As the global economy continues to falter -- taking funding opportunities and life science companies with it -- even the mighty Bill Gates is tightening his belt.

The Wall Street Journal reported yesterday (Nov. 24) that The Bill and Melinda Gates Foundation, which funds a lot of research on diseases in the developing world, will trim grant spending in the coming year.

Details are sparse, but the organization said that it would increase grant funding by only 10% in 2009, less than previously envisioned. CEO Jeff Raikes, wrote on the foundation's website that, "The financial crisis is affecting everyone, from our foundation to our partners. We know that it has hit our grantees, and the people they're trying to help, especially hard."

Raikes also wrote that the foundation would try to cut costs elsewhere. "We have always tried to be great stewards of the resources that have been entrusted to us," he wrote. "Even as we work to make sure that every grant dollar goes as far as possible, we also strive to keep our operational costs low. I have asked our employees to reduce expenses wherever possible, and we are closely scrutinizing our budget."