Somali pirates hijack oil tanker going to US
NAIROBI, Kenya (AP) — Somali pirates seized a tanker carrying crude oil from Saudi Arabia to the United States in the increasingly dangerous waters off East Africa, an official said Monday, an attack that could pose a huge environmental or security threat to the region. The Greece-flagged Maran Centaurus was hijacked Sunday about 800 miles (1,300 kilometers) off the coast of Somalia, said Cmdr. John Harbour, a spokesman for the EU Naval Force. Harbour said it originated from Jeddah, Saudi Arabia and was destined for the United States. The ship has 28 crew members on board, he said.
Dubai exchange nosedives as trading resumes
DUBAI, United Arab Emirates (AP) — Dubai's main stock exchange dropped more than 7 percent and Abu Dhabi markets slid more than 8 percent on the first day of trading since officials went public with the city-state's huge debt crisis. Shares of DP World, a profitable port operating division of the debt-ridden Dubai World, were off nearly 15 percent in early trading Monday when the market opened.
European stocks down as Dubai debt worries linger
LONDON (AP) — European stock markets fell again Monday amid concerns about Dubai's debt problems, even though the United Arab Emirates' central bank pledged to make extra funding available to all banks in the country, including foreign institutions with local branches. In Europe, the FTSE 100 index of leading British shares was down 40.95 points, or 0.8 percent, at 5,204.78 while Germany's DAX fell 55.15 points, or 1 percent, to 5,630.46. The CAC-40 in France was 51.02 points, or 1.4 percent, lower at 3,670.43.
Oil rises to near $77 as Dubai debt fears ease
KUALA LUMPUR, Malaysia (AP) — Oil prices rebounded to near $77 a barrel Monday in Asia as panic about the global fallout from Dubai's debt problems abated. Benchmark crude for January delivery was up 52 cents to $76.57 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.91 to settle at $76.05 on Friday.
China shrugs off EU appeal for help on currency
NANJING, China (AP) — Summit talks between Chinese and European leaders ended on an off key note Monday as Premier Wen Jiabao rejected calls for a stronger Chinese currency and accused critics of seeking to undermine his country's rise. The one-day summit with the 27-member European Union was the most substantive dialogue between China and its largest trading partner, a market of more than 500 million people, in more than two years.
Dubai crisis, holiday sales will dominate trading
NEW YORK (AP) — Investors may have to do some emotional juggling as the trading week begins. While markets around the world continue to assess the fallout from Dubai's worrisome debt problems, investors trying to get a handle on the global economy will also factor in some encouraging U.S. retail sales over the Thanksgiving weekend. The question for many is whether they should focus on the possibility of another spreading credit crisis, or signs that consumer spending in this country may indeed be stabilizing.
'12 Days of Christmas' items' cost would top $87K
PITTSBURGH (AP) — Making one's true love happy will cost a whopping $87,403 this year, a minuscule increase from last year, according to the latest cost analysis of the items in the carol "The Twelve Days of Christmas." That's the grand total for the single partridge in a pear tree to the 12 drummers drumming, purchased repeatedly as the song suggests, according to the annual "Christmas Price Index" compiled by PNC Wealth Management. The price is up a mere $794, or less than 1 percent, from $86,609 last year.
Holiday shopping off to mildly encouraging start
NEW YORK (AP) — After shoppers gave retailers a somewhat encouraging start to the holiday shopping season, stores now turn their attention to the online promotions known as Cyber Monday and bringing back customers the rest of the season. The good news is that holiday shopping held steady through the Thanksgiving weekend after retailers saw a huge crowd of bargain shoppers for early morning deals Friday.
Employers play Dr. Mom to limit swine flu impact
TRENTON, N.J. (AP) — Big businesses are spending serious time and money trying to limit the swine flu pandemic's impact on operations, from bankrolling video on good hygiene to training employees to cover for co-workers with critical jobs. Companies from health insurer UnitedHealth Group Inc. to beverage can maker Ball Corp. are arranging for employees with flu symptoms or sick family members to work from home where possible, holding fewer in-person meetings, even discouraging handshakes. And hand sanitizers, disinfectant wipes and tissues are at the ready everywhere as employers make keeping workers healthy their first line of defense.
Detroit needs housing rebound to spur pickup sales
DETROIT (AP) — At Kevin Haner's construction company in Las Vegas, three of the four Dodge Ram pickup trucks are starting to get a little old. He may replace one if he gets a great deal, but he'll keep running the others until he's convinced that the housing slump has ended. Haner's reluctance to spend is typical of contractors nationwide. This presents a huge problem for the Detroit automakers because truck sales are directly tied to new home construction. Pickup sales are on pace for their worst performance in 17 years, and GM, Chrysler and Ford still sell 91 percent of all full-size pickups in the U.S.
