News and Finance

China’s sovereign wealth fund wants to invest in improving neglected U.S. and European roads and other infrastructure to spur global growth, the fund’s chairman said in comments published Monday.

The China Investment Corp. wants to begin in Britain by teaming up with fund managers or investing directly in infrastructure projects, Lou Jiwei said in a commentary in London’s Financial Times newspaper.

The CIC has about $410 billion in assets. Until now, it has limited its investments outside China mostly to small shareholdings in publicly traded companies to avoid stirring possible political opposition.

“China is keen to get involved” in improving U.S. and European infrastructure, which “badly needs more investment,” Lou wrote.

Lou did not say in which other countries the CIC might invest but cited an estimate that the United States needs to spend at least $2.2 trillion in infrastructure repairs or rebuilding.

“Free of the inflationary pressure that afflicts many emerging economies, the U.S. and Europe should make substantial investment,” he said. “We cannot count on developing countries to deliver a stable economic recovery on their own.”

Some commentators in both Europe and China have suggested Beijing might use its foreign reserves, the world’s biggest at $3.2 trillion, as political leverage at a time when other governments urgently want investment.

Lou stressed that the CIC would act as a commercial investor and wanted to make a profit.

“CIC believes that such an investment, guided by commercial principles, offers the chance of a `win-win’ solution for all,” he wrote.

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CHESTERFIELD

Some shoppers skipped out on Thanksgiving dinner altogether in the pursuit of low-priced TVs and laptops.

Others joined those diehards in line later in the day with bellies full of turkey and stuffing - and ready to shop.

Bundled in blankets, many of those who showed up for the tonight’s  openings said they actually liked the earlier store openings for Black Friday sales this year.

“This way I can go back home and go to sleep,” said Catherine Barrows, who was first in line outside the Target in Fairview Heights, which was to open for the first time at midnight.

Randy Hu, of O’Fallon, Mo., was not far behind her.

He initially went to the Best Buy down the street, but when he saw the line was several dozen deep already by 5 p.m., Hu decided to defect to the shorter Target line to assure himself of snapping up one of the highly-coveted 46-inch TVs there for $298. He also planned to buy an iPod and portable DVD player as gifts for his children.

“It doesn’t really matter to me,” Hu said of the midnight opening. “If there’s a good deal, it doesn’t matter to me what time it’s at. And it’s for the kids.”

This Black Friday has been dubbed lots of things - “Black Thursday” and “Black Midnight,” for example - as retailers have once again pushed back their opening times into Thanksgiving Day check cash advance.

Some store employees and consumers balked when several large retailers announced that they would open at midnight this year, including the likes of Target, Macy’s, Best Buy, and Kohl’s. Critics said that doing so would mean that many workers - and shoppers - would end up cutting their family time short.

But retailers say consumers have indicated they would actually prefer trekking out to the stores after Thanksgiving dinner - or even instead of eating dinner - rather than waking before the crack of dawn the next day. And, retailers added, they felt pressure to keep up with their competitors.

Amanda Norman, a nurse assistant from Lebanon, Ill., came to stand in line at the Best Buy in Fairview Heights straight from work at 11 a.m. She skipped out on her family’s Thanksgiving celebration so she could get good deals on Christmas presents for her son.

She actually agrees with critics who think Thanksgiving should be reserved for family.

World stocks fell Wednesday after a survey showed China’s factories are cutting production and the U.S. lowered its third quarter growth estimate, adding to pessimism from Europe’s simmering debt crisis.

Benchmark oil fell below $97 a barrel while the dollar strengthened against the euro and held steady against the yen.

European shares sank in early trading. Britain’s FTSE 100 fell 0.3 percent to 5,191.94 and Germany’s DAX lost 0.4 percent to 5513.08. France’s CAC-40 was down 1 percent to 2,844.49.

Futures augured a lower open on Wall Street. Dow Jones industrial futures lost 0.7 percent to 11,362 while S&P 500 futures slipped 0.8 percent to 1,173.10.

Asian stock markets posted broad losses earlier in the day, hit by the signs of weakness in the world’s two biggest economies. The U.S., a major market for Asia’s exporters, grew at a 2 percent annual rate from July through September, down from an initial estimate of 2.5 percent. China, meanwhile, suffered a fall in manufacturing activity in November, according to a preliminary survey.

Hong Kong’s Hang Seng slid 2.1 percent to 17,864.43. South Korea’s Kospi lost 2.4 percent to 1,783.10 and Australia’s S&P/ASX 200 shed 2 percent to 4,051. Mainland China’s Shanghai Composite Index fell 0.7 percent to 2,395.07, posting its sixth straight session of losses. Japanese stock markets were closed for a public holiday.

Jackson Wong, vice president of Tanrich Securities in Hong Kong, said already weak market sentiment was further dampened by HSBC’s China manufacturing index showing a contraction in activity.

The manufacturing gauge fell to 48 in November from 51 in October _ its sharpest fall since March 2009. A reading below 50 indicates contraction from the previous month, but the index often undergoes significant revision from its preliminary level.

“The market is still waiting for some kind of price catalyst to bound back. Otherwise, we still trend down bit by bit until something happens,” Wong said.

Higher borrowing costs for Spain, meanwhile, renewed worries about Europe’s debt crisis. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new government coming to power this week.

Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels.

Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent. The rate on Spain’s own benchmark 10-year bond is dangerously close to that level, 6.58 percent.

Underscoring jitters was the lack of market reaction to an announcement by the International Monetary Fund that it will provide quick cash on flexible terms to countries facing sudden financial stress.

“Failure of this news to result in significant gains across markets shows just how cautious investors are,” Stan Shamu of IG Markets in Melbourne said in a report.

Concerns remain that Europe’s debt crisis is pushing the region toward recession, which would slow industrial activity in countries around the world that export to Europe.

Australian resource shares took a big hit after the country’s House of Representatives approved a law imposing a windfall profits tax on big mining companies. The Senate is expected to endorse the measure in early 2012.

BHP Billiton, the world’s largest mining company, fell 3.1 percent. Rival Rio Tinto lost 3.4 percent and Energy Resources of Australia plummeted 5.9 percent.

In Seoul, auto parts maker Mando rose 2.6 percent on hopes that a free trade pact between South Korea and Washington would boost its earnings, Yonhap News Agency reported.

On Tuesday, the Dow Jones industrial average lost 0.5 percent to close at 11,493.72. The Standard & Poor’s 500 fell 0.4 percent to 1,188.04. The Nasdaq composite fell 0.1 percent to 2,521.28.

Benchmark oil for January delivery was down $1.04 to $96.97 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.09 to finish at $98.01 per barrel on the Nymex on Tuesday.

In currencies, the euro fell to $1.3457 from $1.3509 late Tuesday in New York. The dollar was little changed at 76.98 yen.

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Tyson Foods says its fourth-quarter net income is less than half what it posted last year, with higher grain costs offsetting better prices and revenue.

The meat producer said Monday that it earned $97 million, or 26 cents per share, compared with $213 million, or 57 cents per share, a year ago.

The results fell short of the 31 cents per share that analysts had expected.

Revenue climbed 13 percent to $8.4 billion.

The company increased prices sharply, with chicken up 5 percent, pork up 13 percent, and beef up 19 percent. Still, profit margins remain under pressure because of higher costs at Tyson, based in Springdale, Ark.

Shares of Tyson Foods Inc. have traded between $15.46 and $20.12 over the past 52 weeks and closed at $19.45 Friday.

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McDonald’s and Target dropped one of the nation’s largest egg suppliers after an animal rights group released an undercover video of the egg producer’s farms in three states.

McDonald’s Corp. said Friday it had dropped Sparboe Farms as a supplier after a video by the group Mercy for Animals showed cases of animal cruelty at five facilities in Iowa, Minnesota and Colorado. Target Corp. soon followed, saying it would pull eggs from the Litchfield, Minn.-based company off its shelves.

“Having been made aware of the unacceptable conditions in the company’s egg laying facilities, effective immediately, Target will discontinue its business relationship with Sparboe Farms,” Minneapolis-based Target said in a statement late Friday.

Sparboe produces 300 million eggs a year, in regular, liquid, frozen and dried form, and ships them to restaurants and stores across the country. The company’s Vincent, Iowa, plant had billed itself as the sole fresh egg supplier to every McDonald’s west of the Mississippi River.

McDonald’s officials say Sparboe was a “significant” supplier and that it was unclear when, or if, the company would work with the Golden Arches again. Sparboe’s Iowa facility produced 2 million eggs a day, seven days a week.

That changed Friday when images shot by Mercy for Animals showed a worker swinging a bird around by its feet, hens packed into cramped cages, male chicks being tossed into plastic bags to suffocate and workers cutting off the tips of chicks’ beaks.

“The behavior on tape is disturbing and completely unacceptable. McDonald’s wants to assure our customers that we demand humane treatment of animals by our suppliers,” Bob Langert, McDonald’s vice president for sustainability, said in a statement.

The nation’s largest retailer _ Bentonville, Ark.-based Wal-Mart Stores Inc. _ also bought Sparboe eggs and has been demanding that suppliers treat their chickens humanely for years. Wal-Mart said it stopped working with Sparboe six weeks ago and that its decision had “nothing to do with animal welfare concerns,” said Dianna Gee, a Wal-Mart spokeswoman. She declined to discuss why Sparboe was dropped.

McDonald’s and other fast-food chains and grocery stores have been studying how chickens are caged and cared for in its egg farms. The Humane Society has persuaded several national food outlets, including Burger King, Costco Wholesale, Denny’s and Wendy’s/Arby’s Group, to buy at least some of their eggs from producers that allow hens to roam.

McDonald’s and Target’s moves also followed a warning letter to Sparboe Farms dated Wednesday from the U.S. Food and Drug Administration that said inspectors found “serious violations” at five Sparboe facilities of federal regulations meant to prevent salmonella. The warning said eggs from those facilities “have been prepared, packed, or held under insanitary conditions whereby they may have become contaminated with filth, or whereby they may have been rendered injurious to health.”

McDonald’s eggs were safe because they were cooked thoroughly, and none of its operations will be affected by Sparboe, company spokeswoman Lisa McComb said Saturday. About 27 million Americans eat at McDonald’s each day.

Sparboe Companies LLC said Saturday it would create a task force to review the company’s food safety and animal care.

Beth Sparboe Schnell, Sparboe Farms’ president and owner, said the company was “shocked and deeply disturbed” by the video and that an internal investigation identified four employees “who were complicit in this disturbing activity.” They were fired this month.

She also reassured customers that there is “absolutely no food safety concern or any recall of any Sparboe Farms products. Sparboe Farms egg and egg products are safe to eat.”

Sparboe also said it has made management changes, taken corrective actions sought by the FDA, and begun retraining all barn workers in proper animal care procedures best payday advance.

McDonald’s said the suspension of its business dealings with Sparboe was not temporary but refused to say that it would never work with Sparboe again.

“We’re not going to turn around in a month and work with them again,” McComb said. “But we would never say never.”

In the case of one U.S. fishery that did not use “sustainable methods” in its farming, McDonald’s ended its business relationship for eight years before the company “completely turned around its practices,” McComb said.

Sparboe describes itself as the fifth-largest shell egg producer and marketer in the United States, operating seven processing plants supported by 33 egg-laying and pullet production sites in Iowa, Minnesota and Colorado. The company says it serves retail, wholesale and foodservice customers in 26 states.

Sparboe spokesman Lyle Orwig said Friday the company has a “zero tolerance policy” for any animal abuse or cruelty. He said all employees are trained by a veterinarian and work with a crew leader who also has been trained.

“If he (the crew leader) sees anything, he would automatically correct it if he sees someone doing something wrong,” Orwig said.

Oak Brook, Ill.-based McDonald’s said the “most alarming actions on video” didn’t happen at Sparboe’s facility in Vincent, Iowa, which supplied its restaurants, but they violated the standards the company sets for its suppliers. McDonald’s also insisted the food it serves is safe.

McDonald’s said it got Sparboe eggs via Cargill Inc., which said it was suspending Sparboe as a supplier.

“We will not tolerate mistreatment of animals anywhere in our supply chain,” Chris Roberts, president of Cargill Kitchen Solutions, said in a statement. He also said the issues the FDA raised “warrant additional review by Cargill.”

Tim Loesch, a spokesman for Wayzata-based Cargill, declined to say how many eggs Sparboe supplied it or how much the company was paid. Orwig said it was too soon to tell what effect the loss of McDonald’s business would be.

“Right now our focus is making sure that we are compliant with everything and get to the bottom of how it could have happened,” Orwig said.

Mercy for Animals isn’t satisfied with McDonald’s decision to stop accepting eggs from Sparboe, said Matt Rice, the group’s director of operations.

“These are company-wide, policy-level abuses,” Rice said. “There’s a culture of cruelty and neglect at McDonald and its suppliers.”

McDonald’s said it is participating in a three-year study that compares traditional versus cage-free hen housing systems, but Rice said the company continues to get most of its eggs from hens in battery cages that hold a lot of birds in cramped conditions.

“McDonald’s is simply sidestepping the issue now. It’s time McDonald’s requires all of its suppliers to un-cage hens and finally give these animals the basic freedom to spread their wings, to walk and engage in other natural behaviors,” he said, noting that McDonald’s has already switched to cage-free eggs in Europe.

Mercy for Animals conducted its investigation from May 23 to Aug. 1, Rice said. The group got its people hired at the farms and sent them in wired with hidden cameras, he said. They “documented daily abuses that would shock and horrify most Americans yet are largely considered standard and acceptable to the egg industry,” he added.

Orwig, the Sparboe spokesman, said the undercover taping was troubling because company employees sign a code of conduct that they will report any abuses immediately to a supervisor. In this case, he said, there were no reports.

The video was first aired Friday on ABC’s Good Morning America.

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ST. LOUIS

France’s Dassault Aviation is seeking unacceptable terms for the sale of up to 60 Rafale fighter jets to the United Arab Emirates, a senior Emirati military official said Wednesday, casting serious doubt on the future of the highly anticipated arms deal.

The comments from the deputy supreme commander of the UAE’s armed forces, Sheik Mohammed bin Zayed Al Nahyan, come just days after a different European defense firm unexpectedly said it had been asked by the Emirati air force to assemble a rival fighter bid.

Dassault has been in talks with the UAE for years in an effort to sell the Rafale, which is currently used only by France. Dassault has marketed the twin-engine plane to several countries but has yet to find an overseas buyer.

Sheik Mohammed is also the highly influential crown prince of the Emirati capital Abu Dhabi, and his criticism Wednesday could signal a final blow to Dassault’s UAE bid.

He noted French President Nicolas Sarkozy’s active role in trying to advance the sale, saying Paris did all it could diplomatically to try to close the deal.

“Bilateral relations have never been stronger and his constant personal intervention in this process has sustained Dassault at the forefront of our considerations,” Sheik Mohammed said in a statement carried by the official news agency WAM.

“Regrettably Dassault seems unaware that all the diplomatic and political will in the world cannot overcome uncompetitive and unworkable commercial terms,” he added.

Dassault did not immediately respond to a request for comment.

France has sought to strengthen military and trade ties to the UAE, a seven state oil-rich federation closely allied to the West.

In May 2009, Sarkozy opened France’s first Persian Gulf military base in Abu Dhabi payday loan lenders in states. It is France’s first major foreign military installation since the 1960s and its first outside Africa.

On Sunday, the European defense consortium Eurofighter said it has been asked by the UAE air force to assemble a bid to potentially supply it with Typhoon fighter jets. The request follows preliminary discussions on the fighter that took place with British government officials last month, Eurofighter said.

Eurofighter says it is working hard to respond to the request. The consortium includes British, German, Italian and Spanish aerospace firms.

Both the Typhoon and Rafale saw action in NATO’s mission over Libya. The UAE was among the most active Arab members in that campaign, deploying six of its F-16s and six Mirage fighters.

Emirati officials got another chance to compare the Rafale and Typhoon this week at the Dubai Airshow. Both planes performed in aerial flight demonstrations, as did American-made F-15, F-16 and F/A-18 fighters.

The UAE has also reportedly expressed interest in buying additional American-made fighters, such as the F/A-18.

Andrew Shapiro, the U.S. assistant secretary of state for political-military affairs, said Monday that Washington had not received a formal request from the UAE for additional warplanes. But he did not rule out the possibility of F/A-18 sales when asked about it during a visit to Dubai.

“We are in discussions with the UAE about the best way to meet their defense needs, including their desires for fighter aircraft in the future,” he said.

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Authorities in Thailand have reopened a major elephant park in the ancient capital of Ayutthaya, hoping to show tourists the country is returning to normal following historic floods.

The pachyderms stood and sat with their mahouts through a prayer ceremony asking for blessings as the park opened Tuesday for the first time since September.

The park is famous for offering tourists elephant rides through the ancient temple ruins that dot the UNESCO World Heritage site 50 miles (80 kilometers) north of Bangkok.

The camp’s 98 elephants had been stranded throughout the flood on a small space of dry land.

More than 550 people have been killed nationwide in the floods that started in late July. Many areas remain flooded, including parts of Bangkok.

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Yemeni government forces and allied tribesmen killed ten militants in attacks around the country Sunday, security officials said, as a visiting United Nations envoy met with embattled President Ali Abdullah Saleh to push for a solution to the country’s political crisis.

Security has collapsed across the Arab world’s poorest nation during the nine-month popular uprising seeking to oust Saleh, who has been in power for 30 years.

Pro-Saleh forces regularly engage in deadly clashes with armed tribesmen and military defectors who support the protesters in Yemen’s largest cities, and al-Qaida-linked militants have overrun entire towns in the country’s restive south.

Meanwhile, international diplomacy has failed to stop the crisis. Saleh has refused numerous times to follow through with a U.S.-backed proposal crafted by Yemen’s powerful Gulf Arab neighbors under which he would transfer power to his vice president in exchange for immunity from prosecution.

Two of Sunday’s clashes took place near Zinjibar, the largest town overrun by al-Qaida-linked militants in Yemen’s southern Abyan province, now partially recaptured by the army online payday loan lenders. In one clash, tribesmen allied with government forces exchanged fire with militants at a checkpoint, killing three including two Somali citizens, an official said. In the other, the army shelled a militant position, killing five including two Saudi citizens.

In the Arhab region north of the capital Sanaa, Yemeni forces shelled positions held by armed anti-government tribesmen, killing two, another security official said.

The officials spoke on condition of anonymity because they were not authorized to brief the media.

In Sanaa, U.N. envoy Jamal Benomar met Saleh to push for a transfer of power.

The U.N. said Benomar’s weeklong visit to Yemen was intended to encourage the Gulf-backed proposal, which the Security Council has endorsed.

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