Busy Week Ahead for Economy: Morning Business Memo

Jan 30, 2012 7:08am

This is the busiest week this quarter for economic surveys and corporate reports. Nearly a hundred large firms report their profits in the next few days.  The earnings season has been going well for most corporations. “Profitability across the American economy is very, very high,” Treasury Secretary Timothy Geithner told CNN”s Fareed Zakaria. “Profits are higher than the pre-crisis peak.”

Also this week the government will release surveys on personal income and spending, construction, factory orders and employment. The S&P Case-Shiller home price report will be out tomorrow. On Wednesday, auto manufacturers tally their sales of new cars and trucks for January.

Greece is voicing strong opposition to a suggestion by Germany that a European budget overseer would be imposed in return for a multi-billion dollar bailout. The Financial Times says Greece’s finance minister angrily the plan, saying it would improperly force his country to choose between “financial assistance” and “national dignity.” Greece is under more pressure from the European Union and the International Monetary Fund to meet its budget targets if it wants its latest bailout installment. Greece’s premier is warning of  additional painful austerity measures.

The House and Senate are considering a bill to toughen the penalties for insider trading by members of congress. It would also require they disclose stock transactions within 30 days.

Email service providers Google, Yahoo, Microsoft, AOL and other firms are said to be backing a new effort to cut down on phishing — which attempts to trick recipients into thinking the email comes from a legitimate source. The Wall Street Journal reports DMARC.org has been created in an attempt to promote a standard set of technologies leading to more-secure email.

Richard Davies Business Correspondent ABC NEWS Radio twitter.com/daviesabc

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