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Top 4 Business Stories of the Day

The Target data breach that's believed to have affected as many as 110 million people , is now under scrutiny by the US Department of Justice. Speaking before the Senate Committee on the Judiciary on Wednesday, US Attorney General Eric Holder said that his office is evaluating and enforcing "privacy protections and other safeguards concerning data possessed by government as well as the private sector." More specifically, Holder said that his office is trying to find the people behind the Target data breach and who might be using the stolen information for financial or personal gain. President Obama gave a long speech Tuesday night about the things government can do to help the economy without ever mentioning the Federal Reserve. Presidents rarely do. But it’s also the case that folks at the White House, like most Fed officials, think the central bank already has done as much as it should. The Fed ended 2013 by announcing that it would begin to reduce its extraordinary efforts to stimulate the economy. At the end of its first policy-making meeting of 2014 on Wednesday, it is likely to announce that the retreat will continue. Julian Rifat, a former execution trader at hedge fund Moore Capital Management, was charged Wednesday with eight counts of insider trading, the latest crackdown by British regulators on alleged market wrongdoing. Rifat, who was arrested on his 41st birthday at his Oxford home in March 2010, is the ninth person charged by the U.K.'s Financial Conduct Authority in a case, code-named Operation Tabernula. Following its acquisition of all remaining shares in Chrysler from the United Auto Workers VEBA Trust earlier in the month, Italian automaker Fiat has rebranded itself Fiat Chrysler Automobiles in recognition of its fully-integrated status. FCA will be registered in the U.K., for what the company say are taxation purposes. A separate Fiat Chrysler Automobiles N.V., registered in the Netherlands, will serve as parent company for FCA, and common shares for the new automotive giant will be listed on the New York Stock Exchange as well as an index in Milan. The transaction is expected to be completed by the end of the year. FCA will present a long-term business plan to the financial community at the beginning of May 2014. Earlier today, Fiat announced its fourth quarter profits had risen 5 percent to 931 million euros from 887 million euros a year earlier.

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