Business news in brief

Sales contracts for existing homes rose 2 percent nationally in January from December and were 8 percent above the first month of 2011, the National Association of Realtors said Monday. In the eight-county Philadelphia region, these "pending" sales, which typically go to settlement within 45 and 60 days of contract-signing, rose 20 percent from December and were 14 percent above January 2011, Prudential Fox & Roach HomExpert reported. Realtors' chief economist Lawrence Yun said "the trend in contract activity implies we are on track for a more meaningful sales gain this year."

- Alan J. Heavens

Builder Skanska USA of Blue Bell has been awarded the contract for the new $23.3 million Nicholas and Athena Karabots Pavilion at the Franklin Institute. Skanska expects to break ground this spring on the 53,000-square-foot addition, the first for the science museum in more than 20 years, and complete it in summer 2014. Skanska said it expects the project to create 125 jobs in construction, design and consulting. The new pavilion will seek LEED silver certification from the U.S. Green Building Council. It will include an education and conference center, a permanent exhibition entitled Your Brain, and a changing exhibition gallery. The exterior will be Indiana limestone to match the original building.

- Diane Mastrull

American Water Works Co., Inc. said its fourth-quarter profit rose 16 percent as the water utility cut costs and increased revenue, with a big boost in sales from its deregulated segment. The Voorhees, N.J., company also said Monday it expects its 2012 profits to be roughly in the mid-range of what analysts expected. American Water Works warned that regulators could change the rates it can charge, which would cut revenue. For the quarter ended Dec. 31, the company reported net income of $64.8 million, 37 cents a share, up from $40.2 million, or 23 cents a share in the same period a year earlier. Revenue during the quarter rose 2 percent to $639.8 million from $625.8 million. - AP

The Federal Aviation Administration on Monday proposed substantially increasing the flight experience and training for first officers, or copilots, from 250 hours at the controls to 1,500 hours before flying a U.S. passenger airline. The public has 60 days to comment. The proposed changes are a direct outcome of the Colgan Air commuter-jet crash in 2009 near Buffalo, N.Y. that killed 50 people. Copilots would have to obtain the same license as captains, including specific training and testing on the aircraft model they fly. Only copilots who are former military pilots, or have a college degree in a qualified aviation program could fly with fewer than 1,500 flight hours. New rules were issued in December by the FAA to ensure that commercial airline pilots work shorter schedules and get more rest between shifts. - Linda Loyd

The government is looking to sell off some of its stock of homes in foreclosure. The Federal Housing Finance Agency has control over roughly 250,000 foreclosed homes owned by Fannie Mae. One percent of those homes - 2,500 - will be available for investors to buy and convert into rentals. Officials say the foreclosure-to-rental program can help reduce credit losses and stabilize home values. Homes in foreclosure sell at a 20 percent discount on average, which can hurt surrounding home values. Investors can submit applications to purchase properties owned by Fannie Mae in some of the nation's hardest-hit metro areas. - AP

The German parliament approved a second, $173 billion loan package for Greece on Monday after Chancellor Angela Merkel warned lawmakers it would be irresponsible to abandon the country to bankruptcy. Although the motion was always expected to pass - the final tally Monday was 496-90 - the idea of bailing out Greece is very unpopular in Germany, Europe's biggest economy. Earlier Monday, the mass-circulation Bild daily plastered the word "STOP!" over its front page. Its message to lawmakers was: "Don't keep on going the wrong way." Merkel, however, said it would be irresponsible to risk a Greek bankruptcy. - AP

Lowe's Cos. says its fourth-quarter net income rose 13 percent on an 11 percent rise in revenue. The results beat Wall Street estimates. The home-improvement company forecast fiscal 2012 earnings in the range of Wall Street's expectations. Lowe's, based in Mooresville, N.C., reported net income of $322 million, or 26 cents a share, for the period ended Feb. 3. That's up from $285 million, or 21 cents a share, a year earlier. The adjusted results beat analysts' estimate of 24 cents a share. Quarterly revenue rose to $11.63 billion from $10.48 billion, topping Wall Street's estimate of $11.35 billion. - AP

Billionaire Warren Buffett said Monday stocks remain relatively cheap compared with other investments as the economy continues to improve. The chairman and CEO of Berkshire Hathaway Inc. said that even though stocks aren't as cheap as they were during the depths of the recession in 2008, they're still a more attractive long-term option than bonds, gold, cash or anything else. "Equities are still cheap relative to any other asset class," he said. Houses are another attractive investment at current prices, he added. Buffett made the statements on CNBC, after his annual letter to shareholders over the weekend. - AP

Interest rates on short-term Treasury bills rose in Monday's auction with rates on three-month bills rising to the highest level in a year. The Treasury Department auctioned $33 billion in three-month bills at a discount rate of 0.115 percent, up from 0.085 percent last week. An additional $31 billion in six-month bills was auctioned at a discount rate of 0.145 percent, up from 0.125 percent last week. The three-month rate was the highest since these bills averaged 0.145 percent on Feb. 28, 2011. The six-month rate was the highest since six-month bills averaged 0.150 percent on Aug. 1 of last year. - AP