Core inflation, which excludes energy and food, rose by a tiny 0.1 percent in December and 1.7 percent for the entire year, even better than the 2.3 percent increase in 2004. Energy prices rose 3.1 percent, as gasoline prices shot up by 12.3 percent last month.

The 0.7 percent rise in retail sales in December followed a 0.8 percent November increase, but both months were influenced by auto sales. Apart from autos, December sales rose just 0.2 percent. November sales fell 0.4 percent when autos were excluded.

NEW YORK - Standard & Poor's lowered its debt rating for Verizon Communications Inc. and placed AT&T Inc. and BellSouth Corp. on CreditWatch for possible downgrade, citing an accelerating loss of customers by the three biggest telephone companies to rival services from cable TV providers.

S&P also said Friday it was placing the debt of Cingular Wireless, jointly owned by AT&T and BellSouth, as well as CenturyTel Inc. and Verizon's majority-owned Telecomunicaciones de Puerto Rico Inc., on CreditWatch for possible downgrade, as well.

Overall, more than $100 billion worth of debt held by the companies is affected by S&P's moves, which did not raise an immediate risk that any of the ratings might be cut to so-called "junk" status. Verizon's long-term debt, for example, was reduced from "A-plus" to "A," while those of AT&T, BellSouth and Cingular stand at "A."

Rob C. Ecker, a former CIGNA manager, has been named vice president and chief financial officer of the Group Benefits Division at The Hartford Financial Services Group.

Ecker will oversee financial and actuarial services for the division, which sells disability and life insurance to employers, associations and other groups for their employees or members.

Before joining Hartford Life, Ecker was general manager of CIGNA's medical stop loss business. Employers that self-insure - funding their workers' medical costs - often buy stop loss insurance to protect against unexpectedly high claim costs.

Sovereign Bancorp Inc.'s second-largest investor, Franklin Mutual Advisers LLC, has urged federal and state regulators to reject the sale of a 19.8 percent stake to Spain's largest bank unless there is a vote of Sovereign shareholders.

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