Bernanke makes case for strong Fed role on banks
NEW YORK (AP) — The chairman of the Federal Reserve is concerned that congressional efforts at financial reform could weaken the central bank's ability to handle future crises and may politicize monetary policy. Fed Chairman Ben S. Bernanke made the comments in an Op-Ed piece to appear in Sunday's Washington Post, five days before the Senate Banking committee holds a hearing on his nomination for a second term. His current four-year term expires Jan. 31.
Dubai looks to oil-rich neighbor for possible aid
DUBAI, United Arab Emirates (AP) — As world markets absorbed the shock of Dubai's debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue. It's not known what promises were made inside the halls in Al Ain during the parade of visitors for an important Islamic feast day on Friday. But their new relationship is clear. Abu Dhabi has the cash and cache to be Dubai's white knight — in a Gulf version of a too-big-to-fail bailout or to help calm markets with promises to intervene if Dubai's fiscal mess deepens.
Apple's iPhone arrives in tech-savvy South Korea
SEOUL, South Korea (AP) — Tech-savvy South Koreans began getting their coveted iPhones on Saturday amid fanfare and expectations the communication and entertainment device will shake up a local mobile market dominated by domestic giants Samsung and LG. Hundreds of customers lined up to get their pre-ordered iPhones at an official launch event in Seoul, some waiting overnight. A 25-year-old university student was the first to get one, as music blared and strobe lights flashed.
Black Friday store spending edges up; online soars
CHICAGO (AP) — Shoppers who endured long lines and sometimes-frigid temperatures spent only slightly more during their Black Friday shopping sprees than they did last year, according to data released Saturday by a research firm. At the same time, their pajama-clad counterparts, a much smaller group that accounted for only a fraction of overall sales, shopped online from the warmth of their homes and dramatically boosted their spending.
GPS cell phone apps challenge standalone devices
KANSAS CITY, Mo. (AP) — The growth of cell phones with global-positioning technology is making life uncertain for the makers of personal navigational devices that help drivers figure out where they are and where to go. Manufacturers of standalone GPS products will have to move quickly and smartly to transform their dumb map readers into intelligent devices that can provide a host of services such as traffic avoidance.
Text-a-Tip programs allow tipsters to help police
BOSTON (AP) — A mother in Boston tells police her 8-year-old boy was shot to death in their apartment by gunmen in hooded sweat shirts during a home invasion. Officers later receive a text message from an anonymous tipster that leads them to a much different conclusion: the boy's 7-year-old cousin accidentally shot him while the two boys were playing with a loaded 9 mm handgun.
US pay czar OKs changes for 2 top BofA executives
NEW YORK (AP) — Bailed-out Bank of America amended the salaries of two senior executives after a review by the White House pay czar, according to a regulatory filing. Chief Financial Officer Joe. L. Price and mortgage unit President Barbara J. Desoer will earn less salary in 2009 than they did last year following approval by the officer of the special master for TARP Executive Compensation, Bank of America said in papers filing with the Securities and Exchange Commission.
Hotel owners, like home owners, behind on payments
MIAMI (AP) — Like many home owners, hotels are starting to drown in debt. They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights.
Canada high court rules for Wal-Mart in union case
TORONTO (AP) — The Supreme Court of Canada said Friday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to become the first Walmart store in North America to unionize. The highest court in Canada ruled in a 6-3 margin that the multinational had the right to shut down the outlet in Jonquiere, Quebec, and lay off 190 employees.
Stocks slide on concerns about Dubai debt fallout
NEW YORK (AP) — This was the sideswipe investors had feared. The stock market is in the middle of one of the great rallies of a generation, but for weeks there has been a nagging fear that bad news was never far off. The news came from Dubai, a wealthy Middle Eastern city-state that many Americans probably couldn't find on a map. Concerns that a government-backed investment company risked defaulting on $60 billion in debt ripped through world markets and served as a reminder of how fragile the financial system remains a year after it nearly collapsed.
