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Business News

• Greece hit by strikes over austerity plan (AP)

  AP - Protesters clashed with riot police as more than 10,000 people marched through central Athens Thursday during a nationwide general strike against the government's harsh new austerity measures.

  
  

• BMW 2009 net income falls 36 pct to $286 million (AP)

  AP - German carmaker BMW AG says its 2009 net income fell 36 percent to euro210 million ($286 million) because of lower demand for its cars during the economic downturn as well as a higher tax rate.

• HSBC: data on 15,000 Swiss account holders stolen (AP)

  AP - Information on 15,000 HSBC customers with Swiss accounts has been stolen, the British bank said Thursday, potentially exposing foreign clients to prosecution by tax authorities in their home countries.

  
  

• Safety agency under spotlight in House hearing (AP)

  AP - Toyota's massive recalls are bringing new scrutiny to the government's auto safety agency, prompting Congress to look at how federal safety officials have lived up to their mission of protecting motorists.

  
  

• 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)

  AP - The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.

  
  

• European stocks edge ahead as investors await data (AFP)

  AFP - Europe's leading stock markets nudged higher on Wednesday as traders awaited key US economic data and assessed the latest batch of company results.

  
  

• Wholesale inventories fall while sales increase (AP)

  AP - Businesses trimmed inventories at the wholesale level again in January even though sales rose for a 10th consecutive month. The dip in inventories underscored that businesses remain cautious about restocking their depleted shelves.

  
  

• Volkswagen confirms 2009 net income fell 80 pct (AP)

  AP - Europe's biggest carmaker Volkswagen AG says its 2009 net income declined 80 percent to euro960 million ($1.3 billion), confirming its preliminary estimate released in February.

  
  

• U.S. warns EU of rift over fund regulation: report (Reuters)

  Reuters - U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported.

• 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.

  
  

• Japan to fight global trade ban on Atlantic bluefin tuna (AFP)

  AFP - Japan vowed Thursday to fight a global trade ban on Atlantic bluefin tuna, the pricey mainstay of sushi and sashimi, as Europe and the United States step up moves to protect the species.

  
  

• 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 slips under $82 on profit taking (AFP)

  AFP - Oil prices slipped under 82 dollars on Thursday as investors took profits on gains made followed data that showed stronger US energy demand, analysts said.

  
  

• Toyota subsidiary Daihatsu recalls 275,000 vehicles (AFP)

  AFP - Daihatsu Motor Co., a subsidiary of embattled Toyota, said Thursday it was recalling almost 275,000 vehicles due to possible defects, the latest in a raft of problems hitting Japanese carmakers.

  
  

• Real Estate's Link to the Small Business Credit Crunch (BusinessWeek)

  BusinessWeek - It's no secret that small businesses in the U.S. face difficulties accessing credit. According to a survey of a random sample of 751 small businesses conducted by Gallup at the end of 2009 for the National Federation of Independent Business Research Foundation, 44% of small businesses seeking credit in 2009 received only some or none of the money they sought. This level of credit access compares poorly with mid-2000, when nine of every 10 companies seeking credit received it. While there is broad agreement that a small business credit problem exists, there is less consensus about its causes. ...