Business Highlights

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Greek PM says default would lead to 'chaos'

ATHENS, Greece — Greece's future in the eurozone came under renewed threat Friday as popular protests again turned violent and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.

The country's beleaguered coalition government promised to push through the tough new austerity measures and rescue a crucial � billion ($170 billion) bailout deal after six members of the Cabinet resigned.

Prime Minister Lucas Papademos promised to "do everything necessary" to ensure parliament passes the new austerity measures that would slap Greeks with a cut in the minimum wage during the fifth year of a recession. He also promised to replace any other Cabinet members who did not fully back his efforts.

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Turbo-traders take Bank of America for a ride

NEW YORK (AP) — On a normal day, 4 billion shares change hands on the New York Stock Exchange. One in 10 belongs to a single company. It's not McDonald's or IBM, both of which have been on a tear.

It's Bank of America — bailed out by the government three years ago, reviled for being part of the mortgage frenzy that helped wreck the economy and selling for not much more than an ATM fee.

When the market goes up because of positive news about the economy, Bank of America stock shoots up past the stocks of other big banks. When traders get worried about Greek debt, Bank of America takes the biggest plunge.

The big swings are not driven by a fundamental bet that the bank will be more profitable because the economy is getting better or a real concern that it will lose more money than others if there is a default in Greece.

Instead, Bank of America is the stock of the moment for high-frequency trading, the supercomputer-driven buying and selling that barely existed a few years ago and now accounts for as much as two-thirds of U.S. trading.

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Obama call for manufacturing revival a tough goal

WASHINGTON (AP) — President Barack Obama is making a strong election-year push for an economic revival "built on American manufacturing." But he faces an uphill slog, with little consensus even within his own party on how to do it.

For decades, the United States has gradually shifted from creating goods to providing services. Fifty years ago, a third of U.S. jobs were in manufacturing. Now manufacturing accounts for just 9 percent of U.S. employment, according to the Bureau of Labor Statistics. A manufacturing renaissance is being preached from the White House, on the GOP campaign trail and in Super Bowl commercials.

Economists suggest plans to help boost manufacturing jobs may make more political than economic sense.

Obama's prescription for a manufacturing comeback will be fleshed out in the new budget he submits on Monday. He is proposing tax incentives to companies that move their overseas operations back to the United States, along with tax penalties for those that don't.

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Bernanke: Weak housing has hurt consumer spending

WASHINGTON (AP) — Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years.

The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic activity, on Friday during a speech to the National Association of Home Builders in Orlando.

Bernanke says the broader economy won't fully recover until the depressed housing market turns around. People are spending less because they are stuck in "underwater" homes, which are worth less than what is owed on the mortgage. And home values are falling because of foreclosures and tight credit — even in areas with lower unemployment.

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Trade deficit widens to $48.8 billion in December

WASHINGTON (AP) — Monthly U.S. exports to Europe grew in December, a hopeful sign after a steep decline the previous month. But, some economists remain concerned that the region's debt crisis will still weigh on the U.S. economy this year.

The Commerce Department said Friday that the overall trade deficit widened to $48.8 billion in December because imports grew at a faster pace than exports. It was the largest imbalance since June.

Imports rose 1.3 percent, largely because the U.S. bought more foreign autos, auto parts and industrial machinery.

Exports increased 0.7 percent. And exports to Europe rose 7.2 percent. That followed November's decline of more than 6 percent.

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Government on pace for $1 trillion deficit despite January dip

WASHINGTON (AP) — The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year.

The deficit totaled $349 billion through January, the Treasury Department said Friday. That's $70 billion less than at the same point last year. January's monthly deficit was $27 billion, roughly half of the deficit in January 2011.

The White House later confirmed a report that President Obama's new budget predicts a $1.3 trillion deficit for the full fiscal year, which began on Oct. 1. The figures were first reported in The Wall St. Journal, which viewed leaked draft budget documents.

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Feds investigate door fires in 2007 Camrys, RAV4s

DETROIT (AP) — Federal safety regulators are investigating reports of fires in the driver's side doors of 2007 Toyota Camry sedans and RAV4 crossover SUVs.

The probe could affect as many as 830,000 vehicles, the National Highway Traffic Safety Administration said Friday in documents posted on its website. The vehicles have not been recalled.

The fires appear to start in the power window switch on the door. Six fires have been reported to the agency, but NHTSA has no reports of anyone being hurt. The agency said it started the investigation on Monday.

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First Solar shares plunge on project delay

NEW YORK (AP) — First Solar is warning that a construction delay threatens to undo its sale of a large solar project planned for Los Angeles County to power producer Exelon Corp.

The company said in a filing with the Securities and Exchange Commission on Thursday that it has been unable to resolve a construction permit issue. That is blocking the distribution of funds from a federal loan guarantee to help pay for the construction of the project.

First Solar shares fell by $5.12, or 10.4 percent, to close at $43.91 Friday.

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Los Angeles company challenges Kodak move to dump theater deal

ROCHESTER, N.Y. (AP) — The owner of Hollywood's Kodak Theatre is challenging bankrupt Eastman Kodak Co.'s effort to end its sponsorship agreement and have the company's name removed from the Academy Awards venue.

CIM Group of Los Angeles has filed an objection in U.S. Bankruptcy Court to Kodak's request to terminate its naming rights deal for Kodak Theatre.

The agreement signed in 2000 was for 20 years at a cost of $72 million, with $3.6 million due this year.

Rochester-based Kodak filed for bankruptcy protection Jan. 19 after years of turnaround efforts.

CIM claims Kodak already has reaped publicity from this year's Oscars on Feb. 26. CIM argues the sponsorship should remain in place at least until the end of 2012 to give it time to find a new sponsor.

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By The Associated Press(equals)

The Dow Jones industrial average closed down 89.23 points, or 0.7 percent, at 12,801.23. The broader Standard & Poor's 500 finished down 9.31 points to 1,342.64. The Nasdaq composite closed down 23.35 points at 2,903.88.

Benchmark crude fell by $1.17 to end the week at $98.67 per barrel in New York. Brent crude fell by $1.28 to finish at $117.31 per barrel in London.

In other energy trading, heating oil fell by 3 cents to finish at $3.18 per gallon, while gasoline futures gave up 4 cents to end at $2.97 per gallon. Natural gas futures were flat, ending the week at $2.48 per 1,000 cubic feet.