| Geithner predicts Republicans will allow higher tax rates Posted: 02 Dec 2012 08:18 AM PST  WASHINGTON (Reuters) - President Barack Obama's top fiscal negotiator pressed Republicans on Sunday to offer specifics on deficit reduction, and predicted they would agree to raise tax rates on the rich to secure a year-end deal to avoid possible economic doom. Treasury Secretary Timothy Geithner said "I can't promise" that the United States won't go over a looming "fiscal cliff," triggering automatic tax hikes for most Americans and deep spending cuts in early 2013. He insisted it is up to Republicans. ...
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| House Speaker Boehner says no progress in budget talks Posted: 02 Dec 2012 06:31 AM PST  WASHINGTON (Reuters) - House Speaker John Boehner said White House and Republican negotiators had made no progress in talks to avert the "fiscal cliff" of sharp tax hikes and deep spending cuts that looms early in January. "We're nowhere" Boehner, the top House Republican, said on "Fox News Sunday." "We've put a serious offer on the table by putting revenues up there. ... But the White House has responded with virtually nothing," he said. Boehner said Congress will never agree to the White House suggestion that the federal debt limit be raised without a congressional vote. ...
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| Starbucks says may pay more UK tax Posted: 02 Dec 2012 08:21 AM PST  LONDON (Reuters) - Coffee chain Starbucks said it was considering changes to its UK tax practices, which allowed it to make billions in revenue while paying little in income taxes, following criticism from lawmakers, tax campaigners and the media. A Reuters examination of Starbucks accounts published in October showed the company had reported 13 years of losses at its UK unit, even as it told investors the operation was profitable and among the best performing of its overseas markets. ...
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| Emails suggest SEC's Schapiro delayed JOBS Act rule amid concerns about legacy Posted: 01 Dec 2012 07:03 PM PST  WASHINGTON (Reuters) - Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show. ...
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| Fed trio spars on low-rate policy ahead of December meeting Posted: 01 Dec 2012 04:56 PM PST  CHICAGO (Reuters) - Three top Federal Reserve officials on Saturday offered sharply different takes on the U.S. central bank's unprecedented efforts to push down long-term borrowing costs, highlighting what may be some key themes at the Fed's upcoming policy-setting meeting. Charles Evans, the dovish president of the Chicago Fed, made no bones about his view that more policy accommodation is needed, repeating his call for keeping rates low until unemployment falls to at least 6.5 percent, as long as inflation does not threaten to rise above 2.5 percent. ...
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| Delta eyes Virgin Atlantic swoop: Sunday Times Posted: 02 Dec 2012 05:09 AM PST  LONDON (Reuters) - Delta Air Lines, America's largest airline, is plotting to take control of Virgin Atlantic after making a secret approach to the British carrier's Asian shareholder, Britain's Sunday Times reported. Delta is understood to have offered to buy Singapore Airlines' 49 percent stake in Virgin. If it succeeds, Delta's European partner Air France-KLM may then buy part of Richard Branson's 51 percent stake, seeing its founder lose control of the airline for the first time. ...
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| BP to outline upstream growth strategy Posted: 02 Dec 2012 05:59 AM PST  LONDON (Reuters) - BP will outline growth plans for its oil and gas production arm on Monday in its first strategy update since striking a series of deals aimed at getting its Russian and U.S. operations back on track. Like all top investor-owned western oil firms, BP is struggling to increase output and reserves in an era when nations guard their resource wealth jealously, and spending ever more billions of dollars to find new supplies and develop them. The United States and Russia contribute about half the company's output. ...
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| Analysis: Greek deal puts euro zone in slow recovery room Posted: 02 Dec 2012 01:42 AM PST  PARIS (Reuters) - The euro zone is in the recovery room now the danger of a Greek default has been averted for a couple of years, but it is not yet safe from a Japanese-style "lost decade". The currency area's escape route hinges more on the pace of expansion in the United States and China, lifting the world economy, than on the policy mix in Europe, which will continue to favour austerity over growth in 2013. ...
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| 'Cliff' talks: Geithner invites GOP counteroffer Posted: 02 Dec 2012 06:53 AM PST  President Barack Obama is ready to entertain Republican proposals for spending cuts, but GOP lawmakers must first commit to higher tax rates on the rich and specify what additional spending cuts they want in a deal to avoid the looming "fiscal cliff," Treasury Secretary Timothy Geithner said.
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| AP IMPACT: China overtaking US as global trader Posted: 02 Dec 2012 08:06 AM PST  Shin Cheol-soo no longer sees his future in the United States.
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| Boehner tells Geithner, 'You can't be serious' Posted: 02 Dec 2012 06:58 AM PST  House Speaker John Boehner says he was "flabbergasted" when Treasury Secretary Tim Geithner (GYT'-nur) pitched the White House plan to save the nation from the "fiscal cliff."
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| AP Interview: New Zealand slams Kyoto extension Posted: 02 Dec 2012 06:27 AM PST  New Zealand's climate minister on Sunday strongly defended a decision not to sign an extension of the Kyoto treaty that limits greenhouse gas emissions, saying the pact is outdated, and his country's policy is "ahead of the curve."
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| Katzenberg, Spielberg attend Governors Awards Posted: 02 Dec 2012 02:41 AM PST  Tom Hanks. Quincy Jones. Kristen Stewart. Warren Beatty. Quentin Tarantino. George Lucas. Steven Spielberg. Kirk Douglas. Amy Adams. Richard Gere.
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| Crystal Sugar workers reject contract 4th time Posted: 01 Dec 2012 07:44 PM PST Their ranks thinned by a 16-month lockout, American Crystal Sugar Co. workers on Saturday rejected a contract for the fourth time. |
| Merkel does not rule out Greek haircut after 2014 Posted: 02 Dec 2012 07:37 AM PST Germany no longer rules out the possibility of forgiving Greece some of its debt once the country's finances are in order, Chancellor Angela Merkel said, signaling a softening of her government's tough stance on Greece. |
| UK finance boss: Debt-cutting slower than expected Posted: 02 Dec 2012 03:55 AM PST Britain's Treasury chief acknowledged Sunday the economy is taking longer than expected to recover from the financial crisis, but insisted he will not waver from his policy of tax hikes and spending cuts. |
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