Business Top Stories
• Stocks drop early after mixed jobs report
(AP)
<p>AP - Stocks fell in early trading Thursday after China reported a sharp jump in inflation. Mixed U.S. economic news also held the market back.
• Trade deficit shrinks as auto and oil imports drop
(AP)
AP - The U.S. trade deficit unexpectedly shrank in January, reflecting a big drop in imports of oil and foreign cars. American exports also fell, a potential blow to hopes that the economic recovery will be aided this year by U.S. sales abroad.</p>
• EU says US has pressed it on hedge fund rules
(AP)
AP - The U.S. has pressed the European Union on draft rules to regulate hedge funds, but should respect Europe's right to decide its own legislation, a top EU finance official said Thursday.
• First-time jobless claims drop slightly last week
(AP)
AP - The number of newly laid-off workers requesting unemployment benefits slipped last week, the latest sign the employment picture is slowly brightening.
• Senate passes $149 billion for jobless aid
(Reuters)
Reuters - The Senate on Wednesday passed a $149 billion package of jobless aid and tax breaks, as Democrats continued efforts to lower the 9.7 percent unemployment rate before congressional elections in November.
• Foreclosure rates up by smallest amount in 4 years
(AP)
<p>AP - The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.
• SEC chief economist leaving
(AP)
AP - The chief economist of the Securities and Exchange Commission, who is an expert on the financial instruments that figured largely in the 2008 crisis, is leaving his position for the private sector.
• India aims to be world's fastest growing economy
(AP)
AP - Just how fast can India grow? Ask Manal Farooq, who can't make gloves quickly enough.
• Imax posts 4Q profit, reversing loss
(AP)
AP - Giant-screen movie technology company Imax Corp. posted a fourth-quarter profit Thursday, reversing a year-ago loss on a sharp jump in its movie theater equipment sales and rentals.
• Greece hit by strikes, riots over austerity plan
(AP)
AP - Serious street clashes erupted between rioting youths and police in central Athens Thursday as some 30,000 people demonstrated during a nationwide strike against the cash-strapped government's austerity measures.
• Quinn seeks income tax hike for schools
(AP)
AP - Calling himself a realist, Gov. Pat Quinn on Wednesday scaled back his proposal to raise income taxes, shifting to a call for an increase of just one percentage point to be used solely for preventing deep cuts to education.
• Signature Bank warrants bring $11.15 million
(AP)
AP - The Treasury Department has received $11.15 million from the sale of warrants it received from New York's Signature Bank as part of the support it provided during the financial crisis.
• Wal-Mart spent $1.78 million lobbying in 4Q
(AP)
AP - Wal-Mart Stores Inc., the world's largest retailer, spent nearly $1.78 million lobbying in the fourth quarter on a wide range of issues from health care reform to organized crime and food safety issues, according to a recent disclosure report.
• Home loan demand nudges higher in latest week
(Reuters)
Reuters - U.S. mortgage applications nudged higher last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday.
• Oil steadies after recent surge
(AFP)
AFP - Oil prices held steady on Thursday as investors paused for breath following recent gains made after data that showed stronger US energy demand, analysts said.</p>
• Toyota troubles put spotlight on US safety agency
(AP)
AP - Toyota's massive recalls are prompting Congress to reconsider whether the nation's auto safety agency has lived up to its mission of protecting motorists.
• The Ambitions of Prudential's Tidjane Thiam
(BusinessWeek)
BusinessWeek - According to insiders at Prudential Plc , Tidjane Thiam, the chief executive of the insurer which said last week that it was bidding $35.5bn (23.6bn) to buy AIG's Asian insurance business is a firm believer in emotion over analysis.
