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BC-Business News Digest

AP photos.

â¿¿ OIL PRICES â¿¿ The price of oil recoups steep morning losses after a government report shows U.S. crude supplies grew a bit less than expected last week.

â¿¿ GEITHNER-FOREIGN RELATIONS â¿¿ Timothy Geithner is joining the Council on Foreign Relations in New York, his first public move since stepping down as Treasury Secretary last month.

â¿¿ OBAMA-INTERIOR â¿¿ President Barack Obama has picked the head of outdoor gear company REI, Sally Jewell, as secretary of Interior.

INDUSTRY:

BOEING 787-NTSB

WASHINGTON â¿¿ The use of lithium ion batteries to power aircraft systems isn't necessarily unsafe despite a battery fire in one Boeing 787 Dreamliner and smoke in another, but manufacturers need to build in reliable safeguards, the nation's top aviation safety investigator says. By Joan Lowy.

AP photo.

With:

â¿¿ UNITED AIRLINES-787S â¿¿ United Airlines is taking the troubled Boeing 787 out of its flying plans for the rest of this month.

EARNINGS:

EARNS-VISA

LOS ANGELES â¿¿ Visa says its profit jumped 25 percent in the last three months of 2012 as consumers racked up more credit card debt and used their debit cards more often. By Business Writer Alex Veiga.

â¿¿ LUXEMBOURG-EARNS-ARCELORMITTAL â¿¿ ArcelorMittal, the world's largest steel maker, posts a nearly $4 billion fourth-quarter loss on charges related to its ailing European business and a drop in the value of its assets.

â¿¿ EARNS-RALPH LAUREN â¿¿ Ralph Lauren Corp. says profit rose 27 percent in its latest quarter as the designer clothing company's affluent customers spent generously during the winter holidays and trends improved in Europe. AP photo.

HEALTH CARE:

â¿¿ FAKE CANCER DRUG-FDA â¿¿ The Food and Drug Administration is warning U.S. doctors about another counterfeit version of the cancer drug Avastin, the third case involving the best-selling Roche drug in the past year.

EARNS-CVS

CVS Caremark's fourth-quarter earnings rise 6 percent, as new customers and Medicare prescription drug plans help its pharmacy benefits management business, while revenue from the chain's established drugstores grows. By Business Writer Tom Murphy.

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