BUSINESS NEWS

Banks sink on European economic worry (Reuters)

Traders work on the floor of the New York Stock Exchange February 21, 2012. REUTERS/Brendan McDermidReuters - Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.
     
Fitch downgrades Greece on debt swap plan (Reuters)
Reuters - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.
     
Home resales at 1-1/2 year-high, supply falls (Reuters)

A labourer selects wooden planks as he works at a residential construction site in Hefei, Anhui province February 18, 2012. China's home prices fell in January from December, marking the fourth monthly fall in a row and showing that the policy-driven property market downturn is deepening, which will add to worries about a hard landing in the world's second-largest economy. REUTERS/Stringer (CHINA - Tags: BUSINESS REAL ESTATE CONSTRUCTION EMPLOYMENT)Reuters - Home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.
     
HP profit plummets, CEO urges patience (Reuters)
Reuters - Hewlett-Packard Co's earnings fell nearly 44 percent and the world's No. 1 computer maker forecast a second-quarter profit below Wall Street estimates as it struggles with weak sales of PCs and printers.
     
Burned before, Fed officials cautious on rebound (Reuters)
Reuters - U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.
     
World stocks rise on hopes for Greece, US economy (AP)

A man walks in front of the electronic stock board of a securities firm in Tokyo, Friday, Feb. 17, 2012. Asian stocks rose strongly on Friday after encouraging U.S. housing and employment reports sent Wall Street to its highest level this year and added to growing optimism of a recovery in the world's No. 1 economy. Tokyo's benchmark Nikkei 225 index jumped 1.9 percent to 9,412.27. (AP Photo/Itsuo Inouye)AP - Stock markets advanced Friday on hopes that Greece would soon get its crucial second bailout and following another batch of upbeat U.S. economic news.
     
Bank of England panel split on size of stimulus (AP)
AP - Bank of England rate-setters were divided this month on the vote to inject another 50 billion pounds ($79 billion) into the British economy, with two members arguing that a bigger stimulus was needed, minutes to their last meeting showed Wednesday.
     
HP CEO pleads patience as earnings fall 44 pct (AP)

A logo of HP is seen outside Hewlett-Packard Belgian headquarters in Diegem, near Brussels, January 12, 2010. REUTERS/Thierry RogeAP - Hewlett-Packard Co. CEO Meg Whitman pleaded for patience Thursday as she described operational challenges and other internal problems that contributed to a decline in earnings at one of the world's largest technology companies.
     
G20 hopes for progress on EU debt crisis: Carstens (Reuters)
Reuters - Group of 20 policymakers are hoping for a signal this weekend that Europe will boost crisis funding, smoothing the way for a deal to increase International Monetary Fund resources, the head of Mexico's central bank said on Wednesday.
     
Romney proposes 28 percent top income tax rate (Reuters)
Reuters - Republican Mitt Romney revised his proposal for overhauling the U.S. tax code on Wednesday, calling for all individual tax rates to be cut by 20 percent while declining to offer specifics on how to make up the lost revenue from lower rates.
     
Greek lawmakers rush to clear promised austerity (AP)
AP - Greece scrambled Wednesday to push through a batch of emergency laws that will further cut incomes and state spending, a day after securing a new bailout and debt relief deal designed to stave off bankruptcy.
     
Holiday spending pushes Macy's 4Q profit higher (AP)

FILE - In this file photo taken Sept, 29, 2011, Elsy Santiago, left, and her sister Betsy, exit Macy's in Hialeah, Fla. Macy's Inc. said Tuesday, Feb. 21, 2012, its fiscal fourth-quarter net income climbed 12 percent thanks to strong holiday spending and surging online sales. (AP Photo/Alan Diaz, File)AP - A strong holiday shopping season and hearty online sales pushed Macy's Inc.'s fourth quarter net income up 12 percent. That topped Wall Street's expectations, and the department store chain's stock hit a 52-week high.
     
Some money from mortgage settlement to be diverted (AP)
AP - The ink wasn't even dry on a settlement with the nation's top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.
     
Oil falls below $106 after US crude supply jump (AP)

FILE - In this Wednesday, Feb. 15, 2012 file citizen journalism image provided by the Local Coordination Committees in Syria, anti-Syrian regime activist Khaled Abu-Salah stands in front of flames and black smoke from a bombed oil pipeline, in Baba Amr neighborhood in Homs province, central Syria. Syrian troops intensively shelled rebel-held neighborhoods in the restive central city of Homs, on Friday and killed at least five people, activists said. Britain and France urged the opposition to unite and said it needs more international support to resist the deadly government crackdown. (AP Photo/Local Coordination Committees in Syria, File) THE ASSOCIATED PRESS IS UNABLE TO INDEPENDENTLY VERIFY THE AUTHENTICITY, CONTENT, LOCATION OR DATE OF THIS HANDOUT PHOTOAP - Oil slid from a nine-month high to below $106 a barrel Thursday in Asia after a report showed U.S. crude supplies grew more than expected last week, suggesting demand remains sluggish.
     
FACT CHECK: Errant claims on auto bailout, taxes (AP)
AP - Twenty Republican presidential debates later, the head-scratching claims kept coming.
     
Ford to add $3.8B to pension plans this year (AP)
AP - Ford Motor Co. will pump $3.8 billion into its global pension plans this year as it tries to get them closer to fully funding their obligations.
     

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