Retail trade group expects growth in ’12

January 16, 2012 at 12:00a.m.

new york

The nation’s largest retail trade group expects a solid 3.4 percent increase in sales this year, below last year’s 4.7 percent increase as job woes weigh on shoppers.

Sales should reach $2.53 trillion in 2012, up from last year’s $2.45 trillion, boosted in part by higher prices across all goods, according to a report today from the National Retail Federation.

Tax-cut talks focus on budget cuts, fees

washington

Republicans would cut federal employee benefits. President Barack Obama would raise fees for airline passengers and eliminate Saturday mail delivery. Democrats in Congress would charge employers higher premiums for federal pension guarantees.

As Congress returns from a three-week break, those are a few of the ideas for how to pay for extending an average $20-a-week Social Security payroll tax cut through the end of 2012 without adding to the government’s long-term debt.

House and Senate negotiators are drawing on Obama’s budget and the work of the defunct congressional supercommittee on deficit reduction to come up with the $160 billion or so needed to continue the tax cut and federal jobless benefits. Both of are set to expire Feb. 29.

Iran warns Gulf Arab oil producers

cairo

Iran warned Gulf Arab oil producers against boosting production to offset any potential drop in Tehran’s crude exports in the event of an embargo affecting its oil sales, the latest salvo in the dispute between the West and the Islamic Republic over its nuclear program.

The comments by Iran’s OPEC governor, published Sunday, came as Saudi Arabia’s oil minister was quoted the same day denying that his country’s earlier pledges to boost output as needed to meet global demand was linked to a potential siphoning of Iranian crude from the market because of sanctions.

Unions: Fuel strike resumes in Nigeria

lagos, nigeria

A nationwide strike in Nigeria over spiraling fuel prices will continue, two major unions said Sunday after negotiations with the government failed.

The statement from the Nigeria Labor Congress and the Trade Union Congress came as confusion remained over whether a threatened shutdown of oil production will occur in Africa’s top oil exporter. A major oil-workers union had promised to stop production at midnight Saturday in solidarity, jeopardizing the country’s production of 2.4 million barrels of oil a day.

During talks Saturday between the unions and government, organizers asked the government to restore an estimated $8 billion a year in fuel subsidies that keep gasoline prices low, the statement said. The government countered by promising to lower prices slightly, the unions said.

The unions said demonstrations against the government’s decision would resume today.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.26 —.10

Avalon Holdings,2.95.07

Clear Channel, .78 61.78 —1.19

Cortland Bancorp, 6.75.15

Farmers Nat.5.05 .00

First Energy, 2.20, 42.17—.03

FirstMerit Corp., .64,15.97 —.33

First Niles Financial, .32,7.25.25

First Place Fin., .58.00

FNB Corp., .48,12.30—.02

General Motors,24.29—.38

General Electric, .68,18.84—.09

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.97.00

JP Morgan Chase, 1.00,35.92—.93

Key Corp, .12,8.31.09

LaFarge, 9.17 —.15

Macy’s, .40, 34.42—.62

Parker Hannifin, 1.48, 82.44—.64

PNC, 1.40,61.73—.36

RTI Intl. Metals,25.62—.22

Simon Prop. Grp.,3.60,126.92—.09

Stoneridge 9.44 .08

United Community Fin. 1.21—.05

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.