NASA: Christmas Eve spacewalk could wrap up repair

CAPE CANAVERAL, Fla. — The Christmas Eve spacewalk planned by NASA at the International Space Station should wrap up repair work on a faulty cooling line.

Mission Control said Monday that unless something goes awry, two astronauts ought to finish installing a new ammonia pump Tuesday, during a second spacewalk. NASA originally thought three spacewalks might be needed.

Astronauts Rick Mastracchio (Muh-STRACK-ee-oh) and Michael Hopkins removed the faulty pump during Saturday's spacewalk. Everything went so well, they jumped ahead.

The next spacewalk should have been Monday, but was bumped a day so Mastracchio could swap suits. He inadvertently hit the water switch in the air lock following Saturday's spacewalk, and engineers suspect water intruded into his suit.

NASA has conducted a Christmas Eve spacewalk only once before.

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Mass. gas prices up a penny

BOSTON — The cost of a gallon of gas in Massachusetts has ticked up a penny in the past week.

AAA Southern New England reports Monday that self-serve, regular is up to an average of $3.44 per gallon.

The current per-gallon price is 9 cents higher than a month ago and 4 cents higher than at the same time last year. The Massachusetts price is also 19 cents higher than the national average.

AAA found self-serve, regular selling as low as $3.34 per gallon as high as $3.59.

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Fixed rates are latest in college tuition plans

MILWAUKEE — Freshmen at Wisconsin's Northland College will pay no more than $30,450 in tuition next year. They'll pay the same the following year. And the year after that.

The small liberal arts college known for its environmental focus is joining a growing number of schools promising fixed-rate tuition — a guarantee that students will pay a single rate for four or even five years.

The National Association of Student Financial Aid Administrators says about 320 colleges and universities offered guarantees during the 2012-13 school year.

The programs aren't discounts. Students sometimes pay more than standard tuition in their first two years to offset lower rates in the last two.

But students say the programs help control costs by allowing them to budget wisely and borrow less.

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Jos. A. Bank turns down Men's Wearhouse offer

NEW YORK — Jos. A. Bank rejected a takeover offer from competitor Men's Wearhouse, saying the $1.54 billion bid is too low.

Men's Wearhouse said Monday that it will "carefully consider all of our options to make this combination a reality." That may include launching a proxy battle. Men's Wearhouse said it could nominate director candidates at Jos. A. Bank's next annual meeting.

It's the latest twist in the effort to combine the two companies. Putting the two together would create a men's clothing powerhouse with more than 1,700 outlets. In September, a few months after Men's Wearhouse ousted its founder and chairman, George Zimmer, Jos. A. Bank offered to buy its larger rival for $2.3 billion, or $48 per share. Men's Wearhouse turned down that offer, and after Jos. A. Bank dropped the bid, Men's Wearhouse turned the tables with its own offer, for $1.54 billion, or $55 per share.

Shares of The Men's Wearhouse fell 51 cents to $51.50 in late morning trading, and Jos. A. Bank stock declined 30 cents to $56.73.

Jos. A. Bank Clothiers Inc. said its board unanimously rejected the offer from Fremont, Calif.-based Men's Wearhouse. The Hampstead, Md., company said it will continue to look into acquisition opportunities that would create value for its shareholders.

In June, Men's Wearhouse pushed out Zimmer following a dispute over the direction of the company. In August the retailer completed its acquisition of JA Holdings, which owns the Joseph Abboud brand.

Jos. A. Bank sells men's tailored and casual clothing and shoes. It's known for promotions like buying one suit or sport coat and getting three for free. Men's Wearhouse sells men's clothing and suits through its namesake chain of stores, as well as Moores and the K&G retail chain. Recently, the company has been going after younger shoppers with suits with slimmer silhouettes.

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Judge to rule on NJ's Atlantic Club casino closing

CAMDEN, N.J. — A federal bankruptcy court judge is getting ready to decide whether the Atlantic Club Casino Hotel in Atlantic City can be shut down next month.

Two rival companies, Tropicana and Caesars, reached a deal last week to buy the casino for $23.4 million and shut it down Jan. 13.

The Tropicana would take the slot machines and table games, while Caesars would get the 800-plus-room hotel.

Neither has any interest in operating the business in Atlantic City's now-diminished market.

Atlantic City would have 11 casinos if the shutdown is approved.

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Trump accuses NY attorney general of ethics breach

ALBANY, N.Y. — Celebrity developer Donald Trump has filed two ethics complaints against state Attorney General Eric Schneiderman, accusing him of misconduct.

Trump says the Democratic attorney general solicited campaign donations from Trump's daughter even as Schneiderman's office was investigating the real estate mogul's "Trump University," according to the complaints.

Schneiderman hasn't solicited Trump for a campaign contribution since he took office in January 2011, according to a spokesman. And while Schneiderman says he met socially with Ivanka Trump and her husband, neither is an official of Trump University, and anyone who contributes must certify he or she has no matters under investigation by the attorney general's office, the spokesman said.

In August, Schneiderman sued Trump and his business school for $40 million. Schneiderman said the school engaged in persistent fraud and illegal and deceptive conduct and violated federal consumer protection law. In a conflict that was nasty from the start, Schneiderman said then that, "No one, no matter how rich or famous they are, has a right to scam hard-working New Yorkers."

Trump, who is considering a run for governor as a Republican, filed complaints this month with two state ethics panels, the Joint Commission on Public Ethics and the state Moreland Commission to Investigate Public Corruption. Schneiderman has appointees and staff working for the Moreland Commission and deputized many of its commissioners. The commission is charged with uncovering "pay-to-play" corruption involving campaign contributions and official state action throughout state government.

"We consider and review all communications that are submitted to the commission," Moreland spokeswoman Michelle Duffy said. "However, we do not discuss potential or ongoing investigations."

Neither she nor John Milgrim of the Joint Commission on Public Ethics, New York's ethics and lobbying board, would comment on any action their panel is taking as a result of the complaints.

Trump's attorney in the ethics case, former state lobbying regulator David Grandeau, said Schneiderman tried to use his leverage while running an investigation to wring out more campaign contributions from Trump's daughter, Ivanka.

"It's pay-or-pray fundraising tactics," Grandeau said.

"Donald Trump and his associates will say and do anything to avoid talking about the facts in this case," Schneiderman spokesman Matt Mittenthal said. "His wild accusations, outlandish conspiracy theories and outright distortions will not distract Attorney General Schneiderman from pursuing justice for the students victimized by Mr. Trump and his scam university."

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Saudi 2014 budget to grow, records 2013 surplus

RIYADH, Saudi Arabia — Saudi Arabia's Finance Ministry has announced the largest annual budget ever to be adopted by the kingdom, projecting spending and revenue at 855 billion riyals each, or $228 billion for 2014.

The ministry also recorded a 2013 budget surplus. Revenues were projected at 829 billion riyals and expenditures at 820 billion riyals. The Finance Ministry said Monday both exceeded initial projections, with revenues at 1.131 trillion riyals and spending at 925 billion riyals.

The government's projected revenues are often smaller than what actually comes in, since Saudi officials have calculated oil prices at $70 a barrel, while the price of Brent crude is now at around $111 per barrel.

This year's budget increases education spending from $54.3 billion to $56 billion. Another $28.8 billion has been allocated for health and social services.

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Apple strikes deal to bring iPhone to China Mobile

NEW YORK — Apple's stock rose 3 percent in morning trading on Monday, a day after the company announced a long-anticipated agreement to bring the iPhone to China Mobile, the world's biggest phone company.

The deal has the potential to boost iPhone sales in a market where Apple Inc. faces intense competition. But even with China Mobile Ltd.'s vast state-owned network, marketing power and more than 750 million mobile accounts, the iPhone has enormous challenges to overcome in the world's most populous nation.

Apple's smartphone is already available in China through two smaller carriers, and although it is popular with well-heeled Chinese customers, the iPhone is losing market share to lower-priced smartphones from Samsung and local brands.

The iPhone 5S and 5C will go on sale in Apple and China Mobile stores beginning Friday, Jan. 17. China Mobile customers can register for phones starting Wednesday.

The companies didn't announce pricing or the terms of the agreement.

The deal comes a month before China's Lunar New Year holiday in late January, a big gift-buying season. That "will provide an immediate boost to Apple's share in China," said analyst Nicole Peng of Canalys, a research firm.

Apple's stock rose $15.90, or 3 percent, to $564.92 in Monday's morning trading.

Forecasts of possible increased iPhone sales under a deal with China Mobile vary widely, from 10 million to 40 million. A key issue is whether it leads to additional sales or only prompts existing iPhone owners to switch to China Mobile.

The iPhone will help China Mobile promote its new fourth-generation, or "4G", network that received government approval this month. But analysts say Apple needed the agreement more than the Chinese carrier. That gave China Mobile leverage in negotiations over how to split costs, which for the high-priced iPhone usually includes subsidizing handset sales.

The iPhone faces tough competition from less expensive smartphones running Google's Android software. Collectively, Android phones far outsell Apple's iPhone.

Apple CEO Tim Cook told the official Xinhua News Agency in January that he expects China to surpass the United States as its biggest market. About 50 million iPhones have been sold in China in the past 2 1/2 years, according to analyst estimates.

Although China Mobile has 750 million customers, a survey by Bernstein Research found that some China Mobile customers use smaller carriers for data service. Apple already has agreements with China Telecom Ltd. and China Unicom Ltd., which have about 455 million mobile accounts.

Apple's share of China's smartphone sales declined to 6.2 percent in the third quarter from 7.9 percent a year earlier, according to Canalys. Samsung's share expanded from 14.1 percent to 21.2 percent over the same period.

The iPhone once was so popular with Chinese gadget fans that eager buyers in Beijing waited overnight in freezing weather for the 4S model. But that excitement had faded by this September's release of the 5S. Customers said it offered too few improvements.

Samsung's advantages include being able to offer carriers a mix of phones priced as low as 1,000 yuan ($150) while Apple competes only in the highest market tier, according to Wang.

Any boost Apple gets by becoming China Mobile's new high-end phone could quickly fade, he said.

"We expect this advantage can only last three months and Samsung will bring out its next flagship model soon," said analyst James Wang of Canalys.

As for subsidies, Unicom pays 2,500 yuan ($410) of the iPhone's 5,499 yuan ($900) cost in exchange for a customer signing a two-year contract to pay a minimum of 186 yuan ($30) per month.

Analysts say China Mobile will have to match those terms to achieve significant sales.

China Mobile wants to have the world's largest 4G network. It plans to have 4G services available in 16 cities by the end of 2013 and to provide coverage for 340 cities by the end of 2014.

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McDonald reported from Beijing.

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Optimism over US economy shores up markets

AMSTERDAM — Growing optimism over the U.S. economy helped shore up global markets Monday despite tensions in China's credit markets.

Germany's DAX and the main U.S. indexes all struck record highs, albeit on a day when trading was fairly muted as many traders were already off for the Christmas break. Stocks have enjoyed a strong run over the past few days, largely because of hopes over the state of the U.S. economy, the world's largest. Investors even took last week's decision by the Federal Reserve to start reducing its monetary stimulus in stride.

"Volumes may be thin, but sentiment is upbeat," said Brenda Kelly, senior market strategist at IG.

In Europe, Britain's FTSE 100 index closed up 1.1 percent to 6,678.61 while France's CAC 40 rose 0.5 percent to 4,215.29. Germany's DAX ended 0.9 higher at a new closing high of 9,488.82.

The main U.S. stock indexes also struck record highs too, buoyed further by the news that Apple has reached a deal to sell the iPhone to China's largest wireless carrier. The Dow Jones industrial average was up 0.5 percent at 16,304, just below its earlier record of 16,308.29. The broader S&P 500 index rose 0.6 percent to 1,828, again a tad below its earlier peak of 1,829.03.

The decision last Wednesday by the Fed to reduce its financial asset purchases by $10 billion to $75 billion a month from January was predicated on rising signs that the U.S. economy was gaining traction. The run of economic indicators since has reinforced that perception.

Notably, figures Friday showed the U.S. grew at an annualized rate of 4.1 percent in the third quarter of the year, up from the previous estimate of 3.6 percent. The unexpected strength prompted International Monetary Fund chief Christine Lagarde to say the Washington D.C.-based institution would raise its 2014 U.S. growth forecast from the current estimate of 2.5 percent.

And on Monday, government figures showed a healthy 0.5 percent increase in consumer spending in November, providing further evidence that the U.S. is poised for a solid fourth quarter outcome too.

Earlier in Asia, China's Shanghai Composite rose 0.2 percent to 2,089.71 — its first gain in nine sessions — while Hong Kong's Hang Seng index rose 0.5 percent to 22,921.56. South Korea's KOSPI rose 0.7 percent to 1,996.89. Tokyo stock markets were closed for the Emperor's Birthday.

Stock markets have largely held their own despite tensions in China's credit markets. Even though the Chinese monetary authorities have injected more cash into the markets, the rate banks charge each other for 7-day loans spiked to 9.8 percent at one point Monday, up from 4.3 percent at the start of the month.

Analysts said the main reason why interbank lending rates have gone up is that Chinese banks are building up their cash reserves in order to meet tighter regulatory requirements. The increase has also come as the Fed has ended months of speculation and begun "tapering" its stimulus.

For now, most analysts don't think it's a major cause for concern but developments in China's credit matters will be monitored carefully over the coming days and weeks.

"This matters for China as it was a big recipient of Fed liquidity in recent years," said Kathleen Brooks, an analyst at Forex.com. "China is the world's second largest economy. If it looks vulnerable as we start the New Year then the rest of the world should be getting nervous."

If rates don't fall, then the fear would be that China experiences tougher credit conditions in the months ahead and that could potentially weigh on economic growth — one of the main pillars of the global economic recovery over the past few years.

Elsewhere, trading was fairly muted. In the currency markets, the euro was 0.2 percent stronger $1.3703 while the dollar rose 0.1 percent to 104.05 yen. In the oil markets, a barrel of benchmark crude was 38 cents lower at $98.94.

_____

AP Business writer Youkyung Lee contributed to this story from Seoul, South Korea

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Stocks rise to start off a slow holiday week

NEW YORK — Stocks moved higher Monday in what is traditionally a slow week as investors start to close the books on 2013. Apple helped lift technology stocks after the company reached a deal to sell the iPhone to China's largest wireless carrier.

KEEPING SCORE: The Dow Jones industrial average rose 84 points, or 0.5 percent, to 16,304 as of 12:15 p.m. Eastern. The Standard & Poor's 500 index was up 10 points, or 0.6 percent, to 1,829. The Nasdaq composite rose 37 points, or 0.9 percent, to 4,142.

CHINA-APPLE DEAL: Apple rose $16.84, or 3 percent, to $565.60 after the company reached a deal with China Mobile, the world's largest cell phone provider, to sell the iPhone in the world's most populous country. The iPhone is already sold through two smaller carriers there. Apple helped push the Nasdaq higher than the Dow and the S&P 500.

SHOPPING MOOD: The Commerce Department reported Monday that consumer spending rose 0.5 percent in November, the most since June. Incomes rose 0.2 percent. Those are closely watched figures, especially leading up to the holiday season.

NO SALE FOR MEN'S WEARHOUSE: Retailer Jos. A. Bank rejected a $1.5 billion buyout offer from Men's Wearhouse on Monday. The rivals have made offers to buy each other in recent months, only to be rejected by the other party. Jos. A. Bank fell 37 cents, or 0.6 percent, to $56.66 and Men's Wearhouse fell 43 cents, or 0.8 percent, to $51.58.

FACEBOOK CLIMBS: Facebook rose $2.85, or 5 percent, to $57.97. The social network was added to the S&P 500 effective Monday. Fund managers who replicate indexes like the S&P 500 are required to purchase stocks in a company when it's added.

TARGET WOES CONTINUE: Target fell 1 percent after The Wall Street Journal reported that sales fell 3 percent to 4 percent in last weekend before Christmas. Target is dealing with a massive breach of security in credit and debit card data.

CHRISTMAS WEEK: Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for Christmas. Both exchanges will also close at 1 p.m. Eastern on Tuesday for Christmas Eve.

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