Business briefs 2/19/04

Residential construction activity slows in January

WASHINGTON --The number of housing projects builders broke ground on in January declined by the largest amount in nearly a year as bad winter weather played havoc with construction activity. The Commerce Department reported Wednesday that the number of residential buildings under way dropped to a seasonally adjusted annual rate of 1.90 million units, representing a sharp 7.9 percent drop from December's stellar pace of 2.07 million units.

White House retreats on jobs predictions

WASHINGTON -- The White House backed away Wednesday from its own prediction that the economy will add 2.6 million new jobs before the end of this year, saying the forecast was the work of number-crunchers and that President Bush was not a statistician. Bush, himself, stopped short of echoing the prediction.

Firms agree to pay SEC $240 million to settle

NEW YORK -- Two New York Stock Exchange specialist firms announced proposed settlements Wednesday over alleged mishandling of trades and profit-skimming, and sources said three other firms were expected to make deals. In all, the firms have agreed to pay $155 million to disgorge their allegedly illegal profits and an additional $85 million in fines, though the final figures were being ironed out, sources told The Associated Press on condition of anonymity.

-- From wire reports