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Rattled by concerns about Dubai's debt, investors fled gold for the safety of the U.S. dollar during early trading on Friday. The move comes as the booming appetite for the precious metal among smaller investors has led to near record prices and shortages of American Eagle gold coins at the U.S. Mint.

But as the enthusiasm for gold reaches a fevered pitch worldwide with speculation focused mainly on how high it can go, the sharp drop also serves as a useful reminder: While often thought of as a "safe haven," gold is marked by volatile prices, and it recently sold off sharply when investors truly got nervous.

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The Dow dives more than 150 points on Dubai's debt crisis

By Dan Burrows | Nov 27th 2009, 1:10PM EST Filed Under: Economy

U.S. stocks followed the rest of the world lower in a short Friday session after the state investment company of Dubai shocked global debt and equity markets on Thursday by asking for more time to make a loan payment, essentially admitting that it's currently insolvent.

As banks across Europe, the U.S. and the Gulf region scrambled to assess their exposure to the Dubai debt crisis, money whooshed out of stocks in a global flight to safety that pushed up of the value of the U.S. dollar and U.S. Treasurys. The blue-chip Dow Jones Industrial Average ($INDU) lost 154.5, or 1.48%, to close at 10,309.9, while the broader S&P 500 ($INX) retreated 19.1, or 1.72%, to finish at 1091.5. The tech-heavy Nasdaq Composite ($COMPX) shed 37.6, or 1.73%, to close at 2138.4.

U.S. markets were closed on Thursday for the Thanksgiving holiday and, as usual, experienced low volume Friday before an early 1 p.m. Eastern close, which likely helped dampen the effects of Thursday's global sell-off.

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Why China can't make bold carbon pledges: Rogue provinces

By Alex Salkever | Nov 27th 2009, 2:30PM EST Filed Under: Energy, Economy, Green

During his recent visit to China, U.S. President Barack Obama pushed hard for a firm target for cutting carbon emissions from the Chinese government. He had hoped to secure a concrete, detailed proposal from the world's largest emitter of greenhouse gases ahead of the pending Copenhagen Climate Summit in December. But China has delivered a watered-down guarantee that the Obama team publicly praised but privately trashed.

According to The New York Times, the Chinese proposed to reduce the amount of carbon dioxide emitted per unit of economic output by 40% to 45% by 2020. That would slow the growth rate of carbon emissions for China, for sure. But due to the country's rapid economic growth rate, aggregate carbon emissions would continue to increase.

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Need a loan? Why the banks (and Fed) are saying 'Scrooge you'

By Dan Burrows | Nov 27th 2009, 10:00AM EST Filed Under: Economy

If the credit crisis is over -- and it most certainly is as measured by tighter credit spreads -- why aren't banks making loans to the people who need them most, American taxpayers?

You don't have to be the chairman of the Federal Reserve to know that banks are behaving worse than Scrooge when it comes to extending credit to small businesses and consumers. Ben Bernanke admitted as much in a recent speech, which is perplexing since a zero-interest-rate policy (ZIRP) is supposed to stimulate economic growth, most of which is generated by those very same small businesses and consumers.

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Making online media pay: Demand Media vs. The Texas Tribune

By Bruce Watson | Nov 27th 2009, 2:00PM EST Filed Under: Company News, Technology, Economy, Media

This has been a tough year for the media business: as august newspapers and magazines like the Seattle Post-Intelligencer and Gourmet have closed their doors for good, other outlets are scrambling to develop strategies that will guarantee long-term economic survival while allowing them to continue producing quality content. This month, Rupert Murdoch entered the fray, going toe to toe with Google (GOOG) over advertising revenues and access to News Corp.'s (NWS) online newspapers. As he tries to work out a revenue-sharing scheme with Microsoft's (MSFT) Bing, it will be interesting to see how the Internet's low-cost distribution structure ultimately affects the production of news and other media.

Traditional newspapers and magazines use three revenue sources -- subscriptions, newsstand sales, and advertising -- to fund highly expensive news-gathering, writing, and editing operations. While some publications like Murdoch's Wall Street Journal have managed to make paid content work, most Internet sites provide content for free, which puts funding solely into the hands of advertisers. The question is whether Internet ads can generate enough revenue to fund media production.

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High-speed travel: Employers push one-day business trip to avoid hotel costs

By Eric Wahlgren | Nov 27th 2009, 1:00PM EST Filed Under: Economy

As corporate budgets shrink, so do business trips. Looking to avoid paying for overnight hotel stays, cost-conscious companies are increasingly asking employees to squeeze all their away meetings into one day -- and then turn around and fly home.

Headhunter Marc Lewis, who frequently flies between coasts on his clients' tab to interview job candidates, says the single-day business trip is becoming a familiar drill. "Several clients have suggested to us that if we're ok with it, they would prefer for us to take the red-eye home rather than stay overnight," says Lewis, founder and CEO of Leadership Capital Group, an executive search firm based in Westport, Conn.

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Stocks in the news: AIG, HSBC, Apple, ING

By Melly Alazraki | Nov 27th 2009, 9:20AM EST Filed Under: Company News, Investing, General Electric , JC Penney, Sony, Apple, American International Group, INC., Wal-Mart Stores, Target Corp., Sanofi Aventis, Amazon.com Inc.

AIG (AIG) announced late Wednesday it agreed to settle a long-standing legal battle with the insurance giant's former chairman, Maurice "Hank" Greenberg. The agreement, announced Wednesday, effectively ends years of costly legal battles and barbs between AIG and Greenberg. AIG shares tumbled nearly 5% in pre-market trading.

HSBC Holdings (HBC) tumbled more than 6% ahead of the bell as investors try to figure out its exposure to Dubai's debt, since it is one of the top two lenders in the United Arab Emirates. HSBC has about $15.9 billion in loans to the UAE. Goldman Sachs has estimated in a worst-case scenario HSBC could face a write-down on its commercial and mortgage loans to Dubai of $611 million.

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Black Friday frenzy moves beyond malls to auto showrooms

By David Schepp | Nov 27th 2009, 9:00AM EST Filed Under: Company News, Economy, People

Despite the weak economy, many shoppers will be out in full force on Black Friday to take advantage of bargains that -- like Santa Claus -- appear only once a year. So, on this holiest of shopping days, be prepared for lots of traffic and long lines -- unless you set your sights on an automobile showroom rather than the local mall.

With consumers' tastes more geared toward purchasing a new TV, computer or other trendy electronic device, foot traffic is notoriously light at new-car dealerships at this time of year. And that appears to work to the advantage for those who don't mind spending the day after Thanksgiving haggling over the price of a shiny new ride rather than resting up after a big feast.

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Why isn't Bank of America updating its shareholders on CEO situation?

By Zac Bissonnette | Nov 27th 2009, 9:00AM EST Filed Under: Bank of America (BAC)

Earlier this month, it was reported that Bank of America (BAC) might not announce a replacement for departing CEO Ken Lewis until Thanksgiving.

Now Thanksgiving has come and gone, and there is still no word of a new CEO for Bank of America.

"The selection process is continuing, internal and external candidates are being considered and a decision will be made in the near future," BofA spokesman Scott Silvestri told CNBC, which is speculating that the process could linger on into next year.

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Daily Blogwatch: Stocks to be thankful for; has Buffett lost his mind?

By James Altucher | Nov 27th 2009, 8:15AM EST Filed Under: Company News, Technology, Columns, Economy

Three stocks I'm thankful for this holiday season.

_________________

Is there a Buffett Bubble in railroad stocks?

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And the Lonely Value Investor asks if Buffett has lost his mind by buying a railroad.

_________________

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How the Grinch Stole Google News

By Sam Gustin | Nov 26th 2009, 5:00PM EST Filed Under: Company News, People, Media

(With our sincere
apologies to Dr. Seuss)

Every Who down in Whoville liked Google a lot,
But the Grinch, who lived up
in a penthouse, did not.
The Grinch hated Google, didn't find
Google pleasin' --
Now, please don't ask why. No one quite knows the reason.
It could be his head wasn't screwed on just right.
It could be, perhaps, that his views were too tight.
But I think that the most likely reason of all,
May have been that his heart was two sizes too small.

Whatever the reason, his heart or his views,
He came forth this autumn to tear down Google News,
Staring down from his suite with that cocked Aussie frown
At the warm lighted windows all over downtown.
For he knew every Who down in Whoville beneath
Was Googling gifts and cheap holiday wreaths.
"Now they're Googling stock picks!" he snarled with a sneer.
"Tomorrow's Black Friday! It's practically here!"

Then he growled, with his Grinch fingers nervously drumming,
"I must find some way to stop Google from running!"
For tomorrow, he knew, all the Who girls and boys
Would wake bright and early to rush out and buy toys!
And then! Oh, the news, news, news, news!
That's one thing he hated! Google News, Google News!

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