IBT Staff Reporter

California's government risks a financial meltdown within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday.

The private economic research institute of South Korean predicts that the growth rate of the second quarter (Apr-Jun) may reach 2%, 1% higher than the forecast of the government.

Oil rose above $72 a barrel on Thursday, heading for a third consecutive day of gains, after data showed falling U.S. crude and product inventories, adding to signs that oil demand may have bottomed out.

All PC makers that plan to sell their products in China have to pre-load the 'Green Dam Youth Escort' filtering software starting next month in which an employee from China who spoke on condition of anonymity says that Apple has no alternative than to follow the mandate from Chinese government.

The United Nations General Assembly announced on Wednesday that Dr. Ali Abdessalam Treki of Libya, the country's Secretary for African Union Affairs, will serve as new president of the 64th session of the General Assembly.

Hewlett-Packard on Monday said it has introduces its new Extreme Scale-Out portfolio for high-performance and Web 2.0 computing from its ProLiant SL server family.

Corrects last paragraph to say weaker dollar adds support

North Korean refugees who fled to China recently faced forced marriage and deportation, according to reports regarding the imprisonment of two American journalists who worked on a subject of 'the plight of North Korean women who flee to China'.

Apple’s newest MacBook Pro highlights 1394b popularity and Firewire800 superior performance in its speed, and bandwidth, according to the 1394 Trade Association on Wednesday.

Oil rose toward $72 a barrel on Thursday, heading for a third consecutive day of gains, after data showed falling U.S. crude and product inventories, adding to signs that oil demand may have bottomed out.

A huge number of websites has beeen attack using the power of SQL injection techniques. More than 100,000 thousand websites were wipe out last Sunday after a hacker apparently managed to exploit one of the largest Internet Provider.

Fiat SpA closed its acquisition of Chrysler's strongest assets on Wednesday, a key step in the Italian carmaker's ambitious plan to create a global player to ride out the worldwide auto sales downturn.

Will digital downloads kill the video games store? That's the multibillion dollar question facing retailers from Wal-Mart Stores Inc and Target Corp to GameStop Corp, as Internet distributors continue to grow.

Palm Inc named Jon Rubinstein as its CEO on Wednesday, hoping the former Apple executive can usher in a new era for the company seeking to revive its fortunes with a fresh smartphone launched last weekend.

Wall Street may be losing its luster for new U.S. college graduates who are increasingly looking to the government for jobs that enrich their social conscience, if not their wallet.

The Obama administration on Wednesday named Kenneth Feinberg, the lawyer who oversaw the government's compensation fund for victims of the September 11, 2001, attacks, as its pay czar to police compensation of top earners at companies receiving exceptional government aid.

California states controller on Wednesday warned the state faced the risk of a financial meltdown within 50 days following a sharp decline in May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap.

Palm Inc Executive Chairman Jon Rubinstein will become chief executive, succeeding Ed Colligan, as the company seeks to revive its fortunes with a new smartphone and operating system.

Gaping U.S. trade and budget deficits and a weak auction of government debt that pushed interest rates higher pointed to a bumpy road to recovery for the world's largest economy on Wednesday.

The Obama administration on Wednesday named Kenneth Feinberg, the lawyer who oversaw the government's compensation fund for victims of the September 11, 2001, attacks, as its pay czar to police compensation of top earners at companies receiving exceptional government aid.

Japan unveiled plans on Wednesday for greenhouse gas cuts over the coming decade only marginally deeper than its current U.N. commitments, a step green groups say threatens to deal a blow to global climate talks.

Emails from Federal Reserve Chairman Ben Bernanke and others indicate pressure on Bank of America to withhold information from the public about the bank's worries about Merrill's financial condition, according to a document written by U.S. House Republicans.

A woman in Tel Aviv, Israel, threw away a mattress without knowing it had nearly $1 million padded inside that her mother had saved over the years.

Shares of CB Richard Ellis Group rose more than 15 percent on Wednesday after the real estate investment trust announced a $550 million plan to reduce its debt, which currently stands at $2.4 billion.

Palm, Inc. on Wednesday announced the appointment of Jon Rubinstein as the company’s Chairman and CEO.

Venture capitalists expect investment in the clean technologies sector to increase over the next three years, according to a survey by Deloitte Research and the National Venture Capital Association.

Automaker Daimler AG and Finnish oil firm Neste Oil found carbon dioxide emissions reductions of more than 60 percent during a one year test of 14 Mercedes Benz trucks powered with renewable diesel in Germany.

Federal Reserve Bank Chairman Ben Bernanke called Bank of America’s threat to pull out of a deal to acquire Merrill Lynch a “bargaining chip,” according to e-mail message exchanges in December, Dow Jones newswires reported citing newly discovered Congressional documents.

Fiat SpA closed its acquisition of Chrysler's strongest assets on Wednesday, a key step in the Italian carmaker's ambitious plan to create a global player to ride out the worldwide auto sales downturn.