BC-Business News Digest

Business News at 5:20 p.m.

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All times EST.

Adds: REARVIEW CAMERA RULE, BLACKBERRY-LAWSUIT, SIKORSKY-COST ALLEGATIONS, SPARKLING WATERS, MEXICO-TELECOM, GM-RECALL; CATERPILLAR-TAXES; SUPREME COURT-SOFTWARE PATENTS

Updates: J&J CARLYLE-DIAGNOSTICS OFFER, YELLEN, GENERAL MOTORS-RECALL-YOUNG DRIVERS, WALL STREET; EXXON CLIMATE CHANGE; HEALTH OVERHAUL

TOP STORIES:

GENERAL MOTORS-RECALL-YOUNG DRIVERS

The Chevrolet Cobalt and the Saturn Ion were inexpensive cars that General Motors marketed to young buyers and parents shopping for their kids. That put inexperienced drivers in cars with a problem they weren't prepared to handle, auto safety experts say. The faulty ignition switches at the heart of GM's recall of these cars can suddenly shut down the engine while the car is in motion, resulting in the loss of power-assisted steering and power brakes and disabling life-saving airbags. An inexperienced driver is more likely to panic, experts say, and veer into oncoming traffic, or drive off the road. GM has linked 13 deaths to the defective switches. Others have a higher total, with the majority of the victims below age 25. By Tom Krisher. SENT: 1,150 words, photos.

With:

— GENERAL MOTORS-RECALL-CONGRESS — If GM knew it had a problem, why wasn't something done to fix it? Congress will seek the answer to that question and others this week as it presses General Motors CEO Mary Barra and federal regulators about their handling of a safety defect in the Chevrolet Cobalt and other small cars. GM has recalled 2.6 million cars for a faulty ignition switch, which it links to 13 deaths. By Dee-Ann Durbin. SENT: 830 words, photo.

And:

— GM-RECALL — General Motors is recalling another 1.3 million vehicles in the U.S. because the electronic power-steering assist can suddenly stop working. SENT: 140 words.

YELLEN

WASHINGTON — Federal Reserve Chair Janet Yellen makes clear that she thinks the U.S. job market will continue to need the help of low interest rates "for some time." Yellen's remarks signal that even after the Fed phases out its monthly bond purchases later this year, it has no plans to raise a key short-term rate anytime soon. The bond purchases have been intended to keep long-term loan rates low. By Martin Crutsinger. SENT: 930 words.

EUROPE-ECONOMY

BRUSSELS — After breaking out of recession and taming its financial crisis, Europe now faces a new kind of economic threat — deflation, a protracted drop in prices that can snuff out growth for years. New data on Monday showed the inflation rate fell in March to its lowest level since the 2008-2009 global financial crisis, a sign of economic weakness that piles fresh pressure on the European Central Bank to further ease its monetary policies this week. The fear is that consumer prices may start to fall outright. That risks creating a situation in which consumers and businesses put off purchases in hopes of better deals down the line and companies cut prices to entice buyers. Such a downward spiral chokes off economic growth and can be difficult to get out of — Japan was stuck in deflation for two decades. By Juergen Baetz. SENT: 660 words.

APPLE-SAMSUNG TRIAL

SAN JOSE — The world's two leading smartphone makers are back in federal court this week, accusing each other of stealing ideas and features and demanding as much as $2 billion in compensation. Whatever the outcome, consumers may end up paying the ultimate price. The trial in Silicon Valley marks the latest round in a long-running series of lawsuits between Apple and Samsung, litigation which could lead to more expensive smartphones and devices, and slow the overall pace of mobile innovation. Jury selection began Monday in a U.S. District Courthouse in the heart of the Silicon Valley, where most prospective jurors said they were already at least somewhat familiar with the dispute. By Martha Mendoza. SENT: 700 words.

MINIMUM WAGE FAIRNESS

WASHINGTON — The federal minimum wage has left three-person families below the poverty level since 1980. It's also well shy of the peak of its buying power almost half a century ago. Is the current $7.25 hourly minimum fair? Is now the time to raise it, and, if so, by how much? By Alan Fram. SENT: 950 words, photo.

MARKETS & ECONOMY:

WALL STREET

NEW YORK — U.S. stocks close higher as the market posts a meager gain for the first three months of the year. SENT: 450 words. UPCOMING: 700 words by 5 p.m.

CLIMATE CHANGE-ECONOMY

YOKOHAMA, Japan — The economic and financial impact of global warming is complex and not well understood. In some scenarios there would be economic benefits for countries that get warmer and wetter and consequently more fertile agriculturally. Drier weather in some regions would result in sharply lower crop yields. Overall, changes in climate are expected to cause significant disruptions that also exact an economic toll. By Elaine Kurtenbach. SENT: 580 words, photos.

Also:

EXXON-CLIMATE CHANGE

Exxon Mobil says that global policies to combat climate change won't be strict enough to stop the company from selling all of the oil and gas it has found — and all that it will find in the foreseeable future — because the fuels are too important for global economic development. Exxon issued a report in response to a shareholder resolution on how future climate regulations could affect its ability to produce and sell oil and gas, and therefore its value as a company. It is the first time a major oil company directly addressed the contention of some environmentalists that many of the fossil fuel resources owned by energy companies — and that underpin their value to investors — will be worth little or nothing as society begins to restrict consumption of these fuels to fight climate change. SENT: 400 words. UPCOMING: 600 words by 6 pm.

— OIL PRICES — The price of oil is little changed above $101 a barrel as markets kept on eye on talks between the U.S. and Russia over the crisis in Ukraine. SENT: 340 words.

— GULF-INVESTOR CONFIDENCE — Despite improvements in regulations and moves to diversify Arab economies away from natural resources, global investors remain wary of doing business in Gulf countries because of regional upheaval and other potentially destabilizing factors, according to a report by The Economist Intelligence Unit. SENT: 440 words.

— SWITZERLAND-FOREX INVESTIGATION — Switzerland's competition watchdog launches an investigation into whether eight banks colluded to fix a foreign exchange rate. SENT: 390 words.

— CATERPILLAR-TAXES — Sen. Carl Levin says manufacturing giant Caterpillar Inc. has used an aggressive tax strategy to shift profits overseas in order to avoid paying billions in U.S. taxes. SENT: 140 words.

INDUSTRY:

HEALTH OVERHAUL

WASHINGTON — In a flood of last-minute sign-ups, hundreds of thousands of Americans rushed to apply for health insurance, as deadline day for President Barack Obama's overhaul brought long waits and a new spate of website ills. More than 6 million Americans already have signed up, falling short of the administration's original projections but exceeding expectations that were revised after the fumbled rollout of the law in October. By Ricardo Alonso-Zaldivar, photos. SENT: 1,200 words.

With:

— HEALTH OVERHAUL-WEBSITE PROBLEMS — The Obama administration's health care website stumbles, falling out of service for nearly four hours on deadline day for new sign-ups. SENT: 690 words, photo.

SODA-SALES

NEW YORK — Americans cut back on soda at an accelerated pace last year, underscoring the difficulties Coca-Cola and PepsiCo face in winning back customers. U.S. sales volume of carbonated soft drinks fell 3 percent in 2013, extending a streak of declines that began nearly a decade ago. It also represents a steeper drop than the 1.2 percent decline in 2012 and the 1 percent drop in 2011, according to an annual report by Beverage Digest, an industry tracker. By Candice Choi. SENT: 400 words.

SPARKLING WATERS

NEW YORK — The soda wars appear to be shifting at least in part to another corner of the beverage industry — sparkling, flavored waters. A report shows U.S. soda sales fell at an accelerated pace last year, extending a streak of declines that began in 2005. But Americans are apparently developing a taste for another type of sweet, carbonated beverage. By Candice Choi. SENT: 400 words.

REARVIEW CAMERA RULE

WASHINGTON — The Transportation Department issues a rule that will require rearview technology in many new vehicles — an effort to reduce deaths and serious injuries caused by backup accidents. By Stacy A. Anderson. SENT: 340 words.

— J&J-CARLYLE-DIAGNOSTICS OFFER — Johnson & Johnson says it has accepted an offer of about $4 billion from the private equity firm The Carlyle Group to buy its Ortho-Clinical Diagnostics business. SENT: 250 words.

— GERMANY-LUFTHANSA STRIKE — Germany's Lufthansa airline says it is canceling some 3,800 flights because of a three-day strike by the pilots' union later this week, affecting 425,000 passengers. SENT: 240 words, photo.

— CONTRABAND CIGARETTES-FEDEX — FedEx has cost New York state more than $10 million by unlawfully shipping contraband cigarettes to consumers, the state's attorney general says. AG Eric T. Schneiderman said he is seeking $165 million in penalties beyond the $70 million sought in the lawsuit and the recovery of $10 million that the shipments cost the state's tax revenues. SENT: 375 words.

— SUPREME COURT-GENERIC DRUG DISPUTE — The Supreme Court is wading into a patent dispute between rival pharmaceutical companies over a multiple sclerosis treatment. SENT: 140 words.

— CITI FOUNDATION-CITIES — The Citi Foundation, the philanthropic arm of Citigroup Inc., will donate $50 million to improve youth employment opportunities in 10 large U.S. cities, the chairman of the organization tells The Associated Press. By Jonathan Lemire. SENT: 650 words.

— WHITING-OIL SPILL — The Coast Guard says crews didn't find any more oil during the latest search of the Lake Michigan shore following last week's spill at BP's northwestern Indiana refinery. SENT: 140 words, photo.

— DETROIT BANKRUPTCY — The city of Detroit plans to file an updated bankruptcy restructuring plan to pay off its creditors. An amended plan of adjustment and disclosure statement are expected. SENT: 130 words. UPCOMING: Will be updated from filing, timing uncertain.

—CORN CROP— The number of acres devoted to corn is expected to shrink about 4 percent this year as farmers devote more of their land to soybeans. SENT: 510 words.

— MEXICO-TELECOM — Two companies controlled by Mexican billionaire Carlos Slim filed an appeal against government regulators' decision to declare them "predominant" in telecommunications, an industry they say they don't even participate in. SENT: 130 words.

ITALY-FIAT

TURIN, Italy — Fiat and Chrysler CEO Sergio Marchionne says the combined automaker aims to sell 4.5 million to 4.6 million cars this year. By Colleen Barry. SENT: 590 words, photos.

— JAPAN-MITSUBISHI-FORD — Japanese automaker Mitsubishi Motors Corp. says it's buying Ford's shuttered plant in the Philippines to grow in market where car ownership is on the rise. SENT: 150 words.

TECHNOLOGY & MEDIA:

— EUROPE-GOOGLE — Europe's leading consumer rights advocacy group joins an antitrust complaint against Google because it considers the display of some search results biased. SENT: 140 words.

— GERMANY-AMAZON — Workers at one of Amazon.com's German distribution centers are on strike in a dispute over wages. The ver.di union reports that workers at the American online retailer's logistics center in Leipzig were staging the short-term warning strike to try to get management to return to the negotiating table. SENT: 140 words.

—BLACKBERRY-LAWSUIT — Troubled smartphone maker BlackBerry has won an early round in its legal battle against an iPhone keyboard made by a startup co-founded by "American Idol" host Ryan Seacrest. SENT: 360 words.

— SUPREME COURT-SOFTWARE PATENTS — Is it too easy for high-tech companies to patent inventions that are not really new, but simply take an old idea and blend it with computer wizardry? The Supreme Court wrestles with that question as justices consider making it tougher for the government to issue patents for computer software. By Sam Hanael. SENT: 800 words.

INTERNATIONAL:

JAPAN-ECONOMY

TOKYO — Buy now or pay more later: Japanese retailers are luring customers with promises of steep discounts ahead of a sales tax hike Tuesday — from 5 percent to 8 percent — that economists expect to slow but not derail the recovery of the world's third-largest economy. It's a gamble Japan cannot afford to take, given its soaring public debt. By Elaine Kurtenbach. SENT: 810 words, photos.

—EUROPE-CHINA — China's president is meeting with the top officials of the European Union to discuss the two sides' close business ties and their wider diplomatic relations. Xi Jinping on Monday became the first Chinese leader to visit the headquarters of the 28-country EU in Brussels. SENT: 140 words, photos.

— FRANCE-ECONOMY — France's state statistics agency says the deficit shrank less than expected last year, and debt continued to grow to 93.5 percent of GDP. The figures are the latest sign of trouble for the unpopular Socialist government. SENT: 130 words.

— CYPRUS-FINANCIAL CRISIS — The Cypriot government says the crisis in Ukraine isn't likely to harm the bailed-out country's economy, which counts on tourism and business from Russia and the Ukraine for growth. SENT: 330 words, photos.

— PORTUGAL-FINANCIAL CRISIS — Portugal's statistics agency says the country's budget deficit fell to 4.9 percent of GDP last year — significantly lower than the 5.5 percent target set by its bailout creditors. The fall was encouraging news for the eurozone's continuing efforts to move on from a debt crisis that rattled its 18 member countries. SENT: 130 words, photo.

— INDIA-ECONOMY — India's finance minister says the fundamentals of Asia's third-largest economy have strengthened since the country faced a potential crisis last year. SENT: 140 words.

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CENTERPIECE

March malaise

The stock market ends the month little changed after posting big swings in January and February. UPCOMING: Graphic expected by 6 p.m.

COMPANY SPOTLIGHT

J&J hits all-time high

Shares of Johnson & Johnson climbed further into record territory Monday after the company accepted an offer of about $4 billion for its Ortho-Clinical Diagnostics business. UPCOMING: Graphic expected by 6 p.m.

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