Chevron 4Q profit falls 37 percent

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City of Industry, CA AP - FILE - In this Aug. 4, 2008 file photo, the reflection from a gas tanker truck is shown ...


NEW YORK (AP) -- Chevron Corp. said Friday its fourth-quarter profit fell 37 percent as higher crude prices led to huge losses in its refining business.

Oil refineries, which turn crude into gasoline, diesel and other fuels, struggled last year as oil prices doubled from February to December.

As a result, Chevron has been scaling down its refining operations. Chairman and CEO John Watson told investors in a conference call that Chevron would cut spending by $1 billion this year on its downstream business, which includes refining, marketing and transportation.

Raymond James analyst Pavel Molchanov said investors have been asking whether Chevron will shutter any of its refineries. A shutdown of Valero Energy Corp.'s Delaware refinery resulted in a $1.2 billion loss for that company. [Read the full article]

Some Toyota customers are swearing off the brand, while others aren't much worried about sticky gas pedals. For just about everybody, confusion reigns.

Toyota first announced its massive recall last week, which followed one last November. Both involve issues with gas pedals in millions of Toyota's most popular models.

Toyota owners are still waiting for a coherent story about what is actually going on, said Sylvia Marino, executive director at auto sales site Edmunds.com.

"People are feeling a cross between shock, concern and disbelief," she said. "There's a huge amount of confusion. [Read the full article]

Hobbies provide a great way to relax from the daily grind. For many people, they also offer a way to make extra spending money.Bankrate's 2010 Tax GuideTax tips and toolsHow do I ... ?Filing and refundsReal estate and capital gainsFamily and educationOn the jobInvestments and retirementCharitable givingYour state taxes<< All guide content

You can reduce your taxable hobby income by deducting your hobby expenses, but this tax break is limited.Allowable hobby deductionsYou can only deduct expenses up to the amount of money you make on the hobby. Even then, hobby expenses, along with other miscellaneous expenses you itemize on Schedule A, must come to more than 2 percent of your adjusted gross income before you can deduct them.

If you find your hobby is regularly making money, it might be to your tax advantage to turn the sideline into a business.

It's not as difficult as you might think. [Read the full article]

Haiti's catastrophe has triggered an outpouring of support for the American Red Cross, which has raised more than $198 million dollars for its Haiti Relief and Development fund in just three weeks, far more than any other charitable organization. But, is the American Red Cross worthy of such generosity given its mixed record of performance during the past decade?

After the attack on the World Trade Center, the Red Cross confronted public outrage when the media learned of plans to divert donations to the Red Cross Liberty Disaster Fund for other purposes, forcing the Red Cross to backtrack. During the aftermath of Hurricane Katrina the Red Cross was blamed for poor coordination of relief efforts. Local Red Cross chapters have been victims of embezzlement. And two years ago financial problems forced the American Red Cross to seek a $100-million bailout from Congress, even as the non-profit was laying off hundreds of staffers. [Read the full article]

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