Business Highlights

The Associated Press

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Debt crisis players want others to act first

FRANKFURT, Germany (AP) — The major players with the power to tackle Europe's financial crisis are in a standoff largely of their own design.

Each has the capacity to take strong action independently but instead all are urging one another to make the first move. That's complicating expectations for a major summit of European Union leaders next week.

The European Central Bank, Germany, heavily indebted eurozone governments and the International Monetary Fund each wants, needs or expects something from someone else before taking politically difficult and risky steps to quell the crisis.

The you-first attitude — at least partly a bargaining tactic — is prolonging a two-year stalemate that has weighed down the continent's economy and global financial markets.

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Retailers report strong sales for November

NEW YORK (AP) — Oh what a difference a weekend can make.

Shoppers taking advantage of big discounts and earlier store hours during the start of the holiday shopping season last weekend helped boost retailers' revenue for the entire month of November.

Retailers from Macy's to Costco on Thursday reported monthly revenue at stores open at least a year — an indicator of a merchant's health — that beat Wall Street estimates. The overall tally for the 21 retailers that reported revenue for November rose 3.2 percent, according to the International Council of Shopping Centers.

November results offer an important benchmark for retailers and economists. During the holiday shopping season, merchants can make up to 40 percent of their annual revenue. The period that runs from November through December also can indicate what it takes to get Americans to spend in the weak economy.

The monthly numbers were boosted by the four-day weekend starting on Thanksgiving Day, the traditional kickoff the shopping season. Americans spent $52.4 billion over the weekend, the highest total ever recorded during that time, according to the National Retail Federation. But they were lured in by earlier store hours and deep discounts.