Live Financial And Business News By SaneBull

(Reuters) - A major snowstorm will hit the Midwest and Great Lakes on Tuesday and then gather even more force and sweep into the Northeast, dumping heavy amounts of snow. Winter storm warnings were in effect throughout the upper South.

(Reuters) - The Pentagon said on Tuesday that the United States wanted a U.N. Security Council resolution "within weeks" to tackle Iran's nuclear program as Iran said it had begun making higher-grade nuclear fuel.

(Reuters) - Toyota Motor Corp said it was recalling nearly half a million of its flagship Prius and other hybrid cars for braking problems as it seeks to address criticism over the handling of its worst safety crisis.

JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu called for immediate and "crippling" sanctions against Iran on Tuesday, as it began making higher-grade nuclear fuel in defiance of international censure.

PORT-AU-PRINCE (Reuters) - A Haitian judge made no decision at a hearing on Monday whether to free or prosecute 10 U.S. missionaries accused of kidnapping children, and their leader said she trusted in God they would be cleared and released.

* Seeks 1.2 bln euros from Britain, Spain, Poland, Austria

NEW YORK, Feb 9 (Reuters) - The global junk bond defaultrate fell to 12.5 percent in January from a revised 13 percentin December and will likely tumble to 3 percent within a year,Moody's Investors Service said on Tuesday.

BRUSSELS, Feb 9 (Reuters) - A European Union scientificcommittee has failed to reach an agreement on whether to approveapplications for the use of three genetically modified (GM)maize crops, an EU official said on Tuesday.

NEW YORK, Feb 9 (Reuters) - U.S. stocks rose on Tuesdayafter a senior German ruling coalition source said euro zonegovernments have decided in principle to help debt-burdenedGreece and that various options were being considered.

LONDON, Feb 9 (Reuters) - European shares ended flat onTuesday, giving up earlier gains with investors wary of the debtproblems in Greece and other peripheral euro zone economies.

* Nabors shares up 3 pct, in line with sector (Adds detail on charge, background, share price; changesdateline from NEW YORK)

* Ruling upholds earlier decision that HGS patent is invalid

NEW YORK, Feb 9 (Reuters) - Bank of America's credit lossesmay remain at high levels for the rest of this year, warnedcredit rating agency Standard & Poor's on Tuesday.

ATHENS, Feb 9 (Reuters) - Greece outlined on Tuesday itspublic sector incomes policy and a tax reform bill, as part ofan EU-endorsed plan to increase state revenues and reduce itshuge deficit.

ATHENS, Feb 9 (Reuters) - Greece's public sector union ADEDYsaid on Tuesday it was more likely it would stage furtherstrikes after the government unveiled a new wage and tax bill aspart of its austerity plan to reduce a huge deficit.

WASHINGTON, Feb 9 (Reuters) - U.S. job openings rosemodestly in December, while hirings were little changed,government data showed on Tuesday.

WASHINGTON, Feb 9 (Reuters) - Top White House economicadviser Lawrence Summers said on Tuesday that the job marketwas stabilizing but the economy still had a long way to go toreturn to health.

WASHINGTON, Feb 9 (Reuters) - U.S. wholesale inventoriesunexpectedly fell 0.8 percent in December, while sales rose 0.8percent, a government report showed on Tuesday.

NEW YORK, Feb 9 (Reuters) - U.S. consumer confidence fellin February to near a level seen at the beginning of therecession, as high unemployment and some stock market weaknesssapped January's optimism, a research group said on Tuesday.

REUTERS FORECAST: Median -7.2 percent year-on-year Novembervs -14.0 percent October. Twelve clients participated in thesurvey and the range was -4.0 percent to -12.5 percent.

NEW YORK, Feb 9 (Reuters) - Redbook Research on Tuesday released thefollowing seasonally adjusted weekly data on U.S. chain store sales:Year-over-year: Week (w/e 02/06/10 vs year ago) 2.0 pctYear-over-year:Month (February 2010 vs February 2009) 2.0 pctMonth-over-month: (February 2010 vs January 2010) 1.7 pct

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Feb 9 (Reuters) - The International Council of ShoppingCenters and Goldman Sachs on Tuesday released thefollowing seasonally adjusted weekly data on U.S. chain storeretail sales.WEEK ENDING INDEX 1977=100 YEAR/YEAR CHANGE WEEKLY CHANGE

MADRID, Feb 8 (Reuters) - Spain is struggling to convincedebt markets that it can make the painful cuts and reformsnecessary to cut its fiscal deficit from 11.4 percent of GDP in2009 to the EU limit of 3 percent by 2013.

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NEW YORK, Feb 9 (Reuters) - Bank of America's credit lossesmay remain at high levels for the rest of this year, warnedcredit rating agency Standard & Poor's on Tuesday.

* US clients withdraw $11.2 billion in assets (Adds background on UBS earnings, links to earnings story andBREAKINGVIEWS commentary)

* Borthwick previously headed global i-grade debt markets

* Q4 rev up about 1 pct * Sees 2010 rev $315 mln-$325 mln

NEW YORK, Feb 9 (Reuters) - Investors turned cautious onU.S. government securities in advance of $81 billion in supplythis week, according to a poll released on Tuesday.

NEW YORK, Feb 9 (Reuters) - Standard & Poor's on Tuesdayrevised its rating outlooks on Bank of America Corp andCitigroup Inc to negative from stable, saying there isuncertainty that the government will provide more extraordinarysupport that benefits debt holders.

* U.S. stocks open higher on Greece talk, analyst views

* Ghana threatens to block $4 bln deal, has not yet done so

CHICAGO, Feb 9 (Reuters) - Spectrum Brands Inc said on Tuesday that it plans to add the Russell Hobbs line ofappliances to its lineup.

* Total clients outflows 56.2 bln Sfr, twice level expected

NEW YORK, Feb 9 (Reuters) - The global junk bond defaultrate fell to 12.5 percent in January from a revised 13 percentin December and will likely tumble to 3 percent within a year,Moody's Investors Service said on Tuesday.

NEW YORK, Feb 9 (Reuters) - The price of U.S. governmentdebt fell on Tuesday after news of a euro zone initiative tohelp Greece with its debt crisis.

NEW YORK, Feb 9 (Reuters) - Bank of America's credit lossesmay remain at high levels for the rest of this year, warnedcredit rating agency Standard & Poor's on Tuesday.

ATHENS, Feb 9 (Reuters) - Greece outlined on Tuesday itspublic sector incomes policy and a tax reform bill, as part ofan EU-endorsed plan to increase state revenues and reduce itshuge deficit.

ATHENS, Feb 9 (Reuters) - Greece's public sector union ADEDYsaid on Tuesday it was more likely it would stage furtherstrikes after the government unveiled a new wage and tax bill aspart of its austerity plan to reduce a huge deficit.

BRUSSELS, Feb 9 (Reuters) - European Union leaders shouldtell Greece on Thursday that it will receive the bloc's supportin exchange for clear budget commitments, EU Economic andMonetary Affairs Commissioner Joaquin Almunia said on Tuesday.

Feb 9 (Reuters) - Penton Media Inc [PTON.UL] said it wouldfile for pre-packaged Chapter 11 bankruptcy to cut its debt by$270 million.

Feb 9 (Reuters) - Venezuela on Wednesday will declare thewinners of the Carabobo oil auction in the vast Orinoco heavycrude belt, the first major oil industry investment opportunityduring leftist President Hugo Chavez's 11-year presidency.

BRUSSELS, Feb 9 (Reuters) - European Union leaders shouldtell Greece on Thursday that it will receive the bloc's supportin exchange for clear budget commitments, EU Economic andMonetary Affairs Commissioner Joaquin Almunia said.

WASHINGTON, Feb 9 (Reuters) - Alarmed that nearly a thirdof U.S. children are obese or overweight -- and likely to staythat way all their lives -- President Barack Obama launched aninitiative on Tuesday to roll back the numbers and put his wifein charge of promoting it.

* Seeks 1.2 bln euros from Britain, Spain, Poland, Austria

NEW YORK, Feb 9 (Reuters) - The global junk bond defaultrate fell to 12.5 percent in January from a revised 13 percentin December and will likely tumble to 3 percent within a year,Moody's Investors Service said on Tuesday.

* Ruling upholds earlier decision that HGS patent is invalid

BRUSSELS, Feb 9 (Reuters) - European Union leaders shouldtell Greece on Thursday that it will receive the bloc's supportin exchange for clear budget commitments, EU Economic andMonetary Affairs Commissioner Joaquin Almunia said on Tuesday.

* Shares jump 6 pct (Adds comments from CEO and analyst, share price, SANFRANCISCO to dateline)

* US clients withdraw $11.2 billion in assets (Adds background on UBS earnings, links to earnings story andBREAKINGVIEWS commentary)

* Greece bailout speculation spurs rebound (Adds details)

WASHINGTON, Feb 9 (Reuters) - Top White House economicadviser Lawrence Summers said on Tuesday that the job marketwas stabilizing but the economy still had a long way to go toreturn to health.

*JAL to stay with American Airlines in Oneworld alliance

NEW YORK, Feb 9 (Reuters) - Standard & Poor's on Tuesdayrevised its rating outlooks on Bank of America Corp andCitigroup Inc to negative from stable, saying there isuncertainty that the government will provide more extraordinarysupport that benefits debt holders.

LONDON, Feb 9 (Reuters) - British home improvement retailerFocus DIY said it was continuing to pay rent and was not seekingfurther funding after press reports it had asked for extra timeto pay rent for January and February.

LONDON, Feb 9 (Reuters) - The 35 billion euro ($48 billion)pension fund for Dutch metal and mechanical workers plans to cutwestern property exposure as it seeks to diversify throughhigher allocations to emerging and Eastern markets.

TORONTO, Feb 9 (Reuters) - After a volatile year, Canada'sbig life insurance companies are expected to report higherfourth-quarter profits this week, boosted by stock market gainsand a brighter economic outlook.

* US clients withdraw $11.2 billion in assets (Adds background on UBS earnings, links to earnings story andBREAKINGVIEWS commentary)

* Q4 rev up about 1 pct * Sees 2010 rev $315 mln-$325 mln

Feb 9 (Reuters) - Shares of Encore Capital Group Inc rose as much as 19 percent on Tuesday, a day after thedebt collector posted a better-than-expected quarterly profit,driven by higher collections.

* Ghana threatens to block $4 bln deal, has not yet done so

CHICAGO, Feb 9 (Reuters) - Spectrum Brands Inc said on Tuesday that it plans to add the Russell Hobbs line ofappliances to its lineup.

Feb 9 (Reuters) - The following are scheduled sales announcement dates forpotential Freddie Mac reference, Fannie Mae benchmark notes and Federal Home Loan Bank (FHLB) global note offerings in2010.

MANAMA, Feb 9 (Reuters) - The chairman of Gulf Finance House, which is in talks to defer a debt payment, faces a$125 million lawsuit from a former business partner over a Qatarproperty project, the partner's lawyer said on Tuesday.

Feb 9 (Reuters) - Oil and gas company Toreador ResourcesCorp said its offering of 3 million shares was pricedat $8.50 apiece, a 16 percent discount to the stock's Mondayclose.

ACCRA, Feb 9 (Reuters) - Ghana's Jubilee oil field hasrecoverable reserves of 800 million barrels, Energy MinisterJospeh Oteng-Adjei told a conference in Accra on Tuesday.Jubilee was discovered in 2007 by a partership of theGhanaian government and international firms.

ACCRA, Feb 9 (Reuters) - Ghana's Jubilee oil field hasrecoverable reserves of 800 million barrels, the West Africancountry's Energy Minister Jospeh Oteng-Adjei told a conferencein Accra on Tuesday.Jubilee was discovered in 2007 by a partership of theGhanaian government and international firms, and is expected tobegin producing in the last quarter of this year.

BEIJING, Feb 9 (Reuters) - China National Petroleum Corp(CNPC) will start building a 6.2 million-barrel crude-oil tankfarm next month in the northern port of Tianjin, which it aimsto complete by end of this year, state media said.

Feb 8 (Reuters) - PetroQuest Energy Inc's 2009proved reserves and production slightly declined over theprevious year, but the independent oil and natural gas companymore than doubled its projected capital budget for 2010.

Feb 8 (Reuters) - Independent oil and gas company ComstockResources Inc reported wider-than-expectedfourth-quarter loss, as low natural gas prices offset higherproduction.

* Sells properties to EV Energy and its parent EnerVest

MOSCOW, Feb 8 (Reuters) - The Nord Stream group said onMonday its initial schedule for commissioning a gas pipeline onthe bed of the Baltic Sea "remains valid" despite the delay indevelopment of Shtokman gas field, one of its resource bases.

MOSCOW, Feb 8 (Reuters) - The Nord Stream gas pipeline groupsaid on Monday its initial schedule "remains valid" despitedelay in development of Shtokman gas field, one of its resourcebases.

MOSCOW, Feb 8 (Reuters) - Rosneft kept its gripfirmly on the top spot among world's publicly traded oilcompanies as it reported on Monday a 2.5 percent rise inhydrocarbon reserves for 2009 under PRMS rules.