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BC-Business News Digest

AP Photos.

SMALLBIZ-SMALL TALK

NEW YORK â¿¿ One of the most painful moments for a small business owner is when he realizes: It's not working. It could be a product that's not succeeding, business that's stolen by a competitor, or changes in the marketplace that threaten a company's survival. To survive, small business owners often have to reinvent themselves. It's not an easy task. But some have been able to pull it off. By Business Writer Joyce M. Rosenberg.

ITALY-BEATING THE CHEATS

ROME â¿¿ Good plumbers may be worth their weight in gold, but when one was spotted zipping around in a bright red Ferrari, Italian tax police were fast on his trail. Stamping out entrenched tax evasion is crucial to Premier Mario Monti's quest to keep Italy from succumbing to the European debt crisis. By Frances D'Emilio.

AP Photos

MARKETS & ECONOMY

FED MINUTES

WASHINGTON â¿¿ The Federal Reserve may be preparing to take further steps to stimulate an economy that remains too weak to reduce high unemployment. Minutes of the Fed's Oct. 23-24 policy meeting released Wednesday suggest that it might unveil a bond buying program in December to replace a program that expires at year's end. By Economics Writer Martin Crutsinger.

â¿¿CENSUS-POVERTYâ¿¿ Taking medical costs and work-related expenses into account results in a larger number of poor people than the government's official poverty measure, the Census Bureau says.

FORECLOSURE RATES, HFR

LOS ANGELES â¿¿ The pace of new foreclosures is slowing and fewer properties are being repossessed by lenders, according to new data from foreclosure listing firm RealtyTrac Inc. By Real Estate Writer Alex Veiga.

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WALL STREET

NEW YORK â¿¿ Investors draws little hope for a quick compromise in U.S. budget talks after President Barack Obama insists that higher taxes on wealthy Americans would have to be part of any deal. Stocks fall sharply, and even a signal from the Federal Reserve that it could launch a program in December to speed job growth fails to encourage investors. The Dow Jones industrial average drops 185 points. By Business Writer Steve Rothwell.

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