BUSINESS BRIEFS
Data suggest holiday shopping took a big hit
Associated Press
NEW YORK — It's official: This was a rotten holiday season for retailers.
A weak economy and strong winter storms brought total retail sales down 5.5 to 8 percent from a year ago, according to preliminary data from SpendingPulse.
Many economists have predicted this would be the worst holiday season in decades as home prices plunged, unemployment rose and nervous consumers cut costs. Compounding retailers' problems were unexpected winter storms that snowed-in would-be shoppers across the nation.
When gas and auto sales are excluded from the holiday period from Nov. 1 to Dec. 24, overall sales were down between 2 and 4 percent, according to SpendingPulse, a division of MasterCard Advisors that tracks total sales paid for by credit card, checks and cash.
A separate measure of holiday spending, from the International Council of Shopping Centers, is expected to fall 1.5 percent to 2 percent from last year, making this the worst season since 1969. A full picture of the season won't be known until Jan. 8, when major retailers report their sales results.
CHINA STOCKS HIT A 7-WEEK LOW
BEIJING — China's stocks fell to a seven-week low yesterday amid gloom about weakening corporate profits and a worsening economic decline.
The benchmark Shanghai Composite Index shed 0.61 percent, or 11.38 points, to close at 1,852.42, its lowest closing since Nov. 11. The Shenzhen Composite Index for China's smaller second market lost 0.36 percent, or 2.07 points, to close at 572.99.
Investors are pessimistic about Chinese corporate profits as economic growth slows amid a global downturn. The chairman of the body that controls China's major state-owned companies yesterday said their profits fell 12.3 percent in the past 11 months. He said the situation next year would be "grim."
TOYOTA RECALLS 120,000 CARS
BEIJING — Toyota Motor Corp. has issued a recall for more than 120,000 cars in China to fix a problem that could result in loss of steering control, China's quality watchdog said yesterday in the latest piece of bad news for the Japanese automaker.
Tianjin FAW Toyota Motor Co., a joint venture between Toyota and China's FAW Group, will recall 121,930 vehicles beginning today, according to a notice on the Web site of the General Administration of Quality Supervision, Inspection and Quarantine.
The notice said the recalled models include Crown and Reiz luxury sedans produced in 2005 and 2006, and Lexus cars produced in 2004 and 2006.
The agency said that manufacturing defects could cause the electric power steering systems to fail.
ARIZONA REACTORS MAY RUN TILL 2047
PHOENIX — Arizona Public Service Co. wants a license to continue operating the triple-reactor Palo Verde Nuclear Generating Station west of Phoenix for 20 years after its current licenses expire in 2025, 2026 and 2027.
The nation's largest nuclear power plant would be more than 60 years old when the proposed license extensions run out in 2047.
Palo Verde's three reactors provide electricity for as many as 4 million customers in California, Arizona, Texas and New Mexico.
'WATCHMEN' FLICK MAY BE DELAYED
LOS ANGELES — A federal judge has ruled that 20th Century Fox owns a copyright interest in "Watchmen," potentially jeopardizing the superhero movie's March release.
U.S. District Judge Gary Feess of Los Angeles disclosed the decision in a written order Wednesday, The New York Times and Variety reported.
"Watchmen," based on the popular graphic novel of the same name, was shot by Warner Bros. and Legendary Pictures.
