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• As "fiscal cliff" nears, market complacency sets in
• IMF chief says U.S. needs blend of spending cuts, revenue raising
• Charleston, like many cities, on edge of "fiscal cliff"
• China's Wanxiang wins auction for U.S. government-backed A123
• China November factory output jumps to eight-month high
• Toyota to delay launch of new China output line: media
• UK anti-austerity protestors target Starbucks cafes
• Senator: GOP could accept higher taxes on wealthy
• TV technical union strikes against Pac-12 Networks

As "fiscal cliff" nears, market complacency sets in Posted: 09 Dec 2012 06:56 AM PST NEW YORK (Reuters) - Like many on Wall Street, investor Todd Petzel cringed when U.S. Treasury Secretary Timothy Geithner said this past Wednesday that he was ready to let the economy go over the "fiscal cliff" if Republicans would not agree to higher tax rates on the rich. "I didn't think good things would come out of the comment," said Petzel, the chief investment officer at Offit Capital Advisors in New York. "But nothing happened. ...

IMF chief says U.S. needs blend of spending cuts, revenue raising Posted: 09 Dec 2012 06:48 AM PST WASHINGTON (Reuters) - The United States needs a balanced, comprehensive approach to tackle its fiscal woes that should include a mix of spending cuts and revenue increases, the head of the International Monetary Fund said on Sunday. "My view, personally, is that the best way to go forward is to have a balanced approach that takes into account both increasing the revenue, which means, you know, either raising taxes or creating new sources of revenue, and cutting spending," IMF Managing Director Christine Lagarde said in a pre-taped interview on CNN's "State of the Union," which aired on ...

Charleston, like many cities, on edge of "fiscal cliff" Posted: 09 Dec 2012 08:08 AM PST CHARLESTON, South Carolina (Reuters) - For 37 years straight, Joseph P. Riley Jr. has sat behind the mayor's desk here, shaping this city and its budget. On a recent afternoon, Riley, 69, reached for a draft copy of next year's spending plan and wondered aloud about what might get cut should politicians in Washington fail to find an agreement this month, unleashing $600 billion worth of spending reductions and tax hikes next year. Hiring new police officers for the city of 123,000 could be put on hold, Riley said. A new piece of equipment for the fire department would have to wait. ...

China's Wanxiang wins auction for U.S. government-backed A123 Posted: 08 Dec 2012 09:18 PM PST WILMINGTON, Delaware (Reuters) - China's largest maker of auto parts won a politically sensitive auction for A123 Systems Inc , a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, A123's investment banker said on Saturday. Timothy Pohl of Lazard Freres said Wanxiang Group Corp's bid of about $260 million topped a joint bid from Johnson Controls Inc of Milwaukee and Japan's NEC Corp for the maker of lithium-ion batteries. ...

China November factory output jumps to eight-month high Posted: 08 Dec 2012 11:46 PM PST BEIJING (Reuters) - Growth in China's factory output and retail sales jumped to eight-month highs in November as consumer inflation bounced off 33-month lows in the latest sign that its economy is snapping out of a protracted slump. Analysts said Sunday's data showed China is enjoying an enviable mix of benign inflation and rebounding economic growth that allows Beijing to stand still on monetary and fiscal policies, or switch to an easier stance if needed. ...

Toyota to delay launch of new China output line: media Posted: 08 Dec 2012 08:18 PM PST TOKYO (Reuters) - Toyota Motor Corp is set to delay the launch of a new production line at its plant in Tianjin, northern China, because a decline in its Chinese sales is likely to continue for the foreseeable future, Japan's Asahi newspaper reported on Sunday Toyota had hoped to complete its new fourth line at the plant, with annual capacity of 200,000 vehicles, around December 2014. The Asahi report, which did not cite any sources, said recovery of Toyota's sales in China would determine a new schedule for the production line. ...

UK anti-austerity protestors target Starbucks cafes Posted: 08 Dec 2012 10:39 AM PST LONDON (Reuters) - Hundreds of demonstrators protested at Starbucks cafes across Britain on Saturday accusing the U.S. coffee chain of avoiding paying corporation tax at a time when the government was cutting essential services because of a fall in revenues. At one central London outlet activists from the anti-austerity UK Uncut movement staged a sit-in, chanting "Starbucks pay your taxes" and briefly setting up a children's crèche before police moved them on. Protests were held at more than 40 of the multinational's cafes, including in Liverpool, Birmingham and Cardiff, UK Uncut said. ...

Senator: GOP could accept higher taxes on wealthy Posted: 09 Dec 2012 07:47 AM PST Republican Sen. Bob Corker says he and probably many other GOP senators would consider raising the top tax rate paid by the wealthiest Americans if it meant reforming big entitlement programs such as Medicare.

TV technical union strikes against Pac-12 Networks Posted: 08 Dec 2012 08:54 PM PST The union representing freelance technical employees who work on live sporting events for Pac-12 Networks went on strike Saturday.

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