Venezuela to toughen price controls, set profits

CARACAS, Venezuela — Venezuelan President Nicolas Maduro is extending price controls and will place limits on profits as he extends attempts to curb the galloping inflation that is eroding support for his rule.

Maduro made the announcement in a late-night television address Sunday in which he also vowed to step up inspections of businesses selling shoes, clothing, automobiles and other goods to make sure they aren't gouging consumers.

"We can't just close the businesses; the owners have to go to jail," Maduro said in an impassioned speech in which he cited Jewish, Muslim and Christian texts to harangue businessmen he accuses of usury. "We can't allow our hard currency to be used to rob people through the sale of these goods."

Huge crowds of government loyalists and opponents formed outside appliance stores over the weekend after Maduro ordered the military to occupy the Daka chain of electronic stores and slash by more than half prices for washing machines, televisions and other white goods.

While soldiers with assault rifles were deployed to keep bargain hunters in check, at least one Daka store, in the country's third largest city of Valencia, was looted by unruly crowds, according to photos and videos posted online.

Maduro Sunday night urged Venezuelans to remain calm, saying that he won't allow the "parasitic bourgeoisie" to overcharge consumers ever again.

To that end, he vowed to place percentage limits on profit margins if congress approves a bill granting him special powers.

Free-market economists say such a move would exacerbate shortages that reached a record in October, according to the central bank. They say that to stabilize the economy, and shore up a currency whose black market value is a ninth of the official rate, the government needs to lift capital controls put in place a decade ago by former President Hugo Chavez and devalue the bolivar.

That's a notion Maduro rejects.

The president argues that Venezuela's inflation, which is running at 54 percent, is the result of hoarding and speculation by his opponents in Venezuela and in the U.S., and that South America's biggest oil producer has more than enough dollars to pay for imports. If not for the "economic war" being waged by his opponents, inflation should be running around 16 to 18 percent, he said Sunday night.

If Maduro does yield, he's unlikely to do so before next month's municipal elections, which the opposition is trying to turn into a referendum on his seven-month administration.

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Target to open earlier on Thanksgiving

NEW YORK — Target Corp. is the latest retailer to open earlier on Thanksgiving this year.

The Minneapolis-based discounter said it will open at 8 p.m. on the holiday — an hour earlier than last year. Stores will remain open throughout the night and close at 11 p.m. on the day after Thanksgiving known as Black Friday.

Target also will offer hundreds of deals online on Thanksgiving morning that will include almost all deals that will be available in stores. In addition, Target said it will feature 15 online-only daily discounts for two weeks beginning on the Sunday before Thanksgiving.

Traditionally, Black Friday has been the kickoff to the holiday season, with stores opening at 5 a.m. or 6 a.m. But over the past several years, retailers have pushed opening times into Thanksgiving itself.

This year, several retailers like J.C. Penney, Kohl's and Macy's have announced plans to open Thanksgiving evening for the first time. Others, like Toys R Us and Best Buy, are opening earlier on Thanksgiving than last year.

The retailers say it's what customers want. The stakes are high for retailers since the holiday season accounts for up to 40 percent of their annual revenue. The National Retail Federation, the nation's largest retail trade group, expects an increase of 3.9 percent to $602.1 billion in holiday sales for the November-December period, up from 3.5 percent last year.

There's also more pressure on retailers this year because the period between Thanksgiving and Christmas is six days shorter than in 2012.

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US, Europe resume talks on new trade pact

BRUSSELS — The United States and the European Union sought Monday to get past a rough patch in diplomatic relations to resume talks on a free trade deal that would grow what is already the world's biggest business relationship.

Negotiators for the Obama administration and the EU say an agreement would create jobs and boost growth in the two economies, which represent almost half of global output but are still not fully recovered from recession. The trade volume in goods and services between the two economies totaled 800 billion euros ($1.08 trillion) last year.

The negotiations, however, are taking place against the backdrop of European pique over reported U.S. electronic espionage of EU citizens, including high-profile leaders like Germany's Angela Merkel. The Greens in the European Parliament on Monday became the latest political group to call for the trade talks to be frozen in response.

Concerns over the talks also grew last week when a Belgian court accused the EU's top trade official of tax fraud. European Commission spokeswoman Pia Ahrenkilde Hansen assured reporters on Monday that Karel De Gucht's legal troubles "will not have any impact" on the talks.

But both European and U.S. officials have said the benefits of the proposed Transatlantic Trade and Investment Partnership are too great to let other issues jeopardize them. The week-long bargaining session in Brussels, which was delayed due to the U.S. government shutdown, was expected to discuss services, investment, energy and raw materials, and regulatory issues.

A deal could include a reduction in tariffs. But negotiators say the biggest boon, to business and consumers alike, could come from trimming the red tape that often makes it difficult to buy and sell across the Atlantic.

One European study has found that dealing with regulations and bureaucracy on the other side of the ocean can add 10 to 20 percent to the price of an imported item, like a car. TTIP could make it possible for a vehicle deemed safe for sale in Europe to be sold in the United States, or vice versa, without additional tests or adaptations being needed.

According to a study co-sponsored by the Atlantic Council, a Washington-based think tank, TTIP could create as many as 750,000 jobs in the United States. The European Commission estimates it would inject 120 billion euros ($161 billion) yearly into the economy of the 28-nation trade bloc, and lead to hundreds of thousands of new jobs.

"The TTIP would be the cheapest stimulus package imaginable," the European Commission's Directorate-General for Trade said in a report.

Frances Burwell, the Atlantic Council's director of Transatlantic Relations and Education Programs, said that as well as administering a welcome jolt to the American and European economies, TTIP could establish health and safety rules that would become standard not just for America and Europe, but for China and other rising economic powers.

"If you look forward, the U.S. and Europe in 20 years will be a smaller part of the global economy. We need to figure out ways to stay competitive," Burwell said an interview. "And also we need to figure out ways to reinforce the rules that have helped us to be competitive and protect the safety and security of our citizens in terms of the goods they buy, the foods they eat."

A first round of TTIP talks was held in Washington in July. Negotiators will return there the week of Dec. 16. At a minimum, the Europeans are hoping to announce results in some areas by 2014.

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Berkshire County furniture stores closing

ADAMS, Mass. — A Berkshire County furniture store that's been in business for more than 130 years is closing down.

The family that runs Simmons Furniture Store locations in Adams and Pittsfield says they will shut down after selling their remaining inventory of couches, recliners, beds, mattresses, tables and bookcases.

The original store was founded by the Simmons family in 1879. The Riley family bought the store in 1973 and the 15,000-square-foot Adams store has been in the same location since 1902.

Family matriarch Phyllis Riley tells The Berkshire Eagle (http://bit.ly/16VTDCc ) that the loss of industry in Adams hurt the business.

She says Simmons stores were among the last to have the personal touch.

The stores employ about 15 people.

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Horses, riders say 'nay' to French tax hike

PARIS — Thousands of riding enthusiasts — and hundreds of horses — took over Paris' Bastille square Monday to say "nay" to a proposed tax hike on riding schools.

Several horses wore the red caps that have come to symbolize a regional tax revolt and others were cloaked in banners reading "No to the 20% VAT" as they clopped alongside human protesters.

Beginning next January, France plans to lift the value added tax on riding schools to 20 percent from 7 percent to bring France into line with EU regulations.

Opponents say the tax hike will lead to job cuts and the closure of stables and riding schools. France's Equestrian Federation estimates the tax hike could result in up to 6,000 job losses.

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ABC's Amy Robach to have double mastectomy

NEW YORK — A month after undergoing a mammogram on "Good Morning America," ABC's Amy Robach said Monday she has breast cancer and will have a double mastectomy and reconstructive surgery this week.

The 40-year-old correspondent admitted she had been reluctant to have the public mammogram but went ahead after "GMA" anchor Robin Roberts told her that if the story saved one life, it would be worth it.

"It never occurred to me that life would be mine," she said.

Robach joined ABC in 2012 from NBC, where she was a "Weekend Today" host. She logged considerable time with the cast of ABC's top-rated morning show, filling in for Roberts, who has fought back from a serious blood and bone marrow disease.

Producers chose her for the mammogram story because, at 40, she's at the age when it's recommended that women regularly check for breast cancer. Married with two children and a full-time job, Robach said she had found plenty of reasons to put it off.

In her original story, she emerged from her mammogram telling Roberts and her "GMA" colleagues that it hurt much less than she thought it would.

A few weeks later, she returned for what she thought would be some follow-up images only to learn she had cancer. Her husband, who had been away on business, and her parents flew in that night "and we started gearing up for a fight."

She said she will learn after Thursday's surgery what her treatment will entail going forward.

Robach said she was told that when someone gets cancer, many lives around them are saved because people are vigilant and get check-ups.

"I can only hope my story will do the same and inspire every woman who hears it to get a mammogram, to take a self-exam," she said. "No excuses. It is the difference between life and death."

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Online:

http://abcnews.go.com/

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Amazon, US Postal Service will deliver on Sundays

NEW YORK — Amazon is teaming up with the U.S. Postal Service to deliver packages on Sundays.

The Seattle company says Sunday delivery will be available this week to customers in the New York and Los Angeles metropolitan areas. Amazon and the Postal Service plan to roll out service to "a large portion of the U.S. population" next year, including Dallas, Houston, New Orleans, and Phoenix.

Amazon expects Sunday delivery to be popular with members of its Prime service, which costs $79 a year and comes with free two-day shipping on many items on the site as well as access to Amazon's TV and movie streaming service. But Sunday delivery will be available to all Amazon customers.

"For Prime members, it's free, for non-Prime members, it's like any other delivery day of the week," said Dave Clark, vice president of worldwide operations and customer service at Amazon. It won't cost extra to get a package delivered on a Sunday.

Sunday delivery has been on Amazon's wish list for a long time. The company does not disclose the percentage of its packages that are delivered on weekends, but Clark expects customers "to be delighted that they will get their products on a weekend."

Financial terms of the arrangement were not disclosed, but the deal, but it's likely to give the financially ailing Postal Service a boost. The agency, which lost $16 billion last year, had tried but failed to end Saturday mail delivery as a cost-saving measure.

Shares of Amazon.com Inc. climbed $1.69 to $52 in morning trading.

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Former AP reporter Carl Hilliard dies at 76

COMMERCE CITY, Colo. — Former Associated Press Colorado Capitol reporter Carl Hilliard, who was known for his wit and a weekly newspaper column that chronicled the history of Colorado and its leaders, died Sunday of a heart attack. He was 76.

His son, Bronson, said his father often reported on the foibles of government leaders, but also didn't hesitate to praise them when he believed they did something right.

Hilliard began working for the Montana Missoulian and worked on the base newspaper while stationed in the Army at the Fitzsimons Army Medical Center from 1960 to 1962. Hilliard joined the AP in November 1964 and worked in its bureau in Cheyenne, Wyo.

He was assigned to cover politics and state government in Denver in 1967 and retired in 1999.

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Maine high court dismisses wind farm lawsuit

PORTLAND, Maine — The Maine Supreme Judicial Court has dismissed a lawsuit against a wind energy company over its northern Maine wind farm.

A lower court judge previously dismissed a complaint by Michael Gosselin of Mars Hill against Boston-based First Wind. Gosselin said the noise from the turbines in Mars Hill are so unbearable he built a noise-proof bunker in his garage. Gosselin was seeking a buyout of his property so he could move away.

In a summary judgment, the supreme court upheld the lower court's ruling.

Gosselin tells Maine Public Broadcasting Network  he's disappointed and will continue sleeping in his garage until he can move.

First Wind settled similar disputes with 18 other landowners last year, but Gosselin was excluded because he was too far from the turbines.

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Information from: WMEA-FM, http://www.mpbn.net/index.html

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Markets remain solid despite Fed tapering talk

LONDON — Upbeat U.S. economic figures shored up global markets Monday even though there are growing expectations that the Federal Reserve could begin to reduce its monetary stimulus next month. Shares in the Philippines fell after a devastating typhoon.

Last week, a round of U.S. economic data, including Friday's better-than-expected nonfarm payrolls report, ratcheted up expectations that the Fed will soon start "tapering" its $85 billion worth of asset purchases.

Some analysts think that the positive response in markets may indicate that the fear of the tapering — dominant for much of this year — has reduced and investors are now more willing to view strong economic news as a reason to buy stocks. After all, a growing U.S. economy will help corporate profits.

"Equities are not selling off as they have previously," said Craig Erlam, market analyst at Alpari. "Maybe the 'good news is bad news' scenario is finally becoming a thing of the past."

Following strong gains in much of Asia outside the typhoon-stricken Philippines, trading in Europe was solid. The FTSE 100 index of leading British shares was up 0.2 percent at 6,722 while Germany's DAX rose the same rate to 9,099. The CAC-40 in France was 0.3 percent higher at 4,275.

Wall Street was set for a solid opening, with Dow futures and the broader S&P 500 futures 0.1 percent higher. However, trading is expected to be light as much of the country is on holiday for Veteran's Day — bond markets are closed, for example.

Earlier, in Asia, the focus was on the Philippines after a typhoon devastated the eastern Philippines, killing thousands of people. Manila's main exchange, the PSE Composite, dropped 1.4 percent to 6,265.23 as the country grappled with the aftermath of Typhoon Haiyan. Authorities estimated that up to 10,000 people may have died. But the government, stunned by the scale of the disaster, has not given an official death toll yet.

Elsewhere, investors were also waiting to see if China's communist leaders, who started a four-day meeting in Beijing on Saturday, would announce reform plans to bolster the world's No. 2 economy as it comes under pressure from industrial overcapacity, high debt and surging house prices.

China's Shanghai Composite rebounded from earlier losses to gain 0.2 percent at 2,109.47. Japan's Nikkei 225 rose 1.3 percent to 14,269.34 while Hong Kong's Hang Seng rose 1.4 percent to 23,059.98 However, Seoul's Kospi dropped 0.4 percent to 1,977.30 and Australia's S&P/ASX 200 shed 0.3 percent to 5,387.10.

Trading was lackluster in other financial markets. Among currencies, the euro was up 0.3 percent at $1.3395 while the dollar fell 0.1 percent to 99.15 yen.

In commodities, the benchmark New York rate for crude oil was down 30 cents at $94.30 a barrel.

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Eileen Ng in Kuala Lumpur, Malaysia contributed to this report.

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