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• Wall Street up slightly in choppy trade over "cliff" worry
• Hours from "fiscal cliff," still no deal in Congress
• Shares steady as U.S. totters on fiscal cliff
• Publisher Tribune emerges from bankruptcy
• CIBC to pay $149.5 million to Lehman estate, ending dispute
• China to keep prudent monetary policy in 2013: central bank
• Exclusive: Huawei partner offered embargoed HP gear to Iran
• Stung Bankia investors look to courts for justice
• China factory sector strongest since May 2011: survey
• Private equity firms to buy Duff & Phelps for $665 million
• Progress seen in last-minute 'fiscal cliff' talks
• Reid says 2 sides still apart on 'fiscal cliff'
• Deal reached for stopping spike in milk prices
• Stocks struggle for direction as 'cliff' nears
• Tribune leaves bankruptcy after 4 years
• FDA approves 1st new tuberculosis drug in 40 years
• 'The Hobbit' stays atop box office for third week
• Oil inches up as 'cliff' deadline approaches
• Greece: former finance minister faces prosecution
• Markets calm despite looming fiscal cliff

Wall Street up slightly in choppy trade over "cliff" worry Posted: 31 Dec 2012 07:26 AM PST NEW YORK (Reuters) - Wall Street edged higher in a choppy session on Monday, with the S&P 500 on track for double-digit gains for the year, as politicians bargained for a deal to avert the "fiscal cliff." Taxes were set to rise for many Americans this week unless U.S. lawmakers could cut a last-minute deal, an outcome that was possible but seemed unlikely. Senate Majority Leader Harry Reid said the Senate would reconvene at 11 a.m. Washington time (1600 GMT) to continue discussions on the fiscal cliff - $600 billion in automatic tax hikes and spending cuts that kick in January 1. ...

Hours from "fiscal cliff," still no deal in Congress Posted: 31 Dec 2012 08:14 AM PST WASHINGTON (Reuters) - Taxes were on track to rise for many Americans this week unless lawmakers could cut a last-minute deal on Monday to avoid the "fiscal cliff," an outcome that seemed unlikely, but still possible. Financial markets were on edge only hours before the midnight arrival at the long-awaited "cliff," an assortment of $600 billion in tax hikes and broad federal spending cuts on defense and domestic programs that has defied a political solution. ...

Shares steady as U.S. totters on fiscal cliff Posted: 31 Dec 2012 07:55 AM PST NEW YORK/LONDON (Reuters) - U.S. stocks edged up on Monday and global equities prepared to wrap up a strong year as U.S. lawmakers held last-minute talks to avoid a budget crisis that many fear could cripple the world economy in 2013. Traders still at their desks on the last day of the year were focused on talks in Washington, where politicians were trying to agree on a deal that would prevent $600 billion of tax increases and spending cuts from taking effect in January. ...

Publisher Tribune emerges from bankruptcy Posted: 31 Dec 2012 07:10 AM PST (Reuters) - Media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization. Chicago-based Tribune said on Sunday that its portfolio would include eight major daily newspapers and 23 TV stations. Tribune's controlling owners, which include hedge funds Oaktree Capital and Angelo, Gordon & Co, and JPMorgan Chase & Co intend to sell most, if not all, of its newspapers and already have expressions of interest for The Los Angeles Times, The Orlando Sentinel and others, Reuters has reported. ...

CIBC to pay $149.5 million to Lehman estate, ending dispute Posted: 31 Dec 2012 06:39 AM PST (Reuters) - Canadian Imperial Bank of Commerce said it would pay $149.5 million to the estate of Lehman Brothers Holdings Inc to resolve litigation over a collateralized debt obligation tied to the bankruptcy of the former Wall Street bank. In a statement on Monday, Canada's fifth-largest bank said the million payment was equal to $110.3 million after taxes. CIBC said it had previously recognized a gain of $841 million following Lehman's September 15, 2008, bankruptcy, when it had reduced to zero its financial commitment related to a note issued by the CDO. ...

China to keep prudent monetary policy in 2013: central bank Posted: 31 Dec 2012 04:03 AM PST BEIJING (Reuters) - China will stick to a prudent monetary policy next year and keep consumer prices stable, its outgoing central bank governor, Zhou Xiaochuan, said on Monday, in fresh sign that Beijing won't be changing direction when the new government takes over in 2013. Reiterating China's long-stated vow to reduce the level of central planning in its economy and make room for more market forces, Zhou also said China will deepen reforms in its financial sector in 2013. ...

Exclusive: Huawei partner offered embargoed HP gear to Iran Posted: 30 Dec 2012 03:06 PM PST (Reuters) - A major Iranian partner of Huawei Technologies offered to sell at least 1.3 million euros worth of embargoed Hewlett-Packard computer equipment to Iran's largest mobile-phone operator in late 2010, documents show. China's Huawei, the world's second largest telecommunications equipment maker, says neither it nor its partner, a private company registered in Hong Kong, ultimately provided the HP products to the telecom, Mobile Telecommunication Co of Iran, known as MCI. ...

Stung Bankia investors look to courts for justice Posted: 31 Dec 2012 03:13 AM PST MADRID (Reuters) - Spanish savers and pensioners who have seen their money wiped out by investing in state-rescued lender Bankia are likely to seek redress in court rather than wait for any official inquiry, which looks increasingly unlikely. About 350,000 stockholders will share the pain of the bank's European bailout, many of them bank clients who were sold the shares through an aggressive marketing campaign for its stock market flotation in 2011. ...

China factory sector strongest since May 2011: survey Posted: 31 Dec 2012 03:11 AM PST BEIJING (Reuters) - Activity in China's vast manufacturing sector hit its fastest pace in December since May 2011, a survey of private factory managers showed, with a sub-index for new orders pointing to continued strength in the new year. The final reading for the HSBC Purchasing Managers' Index rose to 51.5 in December, well above the preliminary reading of 50.9 published in the middle of the month and November's final reading of 50.5. ...

Private equity firms to buy Duff & Phelps for $665 million Posted: 30 Dec 2012 02:05 PM PST NEW YORK (Reuters) - A group of private equity firms, including the Carlyle Group , struck a deal on Sunday to buy financial advisory and investment banking firm Duff & Phelps Corp for about $665.5 million. Duff & Phelps said the firms will pay $15.55 a share to stockholders. The other buyers in the consortium are Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group. The buyers are offering a premium of 19.2 percent for the company, which closed at $13.05 a share on Friday. The deal allows Duff & Phelps Corp. ...

Progress seen in last-minute 'fiscal cliff' talks Posted: 31 Dec 2012 08:47 AM PST WASHINGTON (AP) — Working against a midnight deadline, negotiators for the White House and congressional Republicans narrowed their differences Monday on legislation to avert across-the-board tax increases.

Reid says 2 sides still apart on 'fiscal cliff' Posted: 31 Dec 2012 08:16 AM PST WASHINGTON (AP) — Senate Majority Leader Harry Reid says the two sides are still apart as they race against a midnight deadline for resolving their differences over the "fiscal cliff."

Deal reached for stopping spike in milk prices Posted: 30 Dec 2012 06:14 PM PST The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.

Stocks struggle for direction as 'cliff' nears Posted: 31 Dec 2012 08:55 AM PST NEW YORK (AP) — With the "fiscal cliff" just hours away and politicians yet to reach a solution, the stock market struggled to decide which way to go.

Tribune leaves bankruptcy after 4 years Posted: 31 Dec 2012 06:43 AM PST CHICAGO (AP) — Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after the media company sought bankruptcy protection.

FDA approves 1st new tuberculosis drug in 40 years Posted: 31 Dec 2012 08:21 AM PST WASHINGTON (AP) — The Food and Drug Administration on Monday approved a Johnson & Johnson tuberculosis drug that is the first new medicine to fight the deadly infection in more than four decades.

'The Hobbit' stays atop box office for third week Posted: 31 Dec 2012 05:19 AM PST LOS ANGELES (AP) — "The Hobbit: An Unexpected Journey" continues to rule them all at the box office, staying on top for a third-straight week and capping a record-setting $10.8 billion year in moviegoing.

Oil inches up as 'cliff' deadline approaches Posted: 31 Dec 2012 07:50 AM PST NEW YORK (AP) — Oil prices are up slightly Monday after U.S. political leaders indicated they are closer to a compromise, just hours ahead of the "fiscal cliff" deadline.

Greece: former finance minister faces prosecution Posted: 31 Dec 2012 07:24 AM PST ATHENS, Greece (AP) — Greece's coalition government called on Monday for the indictment of former Finance Minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax records were to be re-examined.

Markets calm despite looming fiscal cliff Posted: 31 Dec 2012 08:26 AM PST LONDON (AP) — Markets appeared Monday to take in stride the ongoing failure of U.S. politicians to agree to a budget deal in time to avoid automatic tax increases and spending cuts that many economists think could tilt the world's largest economy back into recession.

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