Economy

Avis cuts 2,200 jobs to reduce annual costs

Avis cuts 2,200 jobs to reduce annual costsAvis Budget Group Inc, a car rental company

Harvard endowment lost 22% in last four months

The world’s richest university, Harvard University, is expecting its worst ever annual returns in four decades, with its endowment lost 22 percent, or roughly $8 billion, in the last four months. The decline brings the school’s endowment from $36.9 billion on June 30 to $28.7 billion by the end of October.

Auditors ask Treasury to address ‘critical’ oversight issues of bailout

In the first official review of the federal government’s $700 billion bailout, the Government Accountability Office wants Treasury to address ‘critical’ oversight issues of the financial rescue pla

Obama wants governors to participate in recovery plan

President-elect Barack Obama told a gathering of 48 state chief executives on Tuesday that he wants them to play a role in the national economic recovery plan. Convening almost a complete set of the nation’s governors, Obama pledged “action, and action now” to address the budget shortfalls expected in almost 41 states in the coming year.

Governor Schwarzenegger declares ‘fiscal emergency’ in California

Declaring a “fiscal emergency” in California – the state facing $11.2 billion budget deficit - Governor Arnold Schwarzenegger on Monday called a special session of the state legislature to deal with the crisis. The session will continue till they agree on a way to trim the alarming budget deficit.

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