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Friday, February 25, 2011 12:00 AM PST

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Today's Business News: Oil pulls back on Saudi reassurances, stocks rise Boeing bests EADS with aerial tanker win Special Report: The biggest company you never heard of U.S., Saudi Arabia offer reassurance as Libya turmoil drives oil Freddie Mac exec facing possible SEC charges The Irrelevant Stock Market Summary Box: New-home sales plunge in January New airline IAG logs annual profit of 100 mn euros Irish vote in poll dominated by economic woes Fannie, Freddie narrow losses but seek more aid Big unit sales, listing bring AIG back to profit Best Buy, Home Depot find tough times in China Fannie Mae posts $2.1B loss for Q4 Libya's Unrest Sends Global Oil Prices Skyrocketing Alaska lawmaker returns home after refusing search Toyota recalls more than 2 million vehicles Deficit Could Reshape Retirement Funding Oil pulls back on Saudi reassurances, stocks rise Thu, 24 Feb 2011 10:51 pm PST Reuters - Oil hovered above $112 a barrel on Friday and Asian stocks broke a four-day losing streak as concerns eased that a recent surge in energy prices would hurt demand for riskier assets and threaten broader economic growth. Full Story Top Boeing bests EADS with aerial tanker win Thu, 24 Feb 2011 06:10 pm PST Reuters - Boeing Co won a $30 billion contract for 179 new U.S. Air Force refueling planes on Thursday, trumping arch rival Airbus parent EADS in a fiercely contested competition that began nearly a decade ago. Full Story Top Special Report: The biggest company you never heard of Thu, 24 Feb 2011 11:43 pm PST Reuters - On Christmas Eve 2008, in the depths of the global financial crisis, Katanga Mining accepted a lifeline it could not refuse. Full Story Top U.S., Saudi Arabia offer reassurance as Libya turmoil drives oil Thu, 24 Feb 2011 11:25 pm PST Reuters - The world can weather a spike in oil prices, U.S. President Barack Obama said, as Saudi Arabia offered some respite to fears over Middle East oil supplies by indicating it can cover export cuts resulting from Libya's civil war. Full Story Top Freddie Mac exec facing possible SEC charges Thu, 24 Feb 2011 05:09 pm PST Reuters - A top Freddie Mac (FMCC.OB) executive received notice the government may file charges against him for allegedly violating securities laws in the years leading up to the housing bust, according to a regulatory filing released on Thursday. Full Story Top The Irrelevant Stock Market Thu, 24 Feb 2011 06:30 am PST The Motley Fool - Reuters blogger Felix Salmon wrote a very interesting op-ed in The New York Times last week about our increasingly irrelevant stock market: Full Story Top Summary Box: New-home sales plunge in January Thu, 24 Feb 2011 01:09 pm PST AP - NEW-HOME SALES FALL: New-homes sales fell to a seasonally adjusted rate of 284,000 homes sold in January, the Commerce Department said. That's less than half the 600,000-a-year-pace that economists say is healthy. Bad winter weather likely contributed to the decline. Full Story Top New airline IAG logs annual profit of 100 mn euros Thu, 24 Feb 2011 11:39 pm PST AFP - International Airlines Group, formed last month via the merger of British Airways and Iberia, posted Friday modest 2010 net profits on a pro-forma basis, as if they had been trading as a combined entity. Full Story Top Irish vote in poll dominated by economic woes Thu, 24 Feb 2011 11:33 pm PST AFP - Irish voters are set to oust their government Friday in elections dominated by the collapse of the economy and a widely hated bailout, which would make Dublin the first to fall victim to an EU debt crisis. Full Story Top Fannie, Freddie narrow losses but seek more aid Thu, 24 Feb 2011 09:09 pm PST AP - Government-controlled mortgage buyers Fannie Mae and Freddie Mac narrowed their losses in the final three months of last year. But they are asking for more money from taxpayers as the real estate market braces for what could be a new wave of mortgage defaults. Full Story Top Big unit sales, listing bring AIG back to profit Thu, 24 Feb 2011 04:25 pm PST AFP - The sale of key units helped push US insurance giant AIG -- a firm at the epicenter of the US financial crisis -- back to profit in 2010, but it still lost money on normal operations, the company said Thursday. Full Story Top Best Buy, Home Depot find tough times in China Thu, 24 Feb 2011 11:07 pm PST AP - Home Depot is no longer open for home improvements in Beijing. Best Buy Inc. decided its brand name electronics stores were not best for China. Full Story Top Fannie Mae posts $2.1B loss for Q4 Thu, 24 Feb 2011 06:55 pm PST AP - Government-controlled mortgage buyer Fannie Mae has posted a narrower loss of $2.1 billion for the October-December quarter of last year, and asked for an additional $2.6 billion in federal aid. Full Story Top Libya's Unrest Sends Global Oil Prices Skyrocketing Thu, 24 Feb 2011 11:50 pm PST Time.com - Even before its outcome is known, Libya's uprising could leave an indelible mark on the world economy: oil prices have rocketed since Tuesday, and could rise even further amid the continuing turmoil that has prompted thousands of foreign oil workers flee Full Story Top Alaska lawmaker returns home after refusing search Thu, 24 Feb 2011 03:19 pm PST AP - Determined to avoid a pat-down search to board her flight home, an Alaska state lawmaker took an unusual route: a roundabout four-day detour via rental car, a small plane, taxicab and a ferry. Full Story Top Toyota recalls more than 2 million vehicles Thu, 24 Feb 2011 11:14 pm PST AFP - Japanese automaker Toyota has recalled another 2.3 million vehicles to fix floor mat and carpet defects that could jam the accelerator, the latest in a spate of recalls to hit the firm. Full Story Top Deficit Could Reshape Retirement Funding Fri, 18 Feb 2011 05:08 am PST BusinessWeek - Republicans and Democrats in Washington are starting to battle in earnest over how to cut the federal government's discretionary spending. Eventually the ominous arithmetic of entitlement spending and tax revenues will require Washington to turn to the Social Security benefit formula (as well as Medicare). Full Story Top

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