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• Wall Street Week Ahead: Political wrangling to pinch market's nerves
• Black Friday sales online top $1 billion for first time: comScore
• U.S. justice department probes Swiss bank Pictet
• International arbitration for tax disputes, 'baseball' style
• UK's RBS could face separate Libor fines: paper
• No Greek debt writedown in next rescue package: ECB's Asmussen
• BAE may close major UK shipyard: paper
• Argentina to appeal whole bond decision: media
• Saudi regulator suspends Mobily from selling SIM cards
• John Lewis weekly sales up 11 percent, hit November record
• Cyber Monday likely to be busiest online sales day
• Thanksgiving steals sales from Black Friday
• GOP senator: Fair to put raising revenue on table
• ECB official presses for Greek aid deal
• Dubai sees new mega-mall rising in desert
• 'Twilight,' Bond, 'Lincoln' lead record weekend
• 112 killed in fire at Bangladesh garment factory

Wall Street Week Ahead: Political wrangling to pinch market's nerves Posted: 25 Nov 2012 06:55 AM PST NEW YORK (Reuters) - Volatility is the name of this game. With the S&P 500 above 1,400 after five days of gains, traders will be hard pressed not to cash in on the advance at the first sign of trouble during negotiations over tax hikes and spending cuts that resume next week in Washington. President Barack Obama and U.S. congressional leaders are expected to discuss ways to reduce the budget deficit and avoid the "fiscal cliff" of automatic tax increases and spending cuts in 2013 that could tip the economy into recession. As politicians make their case, markets could react with wild swings. ...

Black Friday sales online top $1 billion for first time: comScore Posted: 25 Nov 2012 09:01 AM PST SAN FRANCISCO (Reuters) - Black Friday retail sales online topped $1 billion for the first time this year as more consumers used the Internet do their holiday shopping, comScore Inc said on Sunday. Online sales jumped at least 22 percent on Black Friday, from sales of $816 million on the same day last year, according to comScore data. E-commerce accounts for less than 10 percent of consumer spending in the United States. However, it is growing much faster than bricks-and-mortar retail as shoppers are lured by low prices, convenience, faster shipping and wide selection. ...

U.S. justice department probes Swiss bank Pictet Posted: 25 Nov 2012 07:13 AM PST ZURICH (Reuters) - Swiss private bank Pictet is under investigation by the U.S. authorities, the bank said on Sunday, making it the latest Swiss bank to come under scrutiny in a U.S. probe into the use of foreign banks by wealthy Americans seeking to avoid paying tax. Pictet said in a statement the U.S. Department of Justice had made a "general inquiry" into its wealth management business with U.S. clients, adding it would cooperate fully. The U.S. ...

International arbitration for tax disputes, 'baseball' style Posted: 25 Nov 2012 07:09 AM PST WASHINGTON (Reuters) - The United States is undefeated in the nearly two years since it began settling corporate tax disputes with Canada through a winner-takes-all process popularly known as baseball arbitration. Tax lawyers and accountants in both countries said the U.S. Internal Revenue Service had won three of the binding decisions and Canada none. They said the IRS had collected a significant sum of money, possibly in excess of $100 million. Launched in December 2010, the arbitrations follow the rules for resolving salary disputes between Major League Baseball players and their teams. ...

UK's RBS could face separate Libor fines: paper Posted: 25 Nov 2012 06:11 AM PST LONDON (Reuters) - Royal Bank of Scotland is facing the increasing likelihood of having to settle separately with the UK and U.S. authorities investigating its involvement in the global interest rate-setting scandal, the Sunday Telegraph said. The British newspaper said RBS is concerned it could receive a "double hit" of separate fines - one from the UK's Financial Services Authority and one from the U.S. authorities. ...

No Greek debt writedown in next rescue package: ECB's Asmussen Posted: 25 Nov 2012 08:05 AM PST BERLIN (Reuters) - A write-down on Greek debt should not be part of the country's next rescue package, European Central Bank board member Joerg Asmussen told Germany's Bild newspaper ahead of Monday's euro zone group meeting. "We need a package of measures to close the financial gap that will include a substantial reduction of the interest rates and a debt buy-back by Greece," Asmussen said in an interview to appear on Monday. "A hair cut does not belong to that package. ...

BAE may close major UK shipyard: paper Posted: 25 Nov 2012 06:47 AM PST LONDON (Reuters) - British defense contractor BAE Systems may close one of its major shipyards in Britain as it looks to balance capacity with future workloads, a top executive has told a newspaper in an interview published on Sunday. Nigel Whitehead, who is group managing director, programs and support, told the Sunday Telegraph that BAE, which operates a shipyard in Portsmouth and two in Glasgow, "anticipate(s) that there will be a reduction in footprint". "We anticipate ... ...

Argentina to appeal whole bond decision: media Posted: 25 Nov 2012 07:11 AM PST BUENOS AIRES (Reuters) - Argentina will to go an appeals court in New York on Monday to challenge the ruling of a U.S. judge who last week issued a decision that raised the specter of a technical default by the South American country, a newspaper said. A decade after committing the biggest sovereign default in history, Argentina faces another crisis after a U.S. court ordered it to pay $1.3 billion to holders of defaulted bonds. About 93 percent of Argentine bondholders agreed in 2005 and 2010 to swap defaulted debt from the 2002 default for new paper at a steep discount. ...

Saudi regulator suspends Mobily from selling SIM cards Posted: 25 Nov 2012 04:29 AM PST (Reuters) - Etihad Etisalat Co (Mobily), Saudi Arabia's second-biggest telecoms operator, has asked to meet the industry regulator after it was suspended from selling pre-paid SIM cards, a company spokesman said, describing the ban as "astonishing". Mobily's sales of pre-paid, or pay-as-you-go SIM cards will remain halted until the company "fully meets the pre-paid service provisioning requirements," the firm said in a statement. "We're not sure when we can resume selling pre-paid SIM cards," said a company spokesman. ...

John Lewis weekly sales up 11 percent, hit November record Posted: 25 Nov 2012 08:02 AM PST LONDON (Reuters) - Britain's biggest department store group John Lewis saw sales rise 11 percent in the week to November 24 compared to a year ago, marking the first time ever that November sales rose above 100 million ($160 million). The company said on Sunday that department store sales in the week totaled 109.6 million pounds, 19.6 percent above the previous week's figure. A John Lewis spokeswoman said the figure included online sales, which were 34.6 percent higher than a year ago. ...

Cyber Monday likely to be busiest online sales day Posted: 25 Nov 2012 09:08 AM PST Black Friday is a distant memory. Small Business Saturday is long gone. Now, it's Cyber Monday's turn.

Thanksgiving steals sales from Black Friday Posted: 24 Nov 2012 03:15 PM PST Thanksgiving shopping took a noticeable bite out of Black Friday's start to the holiday season, as the latest survey found retail sales in stores fell slightly from last year.

GOP senator: Fair to put raising revenue on table Posted: 25 Nov 2012 09:13 AM PST A Republican senator says "it's fair to ask my party to put revenue on the table" as part of the solution to avoid the looming automatic tax increases and across-the-board spending cuts known as the "fiscal cliff."

ECB official presses for Greek aid deal Posted: 25 Nov 2012 08:09 AM PST A top European Central Bank official says he hopes eurozone countries will clear the way Monday for Greece to receive its next aid installment, stressing that a deal will require movement from all involved.

Dubai sees new mega-mall rising in desert Posted: 24 Nov 2012 11:17 PM PST Dubai says it's getting back in the business of biggest.

'Twilight,' Bond, 'Lincoln' lead record weekend Posted: 25 Nov 2012 08:48 AM PST Bella Swan, James Bond and Abe Lincoln have combined to lift Hollywood to record Thanksgiving revenue at the box office.

112 killed in fire at Bangladesh garment factory Posted: 25 Nov 2012 03:10 AM PST At least 112 people were killed in a fire that raced through a multi-story garment factory just outside of Bangladesh's capital, an official said Sunday.

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