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A bill designed to enact President Barack Obama’s plan for a “Buffett rule” tax on the wealthy would rake in just $31 billion over the next 11 years, according to an estimate by Congress’ official tax analysts obtained by The Associated Press.

That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama’s budget last month said he would replace with the Buffett rule tax.

The alternative minimum tax, originally aimed at ensuring that wealthy Americans pay taxes despite deductions and other breaks, has begun affecting upper middle-class families. Congress acts every year to minimize its impact.

The Buffett rule has become a leading symbol of Obama’s and congressional Democrats’ election-year efforts to persuade voters that they are the party championing economic fairness. Republicans have mocked it as one aimed at scoring political points that would have little real budgetary impact.

The plan is named for billionaire investor Warren Buffett, who has said taxes on the rich are too low. Obama has proposed requiring that people earning at least $1 million annually pay at least 30 percent of their income in taxes, but has provided few details.

In an analysis provided to The AP on Tuesday, Congress’ Joint Committee on Taxation estimated that a bill introduced last month by Sen. Sheldon Whitehouse, D-R.I., attempting to enshrine Obama’s proposal into law would collect $31 billion through 2022. The measure has little chance of advancing soon, especially before the November elections.

“Now that we have this analysis, I hope the president will stop the class warfare and start leading by putting out real proposals to bring down our debt, get rid of the AMT and reform our broken tax code,” Sen. Orrin Hatch of Utah, top Republican on the Senate Finance Committee, said in a written statement, using the alternative minimum tax’s acronym.

Hatch’s Finance committee GOP aides requested the study.

Whitehouse said other groups, including the respected bipartisan Tax Policy Center, have estimated that the proposal could earn more than $31 billion.

“No matter how you slice it, that’s real money that could help bring down our deficit. Most important: It’s simply the right thing to do,” he said in a statement.

Whitehouse’s bill would require people making at least $2 million a year pay at least 30 percent of their earnings in taxes, though they could deduct certain amounts for their charitable contributions. The tax would be phased in for people earning at least $1 million annually.

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Asian stock markets were mostly lower Thursday, hindered by falling commodity prices and worries about the extent of China’s economic slowdown.

But Japan’s Nikkei 225 index rose for a third straight day, basking in the ongoing retreat of the yen from record highs against the U.S. dollar. The Nikkei was 0.4 percent higher to 10,091.19.

Hong Kong’s Hang Seng slipped 0.1 percent to 21,288.23 and South Korea’s Kospi shed 0.2 percent to 2,040.86. Benchmarks in mainland China fell while Indonesia and New Zealand rose.

Australia’s S&P/ASX 200 was down 0.4 percent at 4,270.80. Mining and resource-related shares that depend on Chinese demand were hurt after Premier Wen Jiabao said Wednesday that controls to cool surging housing prices would remain in place.

BHP Billiton, the world’s largest mining company, fell 1.7 percent. Newcrest Mining Ltd. plummeted 3.8 percent.

“Investors’ focus shifted to China growth concerns, after Premier Wen made some fairly negative comments about the property market,” said Stan Shamu, market analyst at IG Markets in Melbourne, Australia. “This is likely to see recent government curbs on property speculation stay in place payday loans for bad credit.”

In the U.S., markets are expecting a “very subdued number” when industrial production figures for February are released later in the week, analysts at DBS Bank Ltd. in Singapore wrote in an email. Production is “growing but not rapidly and it’s not accelerating.”

On Wall Street, the Dow Jones industrial average rose 0.1 percent to 13,194.10. The Standard & Poor’s 500 fell 0.1 percent to 1,394.28. The Nasdaq composite index rose 0.03 percent to 3,040.73.

Benchmark oil for April delivery was up 32 cents to $105.75 in electronic trading on the New York Mercantile Exchange. The contract fell $1.28 to settle at $105.43 per barrel in New York on Wednesday.

In currencies, the euro rose to $1.3027 from $1.3024 late Wednesday in New York. The dollar rose to 84.05 from 83.72 yen. The Japanese currency has been weakening against the dollar ever since the Bank of Japan increased its economic stimulus program in February.

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Dutch Freedom Party leader Geert Wilders said the Netherlands, the euro area

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Federal regulators said Tuesday that they’ve approved new suppliers for two crucial cancer drugs, easing critical shortages _ at least for the time being _ that have patients worried about missing life-saving treatments.

The Food and Drug Administration said it will temporarily allow importation of a replacement drug for Doxil, a drug for ovarian and other cancers that hasn’t been available for new patients for months.

The agency also has approved another supplier for a preservative-free version of methotrexate, a crucial drug for children with a type of leukemia called ALL and for high-dose treatment of bone cancer. The version with preservatives can be toxic or cause paralysis in children and other patients getting the drug high doses.

The FDA also has approved the release of a batch manufactured by Ben Venue Laboratories Inc., shortly before it closed several factories and its complex in Bedford, Ohio, possibly for a year, due to serious quality problems. That closing is what turned the on-again, off-again methotrexate shortage that began in late 2008 into a crisis almost overnight, with fears that patients would begin missing treatments as soon as the end of this month.

The FDA increasingly has been able to prevent drug shortages by getting advance notice from manufacturers, with 195 shortages prevented in 2011, mostly late in the year after President Obama issued an executive order giving FDA additional powers to address the shortages. Still, about 280 drugs are in short supply.

“A drug shortage can be a frightening prospect for patients,” FDA Dr. Commissioner Margaret A. Hamburg said in a statement. “Through the collaborative work of FDA, industry and other stakeholders, patients and families waiting for these products or anxious about their availability should now be able to get the medication they need.”

Drug shortages have increased dramatically in the U.S. over the past six years, particularly for generic injected drugs, which are the workhorses of hospitals but are difficult to make and produce little profit for drugmakers.

The shortages are caused primarily by problems with sterility and other serious issues that have led to shutdowns of production lines and occasionally entire factories. In addition, consolidation among generic drug manufacturers, as well as manufacturers deciding to end production of marginally profitable drugs, has led to decreased capacity. That means when one manufacturer suddenly stops production, the small number of others making a drug can’t quickly pick up slack.

The inability to get crucial medicines has disrupted not only carefully timed chemotherapy regimens, but surgery and care for patients with infections, pain and other serious conditions. At least 15 deaths since 2010 have been blamed on the shortages, which have set a record high in each of the last five years.

Of late, the cancer drug shortages have attracted the most attention, partly because missing multiple treatments can sharply reduce the chances of curing the disease. In the case of methotrexate, its use as part of the treatment for acute lymphoblastic lymphoma results in nearly 90 percent of children being cured, so parents and doctors were particularly upset at the prospect of it not being available.

The FDA said Tuesday it has temporarily approved importing an alternative to Doxil called Lipodox, made by Sun Pharma Global FZE. It’s also given approval to APP Pharmaceuticals to begin making a preservative-free version of methotrexate in addition to its current drug that includes preservatives.

The agency was to discuss details of its efforts on the two cancer drugs at a noon news conference.

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Robert Zoellick plans to step down from his post at the head of the World Bank when his current term ends on June 30.

Zoellick, 58, informed the bank’s board of his decision on Wednesday. The World Bank, a multinational organization, provides financial assistance to developing countries — $247 billion during his five-year term.

"I’m honored to have led such a world-class institution," he said in his statement. "When the world needed the bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open." (The world’s 10 largest economies)

The bank said it had its first general capital increase in more than 20 years under Zoellick’s term. He emphasized that the bank’s health made it a "natural time to move on."

Zoellick previously served as international vice chairman at Goldman Sachs (, Fortune 500) and in various government positions, including U.S. trade representative. He was also an executive vice president of Fannie Mae from 1993 to 1997.

The World Bank and the International Monetary Fund were the two major multinational organizations started in the wake of World War II to provide assistance and economic stability to troubled nations in an effort to help maintain global economic growth.

Zoellick is the 11th head of the World Bank since its founding in 1946. Historically, the World Bank has been headed by an American, while the IMF has been headed by a European.

But last year, when the IMF was looking for a new managing director, there were calls for a non-European in the position, due to the IMF’s role in backstopping emerging economies. Given the World Bank’s similar focus, there could also be a push for a non-American as its next president.

Despite those calls, French finance minister Christine Lagarde won the IMF job, which opened up due to Dominique Strauss-Kahn’s resignation in the wake of sexual assault charges that were later dropped.  

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Soaring oil prices helped Exxon Mobil post a slightly higher fourth-quarter profit. But a slowdown in production and lower natural gas prices are worrying investors.

Exxon’s oil and natural gas production fell 9 percent during the quarter. The drop came even after the company spent a record $36.8 billion last year to explore for more energy. Exxon’s stock price fell $1.74, or 2 percent, to $83.75 a share in midday trade.

Exploration can take years to yield more oil and gas. Some of Exxon’s biggest investments recently have been in U.S. natural gas fields, which so far haven’t paid off because prices are at the lowest level in a decade.

Its $29 billion acquisition of XTO Energy two years ago has been a disappointment, Oppenheimer & Co. analyst Fadel Gheit said.

The deal, which overnight made Exxon America’s biggest natural gas producer, hasn’t generated the kind of profits that investors expected.

Gheit said the company needs to consider cutting production. “They don’t want to have dead wood dragging them down,” he said.

The business Exxon is best known for, oil, drove results during the quarter. In the final three months of the year, the company sold crude for 27 percent more than a year earlier.

That boosted net income to $9.4 billion, or $1.97 per share, in the fourth quarter, compared with $9.25 billion, or $1.85 per share, a year earlier. Revenue rose nearly 16 percent to $121.6 billion.

Exxon produced an average of 4.5 million barrels of oil and natural gas a day. That’s nearly twice as much as Chevron Corp., America’s second-largest petroleum company.

But the output is less than what Exxon’s wells produced the year before. That’s partly because some of fields matured and produced less. Also, many contracts in foreign countries limit the amount of oil that Exxon can keep and sell as prices rise.

Earnings in Exxon’s exploration and production business rose 18 percent thanks to higher prices.

But those same prices hurt its refining business, where income dropped 63 percent. The refineries have struggled to pass along to customers the higher cost of oil used for gasoline, diesel and other fuels. That’s because demand is slowing in many parts of the world.

Stricter rules on car and truck fuel economy are expected to keep demand low for years in the U.S. and Europe.

As result, large oil and gas companies have been shedding refining operations, especially in developed markets.

Exxon announced Sunday that it is selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K. for $3.9 billion following an extended slide in Japanese fuel demand. The deal is expected to close mid-year.

Exxon’s chemicals business saw profits decline 49 percent.

For the full year, Exxon’s net income rose 34.8 percent while revenue rose 26.9 percent.

Last week, Chevron Corp. said profits slipped 3.2 percent. ConocoPhillips reported a 66-percent increase in quarterly earnings, though much of that came from the sale of a pipeline and other assets. Royal Dutch Shell expects to report its financial results later this week.

Shares of Exxon Mobil Corp. fell 91 cents to $84.58 in early trading.

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Asian stocks rose Wednesday as investors stayed calm in the face of a possible debt default by Greece to search for good deals in technology shares boosted by stunning results from Apple Inc.

Japan’s Nikkei 225 index rose 1 percent to 8,870.22. South Korea’s Kospi gained 0.8 percent at 1,964.72 and Australia’s S&P ASX 200 added 1 percent to 4,268.70. Benchmarks in Singapore and New Zealand rose, while shares in the Philippines fell.

Markets in Hong Kong, mainland China and Taiwan remained closed for Chinese New Year.

Japan’s powerhouse export sector got a lift from a moderation in the yen’s strength even as the country reported its first annual trade deficit since 1980. A strong yen, which hit multiple historic highs last year against the dollar, shrinks the value of overseas earnings when repatriated and makes Japanese products less competitive.

Honda Motor Corp. rose 3.3 percent. Mitsubishi Motor Corp. jumped 4.4 percent and Sony Corp. added 3.1 percent. Tire-maker Bridgestone Corp. added 3.4 percent.

Technology stocks were elevated after Apple Inc. reported earnings that sailed past analyst estimates. Apple said late Tuesday said it sold 37 million iPhones in the last three months of 2011, vastly exceeding estimates and propelling the company to record quarterly results.

That stellar performance reverberated throughout the global tech industry. South Korea’s LG Electronics Inc business card., which ranks No. 2 globally in flat screen televisions, jumped 4.1 percent. Hynix Semiconductor Inc., the world’s second-largest memory chip maker, added 2.2 percent.

Stan Shamu of IG Markets in Melbourne said in an email that the gains in Asia suggested “investors are now starting to pay less attention” to Greece, which is struggling to reach a deal with creditors to prevent a chaotic default on its massive debts. A default could trigger a financial crisis in Europe and likely beyond.

Greece is trying to get its creditors to swap Greek government bonds for new ones that have half the face value. Greece faces an important bond repayment deadline in March.

The Dow Jones industrial average closed down 33 points at 12,676 on Tuesday. The Standard & Poor’s 500 lost a point to close at 1,315. The Nasdaq added two points to close at 2,787.

Benchmark oil for March delivery rose 35 cents to $99.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 63 cents to end at $98.95 per barrel on the Nymex on Tuesday.

In currency trading, the euro rose to $1.3026 from $1.3021 late Tuesday in New York. The dollar rose to 77.91 yen from 77.73 yen.

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The Greek government and its creditors return to the negotiating table this week to revive stalled talks on a debt swap as German Chancellor Angela Merkel places pressure on both sides to forge a deal.

Greek Finance Minister Evangelos Venizelos said two days ago that talks with the Institute of International Finance will resume on Jan. 18. The Washington-based IIF, which represents banks holding the bonds, said on Jan. 14 there is a

Italian officials have lowered the number of people still unaccounted-for in the grounding of a cruise ship off Tuscany.

Tuscany’s regional president Enrico Rossi said that there were now six crew members and 11 passengers who haven’t been located out of the 4,200-plus people who were aboard the Costa Concordia when it struck a reef and capsized Friday night.

Three people have been confirmed killed and three people were rescued more than 24 hours after the disaster: a South Korean honeymooning couple and an Italian member of the ship’s crew, who was hoisted to safety Sunday afternoon by helicopter.

The Concordia’s commander has been detained on accusations of manslaughter and abandoning the ship. He has said the reef wasn’t marked.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

GIGLIO, Italy (AP) _ An Italian prosecutor has confirmed allegations from passengers and others that the captain of the cruise ship Costa Concordia abandoned the stricken liner before all the passengers had left.

Three people are confirmed dead after the huge cruise ship carrying more than 4,200 people ran aground on Friday night.

Asked Sunday by Sky Italia TV about allegations that the captain had left the ship before the last passenger had been rescued, Grosseto prosecutor Francesco Verusio replied, “Unfortunately I must confirm that circumstance.”

The captain, Francesco Schettino, was detained for questioning for suspected manslaughter, abandoning ship before all others and causing a shipwreck.

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