Inventories stayed lean in January, down 0.2%

Businesses trimmed inventories at the wholesale level again in January even though sales rose for a 10th consecutive month. The dip in inventories underscored that businesses remain cautious about restocking their depleted shelves. The Commerce Department said inventories at the wholesale level were reduced 0.2 percent in January following a 1 percent drop in December. Sales were up a solid 1.3 percent, the best showing since a 3.6 percent rise in November.

Oil settled above $82 after driving past $83 briefly following a government report that showed U.S. crude oil supplies didn't grow as much as analysts expected last week. Benchmark crude for April delivery rose 60 cents to settle at $82.09 on the New York Mercantile Exchange. The Energy Information Administration said crude inventories grew last week by 1.4 million barrels to 343 million barrels. Analysts expected a build of 2.1 million barrels.

Panera Bread customers around the country soon will be able to tally calories for their smokehouse turkey panini and broccoli cheddar soup with just a glance at the menu board. Panera said it will be the first nationwide chain to voluntarily post calorie information at all of its company-owned restaurants. Calorie counts will be posted by March 24 at all 585 company-owned stores, including Saint Louis Bread Co. and Paradise Bakery & Cafe stores. Panera expects its franchisees to eventually follow suit.

China's inflation spiked higher in February, raising the chances that Beijing might need to cool the recovery in the world's third-largest economy. Consumer prices rose 2.7 percent over a year earlier, up from January's 1.5 percent rate, the National Bureau of Statistics said. Analysts say the rise in politically sensitive inflation has raised the chances that Beijing will be forced to cool growth by raising interest rates.

Japan's economy grew notably less in the fourth quarter than initial estimates. The world's second biggest economy's gross domestic product expanded at an annual pace of 3.8 percent in the October-December quarter, revised down from 4.6 percent in a preliminary report last month. The annualized figure corresponds to quarterly growth of 0.9 percent. GDP measures the total value of a nation's goods and services.

Swiss Reinsurance Co. said the strong earthquake in Chile last month will cost the insurance industry $4 billion to $7 billion, an estimate shared by its Germany-based rival Munich Re AG. Swiss Re said it is common practice for property owners in Chile to buy earthquake insurance, meaning the temblor would result in significant claims for property damage and disruption of business.

British Airways, American Airlines and Iberia have offered to give away takeoff and landing slots at London and New York airports to soothe European Union antitrust worries, E.U. regulators said. The European Commission said it would ask other airlines whether freeing up slots at London Heathrow, London Gatwick and New York's John F. Kennedy airports would be enough to create more competition and entice rivals to start new routes from those airports to New York, Boston, Dallas and Miami.

Talks between British Airways and a cabin crew union aimed at averting a strike have broken down with no agreement, the airline said, again raising the possibility of a walkout by thousands of employees. Officials at the Unite union said no further talks were planned. A BA spokesman said the company remains available for negotiations about the long-running dispute over pay, job security and working conditions.

FROM NEWS SERVICES