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Tuesday, February 2, 2010 12:01 AM PST

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Today's Business News: Toyota has fix for gas pedals; repairs this week China ore standoff shows limits to economic clout Asia stocks mostly lower after US economic reports Obama budget: Record spending, record deficit Travel Web sites win rollback of additional taxes Toyota fears greater damage from latest recall FTSE 100 falls at open Banks not imposing new loan hurdles; demand low Silicon Motion widens loss in 4Q Economy - Monday ALL BUSINESS: Double standard in mortgage walkaway Goldman Sachs could slash CEO bonus amid pressure Jan retail sales seen up, clues sought on Q1 Bloomingdale's opens first non-U.S. store in Dubai Oil trims gains after $75 hit, dollar stronger Toyota braces for sales hit from recall, costs mount Texas Leads U.S. in High-Growth Cities Toyota has fix for gas pedals; repairs this week Mon, 1 Feb 2010 06:08 pm PST AP - Toyota apologized to its customers Monday and said a piece of steel about the size of a postage stamp will fix the gas pedal problem that led to the recall of millions of cars. Repairs will take about a half-hour and will start in a matter of days, the company said. Full Story Top China ore standoff shows limits to economic clout Mon, 1 Feb 2010 11:22 pm PST AP - China is pressing to turn its status as the world's biggest steel producer into clout over global miners and cheaper iron ore prices. But its tactics failed in 2009 and there are few indications it will fare better this year. Full Story Top Asia stocks mostly lower after US economic reports Mon, 1 Feb 2010 11:21 pm PST AP - Asian stock markets were mostly lower Tuesday as positive U.S. economic reports failed to ease worries about the global recovery. Full Story Top Obama budget: Record spending, record deficit Mon, 1 Feb 2010 09:30 pm PST AP - Spelling out painful priorities, President Barack Obama urged Congress on Monday to quickly approve a huge new shot of spending for recession relief and job creation, part of a record $3.8 trillion budget that would boost the deficit beyond any in the nation's history while only slowly beginning to put Americans back to work. Full Story Top Travel Web sites win rollback of additional taxes Mon, 1 Feb 2010 05:40 pm PST Reuters - Online travel companies on Monday won the first of several pending legal battles to roll back tax assessments by California cities that claim they owe tens of millions of dollars in occupancy taxes. Full Story Top Toyota fears greater damage from latest recall Mon, 1 Feb 2010 11:34 pm PST AP - A Toyota executive said the damage to the company's sales from its global recall for a gas pedal problem may be greater than previous recalls because of the unprecedented scale. Full Story Top FTSE 100 falls at open Mon, 1 Feb 2010 12:15 am PST AFP - Leading shares fell at the start of trading on Monday after most Asian indices retreated. Full Story Top Banks not imposing new loan hurdles; demand low Mon, 1 Feb 2010 11:01 am PST AP - A new Federal Reserve survey says most banks aren't erecting new hurdles for people and businesses to get loans. It is one sign that credit problems are easing. Full Story Top Silicon Motion widens loss in 4Q Mon, 1 Feb 2010 05:04 pm PST AP - Taiwan-based semiconductor maker Silicon Motion Technology Corp. said Monday it widened its loss in the fourth quarter as revenue plunged. Full Story Top Economy - Monday Mon, 1 Feb 2010 04:05 pm PST Investor's Business Daily - After manufacturing activity in the U.S. reached a 5-year high, factory production around the world expanded in Jan. as economies slowly emerged from recessions. China's huge manufacturing industry expanded at a near record pace, while Britain saw activity grow at its fastest pace in 15 years. Factories in India, South Korea and Australia all showed solid gains. Euro zone manufacturing expanded at its fastest pace in 2 years, but the disparity between sluggish Spain, Greece and Ireland and buoyant Germany, France and Italy is growing. Full Story Top ALL BUSINESS: Double standard in mortgage walkaway Fri, 29 Jan 2010 09:00 pm PST AP - Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. Full Story Top Goldman Sachs could slash CEO bonus amid pressure Mon, 1 Feb 2010 01:42 pm PST Reuters - Goldman Sachs Group Inc (GS.N) is likely to slash its chief executive's bonus from the record $67.9 million he got two years ago, but Lloyd Blankfein's pay package could still fuel criticism the bank has been "tone deaf" in its approach to the financial crisis. Full Story Top Jan retail sales seen up, clues sought on Q1 Mon, 1 Feb 2010 09:55 pm PST Reuters - January sales at top U.S. retail chains should rebound into positive territory from last year's decline as shoppers redeemed holiday gift cards and retailers avoided drastic clearance sales. Full Story Top Bloomingdale's opens first non-U.S. store in Dubai Sun, 31 Jan 2010 11:17 am PST Reuters - New York's famed Bloomingdale's department store opened its doors in the Middle East's biggest mall on Sunday in its first foray outside its home market. Full Story Top Oil trims gains after $75 hit, dollar stronger Mon, 1 Feb 2010 10:15 pm PST Reuters - Oil pared gains on Tuesday as the dollar strengthened, with the market's attention turning to forecasts for steady U.S. crude inventories after prices topped $75 earlier on optimism about the economy. Full Story Top Toyota braces for sales hit from recall, costs mount Mon, 1 Feb 2010 11:26 pm PST Reuters - Toyota Motor's unprecedented recall of millions of vehicles with faulty accelerators is taking a toll on sales and may force the world's largest automaker to cut 2010 sales forecasts. Full Story Top Texas Leads U.S. in High-Growth Cities Mon, 1 Feb 2010 05:08 am PST BusinessWeek - Tired> One> Migration> Some> Texas>Texas> Larry> Part> Meanwhile,> "If> New>Migration> This> While> Click> Full Story Top

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