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• Wall Street flat, awaits movement on fiscal cliff talks
• "Fiscal cliff" struggle prompts Republican infighting
• JPMorgan realigns executives in corporate and investment banking
• Baxter to buy Sweden's Gambro for $4 billion
• PIMCO's Gross cites structural hurdles to recovery
• Exclusive: UBS to bid for GE's Swiss lending unit - sources
• U.S. bank industry posts highest earnings since 2006
• Coca-Cola to fuel Core Power with dairy company stake
• Franco-German rift threatens plan for banking union
• Toll Brothers results indicate steady housing recovery
• US bank earnings up 6.6 pct., most in 6 years
• GOP 'fiscal cliff' plan echoes failed budget talks
• US home prices rise in October by most in 6 years
• Stocks little changed as budget talks continue
• Court rejects Verizon challenge to roaming rule
• Fast-growing fish may never wind up on your plate
• Study: Drug coverage to vary under health law
• Icahn gives up bid for truck maker Oshkosh
• Toll Brothers 4Q net income soars on tax benefit
• Germany, France at odds over EU banking supervisor

Wall Street flat, awaits movement on fiscal cliff talks Posted: 04 Dec 2012 07:25 AM PST NEW YORK (Reuters) - Stocks were little changed in early trading on Tuesday as the market remains hostage to negotiations in Washington on how to avert a "fiscal cliff" that could push the U.S. economy into recession. Republicans in Congress proposed steep spending cuts to bring down the budget deficit on Monday but gave no ground on President Barack Obama's call to raise taxes on the wealthiest Americans, and the proposal was quickly dismissed by the White House. Headlines about the back-and-forth preliminary proposals by Republicans and Democrats have fixated the market. ...

"Fiscal cliff" struggle prompts Republican infighting Posted: 04 Dec 2012 09:11 AM PST (Reuters) - Republicans in the Congress attacked each other on Tuesday over their leadership's "fiscal cliff" offer to Democratic President Barack Obama as a group of governors visited the White House to voice concern about the impact on the states of the year-end tax-and-spending deadline. The disarray in Republican ranks over how far to compromise the party's anti-tax stance could complicate what are expected to be intense negotiations between House Speaker John Boehner and Obama. Each will need the backing of their respective troops in Congress in order to bargain credibly. ...

JPMorgan realigns executives in corporate and investment banking Posted: 04 Dec 2012 08:17 AM PST (Reuters) - JPMorgan Chase & Co said it was recasting responsibilities of some of its executives in corporate and investment banking after deciding in July to put two key business segments into one. The steps, announced on Tuesday in an employee memo provided to Reuters, raise the profiles of two emerging markets specialists and leave an ambiguous status for Greg Guyett, who had held the title of chief executive officer of JPMorgan's global corporate bank. ...

Baxter to buy Sweden's Gambro for $4 billion Posted: 04 Dec 2012 08:52 AM PST (Reuters) - Healthcare products maker Baxter International Inc said on Tuesday that it would buy privately held Swedish dialysis product company Gambro AB for about $4 billion to expand its kidney therapy portfolio. Baxter, whose shares were down 1 percent, will finance the deal with debt and cash. The deal marks Baxter's biggest acquisition since Chief Executive Robert Parkinson took the helm in 2004. Baxter manufactures kidney dialysis equipment, drug infusion pumps and blood therapy products. ...

PIMCO's Gross cites structural hurdles to recovery Posted: 04 Dec 2012 09:10 AM PST NEW YORK (Reuters) - PIMCO's Bill Gross, in his final investment letter of the year, reiterated his sober outlook, saying "there may be no miracle policy drugs" for structural impediments to recovery in the U.S. and global economies. "The real cause of slower economic growth lies hidden in a number of structural as opposed to cyclical headwinds that may be hard to reverse," Gross said in his December investment outlook released on Tuesday. ...

Exclusive: UBS to bid for GE's Swiss lending unit - sources Posted: 04 Dec 2012 08:44 AM PST ZURICH (Reuters) - U.S. group General Electric wants to sell its Swiss consumer lending business and UBS is a possible bidder in a deal that could be worth up to 1.5 billion Swiss francs ($1.6 billion), sources said. Swiss bank UBS is one of at least two parties who planned to submit bids for GE Money Bank in an auction process, two people familiar with the matter told Reuters on Tuesday. "GE wants to finalize the sale ... by the end of the first quarter," one of the sources said. ...

U.S. bank industry posts highest earnings since 2006 Posted: 04 Dec 2012 09:05 AM PST WASHINGTON (Reuters) - The U.S. banking industry's third-quarter earnings were the highest for any quarter since 2006 as revenue growth picked up and banks set aside less money to guard against losses, according to data released on Tuesday by the Federal Deposit Insurance Corp. The FDIC quarterly report showed the industry earned $37.6 billion in the third quarter - up $2.3 billion, or 6.6 percent, from a year earlier. That was the industry's highest quarterly total since the third quarter of 2006, the FDIC said. ...

Coca-Cola to fuel Core Power with dairy company stake Posted: 04 Dec 2012 08:33 AM PST (Reuters) - Coca-Cola Co is taking an equity stake in the maker of the Core Power protein drink, the world's largest soft drink company said on Tuesday, as it increases its bet on milk-based beverages. Coca-Cola said it and Select Milk Producers Inc, a cooperative of dairy farmers, were taking equal stakes in the Core Power maker, which will now be known as Fair Oaks Farms Brands LLC. Coca-Cola spokeswoman Kerry Tressler would not say how big the stakes are, but said the investment could increase over time. ...

Franco-German rift threatens plan for banking union Posted: 04 Dec 2012 06:45 AM PST BRUSSELS (Reuters) - Germany and France clashed publicly on Tuesday over plans to put the European Central Bank in charge of supervising banks, deepening a dispute over the scope of ECB powers that threatens to derail one of Europe's boldest reforms. With time running out to meet a pledge to complete the legal framework for an EU-wide banking union by the end of the year, Germany's Wolfgang Schaeuble told a meeting of EU finance ministers he could not support a plan that would give the ECB the final say on supervision. ...

Toll Brothers results indicate steady housing recovery Posted: 04 Dec 2012 07:35 AM PST (Reuters) - Toll Brothers Inc , the largest luxury homebuilder in the United States, reported a higher quarterly profit and said new orders rose sharply, indicating that the U.S. housing market is well on its way to recovery. The U.S. housing recovery has gained traction this year with prices for single-family homes having risen since February. Economists expect home construction to add to U.S. economic growth this year for the first time since 2005. Toll's shares were up 4 percent at $33.69 in early trading on Tuesday on the New York Stock Exchange. ...

US bank earnings up 6.6 pct., most in 6 years Posted: 04 Dec 2012 08:42 AM PST U.S. banks earned more from July through September than in any other quarter over the past six years. The increase is further evidence that the industry is strengthening four years after the 2008 financial crisis.

GOP 'fiscal cliff' plan echoes failed budget talks Posted: 04 Dec 2012 09:24 AM PST Republicans are proposing a "fiscal cliff" plan that revives ideas from failed budget talks with President Barack Obama last year, calling for raising the eligibility age for Medicare, lowering cost-of-living hikes for Social Security benefits and bringing in $800 billion in higher tax revenue.

US home prices rise in October by most in 6 years Posted: 04 Dec 2012 09:01 AM PST A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.

Stocks little changed as budget talks continue Posted: 04 Dec 2012 09:02 AM PST Stocks were little changed Wall Street in midday trading Tuesday as budget talks continued in Washington.

Court rejects Verizon challenge to roaming rule Posted: 04 Dec 2012 08:43 AM PST A federal appeals court has rejected a Verizon challenge to a Federal Communications Commission rule aimed at increasing competition in wireless broadband service.

Fast-growing fish may never wind up on your plate Posted: 04 Dec 2012 08:02 AM PST Salmon that's genetically modified to grow twice as fast as normal could soon show up on your dinner plate. That is, if the company that makes the fish can stay afloat.

Study: Drug coverage to vary under health law Posted: 04 Dec 2012 08:07 AM PST A new study says basic prescription drug coverage could vary dramatically from state to state under President Barack Obama's health care overhaul.

Icahn gives up bid for truck maker Oshkosh Posted: 04 Dec 2012 08:15 AM PST Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.

Toll Brothers 4Q net income soars on tax benefit Posted: 04 Dec 2012 07:16 AM PST Toll Brothers says its fiscal fourth-quarter net income soared, helped by a large income tax benefit and a 48 percent rise in revenue. The luxury homebuilder delivered more homes and its order backlog increased.

Germany, France at odds over EU banking supervisor Posted: 04 Dec 2012 09:25 AM PST European Union countries are dragging themselves to a year-end summit with a heavy load of unfinished business aimed at shoring up confidence in the region in the wake of the three-year financial crisis.

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