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The UAE’s Central Bank governor said Tuesday that the oil-rich Gulf nation is committed to keeping its currency pegged to the U.S. dollar and is reinvesting in U.S. Treasury bills.

Sultan Nasser al-Suwaidi also voiced confidence in the long-term stability of the euro even as fears mount that Europe’s debt crisis could sink the 17-nation currency.

Al-Suwaidi, speaking to reporters in Abu Dhabi, called the European Union a “very, very important bloc of countries” and predicted “everything will be fine in Europe.” In Brussels, eurozone finance ministers planned an emergency meeting to try to protect the currency through closer fiscal and political integration.

The exchange rate of the UAE’s currency, the dirham, is linked to the greenback. But some analysts have questioned the value of the keeping the policy as the U.S. economic struggles and the dollar remains weak.

Al-Suwaidi countered that the dollar link has served the Emirates well, adding that “we are very much with the peg.”

“There is absolutely no change … The fixed peg has served our economy for many years,” he said.

The central bank chief also noted that the UAE has begun buying up U.S. Treasurys after shunning them earlier this year, but is not as heavily invested as it once was.

The bank in August surprised investors by saying it no longer had any U.S. securities on its books because of the low return offered. Al-Suwaidi, however, didn’t say how much of the bank’s assets were invested in US T-bills.

“It’s fluctuating. It depends on the yield. But it’s not how it was,” he said.

Saif Hadef al-Shamsi, assistant governor for monetary policy and financial stability affairs, added that the Central Bank’s reserves were also invested in Japanese government securities.

U.S.-allied Gulf nations have traditionally been large buyers of U.S. government debt, which has long been viewed as among the world’s safest and most liquid assets.

Asked about the effect of sanctions ordered by the Arab League against Syria, al-Suwaidi said the Central Bank will comply if ordered to by the UAE government but has not yet received guidance on what measures to implement.

“There are procedural issues. They have to communicate that with us,” he said.

The Arab League on Sunday approved sweeping sanctions against the regime of Bashar Assad to seek an end to the violence against opposition groups. Syria’s foreign minister called the Arab move “a declaration of economic war” and warned of retaliation.

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Stocks are wavering between gains and losses in light trading Friday, with the S&P 500 index edging up following six straight days of losses. Even with modest gains, major indexes remain on track to post their worst week since September.

Worries about Europe’s debt crisis flared up again Friday after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It’s another sign that investors are growing hesitant to lend to European countries.

The Dow Jones industrial average rose 16 points, or 0.1 percent, to 11,272 as of 12:10 a.m. Eastern. Travelers Cos. Inc was up 1.4 percent, the most of the Dow’s 30 stocks.

The Dow remains down 4.5 percent for the week, putting the average on track for its worst week since late September.

The S&P 500 index is up 1 point to 1,162. The Nasdaq is down 12 points, or 0.1 percent, to 2,448.

The euro slipped to $1.32 and is now down 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 6.

Higher interest rates on government debt backed by Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens fears about a government’s ability to manage its debts. Greece, Ireland and Portugal were forced to seek financial lifelines when their interest rates crossed the same mark no faxing 1 hour payday loans.

Markets have been battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.

In midday trading, AT&T’s stock was down less than 1 percent. The company said Thursday that it’s budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.

Retailers were trading mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually the busiest day of the year for retailers. Amazon.com Inc. dropped 3.3 percent. Macy’s Inc. inched up less than 1 percent.

A record number of people are expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.

Trading will end at 1 p.m. Eastern time. U.S. markets were closed on Thursday for the Thanksgiving holiday.

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A former St. Peters vehicle-service contract business and its owner have settled with the state over alleged violations of the Missouri Merchandising Practices Act, Attorney General Chris Koster said today.

Vehicle Services, which no longer is in business, marketed what appeared to be “extended auto warranties” through the mail, the internet and by telephone, Koster said. The warranties actually were service contracts or automotive additives, he said.

The company and its owner, Steven Chapa, agreed to pay the state $25,000 in restitution and civil penalties for the costs of the investigation, said Nanci Gonder, a spokeswoman for Koster’s office.

Chapa could not be reached immediately for comment.

Gonder said the office has been contacting customers who filed complaints in an effort to help them get restitution.

Koster’s office received 85 complaints about the company, she said.

Koster said many customers were led to believe their current vehicle warranties were about to expire, and they had to act immediately or lose the chance to buy an extended warranty payday lenders. Many weren’t told Vehicle Serivces wasn’t affiliated with their dealership or manufacturer, he said.

He said customers who bought service contracts by telephone often learned later that the coverage was limited. Those who asked for a cancellation or refund when they discovered the provider wouldn’t pay a claim often were denied a refund or made to go to great lengths to get part of their money back, he said.

Gonder said anyone who is seeking restitution or who has complaints about businesses selling extended motor vehicle service contracts can contact the Attorney General’s Office through its website or by calling the consumer protection hotline at 1-800-392-8222.

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Dominique Strauss-Kahn, the former head of the International Monetary Fund, acknowledged Sunday his sexual encounter with a New York hotel maid was a “moral failing” on his part, but didn’t involve violence, constraint or aggression.

In his first interview since his May 14 arrest over sexual assault accusations, Strauss-Kahn told France’s TF1 television channel what happened between him and the maid, Nafissatou Diallo, “was not only an inappropriate relationship, but more than that, it was an error.”

Strauss-Kahn, a Socialist politician who was widely considered a top contender in next year’s presidential race until the case broke, said “it was a failing, a failing vis-a-vis my wife, my children and my friends but also a failing vis-a-vis the French people, who had vested their hopes for change in me.

“I think it was a moral failing and I am not proud of it. I regret it infinitely. I have regretted it everyday for the past four months and I think I’m not done regretting it,” he said at the start of the 20-minute interview. Much of the exchange came off as staged, with Strauss-Kahn appearing calm and unruffled throughout and not surprised by the questions.

Strauss-Kahn’s initial contrition was peppered with anger at his accuser, a Guinean immigrant who maintained he attacked her after she came into his room at New York’s Sofitel hotel to clean.

He said the New York prosecutor concluded “Nafissatou Diallo lied about everything _ not only about her past, that’s of no importance, but also about what happened. The (prosecutor’s) report says, it’s written there, that ’she presented so many different versions of what happened that I can’t believe a word.’”

Strauss-Kahn suggested that financial motives might have been behind Diallo’s accusations.

He also dismissed as “imaginary” separate claims by a French writer that he tried to rape her during a 2003 interview, again insisting “no act of aggression, no violence” had taken place between the two.

The writer, Tristane Banon, has maintained she and Strauss-Kahn tussled on the floor during an interview in an empty apartment, with the politician trying to open her jeans and bra and putting his fingers in her mouth and underwear.

Because a police investigation into the claims is ongoing, Strauss-Kahn said he would not say anything more about the matter. If Paris prosecutors decide to pursue the case, Strauss-Kahn could face a possible trial.

New York prosecutors dropped all criminal charges against him in the Diallo case last month, though Strauss-Kahn is still facing a lawsuit brought by the maid.

Asked whether he had any intention of returning to politics, Strauss-Kahn said he would “take time to reflect” and rest first.

“But all my life was consecrated to being useful to the public good,” he said, adding “we will see.”

The AP does not name people who report being sexually assaulted unless they agree to be identified or come forward publicly, as Diallo and Banon have done.

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The Libyan government says any citizen caught using an unlicensed satellite phone will be charged as a spy for NATO.

Libya’s news agency, JANA, reported Friday that those carrying a satellite phone without a permit could be sentenced to death as punishment for treason.

Many Libyans have been using satellite phones to communicate with one another after the government cut off mobile phone communications when the civil war started in February.

Libya’s 6-month-old civil war has been deadlocked for months despite NATO’s airstrikes to protect civilians.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

BENGHAZI, Libya (AP) _ Libyan rebels battling Moammar Gadhafi’s troops along the country’s Mediterranean coast said they captured a key oil terminal Thursday that has repeatedly changed hands in the 6-month-old civil war.

Rebel spokesman Mohammed al-Rijali said he was with the fighters in Brega when they gained control of the strategic port city, 125 miles (200 kilometers) southwest of the de-facto rebel capital of Benghazi, after three weeks of intense fighting.

“Brega is liberated,” al-Rijali told The Associated Press after nightfall.

Al-Rijali, who spoke over the telephone from nearby Ajdabiya, didn’t provide any details or a casualty toll. His claim could not be immediately verified. Officials in the Libyan capital Tripoli made no comment on the rebel claim.

Brega fell under rebel control briefly in March, but was recaptured by Gadhafi’s forces shortly afterward. The fighting around the city has gone back and forth since then, with the rebels not managing to keep their ground.

Brega’s capture would be an important boost for the rebels because whoever controls the strategic oil terminal, which is also Libya’s second-largest hydrocarbon complex, is in charge of the country’s main oil fields.

Another rebel spokesman, Mohammed al-Zawawi, said earlier Thursday that two rebels died in the day’s fighting in Brega, while 16 others were wounded.

Libya’s civil war has been deadlocked for months despite NATO’s airstrikes to protect civilians.

The revolt began in mid-February, with the rebels quickly wresting control of much of the eastern half of the country, as well as pockets in the west.

The conflict later settled into a stalemate with the rebels failing to budge the front lines in the east since April.

However, in recent weeks, rebels based in the western Nafusa mountains have made some gains, advancing toward Gadhafi-held towns along the coast.

On Thursday, hundreds of rebel fighters seized control of Nasser City, a small town about 16 miles (25 kilometer) south of the coastal town of Zawiya, after several hours of battle. Nasser City is the closest rebels have come to Tripoli, Gadhafi’s main stronghold. Zawiya is just 30 miles (50 kilometers) west of the Libyan capital.

The streets of Nasser City were deserted and shops were shuttered, witnesses said. At one point, rebel fighters stopped at an abandoned gas station and filled up the tanks of their pickup trucks.

Video footage showed one rebel fighter climbing upon an earth mover to pull down a string of green pro-Gadhafi flags suspended from electricity poles. Another threw a green flag from a second floor balcony, replacing it with the rebels’ tricolor. “Nasser City has been liberated,” he shouted.

The rebels hope to first capture towns near Tripoli, before launching an offensive on the capital, commanders have said.

Two rebel fighters were killed and one wounded in the battle for Nasser City, said Mohammed Salem, a hospital medic in Zintan, a rebel-held town south of the front line.

Capturing both Brega or Zawiya would mark a significant gain in the Libyan rebels’ goal to topple the Gadhafi regime.

“It will be a huge morale victory,” said Fawzi Bukatef, a Brega rebel operations chief and head of the Coalition of Revolutionaries _ a large group of armed Libyan volunteers and civilians who fight at the front lines.

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Australia’s Macarthur Coal Ltd. on Sunday night rejected a $5.2 billion takeover offer from Peabody Energy Corp. and steelmaker ArcelorMittal, and indicated that it’s in talks with other possible suitors.

Keith DeLacy, chairman of the Brisbane-based mining company, said the offer “appears to be an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty in Australia.”

Peabody spent two months pursuing Macarthur last year, but came away empty. This time, the St. Louis-based coal company partnered with ArcelorMittal, the world’s largest steelmaker, which owns 16 percent of Macarthur’s shares best payday advance.

The pursuit represents Peabody’s desire to further expand in Australia, a coal-rich country that’s close to fast-growing Asian markets. Executives have a specific interest in Macarthur because the company is a major producer of a type of coal that’s used as a substitute for coke in steelmaking.

In their July 11 proposal, Peabody and ArcelorMittal offered 15.50 Australian dollars for Macarthur shares

GULF SHORES, Ala online payday loan lenders.

Running the air conditioner or watching television is about to get a little more expensive. State utility regulators on Wednesday gave Ameren Missouri authority to raise electric rates in the coming weeks by 7 percent, or $172 million a year.

The increase means a typical residential customer who uses 1,100 kilowatt-hours a month will pay an extra $8 a month, on average, or $96 a year, according an analysis by the Public Service Commission staff. The increase likely will take effect in August

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Are too many condominiums being built in Toronto?

Analysts have been sounding warning bells for more than a year that the market is being seriously overbuilt. But so far, sales and prices have been chugging merrily upward.

According to the Building, Industry and Land Development Association, last month was the best May ever for sales. High-rise sales are up by a staggering 50 per cent in May to 2,433 sales. This comes on the heels of an April that was also the best on record.

On a year to date basis total new home sales in the GTA are running 12 per cent ahead of last year, but that’s purely on the back of condominiums, since low rise sales are down from last year.

“Those high rise sales are extremely high and above normal demographic levels, suggesting there is a lot of investor activity,” said Toronto housing analyst Will Dunning.

On an annualized basis, May sales are running at 26,000 units per year, when demographic demand would suggest a rate of 14,000 to 15,000 per year, said Dunning.

“The economy is in a recovery and a lot of the jobs are focused on downtown, but even in a healthy economy I don’t know if those numbers would be supported,” said Dunning.

Bank of Canada governor Mark Carney warned last week that housing, particularly in big city condo markets were in danger of overheating, fueled by ultra-low interest rates.

The sale of a $28 million penthouse at the Four Seasons residences in Toronto last month by a foreign investor certainly caught the attention of the international real estate community. At 9,038 square feet, the condo sold for about $3,000 a square foot, by far the highest price paid for a high rise unit in Canada.

Nationally, Carney said prices are about 13 per cent above pre-recession peaks. In cities such as Vancouver, prices are up by a significant 25.7 per cent year over year, to $831,55 or 11 times the average household income.

In Toronto, where average prices are $485,000 prices are at 6.7 times income compared with 4.3 times income in 2001, according to figures by BMO Capital Markets.

“Prices simply can’t keep rising forever,” warned Capital Economics economist Dave Madani.

Capital Economics has warned of a bubble in the Canadian housing market and that a decline of up to 25 per cent in the average price over the next three years is not out of the question.

“The likelihood of a substantial decline in house prices over the next year or two is fairly high,” said Madani.

The investor driven condo market has been the subject of particular concern by some analysts. The Toronto market alone has more than 280 projects being marketed, thought to be the most in North America. Investors buy an estimated 45 to 60 per cent of all new units according to market research firm Urbanation Inc. One issue for investors is that while prices are rising, rents have barely budged, making it more difficult to see positive cash flow on their investments.

That could spell trouble in the market. If investors are unable to cover their expenses then they will pull out.

“Too many homes have been built over the last ten years,” said economist Madani in a report. “Over building is reflected on the supply side and the demand side, which is mirrored by the disproportionate share of total household wealth being accounted for by housing assets. Our concern is that these excesses will eventually lead to a house price correction.”

If investors started selling their properties because prices were falling, you would see an overflow of new listings in the resale market, said Madani.

“Such a situation would exert downward pressure on home sale transaction prices, or worse case scenario, lead to a noxious downward price spiral.”

However, some analysts have said that the condo building boom is sustainable, mainly because of a structural shift in the market. There is a shortage of new low rise housing in urban areas, which forces buyers into towers. And for some buyers, high rise living is now a much more acceptable lifestyle choice.

“These last few months have witnessed some incredible condo buyer demand,” said Stephen Dupuis, CEO of the Building, Industry and Land Development Association, which represents builders. “The primary factors driving the market appear to be affordability, low interest rates, and to give builders their due, some great building and suite designs.”

According to the Conference Board of Canada in a report Tuesday most Canadian markets remain in “balanced” territory, neither favoring buyers or sellers.

The Toronto market, which saw prices increase by 8.5 per cent year over year in May, is experiencing tighter than normal listings, according to the board.

Listings are down by about 20 per cent in May compared with a year earlier, creating upward pressure on pricing, said board economist Robin Wiebe.

Analysts expect more listings in the second half of the year which should help to cool the market. However, that could also depend on the extent of investor interest, particularly from overseas.

“Some Asian wealth is being invested in selected international housing markets as those investors seek out diversification and hard assets,” said central banker Carney in a speech last week.

As in Vancouver, an influx of Asian buyers primarily from China and Hong Kong have helped to buoy the Toronto market.

Some investors pay mainly by cash, and are not as affected by a rise in interest rates. However, they can also be fickle.

“They are mainly concerned about capital preservation, so they are holding on for the long term, they see Canada as a safe, stable place to park their money,” said real estate investor Ken Chin. “But trust me, they are also looking closely at the Toronto market to see whether prices have peaked.”

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