Business News

The year 2004 has come to an end blighted by a natural disaster of staggering proportions. We are reminded of our fragility before nature. And fragility might b

BEIJING, Dec. 31 (UPI) -- China will levy an export tax on textile products in 2005, the Ministry of Commerce announced Friday, according to the official Xinhua news agency.

MOSCOW, Dec. 31 (UPI) -- Russia plans to build a pipeline that would allow 1.6 million barrels of oil a day to be shipped to the Pacific for export to Japan and other countries.

Outflows of junk bond funds decline ... Mortgage rates rise ... Certificates of deposit inch higher ... News from United Press International

NEW YORK, Dec. 31 (UPI) -- U.S. stocks dropped the curtain on another positive year Friday but the final session of 2004 was a weak one and indexes closed on a down note.

ARCATA, Calif., Dec. 31 (UPI) -- AMG Data Services of Arcata, Calif., said Friday high-yield bond funds reported $87.53 million of withdrawals in the week ended Wednesday.

MCLEAN, Va., Dec. 31 (UPI) -- Freddie Mac of McLean, Va., said Friday that mortgage rates rose during the week ending Dec. 30.

NEW YORK, Dec. 31 (UPI) -- Moneyrate.com of New York said Friday rates on short term certificates of deposit inched higher during the week ending Dec. 30.

SANTA ROSA, Calif., Dec. 31 (UPI) -- TrimTabs.com of Santa Rosa, Calif., said Friday investors added about $3.71 billion to stock-based mutual funds during the week ended Wednesday.

DALLAS, Dec. 31 (UPI) -- Wyndham International of Dallas Friday said it will sell 25 hotels for $366 million to Goldman Sachs Group and affiliates of Highgate Holdings.

MOUNTAIN VIEW, Calif., Dec. 31 (UPI) -- VeriSign of Mountain View, Calif., said Friday consumer spending online during the holiday season rose 24 percent from a year earlier to $8.8 billion.

SEOUL, Dec. 30 (UPI) -- At the turn of this year, South Korean policy-makers were confident that the country's economy could emerge from the prolonged slump within this year.

OAKLAND, Calif., Dec. 31 (UPI) -- E-agency of Oakland, Calif., said Friday that China, once considered a third-world country, will take over the Internet in 2005 and never look back.

TACOMA, Wash., Dec. 31 (UPI) -- The Russell Investment Group of Tacoma, Wash., said Friday small cap stocks outperformed large cap stocks for the sixth consecutive year in 2004.

CHARLOTTE, N.C., Dec. 31 (UPI) -- SPX of Charlotte, N.C., said Friday it has sold its municipal water and municipal wastewater valve business to Granite Equity Partners of St. Cloud, Minn.