Asian markets rise as China affirms loose policy
SEOUL, South Korea (AP) — Asian markets shrugged off a lackluster performance on Wall Street to move higher Thursday amid expectations China will maintain loose monetary policy. There was also an element of catch-up for Asian stocks as the region's markets, up massively from their March lows, have this month lagged gains in developed markets. Oil prices held above $77 a barrel while the dollar fell slightly versus the yen and the euro.
Oil rises above $77 after US crude supply drop
SINGAPORE (AP) — Oil prices extended gains above $77 a barrel Thursday in Asia as a larger than expected drop in U.S. crude supplies fueled investor optimism that consumer demand is improving. Benchmark crude for February delivery was up 61 cents to $77.28 at midday Singapore time in electronic trading on the New York Mercantile Exchange amid light volume Christmas Eve holiday trading.
Americans increase spending, but not on new homes
WASHINGTON (AP) — Americans are starting to spend a bit more money, but not enough to power a strong economic recovery. Consumer spending posted its second straight monthly increase in November, rising 0.5 percent, the government said Wednesday. But new homes clearly weren't on the shopping list. New home sales plunged unexpectedly to the lowest level since April.
Stocks finish slightly higher despite housing data
NEW YORK (AP) — Stocks ended an erratic session with a slender gain Wednesday as rising commodities prices offset disappointment over an unexpected drop in home sales. Gains in commodities drove the shares of energy and materials-producing companies higher, lending support to the overall stock market. Gold, oil and other commodities rose as the dollar dropped.
Been away from the airport? A lot has changed
MINNEAPOLIS (AP) — Haven't flown since last Christmas? Be prepared. Things have changed. Airlines continued to adjust to the tough economy. There are even fewer planes in service, and that can make rebooking after a cancellation tougher. Higher bag fees and new charges can make flying more expensive. And swine flu worries mean you might get a wary look from the adjacent seat if you cough.
Citigroup's return of TARP money removes pay caps
WASHINGTON (AP) — Citigroup Inc. on Wednesday repaid $20 billion in bailout money and received a government ruling that it's no longer covered by the pay restrictions imposed on companies receiving the most rescue money. Kenneth Feinberg, the Obama administration's pay czar, said in a letter to the company that the repayment removes Citigroup from restrictions on executive pay and bonuses that were imposed on companies receiving exceptional assistance from the $700 billion bailout fund.
Luxury car buyers spending less for the holidays
DETROIT (AP) — This holiday season, the luxury car buyer is offering a simple phrase: I'm not spending too much. Wealthier shoppers are trickling back into showrooms after staying away much of the year. But there's a catch. Many are pinching pennies, sort of, by choosing smaller BMW and Mercedes models, or they're buying top-of-the-line cars from cheaper brands.
Mortgage execs' hefty salaries to be disclosed
WASHINGTON (AP) — Federal regulators plan to disclose Thursday that the top executives of government-controlled mortgage finance companies Fannie Mae and Freddie Mac each earned between $4 million and $6 million this year, two people briefed on the matter said. The people, who declined to be identified because the announcement was not yet public, said Wednesday that the pay packages were approved by the Treasury Department and the Federal Housing Finance Agency, which regulates Fannie and Freddie.
Chevron agrees to $45 million settlement
WASHINGTON (AP) — Chevron Corp. will pay $45.5 million to resolve claims that it underpaid natural gas royalties to the government and Native Americans, the Justice Department announced Wednesday. Most of the settlement money will be distributed to federal, state and American Indian accounts affected by the underpayments. More than $12.3 million of the amount will go to the heirs of the whistleblower who filed the lawsuit in Beaumont, Texas.
BlackBerry users beset by second outage in a week
TORONTO (AP) — When Corey Marshall's Blackberry mysteriously stopped sending and receiving messages, he realized all too clearly just how much he depends on the device: He had no way of contacting his friends because he never bothers to exchange phone numbers with anyone anymore. "A lot of the times if I meet someone and I see they have a BlackBerry, I don't even want their number or care. I just want their BBM," or their BlackBerry instant-messaging ID, said the 23-year-old tanning-salon manager and student. "I didn't even have my boss' number. I only contact him through BB."
