UNCERTAINTY: Core inflation in the US, excluding energy and food, is expected to rise between 2 and 2.22 percent, up from a prior estimate of 1.7 to 1.9 percent
The US Federal Reserve on Wednesday slashed its US economic growth forecast for this year by a half percentage point, citing a housing slump, tight credit and higher oil prices.

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Oil prices held steady yesterday after rising to a record above US$101 a barrel overnight as investors poured more cash into crude and other commodities as a hedge against inflation.

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Farmer Scott Hunter's almond trees are exploding into a froth of pink and white blossoms that will eventually bear more than 1 tonne of nuts intended for trail mix, cereals, pastries and ice cream -- but only if each bloom is visited by a honey bee.

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Allianz SE, Europe's biggest insurer, said that its fourth-quarter profit fell 52 percent on subprime-related writedowns and trading losses at its banking division.

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A prestigious Fifth Avenue skyscraper is up for sale and could fetch US$3 billion or more, which would be a record price for a US office building.

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CREDIT CONSTRAINED: The International Council of Shopping Centers said store closings this year could reach 5,770 in the US, the largest number since 2004
A weak holiday season and a struggling economy led retailers Sharper Image Corp and Lillian Vernon Corp to file for bankruptcy this week and analysts predict others could soon follow them as consumer spending worsens.

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■ EDUCATION

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