ROOTS: Addressing critics of an outside takeover, the ailing airline said that its Italian identity would continue to be the firm's `fundamental heritage' after its privatization
The board of Alitalia on Friday unanimously chose Air France-KLM as its preferred bidder for privatizing the ailing state-run airline, but the ultimate decision will be made by the government next month.

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In an unusual ruling at the WTO, the Caribbean nation of Antigua on Friday won the right to violate copyright protections on goods like films and music from the US, an award worth up to US$21 million, as part of a dispute between the two countries over online gambling.

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South Korea's won led declines in Asian currencies this week as overseas investors sold more of the nation's stocks than they bought for a ninth day, the longest stretch in almost a month.

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CHRISTMAS CHEER: The Danish Christmas Tree Growers Association has twice been warned to stop using price tables to prevent drops in prices
The Danish Christmas Tree growers' association has been charged with rigging prices for yuletide evergreens, which cost 20 percent more in Europe this year, the group's manager said on Thursday.

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THE BIG SQUEEZE: The effort was backed by the US Treasury Secretary as an attempt to help restore normal credit conditions following financial turmoil
Leading US banks abandoned on Friday a joint plan to create a massive fund aimed at easing the global liquidity squeeze as a result of lack of interest in the market.

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CONCERNS: Taiwan's TAIEX index managed only a 1.5 percent gain for the year, making it Asia's fourth-worst performer, behind Japan, Sri Lanka and New Zealand
Asian stocks fell for a second week, led by exporters and financial firms on concern losses linked to US subprime mortgages will spread and damp growth in the region's biggest export market.

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With just a few days left before Christmas, US retailers are in a lather to attract last-minute shoppers to salvage what has been a mediocre month.

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Cerberus Capital Management, Chrysler's new owner, expressed confidence about the automaker's future on Friday after its chief executive said it was "operationally" bankrupt.

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SANTA CLAUS RALLY: The main US indexes posted hearty gains this week. For the year, the Dow shows a 7.9 percent gain, and the NASDAQ is up 11.5 percent
Wall Street heads into the Christmas week on a merry note with fears abating about a widening financial crisis and a potential recession in the world's biggest economy.

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Oil prices surged before the Christmas and New Year holidays amid lingering concerns about energy supplies during the northern hemisphere winter, analysts said on Friday.

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The US dollar declined against the euro and the pound on Friday as traders continued to hotly debate whether the US Federal Reserve would continue cutting interest rates amid economic uncertainty.

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Gains from technology firms such as Nokia combined with strength in the mining sector to lift European shares on Friday, the last full trading session before Christmas.

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■ ELECTRONIES

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