In what seems like an uphill battle against the budget, Governor Schwarzenegger proposes a 10% across the board cut in spending. This will mean a sharp decrease in payments to schools, the closing of several state parks, early release of low risk inmates, etc. 

Faced with stiff opposition, the governor urges the state to be responsible and spend only the money that they currently have. Such a brave pronouncement. Let’s hope that the state emerges unscathed from this crisis.

Kuwait to cut tax for foreign firms

… tax but the cabinet is studying a comprehensive income tax bill that stipulates collecting taxes on profits of Kuwaiti companies but spares low salaries.

With 26% of the global IPO proceeds coming from Chinese issues, the world eagerly awaits the outcome of Investment banking ventures recently forged by the Credit Suisse Group and Morgan Stanley. The planned ventures, if approved by Chinese government regulators, will be between Credit Suisse and the Founder Group (a Chinese conglomerate), and Morgan Stanley with (Shanghai-based) China Fortune Securities Co.

Should the Chinese government approve such ventures, a surge of similar undertakings is being projected. China’s financial market is sharply booming and the rest of the world wants its piece of the action. But what hinders them is the fact that the Chinese financial market, at this point, is largely off limits to foreign investors.