Brazil files criminal counts against Chevron execs
SAO PAULO - Federal prosecutors filed criminal charges Wednesday against 17 Chevron and Transocean company executives for an oil leak in the Atlantic, a move deemed outrageous by those targeted but applauded by environmentalists.
Prosecutors accused the executives of environmental crimes, misleading Brazil's oil regulator about safety plans and not providing accurate information in the wake of the spill.
At least 110,000 gallons of oil seeped through cracks in the ocean floor near a Chevron Corp. appraisal well off the Rio de Janeiro coast in November. The well, drilled by Transocean Ltd., has since been sealed, but a small amount of seepage has reappeared, raising concerns that the damage is not over.
HP combines printer, PC units amid falling sales
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NEW YORK - Hewlett-Packard Co. is combining its printer and PC divisions as it tries to overcome sluggish earnings, growing competition and the absence of a focused identity.
The move announced Wednesday will help the company streamline its business and save money to invest in growing areas. HP also hopes the restructuring will boost innovation.
The change comes as sales of printers and ink, once HP's lifeblood, are falling because people are sharing more documents and photos online instead of printing them.
Winter home resales are best in five years
U.S. home sales are gradually coming back. A mild winter and a stronger job market have helped boost sales ahead of the crucial spring buying season.
The past two months made up the best winter for sales of previously occupied homes in five years, when the housing crisis began. And the sales pace in January was the highest since May 2010, the last month that buyers could qualify for a federal homebuying tax credit.
February sales dipped only slightly to a seasonally adjusted 4.59 million, the National Association of Realtors said Wednesday. That's 13 percent higher than the sales pace last July and just below the revised 4.63 million in January.
Bernanke: American banks could handle Europe shock
WASHINGTON - Federal Reserve Chairman Ben Bernanke told a congressional panel Wednesday that U.S. banks could withstand shocks from Europe, even if the debt crisis there significantly worsened.
The U.S. banking system remains exposed to Europe, but stress tests conducted by the Fed found most banks could weather a severe recession triggered by the debt crisis, Bernanke told the House Oversight and Government Reform Committee.
The Fed looked at how the 19 largest U.S. bank holding companies would handle a severe recession that drove the unemployment rate to 13 percent and cut stock prices 50 percent. The stress tests found all but four were strong enough to survive.
Hartford Financial Group quitting annuity business
HARTFORD, Conn. - Hartford Financial Services Group Inc. said Wednesday that it is exiting the annuity business so it can focus on property and casualty insurance, group benefits and mutual funds.
The Associated Press