AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Monday, December 11, 2006:

Nissan Planning New Fuel-Cell Vehicle

TOKYO (AP) _ Nissan Motor Co. announced plans Monday to launch a next-generation fuel cell vehicle in the early 2010s in Japan and North America as part of its mid-term environmental strategy. Nissan Chief Operating Officer Toshiyuki Shiga said at a Tokyo press conference outlining the company's "Nissan Green Program 2010" that it will introduce from fiscal year 2010 gasoline engine technologies that will enhance fuel economy and at the same time reduce carbon dioxide emissions equivalent to diesel engine levels.

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China: 8 Banks Apply for Retail Licenses

BEIJING (AP) _ Eight foreign banks have applied to become the first foreign institutions licensed to handle retail business in Chinese currency, the government said, as a WTO deadline for opening its banking market passed on Monday. Some 71 foreign banks are represented in China but most were limited until now to handling foreign currency business. Beijing agreed to open the market as part of its World Trade Organization membership. Its own banks have been racing to modernize in preparation for facing foreign competitors.

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Stores Plying Shoppers With Discounts

The nation's stores and malls are now focusing their efforts on the final two weeks before Christmas, after pulling in the serious holiday shoppers with expanded hours and discounts over the weekend. According to early reports, the winners included toy stores and consumer electronics retailers like Toys "R" Us Inc. and Best Buy Co. which attracted consumers looking for bargains on hot toys and flat-panel TVs. Still, analysts expect many shoppers to again wait until the end of the season, especially since Christmas falls on a Monday.

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Oil Prices Fall Below $62 a Barrel

VIENNA, Austria (AP) _ Oil prices fell Monday amid mixed signals from OPEC officials about the possibility of production cuts when the organization meets next week. Forecasts of warmer U.S. weather also depressed prices.

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Investors Seek Signs of How '06 Will End

NEW YORK (AP) _ Wall Street will wade through a slew of fresh economic data in the coming week as it strives to determine how well the economy is holding up and whether the surge in stocks of the past few months can be sustained through the final weeks of the year. One area of nearly universal focus will be Tuesday's meeting of the Federal Reserve's interest-rate setting Open Market Committee. While Wall Street generally expects the FOMC to leave short-term interest rates at 5.25 percent, investors will pore over the statement that follows the meeting to glean a sense of when the central bank might lower rates. Since 2004, the central bank raised rates 17 straight times before leaving them unchanged at its last three meetings.

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Japan Stocks Rise on Exporter Issues

TOKYO (AP) _ Japanese stocks rose Monday morning as export-oriented issues picked up ground on the dollar's recent recovery against the yen. The benchmark Nikkei 225 index added 89.54 points, or 0.55 percent, to 16,507.36 points on the Tokyo Stock Exchange Monday. The index lost 0.34 percent Friday.

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China Expects 10.5 Percent Yearly Growth

BEIJING (AP) _ China's economy should expand by 10.5 percent this year as an investment boom surges ahead despite tightening government controls, the country's top planner said in comments reported Monday by state media. Total economic output should exceed 20 trillion yuan ($2.5 trillion), said Ma Kai, chairman of the National Development and Reform Commission, according to the Xinhua News Agency and the China Daily newspaper. They said he made the comments at a weekend meeting with Chinese legislators.

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New Ecuador Leader Nixes U.S. Trade Pact

LIMA, Peru (AP) _ Ecuador's President-elect Rafael Correa said Sunday that he will not sign a free trade agreement with the United States but will seek extended trade preferences under an anti-drug agreement. Trade agreement talks between the U.S. and Ecuador derailed in May, after Ecuador canceled the operating contract of California-based Occidental Petroleum Corp.

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Halliburton Workers Attacked in Algeria

ALGIERS, Algeria (AP) _ Assailants hurled a bomb and shot at two vehicles carrying employees of an affiliate of U.S. company Halliburton near Algiers Sunday, killing one driver and injuring nine people. The driver killed was Algerian. The injured included one American, several Britons, one Canadian, one Lebanese and one Algerian, the Interior Ministry said in a statement. Eight were treated in a nearby hospital and released, while one remained hospitalized. The statement did not indicate the remaining patient's nationality.

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The Eco-Conscious Pay to Ease Guilt

SAN FRANCISCO (AP) _ Jill Cody used to feel guilty whenever she drove her car or flew on an airplane. She worried about pumping heat-trapping carbon dioxide into the atmosphere and contributing to global warming. But the San Jose professor found a way to ease her conscience. She paid a San Francisco company called TerraPass to offset emissions from her car and air travel by investing in wind power and reducing farm pollution.

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Gold Prices

HONG KONG (AP) _ Gold closed lower in Hong Kong Monday at $627.40 an ounce, down $4.00 an ounce from Friday's close of $631.40.

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Japan Markets

TOKYO (AP) _ Japanese stocks rose Monday as export-oriented issues like Toyota and Nissan picked up ground on the dollar's recent recovery against the yen.

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Dollar-Yen

TOKYO (AP) _ The dollar reached a two-week against the yen in Asia Monday, spurred by receding speculation that Japan's central bank will lift interest rates next week.

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