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California Governor Arnold Schwarzenegger formally declared a fiscal emergency in the largest US state and called state legislators back into a special session to close a budget deficit expected to reach 24 billion US dollars over the next two years. The move came as California, which has a 2.8-billion-dollar cash shortage, said it would not be able to pay some of its bills starting Thursday. Schwarzenegger said in his proclamation that the cash shortage will grow to 6.5 billion US dollars by September unless the state legislature makes huge cuts in services ranging from education to poverty programs. If the state is unable to pay its bills, the governor said: "Californians will be placed at serious risk because essential public assistance services are no longer being provided." Schwarzenegger also issued an executive order... [read full story]
Maria Bartiromo talks to Blackstone's Steve Schwarzman At the height of the private equity boom, no firm was flying higher than Blackstone Group, the juggernaut founded by Pete Peterson and Steve Schwarzman. In the past couple...
TALKING BIZ NEWS EXCLUSIVE A higher percentage of BusinessWeek’s editorial staff overseas are maintaining their jobs in comparison to the domestic reporters and editors, where the cuts were larger as the magazine prepares to be...
Applying Knowledge of Chemistry in the Kitchen Is This Filmmaker-Turned-Star-Chef's Recipe for Success Alton Brown brings science (and cleverly-placed cameras) into the kitchen. (CBS) (CBS) The Food Network cooking show "Good...
BERLIN, Nov 22 (Reuters) - German Finance Minister Wolfgang Schaeuble pressed General Motors [GM.N] on Sunday to shed light on its plans for Opel and said the U.S. group had a responsibility for workers at its European unit. A...
