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WALL STREET
US stocks finish mostly higher after a weak start
UNDATED (AP) — The three major U.S. stock indexes remain down for the week.
Only a late rise yesterday saved the market from a third straight day of losses.
The push was enough to nudge the S&P 500 index into the green by half a point yesterday, as investors bought up oil refiners, mining companies and technology stocks. The S&P 500 ended lower Monday and Tuesday.
The S&P 500 index added half a point to close at 1,868. The Nasdaq composite gained 16 points to 4,323. Only the Dow Jones industrial average ended lower. It fell 11 points to 16,340.
Investors are still worried about the sharp drop in China's exports reported over the weekend, which raises concerns that the world's second-largest economy is slowing. Since China is a big consumer of raw materials and energy, commodities such as copper and iron ore have dropped sharply.
WORLD MARKETS
Asia stocks stabilize after China jitters sell-off
SEOUL, South Korea (AP) — Asian stock markets were higher Thursday as jitters over China's slowdown eased and investors awaited new economic data to digest.
Markets were recovering some of their losses from the previous day's sell-off, which was sparked by worries over China's economic outlook and subsequent drops in commodity prices.
The price of copper extended its losses amid expectations that a slowdown in China, a major consumer of raw materials and energy, would cut global demand for those commodities.
Benchmark crude oil crept back up to just above $98 a barrel after a big loss.
The dollar gained against the yen and fell against the euro.
ECONOMY-THE DAY AHEAD
Major business and economic reports due out today
WASHINGTON —There are a number of government reports scheduled for release today.
The report most investors will focus on will be the weekly jobless claims. Investors will also get to review retail sales data for February and January's business inventories.
Also today, Freddie Mac will report the weekly mortgage rates.
This afternoon, the Treasury Department will release the federal budget for February.
CHINA-ECONOMY
China's premier vows action against smog
BEIJING (AP) — China's premier says Beijing will try to keep this year's economic growth at an appropriate level to generate needed new jobs and vowed to crack down on corruption and smog.
Li Keqiang (lee kuh-TYAHNG') said at news conference on Thursday that Chinese leaders are "not preoccupied" with the level of economic growth and the official target of "about 7.5 percent" shows flexibility is possible. He said a higher priority is hitting the official target of generating about 10 million new jobs.
Li said Chinese leaders want to nurture sustainable and environmentally friendly growth.
He promised to "declare war" against smog that is choking Chinese cities and corruption that he said is harming society and holding back efforts to make the economy more efficient and productive.
MICHELLE OBAMA-FOOD SERVICE
Sodexo food service company pledges better meals
WASHINGTON (AP) — One of the nation's largest food service companies is promising a series of changes in support of Michelle Obama's anti-childhood obesity initiative.
The company, Sodexo, says some of the changes could be in place as soon as next year.
Sodexo is pledging to add more nutritious options to its vending and K-12 lunchroom programs. It also says it will offer a healthier children's meal at such places as museums, aquariums and other recreational venues. The company also wants to serve millions more free breakfast meals in the primary and secondary schools it serves.
CEO George Chavel says the company serves 15 million consumers a day, including adult role models for kids.
A formal announcement company was expected Thursday at a health summit in Washington.
PFIZER-PNEUMONIA VACCINE
Study: Pfizer vaccine cuts pneumonia in elderly
NEW YORK (AP) — Pfizer Inc. says its blockbuster vaccine against pneumonia, blood and other infections met its goal of preventing illness in vulnerable elderly patients in a huge study required by U.S. regulators.
The New York-based company's Prevnar 13 protects against 13 strains of pneumococcal disease, which can cause painful children's ear infections, pneumonia and life-threatening bloodstream infections. The elderly are particularly at risk.
The study, known by the acronym CAPiTA, included about 85,000 patients aged 65 or older. It found that compared to study participants getting a dummy shot, those getting the vaccine had about 46 percent fewer cases of pneumonia and about 75 percent fewer cases of invasive pneumococcal disease such as bloodstream infections.
The top-selling vaccine in history, Prevnar 13 brings Pfizer $4 billion in annual revenue.
CITIGROUP-EXECUTIVE COMPENSATION
Citigroup paid CEO Corbat $17.6 million last year
UNDATED (AP) — Citigroup CEO Michael Corbat was paid a total of $17.6 million last year, his first full year on the job.
That's an increase of almost 42 percent on his pay in 2012, when he was promoted to the position of CEO in October, replacing Vikram Pandit. Before getting the top job at Citi, Corbat was in charge of the bank's operations in Europe, the Middle East and Africa.
Corbat's pay package included $1.5 million in salary, a cash bonus of $5.2 million, stock awards valued at $7.92 million and non-equity incentives totaling $2.9 million, according to a regulatory filing from Citigroup.
The AP's calculations counts salary, bonuses, perks and stock options awarded to the executive during the year.
RELIANT STADIUM-NAME CHANGE
Reliant Stadium may be renamed NRG Stadium
HOUSTON (AP) — Texas-based electric retailer Reliant Energy and parent company NRG Energy want to rename the home of the Houston Texans.
The companies want Reliant Stadium to be renamed NRG Stadium. The change also would apply to Reliant Park, the complex where the stadium is located.
Elizabeth Killinger, president of Houston-based NRG Texas, says NRG plans to request the change by the Harris County Sports and Convention Corp., which owns the complex.
NRG has a presence in the Northeast and West, and it says the change would help it create a national brand.
Reliant bought the naming rights to the complex in 2000 for $300 million in a 32-year agreement. Killinger says NRG plans next month to request permission to install sustainable energy technology at the park.
NEW ZEALAND-FONTERRA CHARGES
Fonterra pleads guilty to food-safety charges
WELLINGTON, New Zealand (AP) — New Zealand dairy giant Fonterra has pleaded guilty to four food-safety violations following a botulism scare last year.
Government officials on Thursday filed charges accusing the company of processing and exporting dairy products in a way that didn't meet standards and then failing to notify officials quickly enough when it became aware of the lapses.
Maury Leyland, a Fonterra manager, said the company has filed guilty pleas to all charges.
Fonterra faces a maximum fine of 500,000 New Zealand dollars ($426,000).
The botulism scare sparked a global recall of infant formula but turned out to be a false alarm. It came after the company processed whey protein concentrate in dirty pipes.
Initial tests indicated the presence of botulism bacteria but later tests found it was another, less harmful bacteria.
FAMILY BEER BATTLE
Phyllis Schlafly family in beer trademark dispute
ST. LOUIS (AP) — To many older Americans, the Schlafly name is most closely associated with Phyllis Schlafly, the conservative commentator known for her campaign to defeat the Equal Rights Amendment in the 1970s.
A younger generation knows Schlafly as the brand of an up-and-coming St. Louis brewery co-founded by Schlafly's nephew.
Now the federal agency that oversees trademarks is being asked to wade into a dispute within the prominent family and decide whether Schlafly is primarily a last name or a commercial brand that deserves legal protection.
The brewery started by Tom Schlafly wants the exclusive right to use the Schlafly name to sell craft beer. But Phyllis Schlafly has asked the Patent and Trademark Office to deny the request, lest any implied association with beer sully her 60-year political career.
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