| Senate approves "fiscal cliff" deal, crisis eased Posted: 01 Jan 2013 06:00 AM PST  WASHINGTON (Reuters) - The Senate moved the U.S. economy back from the edge of a "fiscal cliff" on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives. In a rare New Year's session at around 2 a.m. EST (0700 GMT), senators voted 89-8 to raise some taxes on the wealthy while making permanent low tax rates on the middle class that have been in place for a decade. But the measure did little to rein in huge annual budget deficits that have helped push the U.S. debt to $16.4 trillion. ...
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| Analysis: Economy would dodge bullet for now under fiscal deal Posted: 01 Jan 2013 04:26 AM PST  WASHINGTON (Reuters) - A deal worked out by Senate leaders to avoid the "fiscal cliff" was far from any "grand bargain" of deficit reduction measures. But if approved by the House of Representatives, it could help the country steer clear of recession, although enough austerity would remain in place to likely keep the economy growing at a lackluster pace. The Senate approved a last-minute deal early Tuesday morning to scale back $600 billion in scheduled tax hikes and government spending cuts that economists widely agree would tip the economy into recession. ...
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| Insight: How Colombian drug traffickers used HSBC to launder money Posted: 31 Dec 2012 10:06 PM PST  (Reuters) - When several Colombian men were indicted in January 2010 on money-laundering charges, the case in Brooklyn federal court drew little attention. It looked like a bust of another nexus of drug traffickers and money launderers, with mainly small-time operatives paying the price for their crimes. One of the men was Julio Chaparro, a 48-year-old father of four who owned three factories that made children's clothing in Colombia. But to U.S. authorities the case was anything but ordinary. ...
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| Wall Street ends 2012 riding high on "cliff" deal optimism Posted: 01 Jan 2013 06:27 AM PST  NEW YORK (Reuters) - U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations. The S&P 500's gain for the year marks its best performance since 2009, as stocks navigated through debt crises in Europe and the United States that dominated the headlines. Still, with numerous issues involving budget talks unresolved, markets could still be open to a shock should the deal break down unexpectedly. ...
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| Sharp considering raising $1.2 billion to beef up capital: media Posted: 31 Dec 2012 06:45 PM PST  TOKYO (Reuters) - Struggling Japanese TV maker Sharp Corp is considering raising more than 100 billion yen ($1.2 billion) this spring to bolster its capital base, the Yomiuri newspaper reported on Tuesday. The debt-laden company, whose displays are used in Apple Inc's iPads and iPhones, was forced to seek a bailout from banks in September and has forecast a loss of 155 billion yen for the fiscal year to March 2013, hit by rising costs from a strong yen and tough competition from its South Korean rivals. Sharp's capital-to-asset ratio is likely to fall to around 8 percent in March. ...
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| China official factory PMI points to steady growth revival Posted: 31 Dec 2012 07:08 PM PST  BEIJING (Reuters) - China's official manufacturing purchasing managers' index held steady in December at 50.6, matching November's seven-month high, as growth in new orders was unchanged and the pace of output softened marginally. With the main index above 50 for three straight months, the survey indicates that China's vast factory sector is expanding. The official PMI was released a day after a similar survey by HSBC suggested manufacturing activity at its strongest since May 2011. ...
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| Best Buy loses two board directors Posted: 31 Dec 2012 06:32 PM PST  (Reuters) - Best Buy Co Inc said on Monday that two of its board directors had resigned, including one of its former chief executives, almost seven months after its founder, who is now mounting a bid for the struggling retailer, left the board. The departures will leave Best Buy with four vacancies on its 11-member board. The company's fortunes have faltered as consumers increasingly use its big box stores as showrooms for products they end up buying online at Amazon.com Inc and other websites. Best Buy said that G. ...
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| Major banks close to big settlement on home loans Posted: 31 Dec 2012 09:07 AM PST  (Reuters) - U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers, a source familiar with the talks said. The settlement with five big banks would be part of a larger deal that the Office of the Comptroller of the Currency hopes will include 14 banks and total about $10 billion, the source said. ...
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| Shaw CEO sells most of stake after shareholders ok CB&I deal Posted: 31 Dec 2012 03:26 PM PST (Reuters) - James Bernhard, chief executive of engineering company Shaw Group Inc , has sold off most of his stake in the company he founded after shareholders approved a sale to Chicago Bridge and Iron Co NV this month. Late last week, Bernhard reduced his shareholding in Shaw to 143,356 shares from 1,131,603, according to filings with U.S. securities regulators on Monday, in a sale that would have raised more than $45 million. In criticizing the deal price of $46 per share that Bernhard negotiated for Shaw, H. ... |
| Live Nation Chairman Azoff resigns; Liberty buys shares Posted: 31 Dec 2012 02:54 PM PST  (Reuters) - Irving Azoff, a legendary music manager who helped make stars out of The Eagles and Christina Aguilera, resigned as chairman of Live Nation Entertainment and sold some of his stake in the concert promotion giant to John Malone's Liberty Media Corp. Azoff is expected to start a new talent management agency, and is expected to take some of his former clients with him, according to a person familiar with his exit. Those acts haven't been identified. Liberty Media said in a statement that its acquisition of some of Azoff's shares increased the company's stake to 26.4 percent. ...
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| Bill to avert fiscal cliff heads to House Posted: 01 Jan 2013 09:02 AM PST  WASHINGTON (AP) — Squarely in the spotlight, House Republicans planned a closed-door meeting Tuesday to decide their next move after the Senate overwhelmingly approved compromise legislation negating a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies.
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| Details of Senate bill averting 'fiscal cliff' Posted: 01 Jan 2013 08:49 AM PST Highlights of a bill approved Tuesday by the Senate aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that were due to expire at midnight Monday. It would also delay for two months across-the-board cuts to the budgets of the Pentagon and numerous domestic agencies. |
| US may skirt 'fiscal cliff' but faces higher taxes Posted: 01 Jan 2013 08:46 AM PST WASHINGTON (AP) — A last-ditch tax deal in the Senate might let the U.S. economy escape the worst of the so-called fiscal cliff and avoid going back into recession. But even if the House goes along, the tax increases likely coming in 2013 will dent economic growth anyway. |
| Political brinksmanship still threatens US economy Posted: 01 Jan 2013 08:48 AM PST  WASHINGTON (AP) — Even if U.S. lawmakers prevent the worst of the so-called fiscal cliff, the brinksmanship in Washington over taxes and spending is likely to continue damaging the fragile economy well into 2013.
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| California newspaper defies trend to shrink costs Posted: 01 Jan 2013 07:58 AM PST SANTA ANA, Calif. (AP) — A major Southern California newspaper is defying conventional wisdom by spending heavily to expand in print. |
| Stocks shoot up as investors bet on 'cliff' deal Posted: 31 Dec 2012 02:21 PM PST  NEW YORK (AP) — The stock market shot higher on Monday even as the "fiscal cliff" neared. By the time trading ended, Republicans and Democrats still hadn't reached a budget compromise — but investors were betting that they would.
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| Congress tightens belt, trims spy budget for 2013 Posted: 01 Jan 2013 12:24 AM PST WASHINGTON (AP) — Congress has drastically trimmed the budget for U.S. spies and satellites for 2013, though not quite as deeply as the White House wanted. |
| Deal will prevent spike in milk prices Posted: 31 Dec 2012 09:32 PM PST  WASHINGTON (AP) — A potential doubling of milk prices will be averted as part of the compromise that White House and congressional bargainers reached on wide-ranging legislation to avert the "fiscal cliff," a leading senator said late Monday.
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| US hits borrowing limit, moves to avoid default Posted: 31 Dec 2012 08:35 PM PST WASHINGTON (AP) — The U.S. government is running up against its $16.4 trillion borrowing limit and is taking steps to avoid default. |
| Shell drill ship runs aground on island off Alaska Posted: 01 Jan 2013 02:41 AM PST  ANCHORAGE, Alaska (AP) — Royal Dutch Shell PLC's foray into Arctic offshore drilling has suffered a serious setback after one of its two Alaska drilling rigs ran aground in shallow water off a small island.
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