Wire Business News

Authorities in Italy say pumping operations have begun to remove some of the 500,000 gallons of fuel aboard the cruise ship that ran aground off Tuscany.

Iraq inaugurated a new offshore oil export terminal in the Persian Gulf on Sunday in a vital step to ease infrastructure constraints and to bring sorely needed cash for reconstruction after decades of war and international sanctions.

A top Boeing Co. executive says that the plane maker is frustrated with the latest 787 Dreamliner production glitch, but that it shouldn't delay output goals.

Greek lawmakers on Sunday began debating legislation introducing severe austerity measures necessary for the country to secure a euro130 billion ($171.46 billion) bailout from the European Union and the International Monetary Fund and stave off bankruptcy.

J.R. Childress is up before the sun, bustling about in the French colonial brick house he built. He helps pack his wife's lunch, downs some eggs or cereal for breakfast, pores over online and newspaper job listings and hopes - even prays - this will be the day when his fortunes turn around.

Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens?

Britain's press must face tougher penalties for breaches of standards in the wake of the tabloid phone-hacking scandal, the government minister responsible for the media said Sunday.

President Barack Obama is pressuring Congress to extend a payroll tax cut for the rest of the year as another deadline nears for Congress to act or see taxes go up for millions of working people.

Five staff at Britain's largest selling tabloid The Sun were arrested Saturday along with three other people over alleged bribes paid to police and defense officials, detectives and the newspaper's parent company said.

Bernard Trager, the longtime chairman and founder of bank holding company Republic Bancorp Inc., has died. He was 83.

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.

Warning of a "catastrophe" that would leave Greeks subsisting on food stamps and the country wallowing in bankruptcy, Greek leaders urged lawmakers Saturday to pass more painful spending cuts on the eve of a crucial vote to qualify for a massive bailout.

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.