| Cliff fight may knock out December rally Posted: 30 Nov 2012 04:18 PM PST  NEW YORK (Reuters) - In normal times, next week's slew of U.S. economic data could be a springboard for a December rally in the stock market. December is historically a strong month for markets. The S&P 500 has risen 16 times in the past 20 years during the month. But the market hasn't been operating under normal circumstances since November 7 when a day after the U.S. election, investors' focus shifted squarely to the looming "fiscal cliff. ...
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| Little progress in U.S. "fiscal cliff" talks Posted: 01 Dec 2012 09:06 AM PST  HATFIELD, Pennsylvania (Reuters) - With barely a month left before the "fiscal cliff," Republicans and Democrats remained far apart on Friday in talks to avoid the across-the-board tax hikes and spending cuts that threaten to throw the country back into recession. While President Barack Obama visited a Pennsylvania toy factory to muster public support for tax hikes on the rich, portraying Republicans as scrooges at Christmas time, his primary adversary in negotiations, Republican House Speaker John Boehner, continued to describe the situation as a stalemate. ...
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| Greek debt buy-back will not apply to Greece's pension funds: PM Posted: 01 Dec 2012 09:33 AM PST  ATHENS (Reuters) - Greek pension funds will not take part in a debt buy-back that is a key part of the country's international bailout, Greek Prime Minister Antonis Samaras said in a newspaper interview. "The debt buy-back does not concern the pension funds," Samaras was quoted as saying in an interview with Sunday's Proto Thema newspaper. Greek pension funds hold more than 8 billion euros out of a total 63 billion euros of Greek bonds held by private investors. ...
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| Bank of America shelves plan on new fees: WSJ Posted: 01 Dec 2012 09:40 AM PST  (Reuters) - Bank of America Corp , the second largest U.S. bank, is holding off on plans for new checking-account fees that could have affected some 10 million customers by year's end, avoiding a possible repeat of last year's protests over consumer banking fees, the Wall Street Journal reported on Saturday. The move to back off on its plan at least until late 2013 comes amid a review of Bank of America's retail banking business, the Journal reported, citing people familiar with the bank's plans. ...
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| Belgium and Eurostat haggle over Dexia deal Posted: 01 Dec 2012 09:04 AM PST  BRUSSELS (Reuters) - European statistics agency Eurostat and Belgium are at odds over whether a 2.92 billion euro ($3.80 billion) capital injection into ailing financial group Dexia should count towards the country's current budget, a spokesman said on Saturday. Belgium plans to classify the money pumped into Dexia as an investment rather than a cost, and in so doing stop it from inflating its budget deficit. In an initial finding, Eurostat has informed Belgium that this was not possible. ...
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| French unions rage at Hollande over Mittal deal Posted: 01 Dec 2012 08:03 AM PST  PARIS (Reuters) - French trade unions accused President Francois Hollande of betrayal on Saturday after his government backed away from a threat to nationalize ArcelorMittal's Florange steelworks. The Socialist government said on Friday it had won promises from ArcelorMittal to avoid forced redundancies and inject 180 million euros to develop the Florange plant, meaning it would no longer have to take over the site. ...
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| "The euro is a currency with a state", says ECB's Coeure Posted: 01 Dec 2012 05:41 AM PST  PARIS (Reuters) - European Central Bank policymaker Benoit Coeure urged euro zone governments on Saturday to forge a closer political union, arguing "the euro is a currency with a state" whose branches of government need more clearly defining. Praising the deal reached earlier this week to reduce Greece's debt burden as an unprecedented commitment by euro zone governments to keep the crisis-wracked state within the single currency, Coeure told an economic forum in Paris there needed to be closer political coordination to manage crises. ...
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| News Corp to name Thomson as Publishing Co CEO next week: sources Posted: 01 Dec 2012 06:39 AM PST  (Reuters) - News Corp is expected to name Robert Thomson, a close confidant of Chairman and CEO Rupert Murdoch, to lead its new publishing company by the end of next week, according to sources familiar with News Corp's plans. Thomson is currently managing editor of the Wall Street Journal and editor in chief of its publisher Dow Jones & Co, which News Corp acquired in 2007. Gerard Baker, currently the deputy editor of the Journal, is expected to succeed Thomson, according to these sources. ...
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| French firms must fight China for stake in Africa: Moscovici Posted: 01 Dec 2012 07:25 AM PST  ABIDJAN (Reuters) - French companies must go on the offensive and fight the growing influence of rival China for a stake in Africa's increasingly competitive markets, France's Finance Minister Pierre Moscovici said on Saturday. France, which once ruled over much of West Africa as colonial master, continued to exert direct and indirect influence over its ex-colonies for decades through a murky system of patronage known as "Francafrique". However, that regional reach is now being challenged by a new Chinese investment blitz. "It's evident that China is more and more present in Africa... ...
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| South Korea November exports show fragile, uneven global recovery Posted: 01 Dec 2012 03:57 AM PST SEOUL (Reuters) - South Korean exports last month marked their first back-to-back growth of the year, but demand from the advanced economies was weak, data showed on Saturday, indicating any global recovery would be fragile at best. November exports grew by 3.9 percent over a year earlier to $47.8 billion on top of a revised 1.1 percent rise in October, while imports last month rose by 0.7 percent to $43.3 billion, the Ministry of Knowledge Economy data showed. ... |
| Some wish Islam would inform climate debate Posted: 01 Dec 2012 01:17 AM PST  At Friday prayers in Qatar's most popular mosque, the imam discussed the civil war in Syria, the unrest in Egypt and the U.N. endorsement of an independent state of Palestine.
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| Merkel acknowledges Germans' frustration on Greece Posted: 01 Dec 2012 06:34 AM PST  Chancellor Angela Merkel said she understands the frustration felt by many Germans over the repeated bailout programs for debt-ridden Greece, but insisted they are in her country's self-interest because they help stabilize the eurozone as a whole.
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| Strike slows activity at busy Calif. port complex Posted: 01 Dec 2012 01:18 AM PST  A strike dramatically slowed activity at the ports of Los Angeles and Long Beach — the nation's busiest cargo complex — despite renewed efforts to end the walkout.
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| Stocks inch lower as investors wait on budget Posted: 30 Nov 2012 01:34 PM PST  Stocks ended the week more or less where they started it. Investors were watching closely while lawmakers in Washington worked at thrashing out a budget agreement.
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| Moody's downgrade eurozone bailout fund Posted: 30 Nov 2012 03:43 PM PST Rating agency Moody's has stripped the eurozone's new €500 billion ($615 billion) bailout fund of its top credit rating. |
| NY appeals court skeptical about startup's live TV Posted: 30 Nov 2012 04:03 PM PST A startup company trying to defend the legality of how it sends live TV programming to laptop computers, iPhones and other mobile devices encountered a skeptical appeals court panel on Friday. |
| Just Explain It: Why the Fiscal Cliff May Trigger a Recession Posted: 30 Nov 2012 03:49 PM PST As the country continues to head toward the fiscal cliff, this Just Explain It helps to make sense of what it is. |
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