WASHINGTON (AP) -- The company said in a statement that it
has begun shipping parts and is training dealers on the repairs. Some dealers
will stay open around the clock to fix the 2.3 million cars and trucks affected
by the recall in the U.S. Technical bulletins on how to install
the new parts should arrive at dealers by midweek, the company told dealers in an
e-mail. It was not clear exactly when repairs would start, although dealers
have said they'll begin as soon as possible. Obama unveils 2011 budget with $3.83T
in spending WASHINGTON (AP) -- President Obama's new budget blueprint preaches
the need to make tough choices to restrain runaway deficits, but not before
attacking what the administration sees as the more immediate challenge of
lifting the country out of a deep recession that has cost 7.2 million jobs over
the past two years. Factory activity fueling modest
economic recovery NEW YORK (AP) -- Hopes that America's
factories will help drive the economic recovery gained support Monday from news
that manufacturing activity grew in January to its strongest point since 2004. Other reports Monday offered a reminder
that the recovery remains fragile. Construction spending sank in December to
its lowest level in more than six years. And gains in personal income and
spending were too modest in December to suggest that consumers can fuel a
strong rebound. Manufacturing activity has become a
pocket of strength, though some of it flows from temporary factors such as
customers needing to add to depleted stockpiles of goods. Stocks climb as manufacturing, spending
increase NEW YORK (AP) -- Encouraging economic
reports lifted stocks Monday and bolstered hopes that the recovery is in better
shape than many had believed. The Dow Jones industrial average rose
118 points after falling in the final two days of last week. Energy stocks led
the market higher following a strong earnings report from Gains in manufacturing and personal
incomes helped shore up the market's sentiment after three straight losing
weeks that left stocks with a loss for January. Investors were already becoming
more optimistic thanks to news on Friday that the economy grew at the fastest
pace in six years in the final three months of 2009. The Dow rose 118.20, or 1.2 percent, to
10,185.53, its biggest gain since Jan. 4. NEW YORK (AP) -- The world's largest publicly traded oil
company finished the year with a 23 percent decline in fourth-quarter income.
Exxon now has posted lower profits for five straight quarters after setting a
record of $14.83 billion in the third quarter of 2008. Like rivals Treasury Dept. projects $392B in 1Q
borrowing WASHINGTON (AP) -- The Treasury
Department says it expects to borrow $392 billion in the current quarter to
help finance the largest annual budget deficit in history. The projection is $86 billion lower
than an estimate the department issued in November, when it expected to borrow
$478 billion. The improvement is largely due to higher-than-expected repayments
of about $90 billion in bailout funds by large banks. The department also says it borrowed $260
billion in last year's fourth quarter, below an earlier estimate of $276
billion. Treasury expects to borrow $268 billion in the second quarter of this
year. Lower gasoline prices vary widely
across US The two-week drop in oil prices is
paying off for drivers in some parts of the country more than others. Retail gasoline prices have now fallen
for 19 straight days to a national average of $2.669 per gallon. State averages
are 10 to 15 cents lower a gallon in many parts of the Midwest and South, and
locally prices may as low as $2.25 per gallon, said Tom Kloza of the Oil Price
Information Service. Different tax rates from state to state
are part of the reason for a wide range of prices. Wholesale prices also can
vary considerably throughout the country, with prices at $1.86 per gallon in
Chicago and $2.01 per gallon in Los Angeles Monday afternoon, Kloza said. FDA liver risk warning for
Bristol-Myers HIV drug WASHINGTON (AP) -- Federal health
officials said Monday that patients taking a Bristol-Myers Squibb drug for HIV
are at risk of a rare, but potentially fatal, liver disorder. The The problem involves dangerously slow
blood flow though the liver, which can cause veins in the esophagus to swell.
These veins are thin and can cause burst, causing potentially deadly bleeding. FAA proposes $2.5 million penalty
against Eagle DALLAS (AP) -- Federal regulators are
proposing a penalty of nearly $2.5 million against a sister carrier of The Federal Aviation Administration
announced the penalty Monday against AMR Corp.'s American Eagle. Incorrect takeoff weights are
considered a safety hazard if pilots rely on faulty information when
determining the right speed for takeoff and landing. The FAA charges that Eagle operated at
least 39 flights after being told of the problem. On at least two flights, the
FAA charges, Eagle planes should not have taken off because they were too
heavy. Obama seeks 12 percent budget increase
for SEC WASHINGTON (AP) -- President The request to Congress Monday for
nearly $1.3 billion for the SEC in the budget year starting Oct. 1 would boost
total staff to 4,190 from the current 3,800 at the traditionally low-profile
agency, which was rocked by its failure to detect the massive 16-year fraud by
money manager Bernard Madoff. The request includes a 10.6 percent
increase in enforcement attorneys and investigators, to 1,368. By The Associated Press The Dow rose 118.20, or 1.2 percent, to
10,185.53, its biggest gain since Jan. 4. The broader Standard & Poor's 500
index rose 15.32, or 1.4 percent, to 1,089.19. The Benchmark crude for March delivery rose
$1.54 to settle at $74.43 a barrel in trading on the New York Mercantile
Exchange. In other Nymex trading in March
contracts, heating oil rose 4.19 cents to settle at $1.9549 a gallon and
gasoline added 1.87 cents to settle at $1.9321 a gallon. Natural gas rose 30.3
cents to settle at $5.434 per 1,000 cubic feet. In London, Brent crude rose $1.65 to
settle at $73.11 on the ICE futures exchange.