Wall Street brokers brace for another bleak week

Wall Street brokers brace for another bleak week

NEW YORK — Wall Street is bracing for yet more reminders this week that the economy is in rotten shape. Companies from networking-gear maker Cisco Systems Inc. to media giant Time Warner Inc. are set to report quarterly results, while a steady stream of economic readings is also due. The most recent numbers from companies and the government haven’t been roundly awful, but most have. That is stirring fears the economy’s slide isn’t slowing.

The stock market is coming off its weakest January on record. The benchmark Standard & Poor’s 500 index slid 8.57 percent for the month. The previous record was a 7.04 percent drop in January 1970. The tumble has investors nervous because January often sets the tone for the year.

Tax issues could deride Daschle’s Cabinet chances

WASHINGTON — Tom Daschle collected nearly a quarter of a million dollars in fees in the last two years speaking to leaders of the industry President Barack Obama wants him to reform as the administration’s health secretary.

That was just a portion of the more than $5.2 million the former South Dakota senator earned as he advised insurers and hospitals and worked in other industries — real estate, energy and telecommunications among them, according to a financial statement filed with the Office of Government Ethics.

Daschle’s finances are drawing additional scrutiny because he failed to pay his taxes properly. Although he has made amends with the government, senators said Sunday they are awaiting guidance from the committee reviewing Daschle’s nomination before deciding whether the tax problem could stall or even derail his confirmation.

Olympian Phelps apologizes for ‘regrettable’ behavior

LONDON — Olympic great Michael Phelps acknowledged “regrettable” behavior and “bad judgment” after a photo in a British newspaper Sunday showed him inhaling from a marijuana pipe.

In a statement to The Associated Press, the swimmer who won a record eight gold medals at the Beijing Games did not dispute the authenticity of the exclusive picture published Sunday by the tabloid News of the World.

“I engaged in behavior which was regrettable and demonstrated bad judgment,” Phelps said in the statement released by one of his agents. “I’m 23 years old and despite the successes I’ve had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me. For this, I am sorry. I promise my fans and the public it will not happen again.”

News of the World said the picture was taken during a November house party while Phelps was visiting the University of South Carolina.

Colombian hostages free

BOGOTA — Four Colombian hostages delivered by leftist rebels to the International Red Cross have landed safely at a provincial airport. The three police officers and a soldier were met with hugs, applause and white daisies after stepping out of a Brazilian helicopter that touched down at the Villavicencio regional airport shortly after sunset Sunday.

The policemen were seized in June 2007 at a roadblock, and the soldier was captured six months earlier during combat in southern jungles.

Hollywood’s $1B January

LOS ANGELES — Liam Neeson’s CIA thriller “Taken” bumped off “Paul Blart: Mall Cop” at the weekend box office, raking in $24.6 million and helping fuel the first $1 billion January in Hollywood history.

North American box office revenues were up nearly 20 percent in January over the same period last year, reaching a record $1.03 billion for the month. Attendance was up 16 percent over last year, said Paul Dergarabedian, president of box-office tracker Media by Numbers.

Associated Press