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Ellison and Khoury spoke with MIT News about the likely intermediate- to long-term financial impacts Covid will have on MIT, the themes that arose in their group’s conversations, and the changes that might arise if some of their proposals are adopted.
Q: What changes due to the events of this past year do you think will have the most significant impact on MIT’s finances?
Ellison: MIT has incurred very large operating expenses and revenue stream losses over the past year plus, as we’ve coped with the pandemic. Although it’s a lot of money, the benefit of a large endowment like ours is that you do not need to react much to one-time shocks.
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The EU-UK Trade and Cooperation Agreement provided breathing room for businesses engaging in data transfers from the EU to the UK in the form of a ‘bridging period’ of up to six months where such transfers can continue uninterrupted (see our previous
OnPointhere). However, the longer term goal of an adequacy decision for the UK is still key to ensuring free flows of personal data between the EU and the UK.
In the last week, positive sounds have been made by both the UK and the EU. According to Joe Jones (Head of International Data Transfer Regime at the UK Department of Digital, Culture, Media and Sport), who was speaking at a City of London Corporation’s International Regulatory Strategy Group (IRSG) Data Workstream meeting, the European Commission has already produced a draft adequacy decision. Bruno Gencarelli (Jones’ counterpart at the European Commission) has also given an update on timing, saying at an IAP