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. Many investors are hoping that Dubai World will either openly discuss restructuring of some $60 billion in debt with its creditors, or that Dubai's larger, oil-rich neighbor, Abu Dhabi, will step in to restore confidence by promising to foot any bills.
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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.
Though the Web is only about 10 percent of the holiday shopping pie, it's seen most of the growth so far this year _ an encouraging sign after last year's first online sales decline.
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Stocks turn higher to extend month's big gains
NEW YORK (AP) _ The stock market closed out its best month since the summer, posting big gains for November even as investors worried about the strength of the holiday shopping season.
Stocks fluctuated through the day 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.
Despite the tepid finish, the Dow Jones industrial average and the Standard & Poor's 500 index rose more than 5 percent in November, their biggest monthly advance since July.
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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.