Executive Business Briefing

Here is a look at Monday's top business stories:

Stocks rise in Asia

TOKYO, Nov. 26 (UPI) -- Stock prices on the Tokyo Stock Exchange ended sharply higher Monday lifted by a combination of fresh weakness in the Japanese yen, Friday's gains on Wall Street and announcements that major banks will speed up disposals of their non-performing loans.

Prices also rose in Hong Kong, Taiwan, South Korea and Sydney, Australia.

Japan's blue-chip Nikkei Average of 225 selective issues, which gained 35.74 points last Thursday, jumped 367.48 points, or 3.44 percent, to 11,064.30 -- its highest close since Aug. 28 and the first time since Aug. 28 the index closed above the 11,000 level. The broader Topix index gained 26.30 points, or 2.50 percent, to 1,088.77 -- its highest close since Oct. 26.

Advances overwhelmed declines 1,201 to 190, while another 86 issues settled unchanged.

Volume rose to an estimated 748.53 million shares from 675.49 million shares changing hands last Thursday. The market was closed Friday for a national holiday.

Analysts said stocks rose as investors shrugged off the rating agency Fitch's downgrade of Japan's long-term local currency sovereign ratings, which also reconfirmed the market's resistance.

Buying was broad-based, but the Nikkei's rise was led by heavyweight high-techs and automakers -- beneficiaries of the weaker yen.

The market also drew support thanks to the recent strength of banking issues amid hopes for accelerated bad-loan cleanup efforts, traders said.

In trading, Sony Corp. rose 3.7 percent, Fujitsu gained 3.2 percent, Canon jumped 5.3 percent, Kokusai Securities climbed 7.7 percent, Honda Motor rose 4.9 percent and Nissan Motor gained 5.1 percent.

In an active banking sector, UFJ Holdings gained 4.1 percent, Mizuho Holdings rose 2.6 percent and Mitsubishi Tokyo Financial Group added 0.7 percent.

Nissan Fire & Marine Insurance and Aioi Insurance plunged after revealing their reinsurance links with Fortress Re, a privately owned U.S.-based reinsurance underwriting manager. Nissan Fire lost 17.4 percent and Aioi fell 7.0 percent.

Elsewhere in Asia, prices ended higher on the Hong Kong Stock Exchange, lifted by strength in property issues. The blue-chip Hang Seng Index gained 69.60 points, or 0.61 percent, to 11,392.00.

Properties led the gains buoyed by strong weekend sales. New World Development rose 2.2 percent on news the property developer sold a total of 126 remaining units in the past two days with a 40 percent discount price from a year-ago level.

Sun Hung Kai Properties gained 3 percent after selling more than 100 units.

China Mobile, the mainland's largest mobile phone company, added 0.5 percent, Johnson Electric Holdings gained 3.4 percent, but Pacific Century CyberWorks lost 3.2 percent.

Meanwhile, prices ended higher on the South Korean Stock Exchange for the third consecutive session, lifted by strength in banks and brokerage issues. The Kospi Composite Index rose 29.38 points, or 4.55 percent, to 674.56.

Banks and brokerage issues drew active buying on rising hopes that a quicker-than-expected economic recovery at home would attract more investors.

In trading, LG Securities surged 15.0 percent, Cho Heung Bank climbed 12 percent, Korea Telecom gained 3.8 percent and SK Telecom, the country's top cell phone carrier, added 2.8 percent.

Prices also ended higher on the Taiwan Stock Exchange, supported by strength in technology shares. The Weighted Index rose 89.24 points, or 1.97 percent, to 4,608.32.

In trading, United Microelectronics rose 2.4 percent on news Taiwan's state stock stabilization fund plans to sell 270 million ADRs of UMC to make up for losses in the equity market. Taiwan Semiconductor Manufacturing added 0.7 percent.

Elsewhere around the region, prices ended slightly higher on the Australian Stock Exchange. The All Ordinaries Index rose 14.10 points, or 0.43 percent, to 3,284.70.

Volume leader Telstra rose 2.4 percent while BHP Billiton, the mining giant, which last Friday said it ended merger talks with Woodside Petroleum, added 0.5 percent. Woodside also rose 0.5 percent.

Holiday shopping off with a ho-ho-ho

HOUSTON, Nov. 26 (UPI) -- TeleCheck Services Inc. said the holiday shopping season started off with a "ho-ho-ho" for many retailers as same-store sales rose 2.4 percent over the same day last year. TeleCheck, the world's leading check acceptance company, said the increase is in line with its forecast of a 2 percent same-store sales gain for the entire 32-day shopping season.

"The one-day sales data provide us with just a glimpse of what we might expect for the rest of the shopping season," said William Ford, TeleCheck's senior economic adviser.

"While the day after Thanksgiving is traditionally not the biggest shopping day of the year, it provides an encouraging early indication of spending for the season ... and as such, a 2.4 increase in same-store sales is good news for retailers," Ford said.

In 2000, the day after Thanksgiving was the fifth largest day of the holiday season, with the biggest spending days occurring the final week before Christmas.

"Favorable weather conditions across the nation and an overall feeling of goodwill among Americans regarding Operation Enduring Freedom helped contribute to the busy shopping day," said Ira Silver, TeleCheck's senior retail adviser.

"People in this country want to return to a feeling of normalcy; visiting family and shopping the malls the day after Thanksgiving help to bolster that feeling," Silver added.

TeleCheck said sales rose 2.7 percent in the Southeast, 2.6 percent in the Southwest, 2.5 percent in the Northeast, 2.4 percent in the Mid-Atlantic region of the country, 2.3 percent in the Midwest and 2.2 percent in the West.