California cannot solve its budget crisis by shirking bondholders and declaring default; that would make future borrowing impossibly expensive. Read more..

By JEFF SEGAL, MARTIN HUTCHINSON and ROB COX - The New York Times

FedEx is fighting a labor bill in Congress making it easier for workers to form unions by taking shots at its chief rival, U.P.S., which is unionized. Read more..

By STEPHANIE CLIFFORD - The New York Times

Arcandor made the bankruptcy filing after the government rejected its request for emergency state aid. Read more..

By CARTER DOUGHERTY - The New York Times

Edward E. Whitacre Jr. will head a recast board to oversee the “New G.M.” that will emerge from bankruptcy. Read more..

By BILL VLASIC - The New York Times

Ariel Z. Emanuel, brother of President Obama’s chief of staff, has emerged as Hollywood’s top power player. Read more..

By MICHAEL CIEPLY and BROOKS BARNES - The New York Times

Mr. Brinker helped put casual dining and salad bars on the American menu with the Steak and Ale, Bennigan’s chains, and Chili’s restaurants. Read more..

By WILLIAM GRIMES - The New York Times

An outside firm is projecting a 23 percent jump in revenue for the Internet company in a year when classified advertising in newspapers has plummeted. Read more..

By BRAD STONE - The New York Times

An industry that offers to intercede on behalf of consumers is concerned that the economic crisis might prove to be its undoing. Read more..

By DAVID STREITFELD - The New York Times

A federal proposal to restrict executive pay has the potential to humble seven large institutions that have received billions of dollars in bailout money. Read more..

By STEPHEN LABATON - The New York Times

The Justice Department has requested information from Google and groups representing publishers and authors, among others. Read more..

By MIGUEL HELFT - The New York Times