Biz Buzz

NATION

Bill-paying habits are changing

The recession and its hangover have turned bill-paying habits upside down. Cash-strapped Americans are paying off their car loans before they make mortgage payments, a study finds. It used to be that Americans would pay their home loans first, then their credit card and car loans. But Trans-Union, a credit information company, studied the payment patterns of 4 million Americans and found a clear priority for staying current on the car loan. Among Americans who were late on payments last year, 39 percent were delinquent on their mortgage while current on a car loan and credit cards, while only 10 percent were late on their car loan while current on the other two. "Most people need a car to get to a job or to look for a job," says Ezra Becker, vice president of research.

Best Buy to close 50 stores

In order to grow, Best Buy is shrinking. Shoppers have started using the electronics retailer's hulking stores as showrooms where they can test out products before buying them cheaper elsewhere. To revamp, Best Buy said Thursday it plans to close 50 of its U.S. big box stores, cut 400 corporate jobs and trim $800 million in costs. The company, which has about 1,400 U.S. locations, also plans to open 100 smaller Best Buy Mobile stores. Locations to be closed will be announced when they are finalized, the company said. The Minneapolis-based company posted a $1.7 billion fiscal fourth quarter loss, partly due to restructuring charges. Revenue at stores open at least a year -- an indicator of a retailer's health -- slipped 2.4 percent.

U.S. economy grew 3% in 4Q

The U.S. economy grew at an annual rate of 3 percent in the final three months of 2011, the best pace in a year and a half. But that growth has likely slowed in the current quarter. The Commerce Department reported no change Thursday in its previous growth estimate for the October-December quarter. The 3 percent annual rate was the strongest since the spring of 2010. Slower growth in exports than previously estimated was offset by stronger business investment. Still, economists expect growth has probably slowed to 2 percent or less in the current January-March quarter.

Judge halts Tebow jersey sales

U.S. District Judge Kevin Castel has granted Nike Inc. a temporary restraining order, finding "sufficient reason" to block sales of Tim Tebow merchandise created by Reebok International Ltd. after March 1. Nike, which has a 5-year contract to be the NFL's exclusive provider of on-field apparel, maintained in a lawsuit that Reebok was required to get Tebow's permission if it intended to hurry out shipments of Jets-Tebow apparel after he was traded last week from the Denver Broncos to the Jets. In the order issued late Wednesday, Castel banned Reebok from selling any Tebow apparel unless it was made by March 1, while he was still with the Broncos. Reebok spokesman Daniel Sarro said Reebok was preparing evidence to "argue our position necessary to refute Nike's contentions."

WORLD

BlackBerry sticking to business

Struggling BlackBerry maker Research in Motion Ltd. said Thursday it will cede most consumer markets after failing to compete with flashier touch-screen phones such as Apple's iPhone and models that run Google's Android software. Instead, RIM said it will return to its roots and focus on business customers, many of whom prefer BlackBerrys for their security. Also Thursday, RIM announced a management shake-up, including the departure of former co-CEO Jim Balsillie from its board. The Canadian company announced quarterly results that fell short of Wall Street expectations, with a net loss of $125 million in the quarter that ended March 3. In extended trading after the results came out, RIM shares were off 28 cents, or 2.04 percent, to $13.45. -- AP