Markets head higher Friday
NEW YORK, Nov. 25 (UPI) -- U.S. markets began a holiday-shortened half-day session with gains Friday morning, despite split stock performances in Asia and Europe.
Markets were lower in China, India, Hong Kong and Australia, flat in Japan. In Europe, with stock markets still open, stocks were higher in Britain, France and Germany as bond yields rose in Italy, putting renewed focus in the continent's ongoing debt crisis.
On Wall Street in early afternoon trading, the Dow Jones industrial average added 75.66 points or 0.67 percent to 11,333.20. The Standard & Poor's 500 index added 7.81 points or 0.67 percent to 1,169.60. The Nasdaq composite index gained 11.16 points or 0.45 percent to 2,471.24.
The benchmark 10-year treasury note lost 21/32 to yield 1.955 percent.
The euro fell to $1.3275 from late Thursday's $1.3347. Against the yen, the dollar rose to 77.55 yen from 77.12 yen.
In Tokyo, the Nikkei 225 index shed 0.06 percent, 5.17, to 8,160.01.
AT&T, T-Mobile merger on last legs
NEW YORK, Nov. 25 (UPI) -- U.S. telecommunications giants AT&T and T-Mobile USA said they have pulled a federal application for a merger, but the merger was not completely scrapped.
The parent company of T-Mobile, Deutsche Telekom, said it was gearing up for a court battle with the Federal Communications Commission, which filed a lawsuit to block the merger on antitrust concerns, The New York Times reported Friday.
But the two companies said they had canceled the FCC application.
In addition, the companies said AT&T was expecting to take a $4 billion charge that would be assessed if the $39 billion deal is not completed.
As the FCC prepared to send the case to an administrative law judge, at least one analyst said the deal was all but dead.
"The fat lady hasn't started singing yet, but she's holding the mike, and the band is about to play," said industry analyst Sanford Bernstein.
He said pulling the application to the FCC "is a tacit acknowledgment by AT&T that this story is all but over."
India may open supermarket sector to FDI
NEW DELHI, Nov. 25 (UPI) -- The Indian government, in a major liberalization, approved foreign direct investment of as much as 51 percent in its $450 billion supermarket sector.
The approval of the proposal late Thursday by the coalition government of Prime Minister Manmohan Singh comes despite political risks, the Economic Times reported. The proposal would be debated in Parliament.
It would allow the entry of global retail giants such as Walmart into one of the world's largest markets.
The decision could create joint venture opportunities for domestic players, the Economic Times said.
"FDI in multi-brand retail (the supermarket sector) would benefit capital-constrained retailers such as Pantaloon Retail," the report quoted Wall Street bank J.P. Morgan as saying in a Friday research note, adding it would speed up the pace of investment in the supply chain to meet demands of increasing scale and bringing in the expertise of foreign retailers.
The proposal has drawn much debate in India even as the government faces stubbornly high inflation and slipping economic growth. Opponents maintain the influx of foreign giants would drive out millions of mom-and-pop stores in the country and put millions more people out of work.
Two major partners in the Congress-party led coalition have expressed opposition to the move, but it was largely welcomed by the industry, the Times said.
The Wall Street Journal said the decision would help open one of the last untapped great consumer markets in the world's largest democracy. Foreign retailers are only allowed to set up wholesale joint ventures, but could open supermarkets with their Indian partners under the plan.
The report said the government also relaxed rules for single-brand retailers such as Nike to own 100 percent of their Indian ventures businesses -- up from the current limit of 51 percent.
Safe shopping tips for Cyber Monday
NEW YORK, Nov. 25 (UPI) -- The next national U.S. shopping event after Black Friday, called Cyber Monday, is fraught with possibilities for error, a private Internet firm said.
SortPrice.com, a Web site that helps consumers compare prices, said Cyber Monday offers new choices, but "with all of those choices, however, comes the reality that this time of year requires diligence not just in finding the best deals out there but protecting yourself while you shop online," SortPrice Chief Executive Officer and co-founder Doron Simovitch said.
SortPrice issued an "11 for 11 List," meant to protect consumers as they try to find online deals on Cyber Monday, which takes place the first Monday following Thanksgiving.
SortPrice suggests consumers "be thorough" in researching deals. The first eye-catching offer may not be the best one out there.
Suggestions include updating computer virus protection before dashing off to visit new Web sites, making sure consumers read the fine print -- frequently listed as terms and conditions -- and watch out for deals "too good to be true."
Technical suggestions include using credit cards, not debit cards, for online purchases, as credit cards are generally better protected by the card issuer, and using Web sites that have URL addresses beginning with "https:// that indicate secure connections when placing orders and entering personal information."
Also from a technical point of view, SortPrice suggests using highly secure passwords for Internet surfing.
"Avoid pet names, birthdays … and incorporate numbers and characters," SortPrice said in a statement.
In addition, keep copies of receipts, confirmation numbers and information on delivery status," the statement said.
