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second-rate |
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75 percent each of the next two years, although the Department of Water and Power will have to demonstrate that it has met performance goals before the second rate hike can take effect. China's central bank shocked the market last week when it unexpectedly raised interest rates 27 basis points in a move to slow its booming economy--the first rate hike since a 27-basis-point rise in October 2004--and only the second rate hike in the last decade. Given periodically, the award (unlike, for instance, the Pritzker, which started by premiating Philip Johnson) has never celebrated the second rate or those who made their reputations through marketing; previous recipients of the Aalto prize include James Stirling, Jorn Utzon and Alvaro Siza. |
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