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AP Business NewsBrief at 8:59 p.m. EDT(Associated Press Via Acquire Media NewsEdge) February existing home sales drop 0.6 percentWASHINGTON (AP) _ Sales of existing homes fell for a third straight month in February, pushing sales down to the lowest level since last July. There is concern the fragile housing rebound is faltering, making it harder for the overall economy to recover. The National Association of Realtors said Tuesday that sales of previously occupied homes dropped 0.6 percent in February to a seasonally adjusted annual rate of 5.02 million. Pay cuts coming for execs at bailed-out companiesWASHINGTON (AP) _ The top earners at five big companies still living on federal bailout money will take a 15 percent pay cut this year, the Obama administration's pay czar says _ yet many will still make millions. Kenneth Feinberg also said cash salaries would be capped at $500,000 this year for the vast majority of the top executives at the five companies. Any further compensation has to be in stock. Big cities see gains as boomers delay retirementWASHINGTON (AP) _ Battered by recession, more older Americans are staying put in traditional big cities to hold onto jobs, creating slowdowns in population growth at once-popular retirement destinations widely found in the South and West. Census estimates released Tuesday capture the impact of the housing downturn and economic recession, including the critical period after the financial meltdown in late 2008, on the nation's counties and metropolitan areas. Former NJ Governor Corzine takes helm of MF GlobalNEW YORK (AP) _ Former New Jersey Governor Jon S. Corzine will take the helm of futures and options brokerage MF Global Holdings Ltd., returning to the private sector after nearly a decade in government. Effective immediately, the 63-year-old takes over from Bernard W. Dan, who has resigned as CEO for personal reasons but will remain through May 16 to help with the transition. Alison J. Carnwath is stepping down as chairman in August, after completing her three-year commitment to the company. Momentum carries stocks higher; Dow adds 103NEW YORK (AP) _ Investors are starting to believe that the stock market is on the verge of another big rally. The Dow Jones industrials rose almost 103 points Tuesday, their biggest gain in more than two weeks. The day's economic news was tepid as the National Association of Realtors reported a drop in homes sales last month that wasn't as steep as forecast. But analysts said many investors, after seeing the Dow at new highs for 2010, were afraid of missing out on further gains. Yellen: Record low rates needed to rev up recoveryWASHINGTON (AP) _ Record-low interest rates are still needed to energize the economic recovery, a Federal Reserve official said Tuesday. Janet Yellen, head of the Federal Reserve Bank of San Francisco and President Barack Obama's top pick to be vice chair of the central bank, said the sluggish recovery she anticipates means unemployment will stay high for years. China thwarts Google's detour around censorshipSAN FRANCISCO (AP) _ Google's attempted detour around China's Internet censorship rules was met with countermeasures Tuesday by the communist government, which blocked people on the mainland from seeing search results dealing with such forbidden topics as the pro-democracy movement. China's maneuver, as well as its public rebuke of Google's decision to stop censoring searches for the government, rattled some of the company's investors, advertisers and users. PepsiCo looks for new, no-cal, natural sweetenersNEW YORK (AP) _ A race to develop natural, zero-calorie sweeteners is bubbling up in the nation's $100 billion beverage industry. PepsiCo, looking to revive itself in the declining soda industry, is boosting its development spending for this search and to mix up new drinks. Adobe posts lower 1Q profit, exceeds expectationsNEW YORK (AP) _ Adobe Systems Inc. said Tuesday that fiscal first-quarter earnings declined on higher expenses, but sales climbed as demand for its design and publishing software improved with the stabilizing economy. The results surpassed Wall Street's expectations, and Adobe also gave a strong forecast for the current quarter, thanks to the better economy and a key product upgrade that Adobe said Tuesday it would launch by early June. Its shares rose in after-hours trading. Sprint to promote video calling with '4G' phoneNEW YORK (AP) _ Sprint Nextel Corp. is aiming to make video calls a selling point of the new, faster data network that it's spending billions with co-investors to build. The wireless carrier on Tuesday announced that this summer, it is launching the first phone that will be able to use the new Clear wireless broadband network. Though it is live in 27 cities and offers faster data speeds for laptops than current cellular broadband networks, Clear doesn't yet work with phones. (c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |