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Thursday, February 3, 2011 12:00 AM PST

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Today's Business News: Oil jumps on deadly Egypt clashes, inflation Record snow seen hurting January retail sales Prosecutors widen currency probes: report Sony profit drops as TVs erase gaming gains Visa profit rises as it preps for new environment Dow's current rally is among the fastest ever U.S. illegal immigrant population steady Unilever 4th quarter profit rose 15 percent UK foreign aid money helped fund pope's visit Facts, Figures About Federal Income Tax and the 16th Amendment UN says Asian tech exports far outpace US Stores expected to report disappointing January Sharp 9-month operating profit nearly triples, outlook kept Shell Q4 profits tripled on higher prices, output APNewsBreak: Feds end prisoners' bogus tax refunds Snowstorm shuts auto plants across U.S. Midwest A Change in Career Strategy Oil jumps on deadly Egypt clashes, inflation Wed, 2 Feb 2011 11:31 pm PST Reuters - Oil prices surged past $103 on Thursday as pro-democracy protests in Egypt turned violent, while commodities markets raced even higher, adding to worries of mounting inflationary pressures could threaten the global economic recovery. Full Story Top Record snow seen hurting January retail sales Wed, 2 Feb 2011 09:05 pm PST Reuters - Retailers will shed light on the impact of inclement weather on their initial spring sales when they report figures for January on Thursday. Full Story Top Prosecutors widen currency probes: report Wed, 2 Feb 2011 08:21 pm PST Reuters - Prosecutors assisted by whistleblowers are widening an investigation into whether banks overcharged public pension funds in the United States by tens of millions of dollars for foreign-exchange transactions, the Wall Street Journal reported. Full Story Top Sony profit drops as TVs erase gaming gains Wed, 2 Feb 2011 11:26 pm PST Reuters - Japan's Sony Corp posted a 5.9 percent fall in third-quarter profit on Thursday as a price war hit its TV unit and a stronger yen weighed, and lowered its revenue forecast on slower-than-expected TV sales. Full Story Top Visa profit rises as it preps for new environment Wed, 2 Feb 2011 04:02 pm PST Reuters - Visa Inc's (V.N) quarterly profit rose 16 percent, slightly beating expectations, as consumer spending ramped up and the company processed more transactions abroad. Full Story Top Dow's current rally is among the fastest ever Tue, 1 Feb 2011 02:33 pm PST AP - The Dow Jones industrial average closed above 12,000 on Tuesday for the first time since June 19, 2008, before the financial crisis entered its worst phase. Full Story Top U.S. illegal immigrant population steady Wed, 2 Feb 2011 05:58 am PST Reuters - The number of illegal immigrants in the United States leveled off at around 11 million last year, ending a two-year slide since the start of the recession, according to a study released on Tuesday. Full Story Top Unilever 4th quarter profit rose 15 percent Wed, 2 Feb 2011 11:52 pm PST AP - Unilever NV, maker of Dove Soaps, Lipton's teas and Ben & Jerry's ice cream, says its fourth quarter earnings rose 15 percent on strong sales growth in emerging markets, though margins suffered slightly from rising commodity costs. Full Story Top UK foreign aid money helped fund pope's visit Wed, 2 Feb 2011 04:05 pm PST AP - British lawmakers have demanded an explanation Wednesday into why 1.85 million pounds ($2.99 million) of foreign aid money helped pay for the pope's recent visit to the U.K. Full Story Top Facts, Figures About Federal Income Tax and the 16th Amendment Wed, 2 Feb 2011 12:22 pm PST ContributorNetwork - On Feb. 3, 1913, Congress ratified the 16th Amendment to the Constitution, allowing the government to tax individual incomes. Delaware, Wyoming and New Mexico were the last three states to approve the amendment. Full Story Top UN says Asian tech exports far outpace US Wed, 2 Feb 2011 07:35 am PST AP - Asia is now exporting two-thirds of the world's mobile phones, personal computers, digital televisions and other high-tech goods for information and communications, in a significant shift in world trade accentuated by the global financial crisis, the U.N. reported Wednesday. Full Story Top Stores expected to report disappointing January Wed, 2 Feb 2011 01:11 pm PST AP - January, always a slow time of year for retailers, was likely even quieter than usual. Full Story Top Sharp 9-month operating profit nearly triples, outlook kept Wed, 2 Feb 2011 10:10 pm PST Reuters - Japan's Sharp Corp posted a near tripling in nine-month operating profit on a jump in television sales ahead of the reduction of government subsidies in its home market, and kept its annual outlook unchanged. Full Story Top Shell Q4 profits tripled on higher prices, output Wed, 2 Feb 2011 11:39 pm PST AP - Royal Dutch Shell PLC says its fourth quarter profit more than tripled from a year earlier as oil prices rose and the company boosted production. Full Story Top APNewsBreak: Feds end prisoners' bogus tax refunds Wed, 2 Feb 2011 04:31 pm PST AP - A new agreement aims to stop federal prisoners from filing for and collecting millions of dollars in bogus tax refunds from their cells. Pressure from U.S. senators in New York, Ohio, Minnesota and Florida in January led to an agreement signed Wednesday between the Internal Revenue Service and the federal Bureau of Prisons to break down bureaucratic and regulatory barriers to end the practice. Full Story Top Snowstorm shuts auto plants across U.S. Midwest Wed, 2 Feb 2011 10:51 am PST Reuters - Major automakers shut down plants in six Midwest states and Ontario on Wednesday after a winter storm that swept through the region a day before cut off shipments of parts and raw materials. Full Story Top A Change in Career Strategy Tue, 1 Feb 2011 05:08 am PST BusinessWeek - The extent and degree to which global warming causes our climate to change is still unknown. While all qualified scientific organizations agree that greenhouse gas emissions are causing our planet to warm, there are various opinions about the influence they have had on rising temperatures and sea levels and dangerous storms. By making no political attempt to curb emissions, it is as if we are conducting a high-stakes science experiment with our planet. We'll keep pumping carbon into our atmosphere and see how the earth responds. ... Full Story Top

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