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AP Business NewsBrief at 10:05 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Dubai looks to oil-rich neighbor for possible aidDUBAI, United Arab Emirates (AP) _ As world markets absorbed the shock of Dubai's debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue. It's not known what promises were made inside the halls in Al Ain during the parade of visitors for an important Islamic feast day on Friday. But their new relationship is clear. Abu Dhabi has the cash and cache to be Dubai's white knight _ in a Gulf version of a too-big-to-fail bailout or to help calm markets with promises to intervene if Dubai's fiscal mess deepens.
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.
Signs of life in stores as holiday shopping beginsThe nation's shoppers took advantage of deals on toys and TVs with some renewed vigor in stores and online on Black Friday after a year of concentrating their spending on basic necessities. Though the first numbers won't be available until Saturday, early reports indicated bigger crowds than last year, with people buying more and even throwing in some items for themselves.
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.
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.
Canada high court rules for Wal-Mart in union caseTORONTO (AP) _ The Supreme Court of Canada said Friday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to become the first Walmart store in North America to unionize. The highest court in Canada ruled in a 6-3 margin that the multinational had the right to shut down the outlet in Jonquiere, Quebec, and lay off 190 employees.
Stocks slide on concerns about Dubai debt falloutNEW YORK (AP) _ This was the sideswipe investors had feared. The stock market is in the middle of one of the great rallies of a generation, but for weeks there has been a nagging fear that bad news was never far off. The news came from Dubai, a wealthy Middle Eastern city-state that many Americans probably couldn't find on a map. Concerns that a government-backed investment company risked defaulting on $60 billion in debt ripped through world markets and served as a reminder of how fragile the financial system remains a year after it nearly collapsed.
Crude prices fall on Dubai debt jittersNEW YORK (AP) _ Shades of the roiling energy markets that were set off last year by the crisis on Wall Street emerged again Friday with crude seeing the largest percentage drop in prices since January. The sell-off this time followed troubling news from Dubai, which asked lenders for a six-month reprieve on payments for about $60 billion in debt.
FAA transcripts show efforts to reach Flight 188After a Northwest Airlines plane flew past Minneapolis last month, air traffic controllers asked the pilots repeatedly for explanations about why they didn't heed radio calls, according to transcripts released on Friday. The Oct. 21 flight had been out of contact for 77 minutes before the pilots responded. The pilots told controllers right away that they had been distracted, but didn't give details, according to the transcript of their radio conversations released by the Federal Aviation Administration.
Saab: New buyers emerge after Koenigsegg collapseSTOCKHOLM (AP) _ A spokeswoman for General Motors' Saab unit says several potential buyers have expressed interest in the Swedish brand after specialty car maker pulled out of a deal to acquire it. On Tuesday, a group led by Sweden's Koenigsegg Automotive AB dropped out of a deal to buy Saab that had been in the works since June.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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