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President Barack Obama says his pick to head the Small Business Administration understands what small businesses need and how they can lift up the nation’s economy. Obama is nominating Maria Contreras-Sweet to head the agency. Contreras-Sweet has a history of working with small businesses as the founder of a Latino-owned community bank and a former California cabinet secretary. He says she also understands that a lack of access to capital often means a lack of opportunity for Americans. If confirmed, Contreras-Sweet would become the second Hispanic in Obama’s second-term Cabinet.
Scores of factories in China’s manufacturing heartlands have closed earlier than usual for the country’s biggest annual holiday, due to weak orders and rising costs, workers and owners say, suggesting a rocky outlook for a key sector of the economy. While official trade data remains mildly positive, visits to five factory towns in coastal industrial hubs found that in some areas, perhaps a third of manufacturers had already begun closing weeks before the Lunar New Year break coming in late January. In some cases, anemic orders from key markets such as the United States and Europe were blamed. Other factories were being forced to curtail production because of labor shortages: a symptom of shifting demographics that has afflicted manufacturers for several years–and many say is getting worse.
NYSE Euronext offered on Wednesday to take over the data processor at the center of the massive Nasdaq trading outage last August after Nasdaq OMX Group indicated it would stop running it. NYSE Euronext “would be happy to” run the Nasdaq securities information processor that provides investors with stock quotes and last sale prices, Duncan Niederauer, chief executive of NYSE Euronext, told CNBC on Wednesday. The IntercontinentalExchange Group unit operates its own SIP. Nasdaq recently gave the committee that governs the SIP that provides data for Nasdaq-listed stocks a two-year notice that it will stop running the system, Reuters reported on Tuesday.
A Federal Reserve survey shows economic growth remained healthy in most U.S. regions in late November and December, helped by gains in consumer spending and factory output. The Fed says nine of its 12 banking districts described growth as moderate, up from seven in last month’s report. Two of those districts said growth had accelerated since the previous report. Only two districts — Boston and Philadelphia — said growth was modest, while Kansas City said it “held steady.” And all but Kansas City said manufacturing production grew. PNC’s senior macroeconomist Gus Faucher says 2014 will bring all sorts of good tidings:

The Vending Machine That Spits Out Short Stories
“Everything old is new again,” said Andrew Nurkin, the deputy director of enrichment and civic engagement at the Free Library of Philadelphia, which is one of the libraries
that got funding from the John S. and James L. Knight Foundation to install the dispensers.
We want to advance literacy among children and inspire creativity.”
Here’s how a dispenser works: It is shaped like a cylinder with three buttons on top indicating a “one minute,” “three minute” or “five minute” story.
Short Edition, a French community publisher of short-form literature, has installed more than 30 story dispensers in the United States in the past year to deliver fiction at the push of a button at restaurants
and universities, government offices and transportation hubs.
Scott Varner, executive director of strategic communications for Columbus City Schools in Ohio, said
his district will have a total of five kiosks, the first two of which were installed in December.
Last month public libraries in four cities — Philadelphia; Akron, Ohio; Wichita, Kan.;
and Columbia, S. C. — announced they would be installing them too.
Francis Ford Coppola, the film director and winemaker, liked the idea so much
that he invested in the company and placed a dispenser at his Cafe Zoetrope in the North Beach neighborhood of San Francisco.
Leave it to the French, with their love of Voltaire
and Simone de Beauvoir, to revive literature in the era of hot takes, fast news and smartphone addiction.

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