Editors: Among the stories for Tuesday from The Associated Press: TOP STORIES STATE OF UNION-ECONOMY WASHINGTON â¿¿ As President Barack Obama delivers his State of the Union speech Tuesday night, he presides over an economy much healthier than the one he inherited four years ago. Yet growth remains slow and unemployment high. By Christopher S. Rugaber and Paul Wiseman. AP photo LEW-TREASURY WASHINGTON â¿¿ The to-do list that awaits Jacob Lew, President Barack Obama's choice to be Treasury secretary, is daunting. Bridge disputes in Congress on taxes and spending. Shrink budget deficits. Manage tense economic ties with China. Press Europe to reduce debts while fighting a recession. Defend the U.S. financial overhaul law. Prevent a global currency war. And those are just the obvious challenges. If the Senate backs Lew's nomination after a committee hearing Wednesday, he will likely have to marshal all his strengths as a budget specialist and perhaps overcome inexperience in some areas to achieve significant success. By Martin Crutsinger. AP photo G7-EXCHANGE RATES BRUSSELS â¿¿ The Group of Seven leading industrial nations, which includes the U.S., Japan and Germany, seeks to defuse escalating tensions about an impending "currency war," warning that volatile movements in exchange rates can adversely hit the global economy. Exchange rates and the threat of a "currency war" are expected to feature heavily at the Group of 20 meeting of finance chiefs in Moscow on Feb. 15-16. By Pan Pylas. With: ASIA CURRENCIES-Q&A SEOUL, South Korea â¿¿ Japan's weak yen is turning the tables on its Asian exporting rival South Korea. For several years, South Korean manufacturers such as Hyundai and Samsung Electronics increased their market share at the expense of Japanese rivals partly because South Korea's currency, the won, was weak while the yen was rising against the dollar and other currencies. That situation is now reversing. By Business Writers Youkyung Lee and Elaine Kurtenbach.
â¿¿ JAPAN-CHEAP YEN â¿¿ As the yen weakens, famous Japanese exporters from Toyota to Nintendo are getting a boost â¿¿ but the favorable exchange rate also carries risks by insulating some companies from pressure to overhaul their businesses. AP photosMARKETS AND ECONOMY â¿¿ BUDGET FIGHT â¿¿ Finger-pointing trumps problem-solving as automatic budget cuts loom. â¿¿ SMALLBIZ-SMALL BUSINESS OPTIMISM â¿¿ Survey: Small business owners still pessimistic, worried about the economy and their sales. WALL STREET NEW YORK â¿¿ Stocks are little changed in the early going as weak earnings from Goodyear and other U.S. companies keep buyers at bay. AP photo â¿¿ OIL PRICES â¿¿ The price of oil rises to near $98 a barrel, adding to a sharp rise the day before, as OPEC upgrades its forecast for global demand this year. EARNINGS EARNS-COCA COLA NEW YORK â¿¿ Coca-Cola's fourth-quarter profit rises 13 percent as the world's biggest beverage company sells more of its drinks in emerging markets, offseting a decline in Europe and a modest performance in the U.S. By Candice Choi. AP photo BRITAIN-EARNS-BARCLAYS LONDON â¿¿ Barclays will cut at least 3,700 jobs in a major restructuring that follows a scandal-hit year for the U.K. bank. By Danica Kirka. EARNS-GOODYEAR TIRE CLEVELAND â¿¿ Goodyear tops Wall Street expectations for the fourth quarter, but shares slide as Europe drags down the tire maker's outlook for 2013. By Thomas J. Sheeran. AP photo With: â¿¿ FRANCE-PROTESTS â¿¿ Flares and tear gas in standoff between French police and workers protesting Goodyear layoffs. AP Photos â¿¿ EARNS-MICHELIN â¿¿ Tire maker Michelin says its profit rose 7.5 percent last year despite a struggling car market in Europe, and expects to keep up volumes this year. â¿¿ EARNS-MCGRAW-HILL â¿¿ McGraw-Hill swings to a loss in the fourth quarter as its transition to a financial information provider forces it to take a big, one-time charge.
â¿¿ EARNS-REYNOLDS AMERICAN â¿¿ Reynolds American's fourth-quarter net income falls 54 percent on pension, trademark and other costs. Higher sales of smokeless tobacco offset cigarette volume declines.INDUSTRY SPAIN-IBERIA STRIKE MADRID â¿¿ Spanish airline Iberia presents a plan to cut almost a fifth of its workforce â¿¿ 3,800 workers â¿¿ a week ahead of a first round of strikes by labor unions. LEAN CUISINE-RECALL Nestle issues recall for Lean Cuisine mushroom ravioli after reports of glass shards found. â¿¿ BRITAIN-UBS â¿¿ U.K. regulator fines UBS nearly $15 million for exposing its customers to high-risk investments and for failing to deal properly with complaints that followed. â¿¿ CANADA-NEXEN-CNOOC â¿¿ Canadian energy producer Nexen says a U.S. government agency has given the final approval required for its $15.1 billion acquisition by China's state-owned CNOOC. â¿¿ BOEING 787-BATTERY SHIPMENTS â¿¿ A U.N. agency that sets global aviation safety standards is moving to prevent aircraft batteries like the one that caught fire on a Boeing 787 last month from being shipped as cargo on passenger planes. TECHNOLOGY & MEDIA â¿¿ NETFLIX-DREAMWORKS ANIMATION â¿¿ Streaming video provider Netflix adds more kids content with DreamWorks Animation cartoon. INTERNATIONAL â¿¿ ITALY-FINMECCANICA â¿¿ Italian police arrest the chief executive of Italy's largest defense and aerospace group, Finmeccanica, as part of an investigation into alleged international corruption. â¿¿ BRITAIN-OLYMPIC SECURITY â¿¿ London Olympic organizers say agreement reached with G4S over failure to provide security. â¿¿ EUROPE-FINANCIAL CRISIS â¿¿ Senior EU official: No plans to force private depositors in Cypriot banks to take losses. AP Photos YL108-0212131014, YL107-0212131015, YL104-0212131017. â¿¿ INDIA-ECONOMY â¿¿ India's industrial output drops 0.6 percent in December; slide for 2nd month adds to gloom. â¿¿ CHINA-US-SANCTIONS â¿¿ China protests U.S. sanctions on companies over alleged arms deals with Iran, North Korea, Syria.