldman Sachs' largest corporate engagement programs and is a reflection of the firm's commitment to initiatives that help advance the continued development of markets and economies. These initiatives include Goldman Sachs Gives, a donor-advised fund; The Goldman Sachs Foundation, an education foundation that has made over $100 million in grants since 2000; the Goldman Sachs Center for Environmental Markets, which works with independent partners in the academic and non-governmental organization community to examine market-based solutions to environmental challenges; and The Public Service Program, a competitive global initiative that gives top employees the opportunity to work for a nonprofit organization for up to one year. In addition, more than 20,000 employees participated in 2007 in the firm's Community TeamWorks program, which provides employees a day to volunteer in team-based projects coordinated with local non-profit organizations around the world.

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

Goldman Sachs Appoints Michael Evans, Michael Sherwood Vice Chairmen

The Goldman Sachs Group, Inc. (NYSE: GS) today announced that J. Michael Evans and Michael S. Sherwood have been appointed vice chairmen of the firm, effective immediately.
Both Evans and Sherwood will continue to have global oversight of the securities business. Evans will remain chairman of Goldman Sachs Asia and Sherwood will remain co-chief executive officer of Goldman Sachs International. As firm vice chairmen, they join John S. Weinberg, who was appointed to that role in 2006.

"Mike and Michael have deep experience at Goldman Sachs across a range of businesses and regions," said Lloyd Blankfein, Goldman Sachs Chairman and Chief Executive Officer. "In their new roles, they will be directly involved with firmwide management decisions related to people and strategy."
Mike Evans joined the firm in 1993 as head of Equity Capital Markets in London. He was named a partner in 1994. In 1999 Mike became the global head of Equity Capital Markets and moved to New York and in 2001 he became the co-head of the Equities Division moving back to London. In 2003, Mike was named global co-head of the securities business based in New York. In 2004, he was named chairman of Goldman Sachs Asia and since that time has been based in Hong Kong.
Michael Sherwood joined the firm in 1986 in the Fixed Income Division in London and became a partner in 1994. He spent a year in New York as co-head of the Capital Markets Group in the Americas, head of Corporate Bond Trading and co-head of Emerging Markets Debt and in 2001 was named head of the Fixed Income Division in London. In 2003 he was named global co-head of the securities business. He has been a leading force behind the firm's expansion into emerging markets.

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.