China last week approved long-awaited licenses for next generation (3G) mobile networks, whetting investor appetites with the promise of major new orders for equipment makers and revenue for network operators.

Department-store operator Macy’s Inc. said Thursday it will close 11 underperforming stores in nine states - affecting 960 employees - and lowered its forecast for the fourth quarter after one of the weakest holiday seasons in years.

Gasoline prices declined for the fourth straight day on Tuesday, falling below the $1.66 per gallon mark, according to a national survey of credit card swipes at gasoline stations. The national average fell .4 cents to $1.659 per gallon for regular unleaded, according to motorist group AAA. A recent 86-day streak of declines ended at $1.656 in mid-December when prices bumped slightly higher.

Gasoline prices increased for the fourth day in a row Friday, according to a daily survey of gas station credit card swipes. The price of regular unleaded rose 0.3 cents to a national average of $1.6730 a gallon from $1.67 on Thursday, according to motorist group AAA.

Export-reliant Asian economies showed more signs of weakness on Friday, with Japan’s industrial output diving at a record pace and South Korea warning it faces an “unprecedented crisis” as global demand wilts.

Wal-Mart Stores Inc led U.S. retailers in disappointing December same-store sales and profit warnings on Thursday, sparking fresh recession concerns that hit stock and currency markets.

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