Uptick in consumer borrowing a surprise

THE ECONOMY

Uptick in borrowing a surprise

Consumer borrowing broke a record stretch of declines with a small increase in January as a boost in auto loans offset continued weakness in credit card borrowing.

The small gain, the first in nearly a year, could be a signal that Americans are regaining confidence in the economy.

The Federal Reserve reported Friday that consumer borrowing rose by $4.96 billion in January, surprising economists who were looking for borrowing to decline by $4.5 billion.

CURRENCY

Franklin note gets new look

Aiming to stay a step ahead of counterfeiters, the government will unveil a new design for the $100 bill next month.

The Treasury Department said Friday the wraps would come off the face lift for Ben Franklin at an April 21 ceremony in the department’s Cash Room, the site of Ulysses Grant’s first inaugural ball in 1869.

The government says its decisions on redesigning currency are guided by assessments of counterfeiting threats, from digital technology or old-fashioned printing presses.

COMPENSATION

$31.4 million in earnings for Irani

Ray Irani, Occidental Petroleum Corp.’s chairman and chief executive, took a 10% salary cut in 2009 but ended up with total compensation of $31.4 million for the year, up 39.4% from 2008’s total, including bonus, stock awards and other income.

Irani for years has been one of the best paid U.S. executives. His 2009 compensation reflects the Westwood company’s strong performance, spokesman Richard S. Kline said, with a record year-end stock price of $81.35, record oil and natural gas production and reserve replacement that was more than double what the company extracted.

AIRLINES

Storms costly for carriers

Southwest Airlines Co. says that winter storms along the East Coast last month cost it $15 million in lost passenger revenue.

Southwest’s estimate came after two other airlines said that the poor weather cost them about $55 million in lost revenue.

Continental Airlines Inc. estimated the storms cost it $25 million after it closed its Newark, N.J., hub.

-- times staff and wire reports