Business News Archive - November 28, 2008
Finnish phone maker Nokia, facing a tough market in Japan, will pull out of that country except to market its high-end Vertu, Forbes reported Thursday. Nokia's Vertu phones, which cost up to $10,000, are handcrafted and feature precious metals, the financial magazine reported. There is definitely a market in Japan for Vertu, analyst Carolina Milanesi at Gartner Research was quoted as saying.
Sales on Black Friday are shopper-friendly, giving U.S.
Crude oil prices dropped on the New York Mercantile Exchange Friday morning, a day before OPEC oil ministers were scheduled to meet in Cairo. A meeting of members of the Organization of Petroleum Exporting Countries would include discussions of production cuts, oil ministers have said. Friday morning, crude oil prices fell 77 cents to $53.67 per barrel.
Student advocacy groups warned U.S. Treasury Secretary Henry Paulson Jr. that a new program to support private student loans could hurt borrowers. Several groups, including Consumers Union, the U.S.
U.S. authorities have arrested four men they say used a variety of scams to trick banks into releasing home equity funds. The four, who allegedly convinced U.S.
Attorneys have filed a lawsuit in New York charging The Reserve and TD Ameritrade with misleading investors who lost money in the Yield Plus fund. Federal authorities stepped in to prop up The Reserve's Primary Fund after its shares fell below $1and its investment in Lehman Brothers Holding Inc.
The British government purchased 57.9 percent of the Royal Bank of Scotland Friday after a bank sale failed to raise enough capital to meet new requirements. Investors purchased only 0.24 percent of the shares offered, forcing the government to step in, the International Herald Tribune reported. The
The pre-Christmas sale is on in Britain for discount furniture store MFI and Woolworths, two retailers that recently filed for court protection. While retail sales are making news in the United States on Black Friday, it is retail operations that are up for grabs in Great Britain. The Times of London reported Friday clothing retailer Whittard and Whistles is seeking a buyer and House of Fraser and Hamley's are expeted to go on the block. Woolworths and its 815 stores are for sale, as is its wholesale CD and DVD distribution business EUK.
Shoppers will be out in droves Friday, Saturday and Sunday, but the holiday crowds may be smaller than a year ago, a U.S. retail trade group said. The National Retail Federation predicts 128 million U.S.