The news at a glance

Autos: Detroit is humming again

Three years after nearly collapsing, the U.S. auto industry looked more robust than ever at Detroit’s annual auto show this week, said Alisa Priddle in the Detroit Free Press. Ford, General Motors, and Chrysler are all “back in the black,” having improved their collective share of the U.S. car market last year for the first time in more than two decades. U.S. auto sales in 2011 reached 12.7 million units, up from 11.5 million in 2010, and are expected to keep growing in 2012. The Big Three, which have also announced plans to add thousands of new U.S. jobs, were among the dozen automakers at the show unveiling 40 new vehicle models, many of which had been stalled in development during the lean years. Instead of talking about bankruptcies and bailouts, “it is back to being all about product, which is the way it should be,” says Mark Fields, president of Ford’s Americas division.

Despite their improved fortunes, Detroit’s Big Three “will have to fight hard to sustain their comeback,” said Mira Oberman and Paul Handley in Agence France-Presse. Their Japanese rivals Honda and Toyota are hoping to regain ground lost after last year’s earthquake crippled production, and Hyundai and Volkswagen are also posting impressive gains.

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Companies: Kodak nears bankruptcy

In a “stunning comedown for a company that once ranked among America’s corporate titans,” Eastman Kodak is preparing to file for Chapter 11 protection in the coming weeks, said Mike Spector and Dana Mattioli in The Wall Street Journal. The 131-year-old film and camera company is “still making last-ditch efforts” to avoid bankruptcy by selling some of its many lucrative patents. But preparations have begun for an eventual filing, which would allow the company to shed some of its pension and health-care obligations to its retirees.

Market: After a yo-yo year, S&P 500 ends even

The stock market ended a particularly volatile 2011 “right where it started,” said Bernard Condon in the Associated Press. The S&P 500 finished the year down 0.04 points, the smallest annual change ever. After months of erratic movement, the index rose 11 percent in the last three months of the year, a trend that “could bode well” for 2012. Overseas markets weren’t as lucky: Britain’s stock market fell 5.6 percent for the year, Brazil’s fell 8 percent, and Hong Kong’s fell 20 percent.

Scandal: Swiss central banker resigns over trades

The head of Switzerland’s central bank unexpectedly resigned this week over controversial currency trades his wife made, said Jack Ewing in The New York Times. Philipp M. Hildebrand, a former swimming champion who led the Swiss National Bank for two years and called for stricter bank regulations, maintained his innocence. But he said he could not prove he was unaware that his wife made a highly profitable $500,000 transaction on U.S. dollars last year, just days before the Swiss central bank intervened in the currency markets.

Wall Street: Bankers prepare for steep pay cut

“Wall Street is about to take a big hit to its wallet,” said Liz Rappaport and Colin Barr in The Wall Street Journal. Thanks to a lackluster year, many in the financial industry could see their paychecks fall to their lowest levels since 2008, when the financial crisis nearly put many Wall Street firms out of business. Partners at Goldman Sachs could see their pay cut at least in half, and Morgan Stanley may shrink bonuses for investment bankers and traders by 30 to 40 percent. “Companies definitely have to realize the party as they know it is over,” said compensation adviser Rose Marie Orens.