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.
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.
EU seeks China's help on climate change, currency
NANJING, China (AP) — Chinese Premier Wen Jiabao rebuffed calls from European leaders for faster reforms of Beijing's currency policies and said Monday that China is doing all it can to reduce emissions of greenhouse gases. The unusually bristly response by mild-mannered Wen followed a one-day summit with the 27-member EU that ended with the signing of five mostly technical agreements on energy and environmental cooperation, but no signs of fresh initiatives on pressing global issues such as climate change.
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.
Tough times turning newspaper lenders into owners
SAN FRANCISCO (AP) — Newspaper headlines have skewered money lenders for dubious decisions that stoked the recession. Now the financiers are starting to headline newspapers in a new way — as the owners. These newspaper novices are taking control through bankruptcy proceedings and giving few clues about their turnaround plans. Their decisions will be crucial because this new age of media ownership is unfolding at a time that could make or break some of the largest publications.
Full gas tanks could stop many small plane crashes
DES MOINES, Iowa (AP) — Cheryl Allegretti's husband was a meticulous pilot with more than 20 years experience when the plane he was piloting crashed in a northwest Iowa cornfield, killing him and two passengers, apparently because it ran out of gas. "It's still hard for me to believe it at all," said Allegretti, of Cambridge, Wis. "Like everybody has told me, he was the most cautious, safety pilot that they ever knew."
