Business News

U.S. stocks down Monday, up for 2007 ... Crude oil ends 2007 down ... Basics may be $1,400 more in Italy in '08 ... Subsidy helps keep small airports on radar ... News from United Press International.

NEW YORK, Dec. 31 (UPI) -- U.S. stock indexes closed down Monday but finished the year on the positive side despite credit market woes.

REDMOND, Wash., Dec. 31 (UPI) -- Microsoft no longer will have Bill Gates at the day-to-day helm in 2008 -- seen by some as one of several challenges faced by the U.S. computer giant.

NEW YORK, Dec. 31 (UPI) -- Crude oil prices finished Monday down 2 cents, closing at $95.98 per barrel on the New York Mercantile Exchange.

MOSCOW, Dec. 31 (UPI) -- A Russian-Indian joint venture bought a manufacturing facility in India so it can double production of its supersonic cruise missiles, the company said.

ROME, Dec. 31 (UPI) -- A consumer rights group says the typical Italian household may spend at least $1,400 more in 2008 to cover essentials such as food, utilities and fuel.

DALLAS, Dec. 31 (UPI) -- A sluggish economy may weigh down corporate profits, making for potentially leaner times in 2008, some analysts say.

LONDON, Dec. 31 (UPI) -- Britain must be prepared to tighten its belt in the wake of a global credit crunch, Prime Minister Gordon Brown said.

BEIJING, Dec. 31 (UPI) -- China's wealth fund, with high-profile stakes in Blackstone Group and Morgan Stanley in the United States, has pumped $20 billion into China Development Bank.

WASHINGTON, Dec. 31 (UPI) -- A 30-year-old U.S. government subsidy program that helps provide commercial air service to smaller communities grows despite criticism in Washington.

U.S. stocks trend down at midday ... Home sales rise slightly in November ... Champagne prices to bubble up in '08 ... Trading flat in Aussie shares ... News from United Press International.

WASHINGTON, Dec. 31 (UPI) -- Existing-home sales rose slightly in November, indicating the U.S. housing market is stabilizing slightly, the National Association of Realtors said Monday.

SCARSDALE, N.Y., Dec. 31 (UPI) -- People wanting to taste the good life, such as sipping pricey Champagne, might to do so now as U.S. analysts say luxury items will cost more in 2008.

SYDNEY, Dec. 31 (UPI) -- The Australian share market ended 2007 in negative territory after a flat day of trading ahead of the New Year holiday.

NEW YORK, Dec. 30 (UPI) -- Technical problems forced operators of the Webkinz Web site to shut it down for more than 24 hours, disappointing children who got Webkinz toys for Christmas.