Report: Fewer people falling behind on
home loans WASHINGTON (AP) -- The end of the
foreclosure crisis is finally in sight. For the first time in almost three
years, the number of homeowners falling behind on their loans is declining. The drop means the number of people
losing their homes will start to fall. But some pain from the crisis is sure to
persist. Because millions of people are already in foreclosure, deeply
discounted houses will put pressure on home prices for years. In high-foreclosure cities like Las
Vegas, Phoenix and Miami, homes have lost roughly half their values from their
peaks. But a report Friday from the Low inflation gives Fed room to keep
rates down WASHINGTON (AP) -- The It was the first time such prices have
fallen in any month since 1982. The benign report on consumer inflation
sent a positive signal to investors and borrowers. It suggested that short-term
rates can remain low to strengthen the economic recovery without triggering
inflation. Some have worried that a Fed rate
increase affecting consumers and businesses might be imminent, especially after
it just raised the rate banks pay for emergency loans. Stocks edge higher after Fed eases bank
supports NEW YORK (AP) -- The stock market ended
a strong week with modest gains after investors found good news in the The market initially fell in response
to the Fed's announcement late Thursday that it is raising the rate it charges
banks for emergency loans, known as the discount rate. Stocks regained some
ground and traded mixed as investors saw the Fed's move as a vote of confidence
that the financial system was recovering and that banks didn't need as much
support as they used to. The central bank didn't change its more
widely used federal funds rate, which is a benchmark for short-term interest
rates. The Dow Jones industrial average rose
9.45, or 0.1 percent, to 10,402.35, its highest finish in a month. TOKYO (AP) -- Akio Toyoda's appointment
as the president of Eight months later, he is being
criticized as slow and indecisive as Toyoda, 53, said Thursday that he plans
to testify at a U.S. congressional hearing next week about the automaker's
recalls in the United States. Penney reports 5.2 percent profit drop
in 4Q NEW YORK (AP) -- J.C. Penney Co. posted
fourth-quarter profit that surpassed its expectations and issued and upbeat
forecast for 2010 on Friday following a holiday season where it did all it
could to avoid clearance discounting. The department-store chain's
fourth-quarter profit fell 5.2 percent, dragged down by a big expense for its
pension plan. However, by reducing holiday inventory and sticking to planned
promotions, the company boosted its gross profit margin from a year ago,
Chairman and CEO Myron Ullman III told investors during its conference call. Penney expects 2010 to be a better
year, forecasting sales and profit increases and vowing to increase market
share as the retailer stocks up on exclusive brands like Liz Claiborne and
Mango, a European fashion label. J&J partner says EU rejecting skin
infection drug Johnson & Johnson on Friday said it
terminated a partnership to develop a highly touted drug for MRSA and other
dangerous skin infections, after European regulators rejected it over concerns
that testing data isn't reliable. Switzerland's Basilea Pharmaceutica
Ltd. discovered the antibiotic compound, called ceftobiprole. The company had
been J&J's partner since granting the world's largest maker of health care
products an exclusive worldwide license five years ago for a drug some analysts
thought would be a blockbuster. But U.S. regulators turned it down two
months ago and on Friday, Basel-based Basilea said the European Committee for
Medicinal Products for Human Use refused to approve the drug. Both sides take tobacco fight to
Supreme Court WASHINGTON (AP) -- The Obama
administration asked the Supreme Court Friday to allow the government to seek
nearly $300 billion from the tobacco industry for a half-century of deception
that "has cost the lives and damaged the health of untold millions of
Americans." Both sides in a landmark, decade-long
legal fight over smoking took their case to the high court Friday. The administration, joined by public
health groups, wants the court to throw out rulings that bar the government
from collecting $280 billion of past tobacco profits or $14 billion for a
national campaign to curb smoking. Leading tobacco companies want the
justices to wipe away court holdings that the industry illegally concealed the
dangers of cigarette smoking. If they succeed, the attack on their profits also
would be halted. Oil prices up 11 percent in 2 weeks NEW YORK (AP) -- Oil prices are again
flirting with $80 a barrel after a two-week rally fueled by promising economic
reports and worries that troubles in Europe and the Middle East could
eventually tighten supplies. Benchmark crude for March delivery
added 75 cents to settle at $79.81 a barrel on the New York Mercantile Exchange.
The price of the March contract, which ends Monday, has increased by 12 percent
since Feb. 5. Most of the trading already has moved
to the April contract, which added 64 cents Friday to settle at $80.06 a
barrel. An extended surge in crude prices will
force gasoline and other fuels higher as well. Retail gas prices already have
started to increase this week, and experts predict the national average will
hit $3 a gallon this summer. Greek PM rules out bailout but urges EU
solidarity LONDON (AP) -- Greek Prime Minister
George Papandreou told other European leaders Friday that Greece intended to
solve its debt crisis on its own, as the government replaced the head of its
debt management agency ahead of key moves to refinance its massive deficit. The news that Petros Christodoulou,
former head of asset management at the National Bank of Greece, will take over
from Spyros Papanicolaou comes as financial markets continue to fret about the
Greek government's ability to pay off its debt. Those worries have undermined
confidence in the 16-country euro currency. The Finance Ministry did not give a
reason for the appointment in its announcement late Thursday. Nestle makes $9.55 billion full-year
profit GENEVA (AP) -- Swiss food and drinks
company Nestle SA reported a full-year net profit of 10.4 billion Swiss francs
($9.55 billion) Friday, a significant drop from the 18 billion francs it earned
the previous year, when it benefited from the sale of part of its stake in eye
care company Alcon. The maker of Nescafe, Perrier, Jenny
Craig and Haagen Dazs said sales reached 108 billion francs ($99 billion) in
2009. Earnings per share were 2.92 francs ($2.68). Nestle's chief executive, Paul Bulcke,
said the company had made changes to its products over the year and cut costs. By The Associated Press The Dow Jones industrial average rose
9.45, or 0.1 percent, to 10,402.35, its highest finish in a month. The Dow is
now down only 0.25 percent for the year. The broader Standard & Poor's 500
index rose 2.42, or 0.2 percent, to 1,109.17, while the Benchmark crude for March delivery
added 75 cents to settle at $79.81 a barrel on the New York Mercantile
Exchange. In other Nymex trading in March
contracts, heating oil rose 1.83 cents to settle at $2.0699 a gallon, and
gasoline added 1.65 cents to settle at $2.0857 a gallon. Natural gas gave up
12.8 cents to settle at $5.044 per 1,000 cubic feet. In London, Brent crude added 41 cents
to settle at $78.19 on the ICE futures exchange.