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Early Edition December 01 2008 at 05:59 AM Chi-Chu Tschang and Harry Maurer

An Illusory Bump from 'Black Friday'

U.S. consumers swarmed department stores and shopping malls on Friday, Nov. 28--the day after the Thanksgiving holiday and the traditional kickoff of the Christmas shopping season. Strong foot traffic helped lift revenues by 3% vs. last year, a better showing than some observers had feared.

Experts warn, however, that the trend may not last. Buyers are in search of deep discounts, so profits could take a hit even if revenues rise from 2007. And the initial burst of shopping activity could trail off--potentially leaving retailers sitting on piles of unsold inventory in the new year.

Source: Washington Post, BusinessWeek

OPEC Ends Meeting with No Plan to Prop up Prices

At a meeting in Cairo, members of the oil cartel couldn't agree on a plan to cut production in a bid to boost oil prices, which have plunged more than 60% since their record high last summer.

Source: New York Times

Frozen Credit Markets Thaw in Europe

Corporate borrowers looking to raise cash before the end of the year tapped European credit markets for €23 billion in November--the highest amount since June, 2003. But the lending comes at a steep price.

Source: Wall Street Journal

Stimulus All the Rage--Except in Germany

Governments around the world are throwing hundreds of billions of dollars at the economic crisis in a bid to restart growth. But Germany remains wary of fiscal stimulus, especially after it has spent years getting its public finances back into shape.

Source: Reuters

Terror Attacks Stagger the New Mumbai

The coordinated attacks that killed at least 190 people late last week could claim yet another victim: The growth and reputation of India's financial capital and one of Asia's most important emerging money centers.

Source: BusinessWeek

Baidu Faces Wave of Legal Challenges

China's leading Internet search engine, which has long enjoyed government support and commands 70% of the domestic search market, faces a mass complaint filed by 100 companies critical of Baidu's business model.

Source: Financial Times

Ryanair Launches Fresh Bid for Aer Lingus

The Irish discount airline, whose previous play to take over its conventional Dublin-based rival fell flat, has come back with a new offer that values Aer Lingus at half the price offered two year ago.

Source: Guardian

Delta to Alter Its Boeing Order Book

In the wake of its merger with Northwest, Delta Airlines will reportedly change the mix of planes it is buying from Boeing to include fewer of the delayed 787 Dreamliners and more 777s.

Source: Wall Street Journal

Volvo and Saab Seek Swedish Aid

General Motors and Ford have reportedly approached the Swedish government about providing financial assistance for their money-losing Saab and Volvo brands--both of which could eventually be sold as the U.S. auto giants struggle to survive.

Source: Financial Times

How Private Equity Strangled Mervyns

Cerberus, Sun Capital, and Lubert-Adler stripped the 59-year-old retailer of its assets and threw 30,000 people out of work. Mervyns' collapse reveals dangerous flaws in the private equity playbook.

Source: BusinessWeek

Starbucks Applies the Brakes in Britain

After closing nearly 700 underperforming stores in the U.S. and Australia, the struggling coffee chain now says that it will slow its rate of expansion in Britain and Ireland, where it already operates 700 outlets.

Source: Times of London

Conversation of the Day: Engineering, Suddenly Sexy

Reader Brian V writes: "Due to the 'sexiness' of tech and the lure of finance, we have lost an entire generation of skilled workers. There are plenty of well-paying, challenging manufacturing jobs going begging."

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