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Business News at 2 p.m.
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USED CAR DANGER
DETROIT — It is a case of buyer beware — with potentially dangerous consequences. Sellers of used cars are under no legal obligation to have a defective part repaired before someone else buys the vehicles. By Tom Krisher and Dee-Ann Durbin. SENT: 1,050 words, photo.
— USED CAR DANGERS-STATES — State by state breakdown of recalled vehicles without repairs. SENT: 450 words.
— USED CAR DANGER-WHAT TO DO — How to find out if a used car has an unrepaired recall. SENT: 300 words.
CONSUMER REPORTS-AUTO RANKINGS
DETROIT — Buick makes a surprise appearance in Consumer Reports top 10 car brands, and the Tesla Model S is the highest-ranked car for the second straight year. Otherwise, the annual rankings are again dominated by brands and models from Japan and Germany. By Tom Krisher. SENT: 520 words, photos, glance.
WASHINGTON — Janet Yellen says the Fed isn't ready to raise interest rates from record lows. At the same time, she sketched out steps the central bank will take when it does start raising rates and tried to give it as much flexibility as possible to adjust monetary policy as needed. By Martin Crutsinger. SENT: 900 words. UPCOMING: 800 words by 4 p.m.
— FINANCIAL MARKETS — Investors cheer new signals that the Federal Reserve is unlikely to begin rising interest rates before June, pushing U.S. stocks slightly higher in midday trading. By Alex Veiga. SENT: 730 words, photo. UPCOMING: 700 words, photo.
BRUSSELS — Greece clears a major hurdle in its ongoing battle to remain solvent after its European creditors approved a 4-month extension to its financial bailout — but the cash-strapped country still has a lot to do to convince its partners that it deserves more help beyond the summer. By Lorne Cook and Raf Casert. SENT: 800 words, photos.
STAVANGER, Norway — Losing his job on a Norwegian oil rig meant more to Kristoffer Sandberg than saying goodbye to a high salary. It has caused a shift down in lifestyle and expectations, something an increasing number of people in this small oil-rich country are facing. By Mark Lewis. SENT: 710 words, photos.
JPMORGAN COST CUTS
NEW YORK — JPMorgan Chase is planning to close 300 bank branches, or about 5 percent of the total, over the next two years, as more customers move to online and mobile banking and the bank looks to reduce its overall expenses. By Ken Sweet. SENT: 330 words.
MARKETS & ECONOMY:
WASHINGTON — U.S. home price increases level off in December, reflecting a weak sales environment and a small number of homes for sale. By Christopher S. Rugaber. SENT: 500 words, photo.
WASHINGTON — U.S. consumer confidence falls this month after a big gain in January but remains higher than it was before the Great Recession. By Paul Wiseman. SENT: 360 words, photo.
WASHINGTON — U.S. banks' earnings drop 7.3 percent in the fourth quarter from a year earlier as a few big banks incur increased costs to settle legal cases and the industry has declines in income from the mortgage business. The data shows a reversal of the trend of rising earnings as the industry has recovered from the financial crisis. By Marcy Gordon. SENT: 390 words.
ATLANTA — Shoppers liked what they saw at Home Depot during the holidays, helping the home improvement chain beat Wall Street expectations for its fourth-quarter results. The retailer also authorized the repurchase of $18 billion of its own shares, boosted its quarterly dividend by 26 percent and released a better-than-expected outlook for the year. By Michelle Chapman. SENT: 730 words, photo.
NEW YORK — Comcast Corp.'s fourth-quarter net income edges up less than 1 percent as the company adds more customers for its cable TV, high-speed Internet and phone services. By Mae Anderson. SENT: 600 words, photo.
— MACY'S-RESULTS — Macy's delivers a disappointing full-year profit outlook as the department store chain reports sluggish sales for the holiday quarter. SENT: 460 words, photo.
MERCK-HIV DRUG LICENSE
TRENTON, N.J. — Drugmaker Merck & Co. grants a free license allowing one of its HIV medicines to be made and sold inexpensively for use in young children in poor countries hard hit by the AIDS virus. By Linda A. Johnson. SENT: 450 words, photo.
— GOODYEAR-FOREIGN BRIBERY — Goodyear will pay about $16 million to settle federal regulators' charges that it failed to prevent persistent bribery in Kenya and Angola aimed at winning tire sales. SENT: 150 words.
— ANTIFUNGAL DRUG-SAFETY — A consumer safety group is calling on the Food and Drug Administration to pull certain antifungal tablets off the market, saying there are safer medicines that do not carry risks of liver damage. SENT: 290 words.
— OBAMA-KEYSTONE President Barack Obama will veto a Republican-backed bill would've approved construction of the Keystone XL oil pipeline, the White House says, putting a freeze on a top GOP priority — at least for now. SENT: 780 words, photos.
— AL-SHABAB-SHOPPING MALLS-MINNESOTA — The Mall of America has provided a rare glimpse into security for the nation's busiest shopping center after an online video purportedly produced by a terrorist group urged extremists to attack shopping malls in Western countries. SENT: 350 words, photos, video.
— MITSUBISHI-ELECTRIC CAR — Mitsubishi's 2016 iMiev will remain the cheapest electric car on the market when it goes on sale in the U.S. next month. SENT: 130 words.
— CADILLAC RECALL — General Motors is recalling about 67,000 Cadillac ATS compact sports sedans to fix a problem with the power sunroof controls. SENT: 130 words, photo.
— IRAQ-AIRLINES — The Mideast's biggest airline says it plans to resume flights to Baghdad after halting them last month after an incoming passenger plane came under fire. SENT: 200 words.
TECHNOLOGY & MEDIA:
DIGITAL LIFE-REVIEW-MODERN FAMILY
NEW YORK — The producers of "Modern Family" recorded this week's episode entirely with the iPhone. What could have been a gimmick instead comes across as a new, clever way of storytelling — with jokes and plot twists not possible with the documentary-style approach that "Modern Family" typically uses. By Anick Jesdanun. SENT: 760 words, photos.
SILICON VALLEY-SEXUAL DISCRIMINATION
SAN FRANCISCO — A trial is underway in a high-profile sex bias lawsuit captivating Silicon Valley. In his opening statement, a lawyer for plaintiff Ellen Pao says she was passed over for promotion because she was a woman and then fired after she complained. By Paul Elias. SENT: 140 words, photo. UPCOMING: Will be updated throughout hearing.
— SONY-PASCAL REPLACEMENT — Former 20th Century Fox chief Tom Rothman is named co-chairman of Sony Pictures Entertainment, replacing the recently departed Amy Pascal. SENT: 440 words, photo.
— REDDIT-NO SEX PICS WITHOUT CONSENT — Reddit, an online community of information boards, bans the posting of nude pictures and sex videos without the parties' consent. Some Reddit subgroups have traditionally posted illicit photos, ranging from hacked nude photos of Jennifer Lawrence to child porn. By Mae Anderson. UPCOMING: 500 words, photo by 4 p.m.
— APPLE-DIVERSIFYING EMOJI — Lovers of emojis, the cute graphics that punctuate online writing and texts, will soon be able to pick from different skin tones on Apple devices. Currently, emojis either look white or a "Simpsons" shade of yellow. SENT: 210 words.
— CELLPHONE TRACKING — The 11th U.S. Circuit Court of Appeals hears arguments in a Florida case over whether investigators need a search warrant to get cellphone tracking data widely used as evidence to show suspects were in the vicinity of a crime. UPCOMING: 600 words by 5 p.m.
— SPAIN-ECONOMY — Prime Minister Mariano Rajoy says Spain's economy will grow by a better-than-expected 2.4 percent in 2015, claiming it as strong evidence that the country has emerged from the severe economic crisis. SENT: 440 words, photos.
— EUROPE-NEW NOTE — The European Central Bank unveils a new version of the commonly used 20-euro note with added anti-counterfeiting features. SENT: 130 words.
— GERMANY-ECONOMY — Millions of German industrial workers are set to get a 3.4 percent pay increase this year following a deal between employers and a major union. SENT: 150 words.
— ALGERIA-SHALE GAS PROTESTS — Hundreds of Algerian police officers seal off avenues in the capital to prevent an opposition demonstration against plans to drill for shale gas in the south of the country. SENT: 310 words, photos.
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What follows a DATH?
Stock market records don't happen in isolation and at times they coincide. What can investors expect after a double all-time high? UPCOMING: Graphic expected by 6 p.m.
Home Depot shares jump
Home Depot shares jump after the home improvement retailer reports better-than-expected fourth-quarter results. UPCOMING: Graphic expected by 6 p.m.