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AP Business NewsBrief at 9:56 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Report: Indebted Dubai World rejected asset saleDUBAI, United Arab Emirates (AP) _ Dubai World "totally rejected" the possibility of selling off some of its top performing assets in the months before the heavily indebted conglomerate turned to creditors with a plea to defer payments on some of the $60 billion it owes, a newspaper reported Sunday. The company, whose holdings range from ports to real estate, shocked world markets on Wednesday with an announcement that it would seek, until at least May, a deferment on its debts and those of its real estate arm, Nakheel PJSC. That subsidiary has a $3.5 billion bond coming due next month.
Euro zone officials: China yuan should strengthenNANJING, China (AP) _ China should allow its currency to strengthen against the euro and other major currencies, for its own sake as well as that of the global economy, top finance officials of the single-currency euro zone said Sunday. The plea to Chinese Prime Minister Wen Jiabao for faster movement on exchange rate reforms to reverse the euro's climb against the yuan, or renminbi, came in meetings ahead of an EU-China summit on Monday in this eastern Chinese city.
Turbulence ahead: Senate opens health care debateWASHINGTON (AP) _ The 60 votes aren't there any more. With the Senate set to begin debate Monday on health care overhaul, the all-hands-on-deck Democratic coalition that allowed the bill to advance is fracturing already. Yet majority Democrats will need 60 votes again to finish.
Hotel owners, like home owners, behind on paymentsMIAMI (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.
Bernanke makes case for strong Fed role on banksNEW 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.
Administration plans new efforts on foreclosuresWASHINGTON (AP) _ The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday. The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said.
GPS cell phone apps challenge standalone devicesKANSAS 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.
Geneva: Police use tear gas on WTO protestGENEVA (AP) _ Police with water cannon fired tear gas and rubber bullets Saturday to separate violent demonstrators from a protest opposing a meeting of top world trade officials, but the hooded "black bloc" activists were able to cause damage before 14 were arrested, spokesmen said. The protesters set fire to at least four cars, broke shop windows and committed other acts of violence Saturday, police spokesman Patrick Puhl said.
Whitman tries courting women in Calif. gov raceSACRAMENTO, Calif. (AP) _ As Meg Whitman has been introducing herself to California voters, she retells a line that usually generates a chuckle: "The next governor of California needs to know exactly what SHE believes." The statement conveys the kind of confidence the former eBay executive displayed in her trailblazing role as the female head of a Fortune 500 company. It also is a reminder of the pioneering role she would play if she is elected as the first woman to California's highest office.
Apple's iPhone arrives in tech-savvy South KoreaSEOUL, 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.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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