Finance news. My opinion.

Fiat Group SpA, which controls Chrysler LLC, has reported that full-year earnings more than doubled as Chrysler posted its first profit since 1997.

The company says it made euro1.3 billion ($1.71 billion) in net profit last year, compared with euro520 million a year earlier, as revenue rose 66 percent to euro59.5 billion.

The results exceeded the company’s guidance. Fiat’s trading profit _ or earnings before interest, taxes and one-time items _ was euro2.3 billion, exceeding the target of more than euro2.1 billion.

Fiat said Wednesday that the results reflected higher Chrysler sales, resilient Fiat Group Auto revenues and double-digit growth at the Ferrari luxury brand.

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Current and former Food and Drug Administration officials say in a lawsuit that the agency secretly monitored their private email after they raised concerns that approved medical devices might risk public safety.

The doctors and scientists who researched the products approached members of Congress and the incoming Obama administration to express alarm that the devices were approved over their objections.

Their lawsuit, first reported Monday by The Washington Post, says the agency monitored email sent from their personal Gmail and Yahoo accounts from work computers over two years. It says those emails included messages to congressional staff and drafts of whistleblower complaints.

The staffers say they were legally protected whistleblowers and the monitoring violated their constitutional rights to free speech and against illegal search and seizure, even though a warning on FDA computers said they had no expectation to privacy. The defendants say they were admonished or lost their contracts to work with FDA in retaliation.

The FDA said Monday it would not comment on ongoing litigation.

The lawsuit says the plaintiffs were among those who complained in fall 2008 to members of the House Energy and Commerce Committee that senior managers at the Center for Devices and Radiological Health “ordered, intimidated, and coerced FDA experts to modify their scientific reviews, conclusions and recommendations in violation of the law.” Then in January 2009, after Barack Obama’s election but before he was sworn into office, nine FDA employees sent a letter to the Obama transition team complaining of corruption within the FDA device review process that they said was endangering public health.

For example, the FDA scientists alleged that the agency approved the use of computer-aided detection devices with breast mammograms even though they had been determined not to be safe or effective, harming women and resulting in unnecessary public health costs.

The suit says FDA officials began secretly referring to the letter’s signatories as the “FDA 9″ and began the secret monitoring. The suit says the agency used spyware on their government-owned computers that allowed them to take “screen shots,” or pictures of what was on their computer screens without their knowledge.

The scientists’ complaints were the subject of a New York Times article on March 28, 2010, that said FDA brushed aside its own experts’ warnings about the risks of radiation exposure from routinely using powerful CT scans to screen patients for colon cancer.

The lawsuit says lawyers for General Electric Co., which applied for agency approval of CT scans for colon cancer screenings, complained that confidential information may have been leaked to the Times. Agency officials used the letter to make a criminal referral to the Office of Inspector General and attempt to have the plaintiffs investigated and potentially charged with serious crimes, the suit says. But the IG’s office found no evidence of criminal conduct and noted that disclosures relating to public safety to Congress and the media were protected whistleblower activity.

The attorney who filed the suit, National Whistleblowers Center Executive Director Stephen Kohn, said spying on employees who raise health concerns stops others from coming forward in the interest of public safety.

“The FDA’s illegal spying program is not just a problem for the six victims in this case,” Kohn said in a statement Monday. “The day we allow the government to spy on employees based on their lawful whistleblower activities is the day we give up privacy for every honest public servant in America.”

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Turkey’s foreign minister has called for the immediate resumption of talks between Iran and major world powers to end the standoff over Tehran’s disputed nuclear program.

Ahmet Davutoglu also said at a joint news conference with Iran’s Foreign Minister Ali Akbar Salehi that Turkey was ready to host and “make any other kind of contribution” to talks between Iran and six countries leading negotiations _ the U.S., Russia, China, Britain, France and Germany.

Salehi said the six powers should enter talks without conditions, otherwise “it is a sign that they do not approve of the negotiations.”

The U.S. and its Western allies suspect Iran wants to develop nuclear weapons. Iran insists its efforts are designed for civilian power generation and research.

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An investigator has denied any role in the death of ailing lawyer Sergei Magnitsky while he was imprisoned in a Moscow jail for tax evasion.

Oleg Silchenko, a senior investigator at the Interior Ministry’s Investigative Department, made his first public appearance at a news conference Thursday.

Magnitsky was imprisoned in 2008 and died of untreated pancreatitis in Nov. 2009. His family blame Silchenko for his continued detention.

Grilled by reporters, Silchenko said he had no powers to recommend the ailing lawyer for extra medical treatment and believed Magnitsky could have pressured witnesses if released us fast cash.

Silchenko is top of a list of dozens of Russian officials barred by the United States from entering the country for his alleged role in the death.

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At your Thanksgiving table, you may have joined millions of Americans giving thanks for the good health, happiness and love in your family.

Polls show that people have grown increasingly appreciative of these elements in their lives as financial matters have become shakier. Here are eight money matters that may make people thankful.

Investor Warren Buffett says his company bought $10.7 billion of IBM stock this year, about a 5.6 percent stake.

Buffett revealed the new investment during an interview on CNBC Monday. Buffett’s company, Berkshire Hathaway Inc., will file a full quarterly update on its U.S. stock portfolio Monday afternoon.

Buffett has long refused to invest in high-tech companies because he it’s too difficult to predict which technology businesses will prosper in the long run.

Buffett says he recently changed his view of IBM’s role in industry. So Berkshire bought about 64 million shares since March, or about 5.6 percent of IBM.

Buffett says he believes IBM has a sound plan for the future.

IBM shares rose $1.62 to $189 in premarket trading after rising as high as $190.55 earlier.

Besides investments, Berkshire owns roughly 80 subsidiaries including insurance, railroad and utility firms.

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An attorney for Bank of America says 13.2 million customers may be eligible for a settlement in a lawsuit claiming the bank charged excessive overdraft fees.

The final tabulation came Monday as a Miami judge considers whether to finalize a $410 million settlement during a hearing to consider any objections or other issues related to the deal reached in May.

The class-action lawsuit contends the Charlotte, N.C.-based bank processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper.

The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011.

New bank regulations prohibit this type of debit card fee unless customers approve.

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Constellation Brands Inc. said Thursday its fiscal second-quarter profit jumped 78 percent on improved wine and spirits sales in North America, a lower tax rate and a drop-off in charges after four years of cost-cutting.

Its stock rose more than 7 percent in afternoon trading.

The world’s No. 2 vintner raised its full-year guidance, acquired the rest of Italy’s Ruffino wines that it didn’t already own and said it had bought back $251 million worth of its own shares.

Constellation has been pruning methodically to solidify its supremacy in higher-margin wines priced from $5 to $20 a bottle and revive profits and revenue in a choppy economy.

Its brands range from Robert Mondavi, Clos du Bois and Ravenswood wines to Svedka vodka and Black Velvet Canadian whiskey. Through a joint venture, it also imports moderately priced beers such as Corona Extra, Tsingtao and St. Pauli Girl.

“We continue to make significant progress in a number of areas despite the prospects of an unsettled consumer environment,” Chief Executive Rob Sands said in a conference call with analysts.

The June-to-August results exceeded Wall Street expectations, and its shares surged $1.46, or 7.8 percent, to $20.18 in afternoon trading. The stock is trading near the upper end of a 52-week range of $16.42 to $23.19.

Its net income climbed to $162.7 million, or 76 cents per share, in the three months ended Aug. 31 from $91.3 million, or 43 cents per share, a year earlier. Its effective tax rate dropped to 3 percent in the quarter, down from 35 percent a year earlier.

Revenue after deducting excise taxes fell 20 percent to $690.2 million from $862.8 million a year ago, largely because it sold 80 percent of its struggling Australian and British wine business in January.

Excluding $4 million in restructuring and other one-time items, Constellation earned 77 cents per share. Wall Street expected 65 cents per share, according to a survey by FactSet. A year ago, the company recorded $17 million in one-time charges.

Operating income in its beer business fell 4 percent on higher marketing costs despite a 7 percent rise in sales by its Crown Imports joint venture with Mexican brewer Grupo Modelo.

Its wine and spirits sales in North America rose 5 percent. After a sharp drop in wine sales in 2009, especially in bars and restaurants, industry volumes have rebounded this year as Americans take advantage of more discounts to trade up to higher-priced brands.

Constellation jumped into California’s coveted wine market by netting Franciscan in 1999, Turner Road and Ravenswood wineries in 2001 and Robert Mondavi Corp. in 2004. Its 21 acquisitions over 21 years ran through 2007 when it bought Fortune Brands’ U.S. wine business, maker of Wild Horse and Clos Du Bois. Then came the cost-cutting.

It divested Almaden, Inglenook and other low-priced wines that generally sell for less than $5 a bottle, paring its 300 brands to 100. It has slashed its debt to below $3 billion from $5.3 billion and shrunk its payroll to 4,300 from 9,400.

On Thursday, the Victor, N.Y.-based company raised its full-year guidance by 10 cents to a range of $1.92 to $2.02 per share. Analysts expected $1.97 per share.

It also said it had purchased the 50.1 percent it didn’t already own in Ruffino S.r.l. from MPF International S.r.l., which is controlled by the Folonari family of Tuscany, Italy. The price was about $69 million, the company said, and it also assumed about $73 million of debt.

This year, Constellation lost its eight-year status as the world’s No. 1 winemaker when it offloaded 80 percent of a once-promising Australian wine business that had gone awry.

It dropped back to No. 2 in the vintner-by-volume rankings behind longtime leader E. & J. Gallo of Modesto, Calif. But it remains the world’s biggest premium-category winemaker with an estimated 17 percent share of that segment in the United States, ahead of rivals that include Gallo, Treasury Wine Estates, Kendall-Jackson and Diageo.

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World stock markets took a beating on Monday after a report showed U.S. companies stopped hiring in August, reviving fears that the world’s largest economy is heading back into recession.

The lack of hiring in the U.S. last month surprised economists, who were expecting about 93,000 jobs to be added. Previously reported hiring figures for June and July were revised lower. The unemployment rate held steady at 9.1 percent _ it has been above 9 percent in all but two months since May 2009.

The jobs crisis has led President Barack Obama to schedule a major speech Thursday night to propose steps to stimulate hiring.

Traders waited for signs that the U.S. Federal Reserve might take action at its September meeting to support the economy _ perhaps a third round of bond purchases, dubbed quantitative easing III or QE3, analysts said.

“Right now the possibility has increased,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. “I think they have to do something. The markets are expecting QE3.”

Amid the uncertainty, traders pulled out of any risky investments _ such as stocks, particularly financial ones, the euro and emerging market currencies _ to pile into safe havens: U.S. Treasuries, the dollar, the Japanese yen and gold.

European shares slumped in early trading. Britain’s FTSE 100 dropped 2.9 percent to 5,136.36. Germany’s DAX fell 4.7 percent to 5,280.13, and France’s CAC-40 tumbled 4.6 percent to 3,003.64.

Markets in the U.S. were closed for the Labor Day holiday.

Banking stocks were among the hardest hit after the U.S. government on Friday sued 17 financial firms for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.

Renewed jitters over the eurozone debt crisis also contributed to the slump in financial stocks amid concerns they would need to raise new capital. Deutsche bank was down 9.4 percent in Frankfurt while Societe Generale in Paris shed 9 percent.

An international debt inspectors’ review of Greece’s finances was interrupted on Friday amid disagreements over the country’s deficit figures. The review will be resumed in about 10 days and must be completed in order for the country to receive its bailout loans at the end of the month.

Signs that the Italian government’s commitment to its austerity program is wavering have also shaken investors. Prime Minister Silvio Berlusconi’s government has backtracked on some deficit-cutting measures, prompting EU economic officials to urge it to stick to its promised plan.

The economic indicators, meanwhile, were mostly downbeat. Although retail sales in the eurozone rose unexpectedly in July, a survey of the services sector showed a slowdown across the continent for the fifth consecutive month.

The purchasing managers’ index for the eurozone showed the services sector was still growing _ unlike the manufacturing sector _ but only barely. That will add pressure on the European Central Bank to keep interest rates on hold when it meets this week.

“Indeed, the latest data and surveys suggest that the ECB’s eventual next move could actually be to trim interest rates, although it is likely to need sustained eurozone economic weakness and possibly even GDP contraction to get the ECB to perform a U-turn on interest rates,” said Howard Archer, economist at IHS Global Insight.

In Asia, indexes closed sharply lower. Japan’s Nikkei 225 stock average sank 1.9 percent to close at 8,784.46, with sentiment also undermined by the persistent strength of the yen, which hurts exporters.

Australia’s S&P/ASX 200 fell 2.4 percent to 4,141.9, and South Korea’s Kospi slid 4.4 percent to 1,785.83. Hong Kong’s Hang Seng slid 3 percent to 19,616.4. Benchmarks in Singapore, Taiwan, New Zealand and the Philippines also were down.

Mainland Chinese investors worried about the economic outlook dumped shares, dragging Shanghai’s benchmark Composite Index down 2 percent to 2,478.74, its lowest close in 13 months. The Shenzhen Composite Index lost 2.4 percent to 1,097.07.

Investors seeking a relatively stable store of value during times of economic turbulence in financial markets have been scooping up gold, sending its price up 50 percent over the past year.

In currencies, the euro weakened to $1.4078 from $1.4187 in New York late Friday. The dollar was roughly flat at 76.92 yen. Last month, the dollar fell under 76 yen, which was a new post-World War II high for the Japanese currency.

Benchmark oil for October delivery was down $1.85 to $84.60 a barrel in electronic trading on the New York Mercantile Exchange. Crude fell $2.48 to settle at $86.45 on Friday.

In London, Brent crude for October delivery was down $1.66 at $110.67 on the ICE Futures exchange.

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Federal Reserve Chairman Ben Bernanke has a message for Congress: Do more to stimulate hiring and growth _ or risk delaying the economy’s return to full health.

Bernanke held out the prospect Friday that the Fed may take further steps later to help the economy. But he offered no new plans for now.

At a time when Congress has focused on shrinking budget deficits, Bernanke agreed that doing so is important for the long term. But he warned lawmakers not to “disregard the fragility of the current economic recovery.”

Investors had hoped Bernanke would use his much-anticipated speech at an economic conference in Jackson Hole to unveil some aggressive measure to jolt the economy.

He didn’t. But he did say the Fed’s September policy meeting will be extended to two days, instead of the scheduled one, to permit a “fuller discussion” of the central bank’s options.

“He appears to be saying that the Fed has largely played its part and that the politicians need to step up their game,” said Paul Dales, senior U.S. economist at Capital Economics.

Investors seemed to take comfort from Bernanke’s view that the job market and the economy will return to full health in the long run and the notion that the Fed might provide more help in the future. After initial losses, the Dow Jones industrial average closed up 134 points. Broader stock indexes also gained.

Bernanke’s speech came shortly after the government said the economy grew at a scant 1 percent annual rate in the April-June quarter _ even slower than previously estimated.

The economy is still hobbled by a depressed housing market, high oil prices and fears that the European debt crisis will deteriorate into a repeat of the 2008 financial crisis. The Dow has lost about 11 percent of its value since late July on fears that the economy might slip back into recession.

On Friday, Bernanke blamed this summer’s political squabbling over raising the federal debt limit for undermining consumer and business confidence. And he warned that further gridlock in Washington would “pose ongoing risks to growth.”

The Fed chief noted that the depressed housing sector has delayed a full recovery in the broader economy. He said the home market should gradually return to health _ a process he said the government should support.

In his speech in Jackson Hole a year ago, Bernanke signaled that the Fed would begin a new round of Treasury bond purchases to try to lower long-term interest rates, spur spending and boost the stock market. His words ignited a 28 percent, eight-month rally in the Dow.

This time, Bernanke merely repeated that the Fed “has a range of tools that could be used to provide additional monetary stimulus fast cash without a hassle.”

The most powerful weapon the Fed has left would be a third round of bond purchases. Critics, from congressional Republicans to some Fed officials, have raised concerns that the Fed’s Treasury purchases could ignite inflation and speculative buying on Wall Street, while doing little to aid the economy.

Bernanke pushed back against that notion in his speech. He said that with oil and other commodity prices easing, he expects long-term inflation to remain low well into 2012.

Others have questioned whether any further lowering of long-term rates is needed. Investors seeking the safety of U.S. debt have forced down the yield on the 10-year Treasury note to 2.19 percent _ a full point lower than it was when the Fed completed its Treasury purchases about two months ago. Yet the economy is still sputtering.

The Fed also could take more modest steps. It could eliminate interest payments on money that banks keep on deposit at the Fed, encouraging them to make loans instead. Or it could reshuffle its portfolio of investments, replacing shorter-term bonds with longer-term ones to help push down long-term interest rates.

Aneta Markowska, senior U.S. economist at Societe Generale, said the extension of the Fed’s September meeting to two days suggests the possibility that it could unveil a new program soon.

Roberto Perli, a former Fed official who is a managing director at International Strategy & Investment, said Bernanke and other Fed policymakers are waiting to see if the economy improves in the current July-September quarter.

John Silvia, chief economist at Wells Fargo, suggested that Bernanke would have to overcome opposition within the Fed to take any further bold steps to lift the economy. Earlier this month, three of the 10 members on the Fed’s policy committee voted against Bernanke’s plan to keep short-term rates near zero through mid-2013.

Because of that rare level of dissent, Silvia doubts that Bernanke could muster support for a third round of Treasury purchases.

“When you’re dealing with three dissents,” he said, “it’s hard to have an aggressive policy.”

Many economists note, however, that the economy’s main problem is not that interest rates are too high. They say the main problem is that consumer spending remains too weak. So businesses feel little incentive to hire, expand and invest.

Until demand for goods and services steps up, the Fed has limited ability to strengthen the economy.

Joshua Shapiro, an economist at MFR Inc., said Bernanke was conceding that the Fed has “basically exhausted its tools.”

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