Memble

Stores cut prices to entice post-holiday shoppers

As stores offered rock-bottom prices and extended return policies, shoppers returned to the malls the day after Christmas. But many were on the hunt for big bargains on specific items or hoping to return unwanted gifts — not looking to splurge.

Holiday sales — which typically account for 30 percent to 50 percent of a retailer's annual total — have been less than jolly. Job cuts, portfolio losses and other economic woes have led many Americans to cut back on their spending. Meanwhile, strong winter storms kept some would-be shoppers at home.AP

Retail gasoline prices drift to 58-month low

Retail gasoline prices tumbled Friday to the lowest level in nearly four years. And while crude futures rose, analysts believed it was a temporary pause in an extended, downward arc as the recession spreads.

But cheap gas is bittersweet news for an economy that shed millions of jobs this year. Pump prices were driven down mostly because Americans are staying home more.

Light, sweet crude for February delivery rose $2.36, more than 6 percent, to close at $37.71 a barrel on the New York Mercantile Exchange. Trading was closed Thursday for Christmas. [AP]

Amazon says 2008 holiday season was 'best ever'

Online retailer Amazon.com Inc. called this holiday season its "best ever," saying Friday that it saw a 17 percent increase in orders on its busiest day — a rare piece of good news in a season that has been far from merry for most retailers, including online businesses.

Amazon customers ordered more than 6.3 million items on Dec. 15, compared with roughly 5.4 million on its peak day last year, the company said. It shipped more than 5.6 million products on its best day, a 44 percent rise over 2007, when it shipped about 3.9 million on its busiest day.

Wal-Mart to start selling Apple's iPhone on Sunday

Wal-Mart will start selling Apple's popular iPhone on Sunday, the chain said, confirming earlier reports by employees.

Bentonville-based Wal-Mart Stores Inc. will become the second independent retail chain after Best Buy Inc. to sell the phone. It is also sold at Apple Inc. and AT&T Inc. stores.

Wal-Mart will sell the phones for $2 less than the regular price with a two-year contract: $197 for the 8-gigabyte model, or $297 for the 16-gigabyte model. Best Buy is discounting the phone by $9.[AP]

New TNK-BP board elected

Anglo-Russian oil joint venture TNK-BP elected a completely new board at an extraordinary shareholders' meeting Monday, bringing to a close one of the most bitter corporate disputes in Russia this year.

The board includes four representatives from each Russian and British shareholders and one independent director. [AP]