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Business News

• Wall Street Week Ahead: Quest for the golden cross (Reuters)

  Reuters - January has turned out strong for equities with just two trading days to go. If you're afraid to miss the ride, there's still time to jump in. You just might want to wear a neck brace.

• Exclusive: Germany wants Greece to give up budget control (Reuters)

  Reuters - Germany is pushing for Greece to relinquish control over its budget policy to European institutions as part of discussions over a second rescue package, a European source told Reuters on Friday.

• Exiting watchdog sees flaws in SEC's rulewriting (Reuters)

  Reuters - In his final act before departing the Securities and Exchange Commission on Friday, the agency's inspector general, David Kotz, criticized how the agency analyzes the economic impact of some of its Dodd-Frank rules.

• Goldman, Berkshire names surface in Gupta case (Reuters)

  Reuters - The names of a Goldman Sachs board member and a top executive of Berkshire Hathaway surfaced on Friday as potential witnesses in the insider trading trial of Rajat Gupta, a former director of Goldman, Procter & Gamble and other companies.

• Citigroup cut investment bank bonuses by 30 percent: report (Reuters)

  Reuters - Citigroup has cut bonuses for its investment banking division by about 30 percent on average, Bloomberg said, citing a person briefed on the matter.

  
  

• SEC charges trader with hijacking accounts (Reuters)

  Reuters - Securities regulators charged a Latvian trader with reaping more than $850,000 in illegal profits by hacking into online brokerage accounts and manipulating more than 100 securities.

• Economic growth for the past 4 years, at a glance (AP)

  AP - Economic growth for the past 4 years, at a glance

• North America boosts Ford in 4Q (AP)

  AP - Ford has shown it can make money even with U.S. car sales at depressed levels. Now it needs to show it can manage a myriad of challenges outside its home region.

  
  

• Fitch cuts Italy, Spain, other euro zone ratings (Reuters)

  Reuters - Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years.

• How Fastenal Is Vending a Success Story (The Motley Fool)

  The Motley Fool - Industrial and construction materials supplier Fastenal (Nasdaq: FAST - News) has significantly upped its market presence lately with the expansion of its industrial vending machines -- dubbed a "one-stop shop" to replenish supplies.

• Greece, creditors laboriously piece together debt deal (Reuters)

  Reuters - Greece and its private creditors head back to the negotiating table on Saturday to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default.

• Wal-Mart puts U.S. marketing under merchandising (Reuters)

  Reuters - Wal-Mart Stores Inc said on Friday that its U.S. marketing team would now work under the leadership of its chief merchandising officer rather than as a separate group as the world's largest retailer works on improving its communication with shoppers.

• Obama administration bolsters homeowner lifeline (Reuters)

  Reuters - The Obama administration, in an election-year bid to help distressed homeowners, on Friday expanded its main foreclosure prevention program, and pushed for Fannie Mae and Freddie Mac to forgive mortgage debt.

  
  

• PG&E fined $16.8M for shoddy gas leak surveys (AP)

  AP - State regulators plan to fine Pacific Gas & Electric Co. $16.8 million for failing to perform gas leak surveys in the wake of a deadly pipeline explosion in a San Francisco suburb in 2010.

• Tired and trailing, Santorum goes home to do taxes (AP)

  AP - Rick Santorum is tired, trailing — and going home.

  
  

• Flint, Mich., One of Nine Cities Devastated by Recession (ContributorNetwork)

  ContributorNetwork - 24/7 Wall St. analyzed a report commissioned by the United States Conference of Mayors that looked at how cities are faring economically and getting unemployed residents back to work. The news isn't good for Flint, Mich. The former auto industry stronghold is in the top five of metropolitan cities ruined or nearly destroyed by the recession. Here are details from that report created by IHS Global Insight.