markets have had very limited effects on the chilean economy ( figure 6 ). figure 6 : exchange rates ( local currency units per us dollar, percent change ) may 2006 argentina australia brazil chile eurozone hungary indonesia japan malaysia mexico new zealand philippines poland russia south africa south korea turkey united kingdom 1, 5 5, 8 8, 0 7, 3 1, 6 7, 0 6, 6 5, 2 2, 9 5, 4 3, 3 4, 0 6, 1 0, 1 20, 3 3, 2 20, 3 2, 3 february 2007 august 2007 0, 0 3, 0 2, 6 1, 0 0, 7 0, 7 2, 0 - 4, 2 0, 7 1, 0 5, 2 1, 0 0, 6 0, 4 5, 9 1, 2 5, 1 2, 2 1, 7 argentina 10, 3 australia 8, 8 brazil 1, 9 chile 2, 4 eurozone 5, 1 hungary 3, 3 indonesia - 6, 3 japan 2, 3 malaysia 3, 1 mexico 13, 6 new zealand 4, 1 philippines 1, 8 poland 1, 4 russia 6, 8 south africa 2, 9 south korea 7, 0 turkey 3, 4 united kingdom ( 1 ) shows variation between 10 may and 27 june. ( 2 ) shows variation between 26 february and 5 march. ( 3 ) shows variation between 19 july and 17 august. source : bloomberg. long - term interest rates ( variation in basis points ) may 2006 argentina australia brazil chile eurozone hungary indonesia japan malaysia mexico new zealand philippines poland russia south africa south korea turkey united kingdom usa february 2007 - 4 - 9 - 72 - 11 - 679 - - 18 - 7 - 8 - 4 - 3 - 6 - 12 - - 5 - 75 - 9 - 13 august 2007 382 argentina - 36 australia 90 brazil - 8 chile - 26 eurozone 53 hungary 112 indonesia - 33 japan 23 malaysia 27 mexico - 60 new zealand - - philippines 12 poland 26 russia 3 south africa - - south korea 161 turkey - 34 united kingdom - 33 usa ( 1 ) shows variation between 10 may and 27 june. ( 2 ) shows variation between 26 february and 5 march. ( 3 ) shows variation between 19 july and 17 august. source : bloomberg. something very simple reflects the proper functioning of our economy : in a moment where the world has seen a major retraction of credit operations, in chile companies have continued to place long - term bonds in the private market.

education changes lives – it definitely changed mine! the strength of st mark ’ s is the alumni association of st mark ’ s college in jane furse. addressing their 20th anniversary fundraising dinner in december 2005, i was impressed by the effort and remarked that it was indeed rare for former pupils of a black school to honour their school and commit themselves to raising funds for the institution. while education remains primarily a responsibility of government, private financial commitment is indispensable. strong alumni associations in the us, for example, contribute substantial sums of money to their institutions. in south africa, especially among blacks, there seems to be little interest among alumni to look back and support their old institutions. i do, however, acknowledge the nascent pockets of alumni associations of former black schools that are emerging in some parts of the country. this is a culture that we should endeavour to nurture. the relationship with a school does not and should not end with matriculation. we must seek to inculcate in learners that when they proceed to higher education, join the world of work or business, they remain representatives of their former schools in the community, country and the world at large. it is therefore heartening to be part of this fundraising drive, particularly because the friends of st mark ’ s have opened their hearts and wallets to deepen and widen an existing initiative by former pupils of st mark ’ s who have taken it upon themselves never to allow their alma mater to die. these are alumni who are proud of, and seek to build an everlasting relationship with their alma mater – a relationship to be treasured, nurtured and cultivated. these are men and women who value so much what they got out of st mark ’ s that they have developed a sense of community around the ownership of the st mark ’ s brand. they have decided that the st mark ’ s brand will be preserved and enhanced for current and future generations. the importance of building strong alumni associations cannot be overemphasised. the continued involvement and support of alumni have proved to be the hallmarks of long - term success and sustainability of schools and colleges in many parts of the world. as pressure on education budgets mounts the world over, fundraising events like these are no longer intended to raise supplemental income to fund “ extras ”, but have become essential components of schools ’ budgets. fundraisers are the financial lifeline for st mark ’ s college – a matter of life and death. while alumni associations may be instrumental