Oil above $77 as traders eye Iran tension
SINGAPORE (AP) — Oil prices bobbed above $77 a barrel Tuesday in Asia as Iran's detention of five British sailors threatened to raise tensions between a major crude exporter and Western powers. Benchmark crude for January delivery was up 1 cent to $77.29 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract climbed $1.23 to settle at $77.28 on Monday.
Asian markets gain after Wall Street rise
SEOUL, South Korea (AP) — Asian stock markets rose Tuesday following modest gains on Wall Street and amid increased confidence the Dubai debt crisis was unlikely to derail the global recovery. Most major benchmarks were up 0.5 percent or more while Tokyo stocks jumped on news the central bank was holding an unscheduled board meeting amid government pressure to do more about the surging yen and falling consumer prices.
GE, Vivendi deal paves way for NBC sale to Comcast
PHILADELPHIA (AP) — General Electric Co.'s agreement to buy out the rest of NBC Universal paves the way for it to sell control of the TV and movie company to Comcast Corp. in a deal that promises to reshape the entertainment industry. GE will pay slightly less than the $6 billion that French media conglomerate Vivendi SA hoped to command for its 20 percent stake in NBC Universal, a person with knowledge of the talks told The Associated Press late Monday. The person spoke on condition of anonymity because the negotiations were private and the companies' agreement has not yet been formalized.
Michael Jackson tops Yahoo's search charts in 2009
SAN FRANCISCO (AP) — Michael Jackson's stunning death made him Yahoo's biggest star this year. The quest to find out what happened to Jackson in his final hours on June 25 and celebrate his legacy elevated the late entertainer to the top of the Internet company's annual breakdown of the most frequent online search requests.
Divided Senate plunges into health care debate
WASHINGTON (AP) — Riven by partisanship, the Senate plunged into a widely anticipated debate Monday over sweeping health care legislation that President Barack Obama and congressional Democrats have vowed to approve and Republicans have sworn to block. Debate is expected to last for weeks over the legislation, which includes a first-time requirement for most Americans to carry insurance and a mandate for insurers to cover any paying customer regardless of medical history or condition.
Worries that Dubai washing its hands of debt woes
DUBAI, United Arab Emirates (AP) — If global investors were looking for reassurances from Dubai that it would stand behind its massive, debt-swamped investment conglomerate, they got none Monday. Instead, the Gulf city-state seemed to wash its hands of the financial woes that have rattled world markets. The muddled message from Dubai has fueled worries over a possible default by the conglomerate, which is involved in projects around the world — from Gulf banks and ports in 50 countries to luxury retailer Barneys New York and a grandiose six-tower hotel-entertainment complex in Las Vegas.
Online retailers rev up deals to keep up momentum
NEW YORK (AP) — Retail Web sites kept amping up the deals Monday, the first day after Thanksgiving weekend's strong online sales, to try to maintain the momentum. Meanwhile, a research firm that tracks business at stores reported tepid sales and customer traffic for Friday and Saturday that confirmed a so-so start to the season for the bricks-and-mortar world.
Stocks turn higher to extend month's big gains
NEW YORK (AP) — The stock market ended November with its best monthly performance since the summer — even as investors worried about the strength of the holiday shopping season. Stocks zigzagged Monday but finished modestly higher as traders ultimately were not deterred by reports that retail sales were overall uninspiring during the Thanksgiving weekend. Retailers including Macy's Inc. and Saks Inc. fell sharply but online merchants like Amazon.com Inc. shot higher on reports of strong Internet sales.
Gov't increases pressure on mortgage industry
WASHINGTON (AP) — Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren't doing enough to help borrowers at risk of losing their homes. Treasury Department officials said Monday they will step up pressure on the 71 companies participating in the government's $75 billion effort to stem the foreclosure crisis. The will start this week by sending three person "SWAT teams" to monitor the eight largest companies' work and requesting twice-daily reports on their progress.
Court hears Vioxx lawsuit arguments
WASHINGTON (AP) — Lawyers for Merck & Co. told the Supreme Court Monday that investors waited too late and didn't do all of the necessary investigations to sue the drug maker over whether it properly warned about the risks of its blockbuster painkiller Vioxx. Whether the high court agrees with the drug maker will help clarify the legal standards for determining exactly when the clock starts running for the two-year window to sue a company accused of defrauding investors.
