Economy showing strength as retail
sales climb WASHINGTON (AP) -- The economy is
showing renewed strength as retail sales surged last month and factory orders
also increased. Such gains could lead to more hiring -- if they can be
sustained. Retailers said Thursday that store
sales rose in February by the largest amount since November 2007, while orders
to U.S. factories in January posted their sharpest rise in four months. The upbeat reports followed other
encouraging signs this week: The service sector grew last month at its fastest
pace in more than two years, according to a private survey of purchasing
executives released Wednesday. And a similar survey on Monday found that
manufacturers are also growing. More drivers file complaints after WASHINGTON (AP) -- More Another five people have reported
problems to the The complaints, which are submitted
online or through a NHTSA hot line, have not been independently verified.
Government investigators said Wednesday that they had found 10 possible cases
of post-fix problems. Greece says bond 3 times oversubscribed ATHENS, Greece (AP) -- Greece says it
has raised badly needed cash with a new bond issue, passing a key test of its
ability to avoid a disastrous debt default and dig out of a financial crisis
that has shaken the European Union. A Finance Ministry statement said
Thursday the bond has been three times oversubscribed, with 15 billion euros
($20.5 billion) in offers received. The government took 5 billion euros ($6.8
billion), offering a 6.3 percent yield. The sale, most of which was absorbed by
international institutional investors, reflects on Greece's ability to raise
money to pay off expiring bonds and avoid the risk of default. Its announcement
comes a day after debt-ridden Greece detailed a whole new round of painful
austerity measures, including salary cuts for civil servants, pension freezes
and tax increases on cigarettes, alcohol, luxury goods and gems. Bank of America warrants sale raises
$1.54 billion WASHINGTON (AP) -- The Treasury
Department has received a record $1.54 billion from the sale of warrants it
received from Bank of America as part of the support it provided during the
financial crisis. The Treasury said Thursday it sold
272.17 million warrants in an auction held because Bank of America and the
government could not agree upon an acceptable price. Warrants are financial
instruments that allow the holder to buy stock in the future at a fixed price. The $1.54 billion total is the largest
amount raised from a single institution from the sale of warrants as part of
the government's $700 billion financial rescue effort. WASHINGTON (AP) -- Facing sharp
questions from bailout overseers, Pandit said Pending home sales fall 7.6 pct. in
Jan. WASHINGTON (AP) -- The number of buyers
who agreed to purchase a home fell sharply in January, a sign that demand for
housing is sinking this winter as stormy weather slammed Eastern states. Record snowstorms in January and
February had many Americans shoveling sidewalks and driveways instead of
combing through listings for open houses. Partly as a result, an index that
tracks sales agreements fell 7.6 percent from December to a seasonally adjusted
January reading of 90.4, the It was the lowest reading since last
April and a disappointment to economists, who had expected it would rise to
97.6. Natural gas tumbles nearly 4 percent NEW YORK (AP) -- Natural gas prices
tumbled Thursday after the government said supplies dropped less than expected
last week. Natural gas, which is used to heat
homes and power energy generators, has been in heavy use most of the winter as
storms covered much of the Midwest and Northeast with snow. But the U.S. is
consuming less as the weather warms, and the Inventories held in underground storage
dropped by 116 billion cubic feet last week. Analysts expected a drop of
between 128 billion and 132 billion cubic feet. Airlines adding up losses from February
storms The snow from last month's storms along
the East Coast has melted in most places, but not where it matters most for
airlines -- their financial ledgers. US Airways and Continental Airlines say
the storms cost them a combined $55 million in lost revenue. Other airlines,
including the U.S.'s two biggest, Delta and American, say they don't have
figures yet on the storms' impact or won't disclose them. For US Airways and Continental, the
storm-related losses amount to about 1 percent of each carrier's expected
revenue in the first quarter, according to analysts. But with airlines
struggling to return to profitability after two years of heavy losses, every
million counts. AB InBev sees flat beer sales BRUSSELS (AP) -- The world's largest
brewer and maker of Budweiser reported Thursday a fourth quarter profit of
$1.28 billion, helped by cost cuts and price hikes, but said global beer sales
were stagnant and forecast no rebound in 2010. Anheuser-Busch InBev SA sold 0.7
percent less beer and soft drinks in 2009 during the economic downturn and says
that global beer demand is neither growing nor shrinking. Other brewers
Heineken and AB InBev chief executive Carlos Brito
said he was hopeful that lower sales across the world were a "one-year
event" triggered by the financial crisis and that emerging economies would
return to growth, even if developed markets, above all in western Europe,
remain in decline. TiVo prevails in patent rights case
against Dish TiVo Inc. prevailed yet again in a
long-running dispute with Dish Network Corp. over patents for digital video
recorders, as a federal appeals court cleared the way Thursday for TiVo to
collect hundreds of millions of dollars. TiVo shares jumped more than 50
percent. Despite repeatedly losing, however,
Dish said it will seek a review of the three-judge panel's decision by the full
U.S. Court of Appeals for the Federal Circuit. TiVo said the decision, if it stands,
would let it collect at least $300 million from Dish -- about $100 million in
damages and interest, and the rest in contempt sanctions that TiVo already has
been awarded. That would be on top of about $100 million in damages that Dish
had already paid TiVo in earlier litigation. By The Associated Press The Dow rose 47.38, or 0.5 percent, to
10,444.14, its highest close since Jan. 20. The Dow is now up 16 points, or 0.2
percent, for 2010. The Standard & Poor's 500 index
rose 4.18, or 0.4 percent, to 1,122.97. It is up 0.7 percent for the year. The Benchmark crude for April delivery fell
66 cents to settle at $80.21 a barrel on the Nymex as the U.S. Dollar Index
gained 0.83 percent. Natural gas prices fell. The contract
for April delivery lost 18.2 cents, nearly 4 percent, to settle at $4.575 per
1,000 cubic feet on the New York Mercantile Exchange. In other Nymex trading in April
contracts, heating oil fell 2.5 cents to settle at $2.0687 a gallon, and
gasoline lost 1.39 cents to settle at $2.2337 a gallon. In London, Brent crude
gave up 71 cents to settle at $78.54 a barrel on the ICE futures exchange.