Expert: Gulf Oil
A well design expert testifying for the federal government in the Gulf oil spill trial said BP withheld information from regulators before a blowout triggered a deadly explosion on the Deepwater Horizon drilling rig in 2010. Geophysicist Alan Huffman said BP continued drilling in dangerous deepwater conditions despite clear warnings of trouble and without informing the Minerals Management Service.
Indian casinos posted higher revenue in 2011 despite a weak economy. The "Casino City's Indian Gaming Industry Report," said revenue rose 3 percent, to $27.4 billion. Indian casinos account for about 43 percent of total casino gambling revenue, slightly less than 45 percent for commercial casinos.
limits SEC suits
The Supreme Court said the Securities and Exchange Commission doesn't get more time to sue for securities fraud. Justices said the SEC must file suit within five years of an alleged fraudulent security action, and that it can't start the clock running whenever it discovers a bad practice.
Orders for U.S. durable factory goods that signal business investment plans jumped last month by the most in more than a year, suggesting companies are confident about their business prospects. Even with the increase, though, durable goods orders have mostly just recovered from last year's losses.
Clearwire to use
Clearwire says it will tap into $80 million in financing from Sprint, putting a hurdle in the way of a possible sale of the wireless network operator to Dish. Clearwire has buyout offers from both Sprint and Dish. In December, it agreed to a deal with Sprint Nextel that offered $2.2 billion for the 49 percent of Clearwire Sprint doesn't already own. Then Dish Network Corp. bid $5.15 billion in January.
A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 ½ years. The 4.5 percent increase reported by the National Association of Realtors suggests sales of previously occupied homes will continue rising in the coming months.
beer sales fall
Anheuser-Busch InBev, the world's largest brewer, says its profit fell 5 percent in the fourth quarter to $1.8 billion. It expects weak first-quarter volumes in Brazil and in the U.S., its most profitable market, due to bad weather and consumers having less spending money.