Business briefs: Carmakers may have best January in 5 years

Carmakers may have

best January in 5 years

DETROIT -- American consumers ignored tax increases and trudged through winter weather to buy new cars and trucks at an unusually strong pace last month.

Analysts said it will likely be the best January in five years once all automakers report sales. Toyota posted a 27 percent increase, and Ford sales jumped 22 percent. GM and Chrysler each reported 16 percent gains compared with a year earlier.

The results left the industry optimistic about the new year. Businesses bought more trucks. Consumers are ready to buy -- their cars have reached a record average of 11.3 years old -- and banks are making it easier with low interest rates and looser credit terms.

-- The Associated Press

Chevron's income up

41 percent for quarter

NEW YORK -- Chevron posted a 41 percent gain in net income for the fourth quarter as the company produced more oil and gas, improved the performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.

Chevron posted net income of $7.2 billion for the quarter on revenue of $60.6 billion. That's up from $5.1 billion on revenue of $60 billion a year ago. On a per-share basis, Chevron earned $3.70. Analysts expected the company to earn $3.06 per share, according to FactSet.

-- The Associated Press

Merck reports 7 percent

decrease in profits

Merck & Co.'s fourth-quarter profit fell 7 percent because of hits from generic competition and one-time charges, and the company pushed back plans for seeking approval of a key experimental osteoporosis drug.

The quarterly results beat Wall Street expectations, but Merck shares fell Friday as investors learned the company is reviewing safety and efficacy data from a crucial late-stage patient test of the osteoporosis drug odanacatib.

-- The Associated Press

Boeing engineers to

start voting on contract

Just when Boeing really needs its engineers, they begin voting Monday on a new contract and on whether to authorize a strike. The union is urging them to reject the contract.

Boeing engineers are needed to solve battery problems that have grounded its 787s around the world.

-- The Associated Press

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