The stock price of The Charles Schwab Corp. fell 2.5% to $18.81 in after-hours trading after the company announced plans to sell more than 26 million shares of common stock. The discount broker and leading custodian for registered investment advisers also reported that its fourth-quarter net income fell 47% from the year-earlier period to $164 million

T oday’s top stories from Report on Business: Economy growing, but on life support The global economy continues to recover, but is being kept afloat by massive government stimulus, historic measures by central banks and bailouts. As the Bank of Canada held interest rates steady today, it noted that while global growth projections are somewhat better than it forecast in October, the recovery “continues to depend on exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.” The central bank kept its benchmark overnight rate at 0.25 per cent this morning, and promised again to hold it there, depending on inflation. It tweaked its Canadian economic forecasts, and also warned again that the strong Canadian dollar and weak U.S

J anuary is not typically a kind month to the home renovation sector. It’s too cold. Plus, post-holiday bills pour in.

I nternational Business Machines Corp. IBM-N on Tuesday raised its profit target for 2010 and reported higher fourth-quarter earnings, as cost cuts and a shift to more profitable contracts helped the world’s leading technology services company weather a slump in corporate spending. IBM, which has spent the past year cutting costs and accelerating its shift to more profitable services and software, said it now expects profit of at least $11 (U.S.) a share in 2010 compared with its previous target of $10 to $11 per share

Robert McCann, CEO of UBS AG’s Wealth Management Americas, announced several appointments to his “Renewal” team Tuesday — including Bob Mulholland, a 25-year Merrill veteran, who will replace Jamie Price as head of UBS’ adviser group. Mr. McCann, the former head of the brokerage business at Merrill Lynch & Co.

George Robison, the director of licensing for the Utah Division of Securities, is discussing taking legal action against his employer for retaliating against him for participating in an audit of the division a couple of years ago, according to people familiar with the situation. In response to an increasing number of adviser complaints about overly aggressive enforcement agents and huge delays in getting hearings, Republican state Assemblyman Jim Bird called for an audit of the Securities Division. The audit, completed in July of 2008, found that the division was being grossly mismanaged — resulting in long procedural delays, internal conflicts and poor communication, both internally and with outside investigations of financial services professionals.

Focus Financial Partners, armed with $50 million in new capital from private equity backers, announced today it has bought an interest in Bridgewater Wealth and Financial Management LLC. Bridgewater, a Bethesda, Md.-based firm created from combining a registered investment adviser business with a certified public accounting practice, advises clients on $200 million of assets, Focus said in a statement.