Business News at 5:10 p.m.

Business News at 5:10 p.m.

The supervisor is Richard Jacobsen (800-845-8450, ext. 1680). For photos, ext. 1900. For graphics and interactives, ext. 7636. Expanded AP content can be obtained from For access to AP Exchange and other technical issues, contact or call 877-836-9477.

If you have questions about transmission of financial market listings, please call 800-3AP-STOX.

A selection of top photos can be found at:

All times EDT.





NEW YORK — Being a teen can be tough, but catering to one is even more difficult. Teen retailers are learning the hard way this holiday season. The three major teen retailers gave dismal profit forecasts after big sales drops in the most recent quarter, and Abercrombie & Fitch's longtime CEO announced his retirement. By Anne D'Innocenzio. SENT: 780 words, photos.


— HOLIDAY SHOPPING-TEEN RETAIL BLUES-GLANCE — Remember Merry-Go-Round, a once-hot teen retailer that filed for bankruptcy in 1996? Teens' fickle behavior has helped write the obituaries of many once hot-retailers and brands over the last two decades: SENT: 200 words.


SEOUL, South Korea — The uber-trendy Seoul neighborhood made famous by the "Gangnam Style" K-pop hit is known for status-conscious people, plastic surgery clinics and Ivy League prep schools. Now it's making a name as a bustling center for tech startups. By Youkyung Lee. SENT: 950 words, photos.


— SKOREA-GANGNAM STARTUPS PEOPLE — What Gangnam residents say about startup boom in the trendy district. SENT: 330 words.


WASHINGTON — At the heart of the impasse in Congress over a must-pass spending bill is a provision involving the sorts of high-risk investments that ignited the 2008 financial crisis. The dispute erupted after Republicans inserted the provision to relax the regulation of investments known as derivatives. Democrats argue that that the provision would let big banks gamble with depositors' federally insured money and could raise the likelihood that banks, if undone by their risky bets, would need another taxpayer bailout. By Marcy Gordon. SENT: 1,050 words.



WASHINGTON — In an unlikely alliance, the Obama White House and House Republicans join forces in a furious attempt to pass a $1.1 trillion government-wide spending bill over clamorous protests from Democrats objecting that it would roll back bank regulations imposed in the wake of the economic near-meltdown of 2008. By David Espo and Andrew Taylor. SENT: 900 words, photos, video.


MILAN — Ferrari's sleek sports cars and souped-up Formula 1 racing machines have made the prancing horse logo among the world's most powerful brands. Now, as the company prepares for a public listing, it wants to cash in on the cachet. The aim: position Ferrari not just as a car-maker, but as a luxury goods company. Think Armani, Hermes ... Ferrari. By Colleen Barry. SENT: 960 words, photos.


— ITALY-FIAT CHRYSLER-FERRARI — Carmaker Fiat Chrysler is denying rumors that Italian luxury sports carmaker Ferrari SpA is considering moving its tax home out of Italy as part of a spinoff. SENT: 140 words.


WASHINGTON — Nearly 20 percent of U.S. consumers — 42.9 million people — have unpaid medical debts, according to a new report by the Consumer Financial Protection Bureau. The findings suggest that many Americans are being trapped by debt because they are confused by the notices they get from hospitals and insurance companies about the cost of treatment. Josh Boak. SENT: 560 words, photo.



NEW YORK — Good news on U.S. retail sales lifts the stock market, although worries about the latest plunge in oil prices keeps the gains in check. By Ken Sweet. SENT: 700 words, photos.



Plummeting oil prices may add a little jingle in the pockets of holiday shoppers and travelers but are raising new financial worries in some states that had been tapping into surging oil tax revenues to pay for roads, schools and other government services. With oil prices around a five-year low, budget officials in at least a half-dozen states already have begun paring back projections for a continued gusher of revenues. By David A. Lieb. SENT: 820 words, photos.


— OIL BELOW 60 — The price of oil falls below $60 for the first time since July 2009 and ends trading in New York at $59.95. SENT: 350 words.


WASHINGTON — U.S. retail sales perk up in November with the start of the holiday shopping season, led by online buying and purchases of autos, clothing and electronics. By Josh Boak. SENT: 680 words, photo.


WASHINGTON — Americans' net worth slipped in the July-September quarter as a drop in stock prices overwhelmed a solid gain in home values. By Christopher S. Rugaber. SENT: 630 words, photo.


WASHINGTON — Fewer people sought U.S. unemployment benefits last week, as the continued low levels of applicants reflect growing job security. By Josh Boak. SENT: 300 words, photo.


WASHINGTON — U.S. businesses add to their stockpiles at a slower pace in October as sales are weak for a third straight month. By Martin Crutsinger. SENT: 260 words, photo.


WASHINGTON — Average U.S. long-term mortgage rates edged higher this week after four weeks of declines, but they remained at historically low levels that could entice potential homebuyers. By Marcy Gordon. SENT: 350 words, photo, glance.

— FINRA-TOYS R US IPO FINES — The Financial Industry Regulatory Authority is fining 10 banks a total of $43.5 million, saying they tried to win roles in the initial public offering of Toys R Us by offering the company favorable analyst coverage. SENT: 230 words.

— EUROPE-ECONOMY — The European Central Bank hands out 130 billion euros ($162 billion) in cheap, long-term loans to banks — part of its effort to stimulate the struggling eurozone economy. SENT: 340 words, photo.

— NORWAY-BANK RATE — In a surprise move, Norway's central bank cuts borrowing costs as it frets over the impact of the sharp fall in oil prices on the country's economy. SENT: 300 words.



LOS ANGELES — Angelina Jolie and her highly anticipated "Unbroken" may have been shut out at the Golden Globe nominations, but she was still in the Hollywood spotlight following the latest in a series of leaked emails in the Sony hacking scandal that calls the actress and director a "spoiled brat." By Lindsey Bahr. SENT: 660 words, photo.

— JAPAN-AIR BAG RECALLS — Honda, Nissan and Mitsubishi announce more recalls for the same possibly defective Takata air bags that Toyota recalled earlier this month after one exploded during scrapping in Japan. SENT: 510 words.

— CANADA-ECUADOR CHEVRON — Lawyers for a group of Ecuadoran villagers will ask Canada's high court to grant their clients access to Canadian courts to enforce a $9.5-billion Ecuadorian judgment against Chevron Corp for rainforest damage. SENT: 270 words.

— SEAWORLD-CEO — SeaWorld says that its CEO is stepping down as head of the company and named its chairman as interim leader. SENT: 120 words. UPCOMING: 300 words by 6 p.m.

— OBAMA-BUSINESS — President Barack Obama declares himself "much more optimistic" than he was last year about completing a major trade deal with Pacific Rim countries and acknowledges to executives on his advisory export council that a tough sales job will be necessary on a commerce issue certain to put him at odds with fellow Democrats during the last two years of his presidency. SENT: 570 words.

— SWITZERLAND-HSBC — Swiss authorities charge a fugitive banking analyst with data theft in what is considered to be one of the biggest security breaches in the country's often-secretive banking sector. SENT: 220 words.

— WOMEN IN MANUFACTURING — Some companies in need of welders, machinists and other skilled workers are now targeting women, who account for nearly half of the U.S. workforce but hold less than a third of the nation's 12.2 million manufacturing jobs, according to the U.S. Bureau of Labor Statistics. SENT: 470 words, video.

— EBOLA VACCINE SUSPENDED — Swiss researchers suspend the testing of one of the leading Ebola vaccine candidates after some volunteers reported unexpected side effects. SENT: 140 words.

— OREGON ELECTION-GMO LABELS — TAXI-HAILING APP — All taxis in the nation's capital will be required to use an app allowing customers to order rides through their cellphones, and the D.C. Taxicab Commission says it's the first such requirement in the country. SENT: 330 words. SENT: 130 words.

— UNIONS-EMAIL — The National Labor Relations Board says employees can use their company email accounts for union organizing and other workplace-related purposes, if they do it on their own time. SENT: 460 words.

— FINRA-TOYS R US IPO FINES — The Financial Industry Regulatory Authority is fining 10 banks a total of $43.5 million, saying they tried to win roles in the initial public offering of Toys R Us by offering the company favorable analyst coverage. SENT: 240 words.

— CONGRESS-POTATOES — For the first time, low-income women would be able to pay for white potatoes with government-subsidized vouchers issued by the Women, Infants and Children nutrition program, known as WIC. SENT: 560 words.

— SOUTHWEST AIRLINES-BELIZE — Southwest Airlines expects to begin flights to Belize City next year as it expands international service. SENT: 200 words.

— FORD-INFOTAINMENT — Seven years after its introduction, Ford is revamping its Sync touch screen system to be faster and easier to use. SENT: 140 words.



NEW YORK — RadioShack's troubles continue to mount as it spars with lenders and its losses grow. While the electronics company doesn't plan on going down without a fight — detailing its latest round of cost-cutting — its CEO said there's no assurance it can put into place a long-term solution to stay afloat. By Michelle Chapman. SENT: 670 words, photo.

— SPAIN-EARNS-INDITEX — Spanish fashion retailer Inditex, which owns Zara stores, returns to profit in the first nine months of the year thanks to strong sales. SENT: 130 words.



MADRID — Google is locking Spanish publishers out of its popular Google News service in response to a new Spanish law that imposes fees for linking to the headlines and news stories on other websites. By Alan Clendenning and Michael Liedtke. SENT: 820 words, photo. UPCOMING: 900 words by 6 p.m.


ATLANTA — If you were naughty this year, you might end up with something big and boring, like a vacuum cleaner. If you were good, you might ask for one of these little high-tech gems instead. By Ron Harris. SENT: 820 words, photos.


PORTLAND, Ore. — Though the developers of the soon-to-be released "Driving While Black" smartphone application want motorists to download their product, there is a time when they definitely don't want users searching for it. "Do not reach for your phone when you are talking to police," stressed Melvin Oden-Orr, one of two Portland lawyers creating the app. By Steven DuBois. SENT: 720 words, photo.


— BRITAIN-WEB INDEX — The computer scientist credited with inventing the World Wide Web says affordable access to the Internet should be recognized as a human right, as a report showed that billions of people still cannot go online and government surveillance and censorship are increasing. SENT: 300 words.

— TAXI-HAILING APP — All taxis in the nation's capital will be required to use an app allowing customers to order rides through their cellphones, and the D.C. Taxicab Commission says it's the first such requirement in the country. SENT: 330 words.

— INDIA-XIAOMI-SMARTPHONE BAN — Chinese smartphone maker Xiaomi Inc. is barred by an Indian court from selling its handsets in the country for allegedly infringing mobile phone technology patented by Ericsson. SENT: 260 words.

— INTERNET SURVEY — Would-be 2016 presidential candidates take note: the Internet may potentially make or break your campaign. More Internet users than ever view online efforts as key to political campaigns, according to a survey released Thursday by the University of Southern California. SENT: 550 words, photo.

— CBS-MOONVES CONTRACT — CBS is extending the contract of President and CEO Leslie Moonves for another two years, through June 2019. SENT: 200 words.



NEW DELHI — Russian President Vladimir Putin is holding talks with Indian leaders to strengthen trade and energy cooperation with Asia's third-largest economy as Western sanctions threaten to push his country's economy to the brink of a recession. SENT: 530 words, photos.


— RUSSIA-RUBLE — The ruble hits another record low against the dollar even after Russia's Central Bank sought to ease the selling pressure on the currency by raising interest rates again. SENT: 360 words, photo.

— CHINA-ECONOMY — Chinese leaders affirm their commitment to a "new normal" of slower economic growth next year and promised to help the poor and promote market-oriented reforms. SENT: 380 words.

— GREECE-ECONOMY — Shares on the Athens Stock Exchange are again suffering heavy losses after officials in the governing coalition concede they're still short of the support needed to stop the government collapsing in a parliamentary vote this month. SENT: 450 words, photos.

— ITALY-STRIKES — Facing nationwide strikes, Italian Premier Matteo Renzi says he's not backing down on plans to shake up the country's labor market in an effort to fight double-digit unemployment and bring it out of recession. SENT: 130 words.

— IRELAND-ECONOMY — Official figures show Ireland's economic growth is slowing but the country remains on course to record the biggest gain in the European Union in 2014. SENT: 320 words, photos.

— EUROPE-ENVELOPE CARTEL — The European Commission's top competition regulator unveils a settlement with five envelope-makers, fining them a total of 19.4 million euros ($24 million) for forming a cartel. SENT: 150 words.

— HUNGARY-US-CORRUPTION — The head of Hungary's tax authority sues a senior American diplomat in Budapest for libel after the envoy said the U.S. had knowledge of corruption at the tax office. SENT: 250 words.

— GREECE-SWISS ACCOUNTS — Greece's former finance minister, George Papaconstantinou, is indicted on criminal charges over his handling of data on Greeks holding Swiss bank accounts. SENT: 200 words.

— GERMANY-WOMEN'S QUOTA — German Chancellor Angela Merkel's Cabinet approves legislation that will require leading companies to have at least 30 percent women on their supervisory boards from 2016. SENT: 130 words.

— BRAZIL-PETROBAS — Brazil's federal prosecutors office says it's charging 35 people in connection with a massive corruption scheme at the nation's state-run oil company. SENT: 110 words.



Small-cap stocks are on pace to record their worst year, relative to large-cap stocks, since 1998. But their price declines are lessening one of the main criticisms of small-cap stocks — that they're overpriced — and mutual-fund managers say they're finding more bargains. SENT: 860 words.

A sampling of Money & Markets modules is below. The full digest for AP's Money & Markets service can be found at For questions about Money & Markets content, please contact Trevor Delaney (800-845-8450, ext. 1807). For technical support: Todd Balog (816-654-1096). After 6 p.m., contact the AP Business News desk (800-845-8450, ext. 1680) for content questions; 1-800-3AP-STOX for technical support and 212-621-1905 for graphics help.


How we're saving

Our 401(k) plans are getting better. There are more investment choices in 401(k) plans than ever before, and workers are paying less in fees, according to the latest data from BrightScope and the Investment Company Institute. UPCOMING: Graphic expected by 6 p.m.


RadioShack sinks further

RadioShack reports that its sales dropped for an eleventh consecutive quarter and its shares slide further. UPCOMING: Graphic expected by 6 p.m.



For the week ending Saturday, Dec. 13, 2014


Changing times

The appointment of a new CEO can be part of a natural succession plan, or a sign that a company is in trouble. Here's a look at several companies that have recently announced changes in the front office. UPCOMING: Graphic expected by 6 p.m.