U.S. President-elect Barack Obama announced today that former Democratic rival Sen. Hillary Clinton will serve as his secretary of state, CNN reported. Obama also confirmed that he will keep Defense Secretary Robert Gates in his current post.

General Growth Properties Inc., the developer of Jordan Creek Town Center, announced yesterday that it received a two-week extension on mortgage loans totaling $900 million for its Fashion Show and Palazzo shopping malls in Las Vegas, the Associated Press reported. General Growth said last month that it faced solvency trouble and might seek bankruptcy if it couldn’t refinance or extend the nearly $1 billion in debt.

Oil prices fell nearly $4 a barrel today after the Organization of Petroleum Exporting Countries announced it would wait until mid-December to consider further production cuts designed to stabilize prices, CNNMoney reported. U.S. crude oil for January delivery slipped $3.85 to $50.58 a barrel.

New York-based American International Group Inc. announced today it has agreed to sell its wealth management arm, AIG Private Bank Ltd., to Aabar Investments PJSC of Abu Dhabi as part of the company’s restructuring plan. Under the new ownership, AIG Private Bank will become an independent financial institution with headquarters in Switzerland, along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai. The terms of the agreement were not disclosed.

The Commerce Department announced today that construction spending dropped by 1.2 percent in October, much bigger than the 0.9 percent decline many analysts expected, the Associated Press reported. Housing construction decreased by 3.5 percent in October, after decreasing 0.5 percent in September, and nonresidential construction dropped by 0.7 percent in October, the third decline in the past four months.

The seasonally adjusted Credit Manager’s Index (CMI) for November decreased 2.6 to 42.2, which is well below the 50 level that indicates contraction. Eight of the 10 components fell, and seven set record lows, leaving all 10 components below 50. The seasonally adjusted manufacturing index declined 1.3 points to a record low of 42.4, and the service index fell to a record low of 42. The largest single component to drop in each index was sales, falling 20.9 points in manufacturing and 27.5 in services.

The 21st annual Iowa venture awards presentation will be held Thursday at 11:30 a.m. at the Sheraton West Des Moines Hotel. Rand Fisher, president of Iowa Area Development Group, and Michael Tramontina, director of the Iowa Department of Economic Development, will present the awards, which are given to companies that have made significant contributions to the Iowa economy through investment, expansion and the creation of job opportunities. For more information, contact Fisher at rfisher@iadg.com.