BC-Business News Digest

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Associated Press

Posted on January 14, 2014 at 4:00 PM

Updated Tuesday, Jan 14 at 4:00 PM

Business News at 5:00 p.m.

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A selection of top photos can be found at: http://bit.ly/APTopPhotos.

All times EST.

—Adds: BUDGET-FLOOD INSURANCE, BUDGET BATTLE-ANALYSIS, BUDGET BATTLE-IMF, CASINO REVENUE, AIRLINES-DELAYS

—Updates: INTERNET NEUTRALITY, WALL STREET, OIL PRICES

TOP STORIES:

AUTO SHOW-PERFORMANCE CARS

DETROIT — Fuel economy is the buzz phrase, but people still want to have fun when they drive. From a hot new edition of the Corvette Stingray with a staggering 625 horsepower to a version of the tiny Volkswagen golf that promises zero to 60 mph acceleration in 4.9 seconds, power and performance are everywhere at the Detroit auto show. By David Runk. SENT: 800 words, photos, video.

With:

— AUTO SHOW-HOT CARS — A look at some of the eye-catching cars features at the Detroit auto show. SENT: 650 words, photos.

Also:

— AUTO SHOW-THREE QUESTIONS-MARK REUSS — Questions for Mark Reuss, the incoming product development chief for General Motors. SENT: 600 words, photos.

HOLIDAY SALES

NEW YORK — Holiday shoppers were more than willing to spend, if they saw big discounts or were shopping online. Sales for the season rose 3.8 percent, according to a trade group's analysis of federal figures, a healthy gain in a season that kept merchants worried right up until Christmas. But shoppers turned away from many traditional outlets like department stores and electronics merchants. By Anne D'Innocenzio. SENT: 380 words. SENT: 750 words, photos. Eds: Incorporates BC-US--Retail Sales.

FOREIGN-BASED BOURBON

CLERMONT, Ky. — Kentucky bourbon remains authentically American, whiskey insiders maintain — even when some of its distillers answer to foreign companies. The planned $13.62 billion acquisition of the owner of Jim Beam and Maker's Mark by a Japanese company adds two more classic brands to the lineup of bourbon staples tied to foreign-based parent companies. By Bruce Schreiner. SENT: 880 words, photos.

MARKETS & ECONOMY:

BUSINESS INVENTORIES

WASHINGTON — U.S. companies built up their stockpiles in November as their sales improved. Continued growth in inventories suggests businesses believe consumers will increase spending in the months ahead. By Josh Boak. SENT: 300 words, photo.

WALL STREET

NEW YORK — The good followed the bad for the stock market. One day after logging its worst performance of the year, the stock market bounces back with its best day of 2014. The Standard & Poor's 500 index climbs more than 1 percent, erasing most of its loss from a day earlier. By Steve Rothwell. SENT: 700 words, photo.

OBAMA-ECONOMY

WASHINGTON — Ready to put an economic spotlight on his State of the Union address, President Barack Obama is picking up the pace of his jobs message and making a case that, even against a divided Congress, he can still be relevant to people struggling in the up-and-down recovery. By Jim Kuhnhenn. SENT: 650 words, photo.

BUDGET BATTLE

WASHINGTON — A massive $1.1 trillion spending bill to fund the government through October, keep Saturday mail service and finally put to rest the bitter budget battles of last year is getting generally positive reviews from House Republicans eager to avoid another shutdown crisis with elections looming in 10 months. By Andrew Taylor. SENT: 1,200 words, photo. UPCOMING: Vote on short-term funding expected mid-afternoon, xxx words by xx p.m.

With:

— BUDGET BATTLE-GLANCE — Details of $1.1 trillion spending bill offering relief to Pentagon, many domestic programs. SENT: 900 words.

— BUDGET BATTLE-ANALYSIS — A win for conservatives: Spending for thousands of programs declining under prodding. SENT: 800 words, photo.

— BUDGET BATTLE-IMF — Obama administration fails in effort to win congressional support for IMF funding request. SENT: 370 words.

— BUDGET-FLOOD INSURANCE — Omnibus spending bill delays federal flood insurance premium hikes from new maps. SENT: 600 words.

— OIL PRICES — The price of U.S. oil rises nearly 1 percent along with a rising stock market. Global crude slips, though, on the prospect of rising supplies from Libya, the North Sea, and Iran. SENT: 450 words.

EARNINGS:

EARNS-JPMORGAN

NEW YORK — JPMorgan Chase says that its profits fell 7 percent in the fourth quarter, hampered by more legal woes and a decline in the bank's investment banking business. By Ken Sweet. SENT: 500 words, photo.

With:

— JPMORGAN-TARGET BREACH — More Target-sized security breaches will happen if the banking and retail industries don't start working together to further protect customers' data, says JPMorgan Chase CEO Jamie Dimon. SENT: 400 words, photo.

EARNS-WELLS FARGO

NEW YORK — Fourth-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, jumps 11 percent as a steep drop in mortgage lending was offset by increased interest income. SENT: 270 words, PHOTO.

INDUSTRY:

TV-WEATHER DISPUTE

LOS ANGELES — About 20 million DirecTV customers nationwide lost The Weather Channel because of a dispute over fees between the channel and the satellite service. The two companies pointed fingers at each other as a deadline for renegotiation of carriage fees paid by DirecTV to The Weather Channel passed without an agreement. SENT: 360 words.

— GENERAL MOTORS-GLOBAL SALES — General Motors says it sold 9.71 million cars and trucks last year. That's up 4 percent from a year ago, but probably not enough to beat Toyota for the global sales crown. SENT: 270 words.

— 787 BATTERIES — Battery problems resurfaced on Boeing's 787 on Tuesday, after gas was discovered coming out of a battery on a plane parked in Tokyo. SENT: 300 words.

— AIRLINES-DELAYS — Government reports decline in airlines' on-time record, but passengers file fewer complaints. SENT: 200 words.

— BEANIE BABIES CREATOR-SENTENCING — The billionaire creator of Beanie Babies gets two years of probation, but no prison time, for tax evasion on $25 million in income he had stashed away in Swiss bank accounts. SENT: 330 words, photos.

— MERCK-DRUG RECALL — Drugmaker Merck & Co. is recalling a combination cholesterol drug, wiping out the entire U.S. stock, due to packaging defects that could reduce effectiveness. SENT: 130 words.

— BERKSHIRE HATHAWAY-MILL — The Massachusetts textile mill that helped billionaire Warren Buffett launch his investment empire, but which he also called one of his biggest blunders, is being torn down. SENT: 380 words.

— SUPREME COURT-DAIMLERCHRYSLER — The Supreme Court won't allow a lawsuit to move forward in California that accuses the former DaimlerChrysler Corp. of Stuttgart, Germany, of alleged abuses in Argentina. SENT: 740 words.

— CASINO REVENUE — Atlantic City casino revenue falls below $3 billion for the first time in 22 years. SENT: 600 words.

TECHNOLOGY & MEDIA:

INTERNET NEUTRALITY

WASHINGTON — In a decision that could reshape consumers' access to entertainment, news and other online content, a federal appeals court sets aside Federal Communications Commission rules designed to ensure that transmission of all Internet content be treated equally. By Pete Yost. SENT: 670 words.

NSA-SURVEILLANCE

WASHINGTON — Telephone companies are quietly balking at the idea of changing how they collect and store Americans' phone records to help the National Security Agency's surveillance programs. They're worried about their exposure to lawsuits and the price tag if the U.S. government asks them to hold information about customers for longer than they already do. By Stephen Braun. SENT: 1,070 words, photo.

INTERNATIONAL:

CHINA-HOME VIDEO

BEIJING — When media studies student Liu Zhiqi settles down to watch a movie or TV drama at the home of the San Francisco family she lodges with, she misses the convenience of downloading content for free like in China. For Liu, an on-demand streaming service such as Netflix isn't worth the $7.99 a month subscription. Liu encapsulates the dilemma that China's video-on-demand industry faces: how to persuade people to pay to watch in a country where piracy is rampant and licensed content such as American TV dramas is free online. By Louise Watt. SENT: 1,000 words, photos.

— CHINA-HOLIDAY TRAVEL — Authorities expect Chinese to make 3.6 billion trips during the 40-day Chinese New Year travel period that starts Thursday. These trips include intercity flights, trains and local bus rides to villages during China's most important holiday. Each year, it represents the world's largest seasonal migration of people as families reunite. SENT: 140 words.

EUROPE-ECONOMY

LONDON — Industry across the eurozone managed to offset the impact of a strong euro in November to post the biggest rise in output in three and a half years, official figures show. Eurostat, the EU's statistics office, said industrial output in the then 17-country eurozone rose by 1.8 percent compared with the previous month. That was ahead of market expectations for a 1.3 percent increase and the biggest monthly increase since May 2010. By Pan Pylas. SENT: 520 words, photo.

Also:

— FRANCE-ECONOMY — French President Francois Hollande is promising to cut 50 billion euros ($68 billion) in public spending over the years 2015-2017 to try to improve public finances. SENT: 130 words. UPCOMING: 300 words by 1:30 p.m.

And:

— GREECE-FINANCIAL CRISIS — Greece's finance ministry says it is on target to achieve a primary budget surplus in 2013, a key target set in the country's bailout agreements. SENT: 380 words, photos.

_____

A sampling of Money & Markets modules is below. The full digest for AP's Money & Markets service can be found at markets.ap.org. For questions about Money & Markets content, please contact Trevor Delaney (800-845-8450, ext. 1807). For technical support: Todd Balog (816-654-1096). After 6 p.m., contact the AP Business News desk (800-845-8450, ext. 1680) for content questions; 1-800-3AP-STOX for technical support and 212-621-1905 for graphics help.

CENTERPIECE

Flying higher

Airlines stocks have taken off this year. Several of the major carriers are up more than 10 percent, led by United Continental which has climbed nearly 18 percent. A look at what's lifting these stocks, including the tailwind from a strong holiday travel season. UPCOMING: Graphic expected by 6 p.m.

COMPANY SPOTLIGHT

GameStop plummets

GameStop offered a disappointing outlook for its fourth-quarter profit and investors sold off on Tuesday. UPCOMING: Graphic expected by 6 p.m.

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