Business Briefs: Obama names panel to provide business advice

Continuing his outreach to business, President Barack Obama named GE Chairman Jeffrey Immelt on Friday to head a new high-profile panel that will advise him on ways to help the private sector create jobs. Immelt will lead the President’s Council on Jobs and Competitiveness, which will replace another group of outside economic advisers led by former Federal Reserve Chairman Paul Volcker. The Volcker panel, which was temporary, is set to expire next month. More than a change of players and titles, the move suggests a shift in the White House’s approach as the president switches from a panel and chairman aimed at regulating financial markets to a new group of advisers charged with finding ways to help business.

Facebook investors bring in $1 billion

Facebook says it has raised $1 billion from non-U.S. investors through Goldman Sachs. Combined with a $500 million investment from Goldman, funds Goldman manages and Russia’s Digital Sky Technologies in December, the investments value Facebook at $50 billion. Facebook said Friday the money gives it greater financial flexibility. It did say how it plans to spend it.

Bad home loans boost Bank of America loss

Bank of America Corp. reported a loss of $1.6 billion Friday after its costs related to soured home loans increased. The results reflected efforts by the nation’s largest bank to clean up problems on its balance sheet dating back to the financial crisis. Bank of America’s fourth-quarter loss after paying out preferred stock dividends was 16 cents per share. Analysts expected 18 cents.

Taco Bell drops ads for MTV’s ‘Skins’

Taco Bell has decided MTV’s new series “Skins” is too spicy and pulled its ads from the teen drama. Critics say the show glamorizes promiscuous sex, drug use and drinking. Taco Bell advertised on the show’s debut this week. But spokesman Rob Poetsch says the chain has decided it’s not a fit for the brand. Taco Bell is shifting its ads to other MTV programs

Unions see sharp decline in 2010

The nation’s labor unions saw another sharp decline in membership last year even as the economic recovery began and job losses slowed. The Bureau of Labor Statistics says unions lost 612,000 members in 2010. That drops the unionized share of the work force to 11.9 percent from 12.3 percent in 2009. Union membership in the private sector fell from 7.2 percent to 6.9 percent, a low point not seen since the infancy of the labor movement in the 1930s. The steepest decline was among construction workers. Public employment unions saw a 1.2 percent decline, as state and local governments cut jobs. Those unions could see further declines this year as states eliminate more government jobs in an effort to balance budgets.

From Herald news services