Chicago continues to wrestle with a massive budget gap and severely underfunded pensions. Fresh off a negotiating tussle with the city's teachers and a school strike, Chicago Mayor Rahm Emanuel on Wednesday presents his proposed 2013 budget to the City Council.
And staying here in California, our last word in business is lights, camera, sold.
The sale of Variety is officially a wrap. The venerable 107-year-old show biz daily has been bought for $25 million by Penske Media, the owner of Variety's upstart online rival Deadline.com. Like its longtime competitor, the Hollywood Reporter, Variety has had trouble making the switch to digital media, but it still turns a profit. So in the language that Variety helped make famous, Penske seems to believe this deal will be boffo and not a flopola.
Motorists should be seeing some relief from the recent record spike in gas prices. The average price for a gallon of regular unleaded hit $4.67, according to AAA. That price hike sent elected officials scrambling. Some are calling for a federal investigation, while others are taking emergency steps to increase supply.
Tens of thousands of angry Greeks protested eurozone-imposed austerity measures as German Chancellor Angela Merkel arrived for her first visit to Greece since the debt crisis erupted three years ago. Merkel struck a conciliatory tone but Greeks carried banners reading: Merkel out, Greece is not your colony.
NPR's business news starts with another bank sued.
Wells Fargo has become the second major American bank to be sued over its conduct during the housing boom. The U.S. Attorney's office in New York alleges that Wells Fargo approved hundreds of millions of dollars in bad housing loans during the 10-year period leading up to the financial crisis.
Richard Branson is not your average entrepreneur. He dropped out of school at 15 and, despite suffering from dyslexia and attention deficit disorder, went on to found Virgin Group, a business empire that includes airlines, cellphone companies, banks, hotels, health clubs and even a space travel business.
Writer Sybilla Nash agreed to help out a friend by co-signing a mortgage. But after her friend neglected to make payments, Nash's credit score dropped 200 points. Nash wrote about the ordeal for The Huffington Post. She joins host Michel Martin and consumer education expert John Ulzheimer to talk about how to avoid sticky financial situations.
Saying that the global economic recovery "has suffered new setbacks, and uncertainty weighs heavily on the outlook," the International Monetary Fund today warned that the probability of "recession in advanced economies and a serious slowdown in emerging market and developing economies" next year have gone up.
The fund said its research indicates the risk of those things occurring in 2013 "has risen to about 17 percent, up from about 4 percent in April 2012."