Wire Business News

Fishermen and federal officials grappled Friday with the increasingly bleak prospect of finding some way for the historic New England industry to avoid collapse amid troubles with the health of Gulf of Maine cod.

Regulators on Friday closed small banks in Illinois and Indiana, increasing to nine the number of U.S. bank failures this year, a slower pace than in 2011, when there were 92 bank closures.

Standard & Poor's Ratings Services on Friday lowered its ratings on 34 Italian banks, citing concerns over Italy's financial vulnerability and expectations for weak profits at the banks.

Greece's future in the eurozone came under renewed threat Friday as popular protests again turned violent and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.

BAILOUT BLUES: U.S. stocks took their biggest slide so far this year on news that European countries that share the euro with Greece want it to make deeper spending cuts in exchange for bailout money. Stocks had risen just a day before on hopes the bailout was imminent.

Stocks had their worst day of the year Friday after Greece hit a roadblock on its way to a critical bailout. The S&P 500 index had its first down week of the year.

Investors thinking of buying a piece of Facebook after it goes public are hoping it will perform like Google, whose stock has risen 500 percent since its debut seven and a half years ago.

A look at economic developments and activity in major stock markets around the world Friday:

DEFICIT SHRINKS: The federal deficit is running lower through the first four months of the budget year than the previous year. Through January, it totaled $349 billion - $70 billion less than the same period last year.

The latest setback in Greece's efforts to avoid defaulting on its debt sent investors rushing back into U.S. Treasurys Friday.

GREEK WOES: Commodity prices fell broadly as a plan to fix Greece's crippling debt crisis remained far from settled, renewing concerns about global economic growth.

Commodity prices fell broadly Friday after a plan to fix Greece's crippling debt crisis suffered a setback, renewing concerns about global economic growth.

Major companies tentatively scheduled to report quarterly earnings next week:

DEAL COSTS: NYSE Euronext on Friday said costs related to its collapsed merger with German stock market Deutsche Boerse shrank fourth-quarter net income.

MONDAY, Feb. 13

Oil prices fell Friday with a critical bailout plan for Greece's economy in limbo, again raising the specter of bank failures and reduced oil petroleum in Europe. Here's how energy contracts traded.

The trustee overseeing MF Global's liquidation said Friday that the shortfall between the funds under his control and the amount customers of the failed brokerage are expected to claim is at least $1.6 billion.

The euro fell sharply against the dollar Friday on fears that Greece won't be able to avoid a default.

BONUSES CUT: Barclays PLC revealed Friday that it is slashing its bonus pool after earnings at its investment banking division fell sharply and dented overall profitability.

First Solar is warning that a construction delay threatens to undo its sale of a large solar project planned for Los Angeles County to power producer Exelon Corp.

The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year.

Shares of oil producer Cobalt International Energy Inc. surged 36 percent Friday after the company released a study showing that one of its wells might be far more productive than many analysts thought.

International Paper Inc. will be allowed to go ahead with its $3.7 billion acquisition of smaller rival Temple-Inland Inc. after reaching a settlement with the Justice Department's antitrust division.

Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years.

Dairy Queen has opened its 500th store in China after a year of aggressive expansion there.

The New York State Thruway Authority is looking for farmers and growers to participate in "Tailgate Farmers Markets" at some of the highway system's more than two dozen travel plazas.

The feel-good era between New York property tycoon Donald Trump and Scotland's political leaders seems to have come to a dramatic end.

SHOW OF SUPPORT: German Finance Minister Wolfgang Schaeuble told his Portuguese counterpart that Berlin is ready to support possible changes to Portugal's bailout program.

TRADING DOWN: China's trade data in January showed the biggest drop since 2008. Exports fell 0.5 percent from a year earlier to $149.9 billion. Imports were down 15 percent at $122.7 billion. The politically sensitive global trade surplus tripled to $27.3 billion.

South Dakota's 13,000 state workers are up for a pay raise after three years without one, but a plan outlining an across-the-board $2,300 for all public employees won't move forward this legislative session.

Idaho's House Resources and Conservation Committee voted unanimously to limit local governments' authority over oil and natural gas drilling, after energy-industry representatives raised concerns they could be regulated out of business by cities or counties.

THUMBS UP: General Motors Co. won approval from environmental authorities in central China for a new $1.1 billion assembly plant, though the company says it has not yet decided on the plan. The go-ahead is one of many required a large project.

Crystal chandeliers with a dangerous tendency to fall, single-cup coffee makers that may spray scalding liquid on users and lamps that may start fires are among the consumer products recalled this week.

Oil prices fell Friday with a critical bailout plan for Greece's economy in limbo, again raising the specter of bank failures and bankruptcies in Europe.

Nissan is recalling 39,000 Versa small cars because the transmissions can be shifted out of park without the driver's foot on the brake.