Valentine's Day spending expected to rise
You can't buy love, but that isn't stopping Americans from spending plenty on jewelry, valentines flowers her, candy and dinner out this Valentine's Day, according to a report released Wednesday. U.S. shoppers are expected to spend an average $126 on their sweethearts and loved ones this year, up 8.5 percent from $17.6 billion from the year ago, according to the National Retail Federation's annual consumer intentions survey. The figure marks the highest level of Valentine's Day purchasing in the survey's 10-year history.
Honda hybrid owner wins in small-claims court
A Southern California woman who challenged the legal status quo by filing a small-claims action against Honda won her lawsuit when a judge ruled that the automaker misled her about the potential fuel economy of her hybrid car. Los Angeles Superior Court Commissioner Douglas Carnahan awarded Heather Peters $9,867 -- much more than the couple hundred dollars cash that a proposed class-action settlement is offering. Honda disagrees with the judgment and plans to appeal the decision, company spokesman Chris Martin said.
Profit-sharing coming to Chrysler workers
Chrysler's hourly workers are set to receive profit-sharing checks that will average more than $1,500 per worker. Fiat and Chrysler CEO Sergio Marchionne sent an e-mail to workers saying hourly and salaried workers will receive a performance award. The e-mail didn't say how much workers will receive. For salaried employees, that award will be based on a performance plan. For hourly workers it will be based on profit-sharing formula ratified by UAW members last fall.
BNSF plans $3.9B in capital improvements
Warren Buffett's Berkshire Hathaway Inc. plans to boost capital spending at its BNSF Railway Co. to $3.9 billion this year, an increase of 11 percent from 2011, as the company adds capacity for coal shipments. The 2012 proposal includes $2.1 billion on the core network and $1.1 billion on locomotive, freight car and equipment acquisitions, BNSF said. The Fort Worth, Texas-based unit is also spending $300 million this year on a U.S. rail-safety mandate.
In mortgages, Wells Fargo eating BofA's lunch
Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.'s presence almost doubled, FBR Capital Markets said. Bank of America saw its share of originations drop to 5.6 percent in the fourth quarter from 10 percent in 2011's third quarter and 24.7 percent in 2007, Paul Miller of FBR said. Miller's calculations combined the total for Bank of America and subprime lender Countrywide Financial Corp. Wells Fargo rose to 30 percent of the market from 15 percent in 2007, according to FBR.
Daily deals site LivingSocial lost $558M in '11
LivingSocial, the fast-growing daily deals site based in Washington, lost $558 million on revenue of $245 million in 2011, according to a regulatory filing, which owns almost a third of the company. The filing is the first glimpse into the financial workings at privately held LivingSocial, which is less than three years old and is expected to go public this year. Amazon reported the numbers in a note detailing its equity investments because it owns 31 percent of LivingSocial, which is the second-largest business in the daily deals space after Groupon