• FINANCIAL & BUSINESS NEWS

Last Update on March 10, 2010 13:15 EST

Wholesale inventories down as sales rise

WASHINGTON (AP) -- The Commerce Department says businesses trimmed inventories at the wholesale level again in January. Sales rose for a 10th consecutive month. Businesses remain cautious about restocking their depleted supplies.

Inventories at the wholesale level contracted by 0.2 percent in January after a larger 1 percent drop in December. Sales were up a solid 1.3 percent, the best showing since a 3.6 percent rise in November.

Economists are hoping that the steady gains in sales will soon prompt a sustained rebound in inventory restocking. That would trigger increased factory production and provide support for the recovery.

Police probe Prius crash in NYC suburb

HARRISON, N.Y. (AP) -- The driver of a Toyota Prius tells police in suburban New York that the car accelerated on its own, then lurched down a driveway, across a road and into a stone wall.

The accident yesterday involved a 2005 Prius. The driver, a 56-year-old housekeeper, escaped serious injury.

The report comes amid heightened attention surrounding unintended acceleration in Toyota vehicles. Toyota has recalled more than 8 million vehicles in the U.S. to address gas pedals that can become sticky or trapped under floor mats, drawing scrutiny from Congress and federal regulators.

Toyota is fighting fears that the incidents are caused by faulty electronics rather than by mechanical problems.

On Monday, California police stopped a runaway 2008 Prius going nearly 85 mph after the driver said the pedal jammed. Toyota and the National Highway Traffic Safety Administration are investigating.

Google's CEO sees development in China dispute "soon"

ABU DHABI, United Arab Emirates (AP) -- Google's CEO says the Internet search company is in active negotiations with the Chinese government and expects some resolution in its dispute with Beijing soon.

Speaking at a media conference in the Middle East, Eric Schmidt declined to provide specifics or predict how long the discussions would last. He said the company has decided not to publicize details of the talks.

Google's comments come just days after China dismissed reports that talks were under way over the company's threat to shut down its China-based search service unless the government relented on censorship

In January, Google said it was alarmed by hacking attacks on it and other companies that appeared to originate from China. Google also complained about attempts that apparently were made to access the Gmail accounts of human rights dissidents.

Panasonic selling new 3-D sets

NEW YORK (AP) -- Panasonic has revealed the price for its first 3-D TV set, confirming that $3,000 is about what it takes to be among the first to watch 3-D movies in the home.

The Japanese company put its first 3-D sets on sale at an event today in New York. Panasonic's suggested retail price is $2,900 for a 50-inch plasma set, one pair of glasses and a 3-D Blu-ray player. An extra pair of glasses costs $150.

Samsung Electronics has said that its 3-D sets will go on sale this week. For $3,000, buyers get a 46-inch set, two pairs of glasses, a 3-D Blu-ray player and a 3-D copy of "Monsters vs. Aliens."

Both manufacturers plan to expand their 3-D lines rapidly. Rivals are on their heels: LG Electronics Inc. plans to put its 3-D sets on sale in May and Sony Corp. is bringing out its 3-D sets this summer.

Crude stockpiles expand by 1.4 million barrels

NEW YORK (AP) -- The Energy Department says crude inventories rose last week, but less than expected.

Gasoline supplies dropped.

Crude inventories surged by 1.4 million barrels. They are 3.7 percent below year-ago levels. Analysts expected a build of 2.1 million barrels.

Although gasoline inventories fell by 2.9 million barrels, stockpiles are 6.1 percent above year-ago levels.

Inventories of distillate fuel, which include diesel and heating oil, fell by fell by 2.2 million barrels.

OPEC raises oil demand forecast

CAIRO (AP) -- OPEC says world oil demand is projected to grow by 900,000 barrels per day this year. The cartel is revising higher its previous forecast, but cautions that the improvement depends on a sustained global economic rebound, particularly in the U.S.

OPEC supplies about a-third of the world's crude. It raised its demand forecast to 85.2 million barrels per day, roughly 100,000 barrels per day higher than its February projections. It also said demand for OPEC crude was estimated at 29 million barrels a day -- some 200,000 barrels per day more than its previous month's forecast -- but noted that members were still overproducing.

Obama pushing on health care end game

WASHINGTON (AP) -- President Barack Obama is pushing a new anti-fraud plan and his top health official is challenging the nation's insurers. The administration is cranking up pressure for a sweeping overhaul of the nation's medical system.

Obama is to speak today in suburban St. Louis, his second health care address in three days. His speech comes as congressional Democrats stand on the brink of delivering the president a dramatic success with passage of his massive overhaul legislation -- or a colossal failure if they can't get it done.

As part of the administration's campaign, Health and Human Services Secretary Kathleen Sebelius sketched out a stark choice for insurers: oppose reform and eventually lose customers, or work with the White House to improve the legislation.

She told insurers in a speech that if overhaul fails, premiums will continue to rise and employers will cancel coverage.