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The dollar is rising against the euro on fears that Greece won't be able to avoid a default. Greek leaders approved cost-cutting measures on Sunday that are needed in order for the country to receive a $170 billion bailout. But European finance ministers said the cuts are not enough and will not hand over the bailout money until further cuts are made. Without the money, Greece could default on its debt next month. A default would cause losses for European banks, disrupt financial markets and...

PROFIT DROPS: Paris-based bank BNP Paribas posted a 50 percent drop in its fourth-quarter profit, weighed by the European financial crisis. GREEK BOND VALUE SLASHED: The bank recorded a 567 million euro ($747 million) hit after accounting for expected losses on its Greek government bonds. SOVEREIGN DEBT REDUCED: BNP Paribas said it has reduced its holdings of sovereign debt by more than a quarter in an effort to offset the effects of the ongoing problems in Europe.

Specialty chemical maker Albermarle Corp. has increased its quarterly dividend by 14 percent. The new dividend of 20 cents per share is payable April 1 to shareholders of record on March 15. The previous dividend was 17.5 cents per share. Albemarle chief executive Luke Kissam said Wednesday that the dividend was raised because of a strong company performance in 2011 and projections of future cash generation. Baton Rouge-based Albemarle said it has raised its quarterly dividend for 18 consecutive...

Stocks are mixed on Wall Street as Greece inches closer to a deal to resolve its debt crisis. The Dow Jones industrial average gave up an early gain and is down 23 points to 12,855 shortly before noon. The Standard & Poor's 500 edged up 5 points to 1,355. The Nasdaq composite rose 24 to 2,956. Greece was a shadow hanging over the market, as it has been for many weeks, as the Mediterranean country tries to secure a deal with its lenders. Comcast climbed 5 percent after the cable provider...

RISING EXPENSES: Heineken NV, Europe's largest brewer by sales, reported a fall in profits in 2011 due to rising costs, though a thirst for its beer in developing markets kept revenue buoyant. THE DETAILS: The company said Wednesday that net profit over the year fell 1.4 percent to euro1.43 billion ($1.88 billion), hit by restructuring costs, higher commodity and labor costs, and higher taxes. GROWING SALES: Revenue grew 6.2 percent, boosted by the acquisition in April 2010 of Mexican brands...

Lexus is the top performer in a survey of vehicle dependability released Wednesday, but most other brands also showed improvement in an industry that has reached historically high dependability levels. Consulting firm J.D. Power and Associates polled 31,000 owners of 2009 model-year vehicles and rated brands by the number of problems owners have experienced in the last 12 months. Problems can range from stalling engines and transmission issues to peeling paint and electronics glitches. The top...

HEADING DOWNHILL: Peugeot Citroen on Wednesday forecast a 10 percent sales drop in its core French market this year, after booking a loss in 2011. LOSING GROUND: The maker of the Peugeot 207 hatchback and Citroen C4 Picasso minivan said its automotive division posted a euro439 million ($578 million) operating loss last year. MAKING THE CUT: Peugeot Citroen will step up a cost-cutting plan announced last October, and now aims to achieve euro1 billion in savings this year. The company has announced...

COST HIT: Buoyant sales in Asia helped French dairy giant Danone SA post strong revenue growth last year, but overall profits were pressured by high commodity costs. PROFIT SQUEEZE: Net income fell 11 percent to euro1.67 billion. Chairman and CEO Franck Riboud blamed the high cost of raw materials. The company expects those costs to remain high in 2012 but said that it could at least partially offset them in its pricing policies. EMERGING GROWTH: The company said 2011 marked the first time that...

Gas prices are up for the third straight week in West Virginia. AAA East Central says the average price for a gallon of regular unleaded gasoline rose 1.8 cents in the past week to $3.62. Prices range from $3.50 in Huntington to $3.86 in Martinsburg. A year ago, gas prices averaged $3.17 in the state. Nationally, gas prices currently average $3.51.

Owners of a northeast Texas farm have obtained a court order to block TransCanada from crossing the farm with a proposed pipeline planned to carry Canadian oil to refineries along the Texas Gulf coast. Lamar County Court-at-Law Judge Bill Harris ordered TransCanada representatives and those of The Crawford Family Farm Partnership to appear before him Feb. 24 to show why Harris shouldn't extend the order against TransCanada. However, family attorney John Pieratt of Austin says Harris has scheduled...

U.S. homebuilders are gradually growing more optimistic about the depressed housing market and believe homes sales could pick up sharply when the spring buying season begins. The National Association of Home Builders/Wells Fargo said Wednesday that its builder sentiment index rose for a fifth straight month in February to 29, up from 25 in January. The index has climbed 15 points since September and is now at its highest level since May 2007. Builders have generally become more hopeful during...

SKY HIGH: Global airlines will need $3.5 trillion in new planes through 2030, with more than a third of that demand coming from Asia, Airbus's CEO said Wednesday. ASIA BATTLEGROUND: Airbus is wrestling rival Boeing for the burgeoning Asian market. Asia provided half of Airbus's 1,600 firm orders last year. Boeing scored its biggest deal ever when Indonesian budget carrier Lion Air agreed to buy 230 planes for $22 billion. WHAT'S NEO: The A320neo, which seats up to 180 passengers, has become a...

U.S. factories boosted output last month and December ended up being their best month of growth in five years. Strong auto sales and growing business investment in machinery and other equipment are keeping factories busy and helping the economy grow. The Federal Reserve said Wednesday that manufacturing production increased 0.7 percent in January. And output soared 1.5 percent in December, according to an upward revision. That's the biggest one-month gain since December 2006. Overall industrial...

A federal magistrate has appointed a doctor to examine a BP PLC employee who claims medical problems prevent him from being questioned under oath about the deadly 2010 rig explosion that spawned the nation's worst offshore oil spill. Rig owner Transocean Ltd. wants to question Donald Vidrine, who was one of BP's well site leaders on the Deepwater Horizon, in preparation for a trial designed to determine what caused the blowout of BP's well on April 20, 2010. On Tuesday, U.S. Magistrate Sally...

The nation's crude oil supplies decreased last week, the government said Wednesday. Crude supplies shrank by 200,000 barrels, or 0.1 percent, to 339.1 million barrels, which is 2 percent below year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected an increase of 1.9 million barrels for the week ended Feb. 10, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies grew by 400,000 barrels, or 0.2 percent,...

Nevada's average gas price is up by 9 cents this month, with prices climbing by double digits in every one of the state's metro areas besides Las Vegas. AAA said Tuesday that the average price of $3.51 per gallon is up 31 cents from the same time last February, when Nevadans were paying $3.20 per gallon. Elko posted the state's cheapest gas with an average price of $3.29 per gallon. Reno gas averages $3.64 per gallon, and Las Vegas' average is $3.48. Nevada's price is exactly the same as the...

Utah has lost its title as the state with the nation's cheapest gas after the average price jumped 17 cents in the past month. AAA said Tuesday that the average price of $3.09 per gallon is up 38 cents from the same time last January. Utah now has the nation's fourth lowest gas prices. The Ogden area has the cheapest gas in the state with an average price of $3.03 per gallon. St. George gas is the highest in the state at $3.20 per gallon, while most Salt Lake City residents are paying $3.05....

Several tobacco companies and others have filed a federal lawsuit against the city of Providence challenging new city regulations that tighten rules for selling tobacco. The suit filed in U.S. District Court in Providence targets ordinances banning pricing strategies, such as "buy one, get one free," and sales of non-cigarette tobacco products marketed as having a fruit or candy flavor. The city says the U.S. Food and Drug Administration banned flavored cigarettes in 2009. Mayor Angel Taveras...

Hundreds of citizen activists, Appalachian residents and environmentalists rallied at the Kentucky Capitol to call for an end to mountaintop blasting and destructive surface mining practices. Organizers say more than 1,200 people lined the front steps of the Capitol building Tuesday and later marched to the nearby governor's mansion. The "I Love Mountains Day" rally has become an annual event with help from environmental groups. Speakers called on Kentucky lawmakers to put an end to a surface...

U.S. Sens. Harry Reid and Dean Heller are shedding political donations amid reports that a Nevada developer and lobbyist is the target of a federal campaign finance investigation. Heller's communications director said Tuesday the Republican Nevada senator will donate to charity some $26,700 he received from Harvey Whittemore. A Reid spokeswoman said money donated to the Senate majority leader had been given to charity, but wouldn't provide an amount. The Las Vegas Review-Journal, citing anonymous...

Some eurozone countries have strong doubts over whether a second massive bailout can actually save Greece, officials said Wednesday, even as Athens rushed to meet tough conditions to qualify for the euro130 billion ($170 billion) rescue. The wrangling over Athens' aid money comes after almost two years of frantic efforts to save Greece from bankruptcy and secure its place in the 17-country currency union. But circumstances have changed since the eurozone agreed on a first euro110 billion rescue...

In the last three months of 2011, the 17-nation eurozone's economy suffered its first quarterly contraction since the second quarter of 2009. The figures are adjusted for seasonal factors. Here's how the individual countries compare. Not all figures are in, and in the case of Greece, only annual unadjusted figures are available. Q3/Q4 quarterly percentage change Eurozone 0.1 -0.3 Austria 0.2 -0.1 Belgium -0.1 -0.2 Cyprus -0.8 0.0 Estonia 1.0 -0.8 Finland 0.9 0.0 France 0.3 0.2 Germany...

Britain's Supreme Court says it will hear the case of a private investigator who is fighting to keep secret who told him to hack phones on behalf of the News of the World tabloid. Glenn Mulcaire was jailed briefly in 2007 for eavesdropping on the phones of royal aides, and police have found the names of hundreds of other potential victims in his notes. Comedian Steve Coogan is suing Mulcaire and Rupert Murdoch's newspaper company, and wants Mulcaire to reveal who asked him to intercept voicemail...

Heineken NV, Europe's largest brewer by sales, reported a fall in profits in 2011 due to rising costs, though a thirst for its beer in developing markets kept revenues buoyant. The company said Wednesday that net profit over the year fell 1.4 percent to euro1.43 billion ($1.88 billion), from euro1.45 billion in 2010, hit by restructuring costs, higher commodity and labor costs, and higher taxes. Revenues grew 6.2 percent, boosted by the acquisition in April 2010 of Mexican brands including Sol,...

Global airlines will need $3.5 trillion of new planes through 2030, with more than a third of that demand coming from Asia, Airbus's chief executive said Wednesday. The aviation industry will require 27,800 new planes of 100-plus seating capacity between 2010 and 2030 while Asia will likely take delivery of about 9,370 of those planes worth $1.3 trillion, CEO Tom Enders said. "Our business isn't moving to the East, it has moved to the East," Enders said during a news conference at the Singapore...

French bank BNP Paribas suffered a 50 percent slump in the fourth quarter net profits as Europe's financial crisis intensified last autumn and slashed the value of its holdings of Greek government bonds. The Paris bank, one of Europe's largest financial institutions, said in a statement Wednesday it suffered a euro567 million ($747 million) hit to its bottom line after accounting for expected losses on its Greek bonds in line with a European agreement that aims to cut Greece's debt burden and...

Greece's finance minister says all pending issues in its international creditors' requirements for the country's second bailout will be completed ahead of a Wednesday evening conference call between eurozone finance ministers. Evangelos Venizelos said that "very few" issues remained and would be wrapped up before the call at 6p.m. Greek time (1600GMT) Wednesday. The call is being held instead of a meeting between the ministers, which was called off Tuesday because Athens had not met all the requirements,...

A New Zealand court Wednesday halted the first ever sale of dairy farms to Chinese investors, the latest twist in a saga that's dividing a country reliant on agriculture for much of its export earnings. High Court Judge Forrest Miller ruled the New Zealand government overstated the economic benefits that the Chinese investors would bring when the government approved the sale of the 16 farms last month. Miller said the government needs to review the sale again using stricter evaluation criteria....

American attempts to get major Asian importers of Iranian oil to rein in their purchases are faltering as allies South Korea and Japan give U.S. officials a polite brushoff. Emerging giants India and China may even increase their purchases, further complicating Washington's efforts to force Iran to curtail its nuclear program. In 2011, Japan, South Korea, India and China accounted for 60 percent of Iran's oil sales, and the U.S. initiative _ backed up by financial sanctions _ is meant to dig away...

Oil rose above $101 a barrel Wednesday in Asia as escalating tensions in the Middle East outweighed lingering concerns about Greece's ability to implement austerity measures to resolve its debt crisis. Benchmark crude was up 73 cents to $101.45 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 17 cents to finish at $100.74 per barrel in New York on Tuesday. Brent crude was up 60 cents at $117.95 per barrel in London. Analysts of fears...

Global airlines will need $3.5 trillion of new planes through 2030, with more than a third of that demand coming from Asia, Airbus's chief executive said Wednesday. The aviation industry will require 27,800 new planes of 100-plus seating capacity between 2010 and 2030 while Asia will likely take delivery of about 9,370 of those planes worth $1.3 trillion, CEO Tom Enders said. "Our business isn't moving to the East, it has moved to the East," Enders said during a news conference at the Singapore...

A New Zealand court Wednesday halted the first ever sale of dairy farms to Chinese investors, the latest twist in a saga that's dividing a country reliant on agriculture for much of its export earnings. High Court Judge Forrest Miller ruled the New Zealand government overstated the economic benefits that the Chinese investors would bring when the government approved the sale of the 16 farms last month. Miller said the government needs to review the sale again using stricter evaluation criteria....

Australian lawmakers on Wednesday narrowly approved tax hikes for the wealthy that will help the government meet its pledge to deliver a budget surplus next year. The legislation will limit the availability of a 30 percent tax rebate on health insurance premiums to lower- and middle-income earners. Currently all taxpayers can claim the rebate. But from July 1, individuals earning more than 129,000 Australian dollars ($137,800) a year and couples with joint incomes exceeding AU$258,000 will no...

Asian stock markets rose Wednesday, swayed by a late-day rally on Wall Street, after Greece indicated a willingness to commit to spending cuts demanded by lenders in exchange for a bailout vital to the country's solvency. Japan's Nikkei 225 index jumped 1.8 percent to 9,216.62. South Korea's Kospi gained 0.9 percent to 2,021.07 and Hong Kong's Hang Seng index added 1.3 percent to 21,182.38. Australia's S&P/ASX 200 index was up 0.3 percent at 4,256.40. Markets found hope in reports quoting...

Treasury Secretary Timothy Geithner told Congress Tuesday that the president's new $3.8 trillion spending plan would impose new taxes on only 2 percent of the nation's wealthiest families and the alternative would be to seek more painful cuts in other government programs such as defense, Social Security and Medicare. Geithner defended the new budget plan in the face of intense attacks from GOP members of the Senate Finance Committee. Republican Sen. Orrin Hatch of Utah told Geithner that the administration's...

GETTING BETTER: An FDA official says a severe shortage of key childhood cancer drug methotrexate should ease before hospitals' dwindling supplies run out in a couple weeks. MAKERS' FORECASTS: Two drugmakers hope to ship more to hospitals by the end of February. Another company temporarily was making extra but now needs more of the active ingredient, while a fourth drugmaker, a key producer of methotrexate, has indefinitely suspended its production. LIVES AT STAKE: The drug cures about 90 percent...

Warren Buffett's company boosted its already sizeable stake in Wells Fargo & Co. last year and sold shares of Johnson & Johnson and Kraft Foods, according to documents the company filed Tuesday with the Securities and Exchange Commission. Berkshire Hathaway Inc. revealed a number of adjustments in its $66.2 billion stock portfolio during the fourth quarter. It purchased 46.6 million Wells Fargo shares during the fourth quarter to give it 408 million shares and control of 7.7 percent of...

Goodyear Tire & Rubber Co. returned to profitability in its fourth quarter partly as it sold more higher-priced tires after reporting a loss a year ago that included hefty costs tied to a plant closing. But its results fell short of Wall Street expectations, and its shares fell more than 5 percent Tuesday. The biggest U.S. tire maker also cautioned that global tire industry growth will be at a slower pace near term than previously predicted due to economic difficulties in several markets....

Despite Avon Products Inc.'s efforts to revive its business, the beauty products seller posted a fourth-quarter net loss as sales fell, costs rose and it marked down the value of a silver jewelry company acquired in 2010. Avon has been struggling to improve results and wind up a long-running bribery investigation that began in 2008. The company has restructured and cut jobs. But its profit has shrunk over the past three years, and the bribery investigation has widened. To placate critics, in December...

___ New setback for Greece bailout as meeting canceled BRUSSELS (AP) _ Two steps forward, one step back. So goes the frenzied effort across Europe to bail out Greece and save it from a potentially devastating default on its debts. A meeting of the finance chiefs of the 17 euro countries planned for Wednesday to discuss Greece's second multibillion bailout was called off Tuesday after Athens failed to deliver on several demands made by its partners in the currency union. The last-minute cancellation...

The stock market rallied in the last half-hour Tuesday, seizing on reports that suggested the unraveling Greek debt talks might be saved after all. Stocks finished flat after languishing in the red for most of the day. The Dow Jones industrial average gained 4.24 points to close at 12,878.28, about 12 points shy of its best finish this year. The Standard & Poor's 500 lost 1.27 points to close at 1,350.50. The Nasdaq composite index gained 0.44 point to 2,931.83. As usual, it was about Greece....

Key barometers in the Treasury market late Tuesday, compared with late Monday. Price changes in the 10-year note and 30-year bond are per $100 invested: Today Previous session 10-year note +34.3 cents +6 cents 30-year bond +68.7 cents +30 cents ___ Yield Pvs Session 1-month bill 0.06 0.05 3-month bill 0.11 0.10 6-month bill 0.14 0.12 2-year...

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Goodyear Tire & Rubber Company, down 72 cents at $13.25 The tire maker said it returned to profitability in its fourth quarter, but its results fell short of Wall Street expectations. Bank of America Corp., down 27 cents at $7.98 A Citi analyst lowered his rating on the bank saying he believes other analysts are too optimistic about its two-year profit growth. Imax Corp.,...

Toyota's strong start to 2012 got a boost from a market it has long avoided: rental-car companies. The Japanese automaker sold 47 percent more cars and trucks to U.S. rental companies and other fleets in January, compared with a year earlier. Without those corporate customers, U.S. sales would have been up less than 1 percent instead of 7.5 percent. The sharp increase in fleet sales is unusual for Toyota, which has long shied away from that market because it's less profitable than sales to individuals....

GREECE IS STILL THE WORD: The stock market languished for most of Tuesday, weighed down by news that Greece's debt talks were on the verge of breaking down the country's economy shrank 7 percent in the fourth quarter. Stocks rallied in the final 20 minutes after a report indicated Greece's conservative party leader could help clear the way for spending cuts that lenders are demanding. NEAR A MILESTONE: The Dow continues to veer tantalizingly close to the 13,000 mark, a milestone it hasn't reached...

Stocks were down for most of Tuesday, then rallied in the final minutes of trading after a news report indicated Greece's conservative leader could commit to spending cuts that lenders are demanding. Indexes closed little changed on the day. The Dow Jones industrial average rose 4.24 points, or 0.03 percent, to close at 12,878.28. The Standard & Poor's 500 index fell 1.27 points, or 0.09 percent, to close at 1,350.50 The Nasdaq composite index rose 0.44 points, or 0.02 percent, to close...

Pennsylvania's eleventh slot-machine casino is scheduled to open for business in suburban Philadelphia next month. A spokesman says Valley Forge Casino Resort is set for a full opening on March 31 in Upper Merion Township. The spokesman, Dave La Torre says that will come after two test nights, on March 27 and March 29. Proceeds from the test nights will go to a to-be-determined charity. The new casino will feature 600 slots and 50 table games, such as blackjack, craps and roulette.

Defense Secretary Leon Panetta and the nation's top military leader on Tuesday defended the Pentagon's slimmed-down, $614 billion budget, telling lawmakers it's time to show Congress is serious about reducing the deficit. Testifying before the Senate Armed Services Committee, Panetta warned lawmakers that budget cuts will hit all 50 states, but he says the reductions have been carefully planned and there is little room for changes. Army Gen. Martin Dempsey, the chairman of the Joint Chiefs of...

TARNISHED METALS: Metals fell as questions surfaced about Greece's ability to uphold austerity measures and resolve its debt crisis. Metals were also hurt by a weaker-than-expected report on U.S. retail sales. GREEK'S STRUGGLES: Greek lawmakers have passed a package of spending cuts to try to win approval of a second bailout package. But European finance ministers canceled a meeting to discuss that funding after Greece failed to comply with several of their demands. WINNERS, LOSERS: Oil, gasoline...

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Feb. 13 15,312,796 Statutory debt limit 16,394,000 Total public debt outstanding Feb. 13 15,355,198 Operating balance Feb. 13 65,442 Interest fiscal year 2012 through January 82,809 Interest same period 2011 ...

Key currency exchange rates Tuesday, compared with late Monday in New York: Dollar vs: Exchange Rate Pvs Day Yen 78.47 77.61 Euro $1.3095 $1.3202 Pound $1.5664 $1.5774 Swiss franc 0.9216 0.9157 Canadian dollar 1.0014 0.9988 Mexican peso 12.8053 12.6900 Metal Price (troy oz.) Pvs Day NY Merc Gold $1715.80 $1723.00 NY HSBC Bank US $1715.00 $1725.00...

Greece's economy remained stuck in a deep recession in the fourth quarter, according to official figures released Tuesday that confirm the painful effects of austerity reforms intended to lower debt. Gross domestic product dropped by 7 percent on the year in the fourth quarter of 2011, in non-seasonally adjusted terms, the Greek Statistical Authority said. The struggling eurozone country has been shut out of long-term bond markets since 2010, and is surviving on rescue loans from European Union...

State lawmakers and film industry leaders are urging Gov. Dannel P. Malloy and the legislature to continue supporting and promoting the Connecticut film industry. Waterbury Democrat Rep. Jeffrey Berger joined members of the commerce committee at a news conference Tuesday to thank the governor for supporting the state's film tax credit and digital media industry. Former state House Speaker James Amann and industry professionals joined Berger in urging measures to help strengthen the state's film...

The editor of Russia's leading independent radio station said Tuesday that its management is being changed in an effort to restrict on-air criticism of the government ahead of the March 4 presidential election. The media arm of state-controlled natural gas giant Gazprom, which holds two-thirds of the shares, is tightening its hold over the board of directors, editor Alexei Venediktov said. Gazprom Media took the action after Prime Minister Vladimir Putin last month accused the station of serving...

An Air Canada flight has landed in Vancouver _ four hours later than scheduled because the plane returned to Honolulu for an emergency landing. The plane took off Monday night from Honolulu International Airport and had been in the air for two hours when the pilot saw an indicator about a valve. The pilot returned the plane carrying 158 passengers back to Honolulu. Air Canada spokesman Peter Fitzpatrick says the decision to make an emergency landing was routine procedure. He says the plane was...

Vermonters who drive electric vehicles now have another location where they can charge their cars and it's free for the first year. Green Mountain Power and the city of Montpelier have opened an electric vehicle charging station behind City Hall. The Montpelier spot is the third electric vehicle charging station in Vermont. Montpelier City Manager William Fraser said Tuesday that the location will allow electric vehicle drivers to refuel their cars while running errands downtown. Green Mountain...

Toyota's strong start to 2012 got a boost from rental-car sales, a market it has avoided in the past. The company sold 24,409 cars and trucks to U.S. fleets in January, a 47 percent increase over January of last year. Without fleets, Toyota's U.S. sales would have been up less than 1 percent for the month, instead of the 7.5 percent increase it reported. The sharp rise in fleet sales is big change for the Japanese automaker, which has long shied away from the market because it's less profitable...

The head of the Philadelphia Federal Reserve Bank warned Tuesday against efforts to accelerate the nation's economic recovery, citing the threat of inflation. Speaking at the University of Delaware, Charles Plosser said the Fed already has taken several steps to help revive the economy, and that with a very accommodative monetary policy already in place, officials must guard against the medium and longer-term risks of inflation. "Inflation risks in the near term, I think, remain modest," he said....

Shares of Michael Kors Holdings Ltd. soared as much as 25 percent early Tuesday after the luxury company said its fiscal third-quarter earnings rose 40 percent and revenue rose 68 percent, results that beat Wall Street expectations. The company, which went public in December and designs and sells products from accessories to clothing, also offered an upbeat earnings and sales outlook. That signals the company is confident its affluent shoppers' appetite for high-end goods will remain robust....

Late payments on mortgages ticked up in the last three months of 2011, the second straight quarter-to-quarter increase after nearly two years of steady decline. Credit reporting agency TransUnion said 6.01 percent of mortgage holders were behind on their payments by 60 days or more in the October-to-December period. That compared with 5.88 percent for the third quarter of 2011. To be sure, the rate is down significantly from the fourth quarter of 2010, when 6.41 percent of mortgage holders were...

US airlines saw a sharp drop off in the number of long delays and canceled flights in December, as mild weather helped get passengers to their destinations on time through the peak holiday travel season. It capped off a year of improving results for US airlines, which benefited not only from clearer skies but also from fewer flights, giving the remaining ones better odds of being on time. The Transportation Department said Tuesday that 84.4 percent of flights arrived within 15 minutes of their...

West Virginia officials are launching a project to help homeowners get relief stemming from a nationwide mortgage settlement. To help with the settlement, state Attorney General Darrell McGraw's office has launched "Project: Save Our Homes." The $25 billion settlement between states and five mortgage lenders over foreclosure abuses was announced last week. The banks will make cash payments to those who experienced foreclosure abuses from Jan. 1, 2008 to Dec. 31, 2011. Under the agreement, the...

Anheuser-Busch says it will invest between $70 million and $80 million to increase production capacity at its Metal Container Corp. subsidy in the St. Louis suburb of Arnold. The Jefferson County facility produces aluminum cans for Anheuser-Busch and soda makers. Anheuser-Busch says the expansion should be complete next year and will help Metal Container Corp. maintain the more than 100 workers at the plant. The maker of beers such as Budweiser, Bud Light and Michelob says the expansion is made...

Solar panel manufacturers will have a hard time boosting revenues this year with Germany cutting government incentives at a time when the market is flush with supply, industry analysts believe. Solar shares were among the hardest hit Tuesday in the energy sector, with the largest U.S. provider, First Solar Inc., tumbling more than 8 pct. Even after a rash of factory closures, the solar industry is on pace to expand production capacity in 2012, said Maxim Group analyst Aaron Chew. He expects the...

A-B Computer Solutions Inc. won an $11.4 million, five-year federal contract for computer maintenance and support. The U.S. Defense Department said Monday that the contract with A-B Computer runs through Jan. 31, 2017. It says A-B was one of three companies that submitted bids through the Internet.

CHINA APPEAL: European Union leaders urged China to open its markets, join in persuading Iran to negotiate over its nuclear program and help end bloodshed in Syria, as they held a summit delayed by Europe's debt crisis. PROMISES: Both sides pledged to boost trade and start talks on an investment treaty. But at a news conference, EU officials and Chinese Premier Wen Jiabao expressed differences on issues from trade to human rights. CLOSED DOORS: Europe is China's biggest trading partner but European...

Verizon Communications Inc. says it spent more than $725 million on telecommunications and information technology improvements in Virginia in 2011. The state's largest telecommunications provider says its investments benefit residential and business customers across Virginia. Included in those improvements are upgrades to its FiOS television and Internet services, as well as accelerated deployment of fiber-optic links to wireless carriers' cellular sites throughout Virginia.

The Senate has approved a proposal to lower New Mexico's corporate income tax rate but change the tax treatment of large corporations with income from operations nationwide. The measure passed the Senate on a 28-13 vote on Monday and was sent to the House. Sen. Peter Wirth, D-Santa Fe, says the legislation will help stop "big box retailers" from avoiding taxes by shifting part of their income to out-of-state subsidiaries. The proposal will require certain corporations to combine the income from...

Americans rebounded from a weak holiday season and stepped up spending on retail goods in January. The latest government report on retail sales pointed to a slowly improving economy. Retail sales rose at a seasonally adjusted 0.4 percent last month, the Commerce Department said Tuesday. Consumers spent more on electronics, home and garden supplies, sporting goods, at department and general merchandise stores and at restaurants and bars. They also paid higher prices for gas. Spending on autos...

A consulting company has recommended that Philadelphia officials consider selling the city's municipally owned gas company to a private entity. Mayor Michael Nutter released a report Monday that indicates selling Philadelphia Gas Works could yield a profit of $146 million to $496 million under the best-case scenario. The sale would include conditions such as honoring current employee contracts and keeping the corporate headquarters in Philadelphia for a period. The report says the sale process...

Greece's international creditors have spelled out the austerity measures promised by Athens that have to be put into practice before it can receive new bailout cash, totaling more than euro2.5 billion ($3.31 billion). Those budget cuts include: _ euro1.076 billion ($1.43 billion) to be cut from the country's pharmaceuticals spending _ euro300 million ($397 million) in military budget cuts _ euro270 million ($358 million) to be slashed from regular government expenditure and election-related...

Portugal's economy contracted by 1.5 percent last year, pitching it into a double-dip recession amid an acute financial crisis, the country's statistics agency reports. Portugal needed a euro78 billion ($103 billion) bailout last year to avoid bankruptcy after a decade of feeble growth. The government has enacted steep pay and welfare cuts and tax hikes in an effort to reduce Portugal's debt burden, but the measures have crunched spending. The National Statistics Institute said Tuesday that...

The government official who outlined Japan's worst-case scenario for the unfolding nuclear disaster last March defended how his study, warning that millions of people might have to flee, was kept secret. Authorities would have had as much as a week or two to expand the evacuation zone if the worst-case scenario had started to unfold, said Shunsuke Kondo, who heads the Japan Atomic Energy Commission that helps set government nuclear policy. But he also acknowledged Tuesday that the design for...

A new document from Greece's international creditors spells out what further austerity measures they expect Athens to implement to receive fresh cash and avoid default. The draft document obtained by the Associated Press Tuesday says, among other conditions, that the Greek government must cut spending on pharmaceutical products by another euro1 billion ($1.32 billion) and step up its privatization efforts to create more revenues. Greece's international creditors _ the International Monetary Fund,...

Italy saw its borrowing costs drop as it raised nearly euro6 billion ($7.8 billion) in bonds Tuesday. In a sign that market pressure is continuing to ease on Italian debt, the country paid rates of 3.41 percent on euro4 billion in three-year bonds, down from 4.8 percent a month earlier. The sale was 1.4 times oversubscribed. The country has seen its borrowing costs ease in recent weeks, after yields on benchmark 10-year bonds were pushed to the perilous 7 percent level last year. The Italian...

Spain has successfully sold euro5.4 billion ($7.16 billion) in short-term debt with strong demand and interest rates down despite the country's latest credit rating downgrade. Ratings agency Moody's cut ratings for several countries late Monday including Spain's from A1 to A3. The move follows a similar downgrades by rival agencies Standard & Poor's and Fitch. The Spanish Treasury sold euro2.94 billion ($3.90 billion) in 12-month bills at an average yield of 1.89 percent, down from 2.05 percent...

Asian stock markets were mixed Tuesday after ratings agency Moody's slapped credit downgrades on six European Union countries due to the region's weak economic outlook and uncertain attempts to implement reforms. Benchmark oil hovered above $100 per barrel while the dollar rose against the euro and the yen. Japan's Nikkei 225 index, reversing early morning losses, rose 0.6 percent to 9,064.90. The gains came as the Bank of Japan, following a policy meeting, announced it would buy more government...

Taking a pass on reining in government growth, President Barack Obama unveiled a record $3.8 trillion election-year budget plan Monday, calling for stimulus-style spending on roads and schools and tax hikes on the wealthy to help pay the costs. The ideas landed with a thud on Capitol Hill. Though the Pentagon and a number of Cabinet agencies would get squeezed, Obama would leave the spiraling growth of health care programs for the elderly and the poor largely unchecked. The plan claims $4 trillion...

Defense Secretary Leon Panetta is defending his department's slimmed-down, $614 billion budget plan, telling senators that it's time to step up and show they are serious about reducing the deficit. In testimony prepared for a Senate Armed Services Committee hearing Tuesday, Panetta is warning lawmakers that budget cuts will hit all 50 states. But he says the reductions have been carefully planned and there is little room for changes. Panetta and Gen. Martin Dempsey, chairman of the Joint Chiefs...

Firefighters doused smoldering buildings and cleanup crews swept rubble from the streets of central Athens on Monday following a night of rioting during which lawmakers approved harsh new austerity measures demanded by bailout creditors to save the nation from bankruptcy. Police said rioters destroyed or damaged more than 110 buildings, of which 50 were burned. They included nine listed as national heritage buildings, mostly in the neoclassical style, while 30 stores were looted. Smoke still...

Greece faces further hurdles and delays before it can receive a second, euro130 billion ($171 billion) bailout despite its lawmakers voting through more austerity measures in the face of violent protests. The European Union's Economic Affairs Commissioner Olli Rehn on Monday called the Greek Parliament's approval of a further round of budget cuts a "crucial step forward," but Germany insisted it would still take some time before the second bailout is delivered. Germany, which as Europe's biggest...

The recent history of domestic aviation includes both successes and failures. Some notable U.S.-based airlines that started flying since 2000: _ JetBlue Airways, began flying in 2000, survived the industry slump that followed the recession and terror attacks of 2001, and now serves about 70 cities in the U.S. Caribbean and Latin America. _ Virgin America, backed by British billionaire Richard Branson, began flying in 2007 and now serves 16 cities in the U.S. and Mexico. _ Independence Air, originally...

News Corp. is consolidating its global government affairs activities and relocating them to the U.S. The company's global affairs will be led by Michael Regan, executive vice president for government affairs and head of its Washington operations. Also, Frederic Michel will be senior vice president of government affairs and public policy for Europe. He will lead a new Brussels-based operation for News Corp. Most recently he was director of public affairs for Europe. News Corp. is dealing with...

Soon investors can take after King Kong and grab a piece of the Empire State Building. The company that runs the Depression-era skyscraper, the tallest building in New York, is planning to go public in a stock offering that could raise $1 billion, according to documents filed with regulators Monday. That means that even if you can't afford to buy a home, you can buy a stake in perhaps the nation's most iconic office building. At least until the government sells shares in the Pentagon. The planned...

STAYING IN PLACE: Deposits into U.S. stock mutual funds roughly equaled withdrawals in January, industry consultant Strategic Insight said on Monday. It snapped an eight-month streak of investors pulling their money out each month. The string ended as the stock market had its best January in 15 years. BONDS RETAIN APPEAL: Bond funds remained popular, attracting $32 billion in new cash. Taxable bond funds attracted $26 billion in net deposits, with municipal bond funds attracting $6 billion....

The name PeoplExpress conjures up thoughts of cheap fares, packed planes and bare-bones service. If regulators agree, the name will be back this summer, attached to an airline that hopes to borrow from the old playbook while avoiding some of the mistakes that doomed one of the pioneers of the no frills airline business. PeoplExpress Airlines announced Monday that it will be headquartered at Newport News-Williamsburg International Airport in southeastern Virginia. The airline plans to offer flights...

A January market rally wasn't enough to get investors back into stock mutual funds in a big way. But they did stop pulling out more cash than they were putting in, ending an eight-month string of net withdrawals. Industry consultant Strategic Insight said on Monday that deposits into U.S. stock mutual funds roughly equaled withdrawals in January. It was the first month since April that withdrawals didn't outpace deposits. Net withdrawals totaled $137 billion over the last eight months of 2011...

General Electric Co. plans to hire 5,000 veterans over the next five years and invest $580 million to expand its aviation business. The announcements Monday were part of a four-day event that the global conglomerate is hosting with partners in Washington, D.C., that focuses on issues such as manufacturing and job creation in America. GE CEO Jeffrey Immelt heads up President Obama's 27-member jobs council, which also includes AFL-CIO President Richard Trumka, AOL co-founder Steve Case and Facebook...

The Federal Housing Administration could run out of money over the next year and require a $700 million cash infusion from the Treasury Department to stay afloat, according to the Obama administration's budget request sent Monday to Congress. But Obama administration officials said $1 billion from the government's $25 billion mortgage settlement with the nation's largest banks would be used to replenish the agency's reserves. The FHA's losses have increased as more homeowners have defaulted on...

GOOD NEWS FROM GREECE: Another step toward another bailout fueled stock gains in the U.S., with all major indexes rising. GETTING CLOSE: The Dow is now within 16 points of its best close since before the 2008 financial crisis. It has risen 5.4 percent this year. A MILESTONE: Apple crossed $500 per share for the first time, closing at $502.60.

Stocks rose on Monday as investors cheered a vote in Greece that will help clear the way for another bailout. The Dow Jones industrial average rose to within 16 points of its close highest close since before the 2008 financial crisis. Major indexes started out ahead and, other than a brief dip in the morning, kept their gains all day. Nine of the 10 categories of stock in the Standard & Poor's 500 rose, with only utilities posting a slight decline. Industrials gained the most, up 1.2 percent....

Ohio officials want to know whether the state's 101 rest stops could be leased to a private operator and how much a potential deal might be worth. A legislative panel on Monday approved the state's use of $2.85 million in federal research money to pay a consultant to evaluate privatizing the rest areas along interstates and state roadways. Under the contract with Austin, Texas-based KPMG Corporate Finance LLC, consultants will also explore the idea of leasing the Ohio Turnpike. The 241-mile roadway...

An amendment to Virginia's Constitution that would make it harder for governments to take private land has cleared the Virginia Senate. The Republican-backed measure passed on a 23-17 vote Monday. Four Democrats joined 19 Republicans in supporting the resolution to put the amendment on the ballot for voter approval in November. One Republican voted against the measure. An identical resolution is pending in the House of Delegates, where it is expected to pass. Supporters of the amendment say...

Investors shook off their worries about Greece on Monday and got back to their routine of little-by-little gains. The Dow Jones industrial average climbed 73 points _ nothing flashy, but enough to regain most of what it lost with an 89-point drop on Friday. Before that, stocks enjoyed a slow, steady climb this year. Financial stocks led the Dow higher. Its biggest gainers were Bank of America, up 2.2 percent, and JPMorgan Chase, up 1.8 percent. Financial stocks have been the best performers in...

Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Chesapeake Energy Corp., up 53 cents at $22.66 The oil and gas company said that it will try to raise as much as $12 billion by selling assets in an effort to reduce its debt. Diebold Inc., up $3.19 at $37.94 The maker of ATMs and bank vaults said it posted a $79.8 million fourth-quarter profit, reversing its loss from last year. Penn Virginia Corp., up 26 cents at $5.06...

ROARING RALLY: In anticipation of the spring home-selling season, the Standard & Poor's homebuilders index has surged 60 percent in four months. IMPROVING MARKET: Some financial analysts think the recent run-up is the opening act in a multi-year recovery for the stocks as the housing market gradually rebounds. BUY ON THE DIPS: With prices having jumped recently, stock-watchers suggest buying when the stocks have a correction later this year to more reasonable levels. Stocks to consider: D.R....

The housing market recovery hasn't taken off yet, but a rally in its stocks sure has. The Standard & Poor's homebuilders index is up 60 percent since October. Given that stock prices tend to anticipate business trends, does that mean a housing market rebound is imminent during the spring home-selling season? Not necessarily. The biggest sustained rally in homebuilding stocks in years and recent upbeat home sales data, however, have injected some long-absent optimism into the outlook for...

Federal safety regulators are investigating fires in the driver's side doors of Chevy TrailBlazers, the second such probe in a week. The latest inquiry involves more than 309,000 TrailBlazer SUVs from the 2006 and 2007 model years. The fires began in the power window switch or related electrical parts, the National Highway Traffic Safety Administration said Monday. The agency opened the first probe last week into similar problems with the 2007 Toyota Camry sedan and RAV4 small crossover SUV....

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Feb. 10 15,311,676 Statutory debt limit 16,394,000 Total public debt outstanding Feb. 10 15,354,109 Operating balance Feb. 10 57,082 Interest fiscal year 2012 through January 82,809 Interest same period 2011 ...