SMITHFIELD, Va. – Meat processor Smithfield Foods returned to a profit in the third quarter, partly due to strength in its packaged meats business and higher sales overseas.

Smithfield, like many meat companies, has been gradually recovering from a mix of high feed prices, low demand and industry consolidation.

Earnings were $37.3 million, or 22 cents per share, for the period ended Jan. 31. That compares with a loss of $105 business

BERLIN — As protesters upset with sharp cuts in Greece’s budget clashed with police in Athens on Friday, talks here between Greek and German leaders ended with Germany making no public offers of financial support.

In an appearance following their meeting, the German chancellor, Angela Merkel, praised Greece’s latest austerity measures as an “inordinately important step,” and the Greek prime minister, George A. Papandreou, defended the package — which has provoked outrage at home — as critical to stabilizing his country’s finances.

“We had to take difficult decisions, but these decisions were necessary if we are to lead our country out of the crisis,” he said. He added that he had not asked Germany for financial support.

In the Greek capital, meanwhile, strikes hit schools, hospitals and public transportation and police used tear gas on the rioters in Athens as Parliament adopted its latest austerity package. Seven police officers were injured in the protests, among the most violent since Greece’s financial crisis hit, and at least five demonstrators were arrested.

The oversubscribed sale of nearly $7 billion in bonds on Thursday gave the Greek government much-needed breathing room in its scramble for new loans, and also took pressure off Mrs. Merkel to make a firm commitment to help Greece out of its fiscal predicament.

The two countries have been locked in an increasingly bitter war of words fought through the news media and lower-ranking politicians over Greece’s debt problems and the expectation that taxpayers from Germany, Europe’s largest economy, would bail them out. The dispute has exposed a gap between the declarations of solidarity in Europe and the nationalist sentiments that still rule public opinion.

While the Greek government is struggling to convince markets to help it bridge its financing gap, there is plenty at stake for Germany as well. With $43.6 billion in loans, German banks have the third-highest exposure to Greece. Deutsche Bank’s chief executive, Josef Ackermann, even flew to Athens last week to meet with Mr. Papandreou and other senior officials, sparking rumors a deal with the Germans was imminent.

A bailout of Greece would be far less expensive than the potential fallout from a chain reaction a debt crises leading to larger countries with budget woes, like Spain and Italy. But Mrs. Merkel, known at home for her patience and often described by friends and foes alike as a consummate political poker player, has stuck to platitudes, generalities and lectures that the Greeks must do their “own homework.”

“So far she’s kept her cards hidden, which I think is smart,” said Michael Stürmer, the chief correspondent for the German newspaper Die Welt. “In principle, her tactic is to hold herself in reserve, hold Germany in reserve.”

Even before Mr. Papandreou arrived in Berlin Friday, the German economy minister, Rainer Brüderle, had a stark message for him.

“The German government does not intend to give one cent,” Mr. Brüderle told reporters here in the capital.

An interview with Mr. Papandreou published Friday in the German daily the Frankfurter Allgemeine Zeitung ahead of his visit, aimed to calm public sentiment in Germany.

“We have not asked the German taxpayers to rescue us, to pay for our retirements and vacations,” Mr. Papandreou said. “We are not asking for money. What we need is the support of the E.U. and our European partners so that we can receive credit from the market at better terms inferred heaters.” Relations between the two countries have taken a sour turn in recent weeks as German news media outlets accused the Greeks of corruption, tax evasion and falsifying their budget numbers to join the euro zone. Greek politicians in turn have asked for reparations for damage inflicted by Nazi occupiers during World War II.

Germany has the most fiscal flexibility among European Union members to help Greece, but public opposition to any assistance has been vehement. The debate has crystallized broader German misgivings about the European project into a public outcry.

“It’s like a mosaic and the Greece crisis is the last stone,” said Wolfgang Nowak, a former senior adviser to Mrs. Merkel’s predecessor, Gerhard Schröder, and head of Deutsche Bank’s International Forum. “More and more there is the feeling that French farmers, Polish farmers, Spanish infrastructure, that Europe is not a community but something held together by a German pay check.”

While protesters have not taken to the streets of Berlin in large numbers the way they have in Athens, Mrs. Merkel faces rising dissatisfaction at home. A new poll Friday found nearly three-quarters of Germans critical of her government’s performance since she was reelected last September.

With a crucial election in Germany’s largest state, North Rhine-Westphalia, barely two months away, Mrs. Merkel would be taking an enormous political risk by pledging support to Greece, which is seen as having a bloated public sector and excessively generous benefits, even by European standards.

“There would be no understanding in the population or in her own party if Germany would go it alone with help for Greece,” said Jürgen Falter, a political science professor at the University of Mainz.

The German press has been filled with stories detailing the tens of billions of dollars worth of European Union funds Greece has received in recent years. At the same time, stories of tax-dodging doctors and marinas filled with yachts have become staples of news reports here.

One of the most-cited statistics, and for Germans most infuriating, comes from the Organization for Economic Cooperation and Development, showing that the median Greek retiree takes home 95.7 of his or her last salary, while the German pensioner gets only 43 percent. That is viewed as evidence that the Germans have taken painful cuts in their benefits to keep industry competitive and budget deficits under control, while the Greeks have not.

“We Europeans, despite our long history of cooperation, often indulge in the habit of throwing stones at each other, forgetting that we live in a glass house,” said Loukas Tsoukalis, president of the Hellenic Foundation for European and Foreign Policy, an Athens research group. The good news, according to Mr. Tsoukalis, was that a large majority of Greeks recognized that the problem was theirs to solve.

“It’s really something new that you have a government that announces pretty unpleasant measures that will have a real effect on people’s standard of living, and you have 75 percent of Greeks, depending on the opinion poll, who say they agree with the measures,” said Mr. Tsoukalis.

Niki Kitsantonis contributed reporting from Athens.

Germany Makes No Promise of Financial Support to Greece

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DETROIT — The chief executive of Toyota, Akio Toyoda, accepted an invitation on Thursday from the House Oversight and Government Affairs Committee to testify next week in Washington in the aftermath of the recall of millions of cars because of sudden unintended acceleration.

Mr. Toyoda’s decision to testify came in a brief statement released in late afternoon by the automaker, hours after the invitation was made by Representative Edolphus Towns, a Democrat of New York who chairs the committee.

“I have received Congressman Towns’ invitation to testify before the House Committee on Oversight and Government Reform on February 24 and I accept,” Mr. Toyoda said in the statement. “I look forward to speaking directly with Congress and the American people.”

In a letter earlier to Mr. Toyoda, Mr. Towns said it was important for Mr. Toyoda to appear to “help clarify the situation.”

Previously, the committee had invited the president of Toyota North America, Yoshimi Inaba, to appear at next Wednesday’s hearing, one of three scheduled in Congress in the next two weeks.

“We are pleased Mr. Toyoda accepted the invitation to testify before the committee,” Mr. Towns and the committee’s ranking Republican member, Darrell Issa of California, said in a statement. “We believe his testimony will be helpful in understanding the actions Toyota is taking to ensure the safety of American drivers.”

“As you know, there is widespread public concern regarding reports of sudden unintended acceleration in Toyota motor vehicles,” Mr. Towns wrote earlier in his letter. “Toyota has recalled millions of its vehicles and even halted production. In addition, there are reports that this problem may have been the direct cause of serious injury and even death.”

He continued, “There appears to be growing public confusion regarding which vehicles may be affected and how people should respond. In short, the public is unsure as to what exactly the problem is, whether it is safe to drive their cars, or what they should do about it.”

Mr. Towns said Mr. Toyoda could submit written testimony, but should be prepared to provide a five-minute opening statement and to answer questions.

The decision to testify now turns the spotlight on Toyota, where there has been debate inside the company in the United States and Japan over whether Mr. Toyoda should appear, or send company executives in his place. Until Thursday, neither of the two House or one Senate committees holding hearings on Toyota had invited him to attend.

Analysts and public relations experts say that it was in the company’s interest for Mr. Toyoda to appear.

“This is a moment when Toyota is going to be in the world’s eyes,” said Michael Useem, professor of management at the Wharton School at the University of Pennsylvania. “It’s going to be the most powerful and effective if the C.E.O. does appear.”

But there are enormous risks for any chief executive who testifies before Congress, as leaders from Wall Street and Detroit can attest, and that is causing concern within Toyota, people with knowledge of the company’s deliberations said Wednesday.

Just 14 months ago, the chief executives of the Detroit automakers endured hours of questions before Congressional committees, along with heated criticism over their use of corporate jets best humidifiers.

In 2000, Jacques Nasser, chief executive of Ford, and Masatoshi Ono, his counterpart at Japanese tire maker Bridgestone/Firestone, also were questioned by members of Congress after accidents involving exploding tires on the Ford Explorer. Both left their companies within about a year.

In the hearings next week, the role of N.H.T.S.A., the federal safety agency, is also expected to be addressed, including whether it acted promptly enough on information it received from consumers.

They are set for Tuesday, by the House Energy and Commerce Committee, and Wednesday, by the House Oversight and Government Reform Committee. (The energy panel moved up its hearing.)

The energy panel has invited James Lentz, the president of Toyota Motor Sales U.S.A., to testify at its hearing on Tuesday.

On Thursday, the Texas governor, Rick Perry, sent a letter to a member of the committee, reminding him of the importance of the company to the Texas economy. Toyota has a truck plant in San Antonio that employs 3,000 people, while the state’s 83 dealers employ another 7,500 people.

In the letter to Representative Joe L. Barton, a Republican of Texas, Mr. Perry said it appeared negative news about the company “is being encouraged by plaintiffs’ trial lawyers, union activists and those interested in cutting Toyota’s market share.”

Mr. Perry went on, “Toyota is a valued employer and corporate citizen and an integral part of the Texas economy. Many Texas families depend on Toyota not only for safe, reliable transportation but for a good paycheck.”

Mr. Perry is the latest governor to come to the company’s defense. The governors of Mississippi, Indiana, Kentucky and Alabama, which all have Toyota plants, also have written letters to members of Congress backing the automaker.

Mr. Toyoda would probably find a more hospitable audience if he were to appear on March 2 at a hearing by the Senate Commerce Committee. Its chairman, John D. Rockefeller IV, Democrat of West Virginia, has known the Toyoda family for decades and has a Toyota plant in his home state.

A spokeswoman for the Senate committee said no decision had been made on whether to invite Mr. Toyoda.

One complexity in inviting Mr. Toyoda is that he most likely would speak through a translator during the question-and-answer session, though he is conversant in English. Mr. Toyoda, who attended business school at Babson College and lived in New York and California, spoke in English to an industry conference held last August in northern Michigan, and uses it in interviews. But he has spoken primarily in Japanese during the recent series of news conferences that he has held in Japan.

Mr. Toyoda has traveled to Washington in the past, for meetings with dealers and members of Congress, and has met a number of representatives who have Toyota facilities in their districts. Company executives had planned for him to visit the United States in March and have been exploring ways he could meet with lawmakers outside of a formal Congressional setting.

Toyota Chief Agrees to Testify Before House Panel

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ATHENS, Greece – Greek drivers lined up for gas at the few stations still open Friday as a customs strike against government austerity measures left many pumps running dry.

The fuel shortage was the first serious consequence of growing labor protests against the Socialist government’s emergency spending cuts program, aimed at easing the debt crisis in Greece and shoring up market confidence.

Customs workers have extended their strike against salary freezes and bonus cuts through next Wednesday, when unions across Greece will hold a general strike that is set to bring the country to a standstill.

European finance ministers have told Athens it must demonstrate signs of fiscal improvement by March 16 or it will be ordered to impose even tougher budget cuts. Greece has promised to slash its deficit from an estimated 12.7 percent of gross domestic product to 8.7 percent this year.

Finance Ministry officials say they are under EU pressure to ax the public servants’ so-called “14th salary.” Greek workers get their annual salary divided into 14 payments, with two of them given as holiday bonuses, in a measure originally designed to alleviate those with low incomes.

“We would consider cutting the 14th (salary) to be an act of war,” said Yiannis Papagopoulos, leader of Greece’s trade union umbrella group, the GSEE.

“The measures must be socially just. And this is something that we have not seen so far. They are generally aimed at wage-earners and pensioners, while business remains immune sears kerosene heaters. It is finally time for those who for so many years gathered riches to pay up, invest, and help deal with the major problem at this time, which is unemployment.”

The customs walkout has hampered imports and exports, but the supply of fuel has been the most affected. Gas stations around greater Athens were rationing fuel while stocks lasted. Traffic policemen were posted at some gas stations in Athens as cars queued for hundreds of meters (yards).

“We’re out of regular unleaded, and now we’re only selling diesel,” said attendant Ioanna Antoniou at a gas station in the northern Athens suburb of Halandri. “There were a lot of cars lined up here earlier while we still had some unleaded left.”

Antoniou said the gas station had rationed fuel to limit sales to euro20 ($27) per customer so they could serve more people.

Taxis also held a 24-hour strike Friday, protesting parts of the austerity package that increased fuel tax and will force them to issue receipts. Taxi drivers chanting “The measures mean unemployment” staged a noisy protest in central Athens that choked traffic.

“These measures won’t do anything, all they will do is throw us out of work,” cab driver Anastasis Damianidis said. “We can’t become tax collectors — that’s what they’re trying to do. We will keep demonstrating.”

Fuel shortage hits Greece as strikes grow

PORT WASHINGTON, N.Y. (MarketWatch) — Beware of the law of unintended consequences.

Judging by the testimony that Federal Reserve Chairman Ben Bernanke is expected to give later this week to the House Financial Services Committee, it won’t be long before the central bank starts to drain some of the excess liquidity now sloshing around in the financial system, thus raising interest rates. (See WSJ story on outline of Fed’s ‘exit strategy.’)

It can’t come a moment too soon for the silent majority — the nation’s savers.

In its efforts to shore up the banking system, the Fed has neglected the needs of those who save. And in case you did not know it, savers make up the bulk of the population.

Business and governments are net borrowers; consumers are net savers. Foremost among those who save are those who are trying to build a nest egg for their retirement — not to mention those who are actually retired.

Lately, these folks and others who live on a fixed income have fallen behind the eight-ball. Besides losing some $13 trillion in wealth because of the drop in prices of homes and stocks several years ago, they have to deal with below-radar inflation, which is eroding the purchasing power of their savings. ( See March 24, 2009 column.)

To make matters even worse, many retirees are finding that their monthly Social Security payment has shrunk, compared with the amount they received last year, while those who are veterans on disability did not receive their annual cost-of-living increase in their pensions this year.

Since the end of 2008, those who keep their savings in a regular savings account at their neighborhood bank have earned virtually nothing on their savings because of the Fed’s ultra-low interest rate policy paydayloans.

The key overnight federal funds rate on which these interest rates are based has hovered in a range of 0%-0.25% for over 15 months.

In order for savers to earn a decent rate of return on their funds, their banks require them to lock up their money in a certificate of deposit for a number of years. Beyond that, savers have to turn to longer-dated Treasurys or take a chance with junk bonds or the stock market.

Borrowers, naturally, like low interest rates, especially the biggest borrower of them all — the federal government. The same goes for the banks.

Speaking of which, bedsides receiving less than a penny per dollar in their savings accounts, savers many times have to pay their banks a fee for maintaining these accounts as well as their checking accounts.

To add insult to injury, the banks have drastically reduced their lending to individuals and to most businesses. Instead, they prefer to take advantage of the big difference between their cost of funds and yields available on longer-dated securities and buy Treasurys.

Playing the yield curve, as this is called, has enabled the banks to earn hefty profits, thus hastening their return to a pink-cheeked state of health.

Since the banks are apparently in good financial shape, it’s time for the Fed to consider the needs of the silent majority — the nation’s savers — and raise rates so that they can become healthy, too.

Irwin Kellner: It’s time for the Fed to help savers

BERLIN – Industrial production in Germany, Europe’s biggest economy, was down 2.6 percent on the month in December, government data showed Friday — a drop propelled in part by weaker car production.

The performance compared with a modest rise of 0.7 percent in November and was much worse than the 0.6 percent increase that economists had forecast.

While production of consumer goods rose by 1.5 percent, there were big drops in other sectors, such as so-called investment goods such as machinery. The Economy Ministry said those stemmed largely from weaker production of chemical products and motor vehicles.

Car sales in Germany were boosted for much of last year by a government car-scrapping bonus program, but that expired in September.

Output in the construction sector also was down, declining by 2.6 percent.

The Economy Ministry acknowledged that industrial production lost the momentum of the previous two quarters at the end of last year, but said the quarter-on-quarter trend remained positive in the October-December period, rising 0.3 percent get a free credit report.

The impact of lower car production was “likely exacerbated by temporary plant closures during the Christmas holidays,” said Alexander Koch, an economist at UniCredit in Munich.

“The temporary boost from the car-scrapping premium helped to stabilize domestic sales earlier in 2009 and now weighs on the overall industrial dynamic,” he added.

The government has forecast that Germany’s economy will grow by a steady but unspectacular 1.4 percent this year as the export markets that traditionally have fueled its performance pick up.

While domestic demand looks subdued and a long cold snap could weigh on construction in the first quarter, “the outlook for ongoing solid fresh supply of foreign demand still remains intact,” Koch said.

On Thursday, the Economy Ministry said that German industrial orders were down 2.3 percent on the month in December, reversing a large gain the previous month.

German industrial production down in December

FACTORY GROWTH AHEAD: Manufacturers’ new orders, a signal of future production, soared to their highest point since 2004. Companies said their customers’ inventories were still too low, so they foresee more production as customers restock.

HIRING UNLIKELY SOON: Rising production won’t necessarily equal a bump in full-time hires. Manufacturers still have excess capacity and access to contract labor. Jobs are scarce, and wages and salaries crept up only 0.1 percent in December. Many economists expect economic growth to slow to about 2 cashadvance.5 percent for the full year as spending remains constrained.

HOUSING ROCKY: Construction spending dropped 1.2 percent in December despite support from the Federal Reserve to hold down mortgage rates and a federal tax credit for homebuyers. Both programs are set to expire this spring.

Summary Box: Manufacturing activity shows strength

NEW YORK (MarketWatch) — U.S. stocks opened lower on Friday as materials lagged and earnings in the technology sector failed to meet high expectations.

S&P 500 (1 YEAR)

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The Dow Jones Industrial Average was down 28, or 0.3%, to 10363, in early trading.

American Express led the decline after reporting fourth-quarter revenue was nearly flat from a year earlier, though fourth-quarter net income surged to $716 million.

Boosting the Dow, General Electric climbed 3.7% after beating expectations with a 19% drop in fourth-quarter earnings, revenue of $41.4 billion and an upbeat outlook for 2011. See story on GE’s results.

The Standard & Poor’s 500 was down 0.4%, weighed by its materials and technology sectors. Shares of major tech companies were down Friday, including Google , which fell 2.9% after reporting fourth-quarter earnings late Thursday. Despite posting nearly $2 billion in profits, the Internet giant but still didn’t top some expectations, as advertising clicks grew, but costs per click rose car loan interest rates. The Nasdaq Composite was down 0.5%.

Dow component McDonald’s climbed 1.2% after its earnings rose 23% as same-store sales grew across all regions, despite pressure from U.S. unemployment. Details about McDonald’s report.

Advanced Micro Devices fell 7.9% after registered its first profitable quarter in three years, helped by a settlement with Intel late Thursday.

Stocks took a hit in the previous session, dropping to new lows for the year after President Barack Obama proposed the most extensive curbs on market speculation by banks since the outbreak of the recent financial crisis, sending bank shares tumbling. Investors also fretted over prospects of China cooling its economy further.

In other markets, crude oil prices sank to below $76 per barrel, while gold futures also slipped. The dollar weakened against both the euro and the yen, while Treasurys edged down. The 10-year note was off 7/32 to yield 3.621%.

Market Snapshot: U.S. stocks open lower as tech earnings lag

First New York City required restaurants to cut out trans fat. Then it made restaurant chains post calorie counts on their menus. Now it wants to protect people from another health scourge: salt.

On Monday, the Bloomberg administration plans to unveil a broad new health initiative aimed at encouraging food manufacturers and restaurant chains across the country to curtail the amount of salt in their products.

The plan, for which the city claims support from health agencies in other cities and states, sets a goal of reducing the amount of salt in packaged and restaurant food by 25 percent over the next five years.

Public health experts say that would reduce the incidence of high blood pressure and should help prevent some of the strokes and heart attacks associated with that condition. The plan is voluntary for food companies and involves no legislation. It allows companies to cut salt gradually over five years so the change is not so noticeable to consumers.

“We all consume way too much salt, and most of the salt we consume is in the food when we buy it,” said Dr. Thomas Farley, the city health commissioner, whose department is leading the effort. Eighty percent of the salt in Americans’ diets comes from packaged or restaurant food. Dr. Farley said reducing salt from those sources would save lives.

Since taking office, Mayor Michael R. Bloomberg, who just began his third term, has gained a reputation as an advocate for healthy living, initiating prominent campaigns against smoking and harmful trans fats. To combat obesity, he has campaigned for calorie labeling on restaurant menus and warned consumers about sugary soft drinks.

The city’s salt campaign is in some ways more ambitious and less certain of success than the ones it waged against smoking and obesity. For one thing, the changes it prescribes require cooperation on a national scale, city officials said, because major food companies cannot be expected to alter their products for just the New York market.

And removing salt from many products can be complicated. Salt plays many roles in food, enhancing flavor, preventing spoilage and improving shelf life. It helps bread to rise and brown.

The city’s campaign against salt resembles its push to cut trans fat from restaurant foods, which began with a call for voluntary compliance. When that did not work, the city passed a law to force restaurants to eliminate trans fat.

But city officials said it would be difficult to legislate sodium reduction.

“There’s not an easy regulatory fix,” said Geoffrey Cowley, an associate health commissioner. “You would have to micromanage so many targets for so many different products.”

He said officials hoped the campaign would work through public pressure. Companies that complied would benefit from good publicity.

The city has been discussing the program with the food industry since late 2008, yet only a few companies appear ready to jump on board. One of those is A.& P., the supermarket chain.

“We think it’s a very realistic set of criteria that our suppliers can adhere to,” said Douglas A. Palmer, vice president for store brands at A.& P.

He said the company expected to embrace the city’s salt reduction goals for the hundreds of store brand products it sells under labels like America’s Choice and Smart Price in 435 supermarkets throughout the Northeast and Mid-Atlantic regions. In Manhattan, the chain operates under the name Food Emporium.

Subway, the fast food sandwich chain, also said it expected to commit to the city’s salt guidelines at its nearly 23,000 stores across the country lowest fee payday loans.

Lanette R. Kovachi, Subway’s corporate dietitian, said the company has reduced salt in stores in several other countries, including Britain and Australia, in response to government programs there.

“We view these as achievable goals,” she said.

The company’s best-selling item, a six-inch turkey sandwich, is already below the city’s five-year average target for lunch meat sandwiches in restaurants. But the chain also has a six-inch spicy Italian sub whose salt content is well above the city’s goals.

On Monday, after a year of consultations with industry, the city will release preliminary targets for sodium content. After a review, the city will unveil final targets in the spring and ask companies to commit to the program.

The system proposed by the city is complex, with reductions ranging from 10 to 40 percent for 61 classes of packaged foods and 25 classes of restaurant foods.

It would measure the average salt content of a company’s entire line of a particular type of product, like canned vegetables, breakfast cereals or frozen dinners, adjusted to give greater weight to products with the highest sales. That would allow companies to maintain a range of sodium levels but would create incentive to cut back on salt in the most popular items.

While most food companies say they agree at least with the goal of reducing salt, some medical researchers have questioned the scientific basis for the initiative, saying insufficient research had been done on possible effects. While agreeing that reducing salt is likely to lower average blood pressure, they say it can lead to other physiological changes, some of which may be associated with heart problems.

An elaborate clinical trial could weigh the pluses and minuses of cutting salt in a large group of people. But that would cost millions, and it has not been done.

Dr. Michael H. Alderman, a professor at the Albert Einstein College of Medicine, said the city’s initiative, if successful in reducing salt, would amount to an uncontrolled experiment with the public’s health.

“I’m always worried about unintended consequences,” he said.

The federal government recommends that sodium intake from salt be limited to 1,500 to 2,300 milligrams a day, with the latter figure equaling about a teaspoon. But the average adult in this country consumes about 3,400 milligrams a day.

Several major companies, including some that have been leaders in reducing salt, said they would not join the city initiative.

“One of the things we want to bring across to New York City is that sodium reduction does not always follow a prescribed time or prescribed progress,” said Chor-San Khoo, vice president for global nutrition and health at the Campbell Soup Company. “There’s no one size fits all.”

Campbell has already made significant reductions in the amount of salt in many of its products, including many canned soups, V8 beverages and Pepperidge Farm breads.

“We will continue to reduce sodium as long as there’s consumer acceptance in the marketplace,” Ms. Khoo said.

ConAgra, which makes a wide array of products, including Hunt’s canned tomato products and Chef Boyardee packaged meals, said it would continue with previously announced plans to cut the sodium in its portfolio of products by 20 percent by 2015.

“We don’t have plans to join other organizations’ pledges,” the company said.

Citing Hazard, New York Says Hold the Salt

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RIYADH (Reuters) – Three Saudi banks posted fourth-quarter earnings below forecasts, hit by a slowdown in lending growth and higher provisions, with Saudi Hollandi Bank (1040.SE) making its first quarterly loss in two years.

The earnings could reignite investor fears over the impact of the global crisis and a multi-billion dollar default by two family-owned businesses although local officials said the Saudi financial system has withstood these with little damage.

Saudi banks also bore the brunt of a slowdown in lending in 2009 after years of fast credit growth that brought the domestic banking system to its limits.

Both Hollandi and Banque Saudi Fransi (1050.SE) — which reported its lowest quarterly net profit in at least five years — blamed provisions for poor earnings in 2009.

Samba Financial Group (1090.SE), the second biggest Saudi lender by market value, was the only lender to record a small rise in net profit but was still below the lowest forecast in a Reuters poll.

Hollandi, partly owned by Royal Bank of Scotland (RBS.L), said on Sunday it made a net loss of 439.4 million riyals ($117 million) in the three months to end-December, having made a net profit of 309 million a year earlier.

It was the first quarterly loss by Hollandi since the fourth quarter of 2007 when it lost 106.3 million riyals.

For 2009, Hollandi made a net profit of 85.9 million riyals, down from 1.22 billion in 2008.

"The decline in net profit is mainly due to the bank's conservative policy aimed at continuing to boost provisions," Hollandi said, adding its loans portfolio fell 6 percent by the end of 2009 while deposits rose 4 percent guaranteed unsecured personal loan.

PROVISIONS WEIGH

Saudi Fransi, 31.1 percent owned by French bank Credit Agricole (CAGR.PA), said fourth-quarter net profit fell 43.3 percent after it booked provisions to support its finances.

Fransi made 324 million riyals, almost half the lowest forecast in a poll.

It was Fransi's lowest quarterly net profit since at least the fourth quarter of 2004 when it made a net profit of 374 million riyals, according to Reuters data. For 2009, Fransi made a net profit of 2.47 billion riyals, also the lowest since 2005.

"The decline in earnings is due to the volume of provisions that were made during that year (2009) to continue supporting the bank's financial position," Fransi said.

Fransi said its loans portfolio fell 3.7 percent by the end of 2009 while deposits slid 2.2 percent.

Samba saw its net profit inching up 1.1 percent year-on-year in the fourth quarter, but was still below all forecasts. It made 835 million riyals, the lowest quarterly profit in a year.

Samba said its loans portfolio fell 14 percent by the end of 2009 to 84 billion riyals while deposits rose 10 percent to 147 billion.

(Writing by Souhail Karam; Editing by Thomas Atkins and Dan Lalor)

Lending slowdown, provisions hit Saudi banks in Q4