Greek bond deal progresses as protests, strikes continue

Greece’s private creditors signaled progress late Tuesday in a bond-swap deal but crucial debt negotiations over another round of austerity measures dragged into another day.

The talks came after more than 20,000 protesters marched through central Athens as unions called a general strike against the new job cuts and tax hikes. The strike halted trains and ferries, closed down schools and banks and put state hospitals on short staffing. Several hundred protesters clashed with riot police outside Parliament and set fire to a German flag.

Greek Premier Lucas Papademos delayed a meeting with his coalition parties till today, staying in talks until late in the night with top bank negotiators as well as with debt inspectors from the European Union and the International Monetary Fund.

‘Cupcake Wars’ judge settles suit with Pink Sprinkles name

A judge on the Food Network reality television show “Cupcake Wars” has resolved her lawsuit with a Connecticut cupcake store over its name.

Candace Nelson’s company, Sprinkles Cupcakes, settled its federal trademark infringement lawsuit against a store named Pink Sprinkles last week. The lawsuit claimed the similarity in names was likely to cause confusion in the marketplace. An attorney and a spokesman for Pink Sprinkles say the store in Fairfield will now be called Pink Cupcake Shack.

The lawsuit said Sprinkles Cupcakes opened its first store in Beverly Hills, Calif., in 2005 and became a national phenomenon as the cupcakes were featured on shows hosted by Oprah Winfrey and Martha Stewart. Pink Sprinkles opened in 2009.

Credit card debt, car loans nearing prerecession levels

Americans accelerated their borrowing in December for the second straight month, running up more credit card debt and taking out loans to buy cars and attend school.

Consumer borrowing rose by $19.3 billion in December after a $20.4 billion gain in November, the Federal Reserve said Tuesday. The two increases were the biggest monthly gains in a decade.

Total consumer borrowing is now at a seasonally adjusted $2.5 trillion. That nearly matches the prerecession borrowing level. And it is up 4.4 percent from the September 2010 post-recession low.

The rise in borrowing could be a sign that Americans are more confident in the economy. But consumers are also borrowing more at a time when their wages haven’t kept pace with inflation.

Silicon Valley jobs, wealth rise for highly skilled workers

A new report says Silicon Valley is creating jobs and wealth for highly skilled workers but may be leaving the rest of the region’s residents behind.

The 2012 Silicon Valley Index released Tuesday finds job growth in the high-tech hub far outpaced the country as a whole last year. The region added 42,000 jobs, a jump of nearly 4 percent, compared to a nationwide increase of little more than 1 percent. Job growth occurred in all major sectors of the Silicon Valley economy except manufacturing.

However, the median income in the four-county area covered by the index also fell for the second straight year, dropping by 3 percent between 2009 and 2010.