| Wall Street surges in wake of fiscal pact Posted: 02 Jan 2013 07:17 AM PST  NEW YORK (Reuters) - Stocks surged on the first trading day of 2013 after lawmakers agreed a deal to avoid massive tax hikes and spending cuts that had threatened to hurt economic growth. The gains come after stocks ended 2012 with their strongest day in more than a month, which put the S&P 500 up 13.4 percent for the year, after a flat performance in 2011. Late on Tuesday, the House of Representatives voted for a bill that will raise taxes on wealthy individuals and families and preserve certain benefits. The vote averted immediate austerity measures, like tax hikes for almost all U.S. ...
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| Bigger fights loom after "fiscal cliff" deal Posted: 02 Jan 2013 08:44 AM PST  WASHINGTON (Reuters) - President Barack Obama and congressional Republicans looked ahead on Wednesday toward the next round of even bigger budget fights after reaching a hard-fought "fiscal cliff" deal that narrowly averted potentially devastating tax hikes and spending cuts. The agreement, approved late on Tuesday by the Republican-led House of Representatives after a bitter political struggle, was a victory for Obama, who had won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. ...
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| Manufacturing ends 2012 up despite "cliff" fear Posted: 02 Jan 2013 08:50 AM PST  NEW YORK (Reuters) - U.S. manufacturing ended 2012 on an upswing despite fears about the "fiscal cliff," data showed on Wednesday. U.S. factories returned to growth in December after contracting the previous month, the Institute for Supply Management said. Its index of national factory activity rose to 50.7 up from 49.5 in November, narrowly beating the consensus forecast in a Reuters poll. The ISM index had fallen to a 40-month low in November. ...
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| Euro zone factory slump deepens but U.S., Asia perk up Posted: 02 Jan 2013 07:31 AM PST  WASHINGTON/LONDON (Reuters) - Euro zone factories sank deeper into recession in December as new orders tumbled, business surveys showed on Wednesday, a sharp contrast to continuing signs of revival in the United States and China. U.S. factory activity rebounded last month after an unexpected contraction in November, adding to signs of momentum in the world's largest economy as 2012 ended. The Institute for Supply Management's index of U.S. factory activity rose to 50.7 from 49.5 in November. ...
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| Avis to buy Zipcar as slow economy boosts car-share business Posted: 02 Jan 2013 08:17 AM PST  (Reuters) - Car rental company Avis Budget Group Inc will buy Zipcar Inc for about $500 million, surpassing larger rivals Hertz Global Holdings Inc and Enterprise Holdings Inc to become the No.1 player in the fast-growing U.S. car-sharing market. The offer of $12.25 per share in cash represents a premium of 49 percent to Zipcar's Monday close. Zipcar's shares were up 48.8 percent at $12.26 on the Nasdaq on Wednesday morning. ...
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| DoubleLine launches stock management division Posted: 02 Jan 2013 08:14 AM PST  NEW YORK (Reuters) - DoubleLine Capital LP, the $53 billion firm run by star bond investor Jeffrey Gundlach, said on Wednesday that it is now managing stock portfolios in a new division called DoubleLine Equity LP. The firm, which surpassed $50 billion in bond assets last year after launching in 2009, said in a news release that it has tapped former TCW Group portfolio managers Brendt Stallings and Husam Nazer to expand its stock division. ...
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| ArcelorMittal to sell $1.1billion stake in Canadian unit Posted: 02 Jan 2013 02:58 AM PST  SEOUL/BRUSSELS (Reuters) - ArcelorMittal , the world's biggest steelmaker, will sell a 15 percent stake in one of its Canadian iron ore operations, raising $1.1 billion to help pay off debt at a time of sluggish demand. The group, which makes about 6-7 percent of the world's steel, will sell the stake in ArcelorMittal Mines Canada to a consortium including South Korean steelmaker POSCO and Taiwan-listed China Steel , it said on Wednesday. ...
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| New-car sales to grow 6.6 percent to 15.3 million in 2013: Polk Posted: 02 Jan 2013 06:41 AM PST  (Reuters) - New-vehicle sales are expected to top 15 million this year, helped by growth in the large pickup truck sector and an improving economy, according to market research firm Polk. New car and truck registrations, which closely track sales, are expected to rise 6.6 percent in 2013 to 15.3 million vehicles, Polk said. Sales are expected to finish 2012 at about 14.5 million vehicles. Polk expects registrations to rise to 15.8 million vehicles in 2014, and 16.2 million in 2016, to settle at 16 million in 2016. Industry sales last topped 16 million in 2007. ...
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| Global factory activity rises in December for first time since May: PMI Posted: 02 Jan 2013 08:31 AM PST LONDON (Reuters) - Global manufacturing activity expanded last month for the first time since May, supported by solid output gains in China, the United States and Britain, a business survey showed on Wednesday. JPMorgan's Global Manufacturing PMI, produced with research and supply management organizations, rose to 50.2 in December from November's 49.6, nudging above the 50-mark that divides growth from contraction for the first time in seven months. ... |
| December factory activity at seven-month high: Markit Posted: 02 Jan 2013 06:03 AM PST  NEW YORK (Reuters) - U.S. manufacturing closed out 2012 on the upswing as increased demand at home and abroad helped the sector grow in December at its fastest rate in seven months. Financial data firm Markit said on Wednesday its U.S. Manufacturing Purchasing Managers Index rose to 54.0 from 52.8 in November. December's reading was a touch below the "flash," or preliminary estimate of 54.2 but was still the highest since May on a final basis. A reading above 50 indicates expansion. Firms tied the faster growth to a rise in new orders, with one in five companies reporting an increase. ...
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| 'Fiscal cliff' deal sends markets shooting higher Posted: 02 Jan 2013 07:29 AM PST  NEW YORK (AP) — The "fiscal cliff" compromise, for all its chaos and controversy, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year.
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| US manufacturing expanded slightly last month Posted: 02 Jan 2013 08:21 AM PST  WASHINGTON (AP) — U.S. manufacturing grew slightly last month and factory hiring increased. The modest gain suggests the economy entered the new year with some momentum.
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| US construction spending dips 0.3 percent Posted: 02 Jan 2013 08:23 AM PST  WASHINGTON (AP) — Spending on U.S. construction projects fell in November from October because a steep drop in volatile federal projects offset another gain in home building.
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| Despite deal, taxes to rise for most Americans Posted: 02 Jan 2013 12:11 AM PST  WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.
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| US still faces political fights on spending, debt Posted: 02 Jan 2013 04:40 AM PST  WASHINGTON (AP) — A last-minute deal will keep the U.S. from driving off the so-called "fiscal cliff," but higher taxes and continued political fighting in Washington threaten to shake the fragile economy well into 2013.
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| Congress OKs cliff deal, signaling future fights Posted: 02 Jan 2013 04:55 AM PST  WASHINGTON (AP) — Congress' excruciating, extraordinary New Year's Day approval of a compromise averting a prolonged tumble off the fiscal cliff hands President Barack Obama most of the tax boosts on the rich that he campaigned on. It also prevents House Republicans from facing blame for blocking tax cuts for most American households, though most GOP lawmakers parted ways with Speaker John Boehner and opposed the measure.
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| Avis buying Zipcar in deal worth nearly $500M Posted: 02 Jan 2013 07:59 AM PST  PARSIPPANY, N.J. (AP) — Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services.
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| 2013 auto sales will be strong, firm predicts Posted: 02 Jan 2013 08:32 AM PST DETROIT (AP) — A healthier economy and more new model introductions should push U.S. auto sales above the 15 million mark this year, predicts an auto industry research firm. |
| Macau casino revenue in 2012 rose to $38 billion Posted: 02 Jan 2013 03:23 AM PST  HONG KONG (AP) — Casino revenue in Macau climbed 13.5 percent last year to a record $38 billion, as the Asian gambling hub reinforced its position as the world's biggest gambling market.
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| NY lawmakers rap House GOP on Sandy aid Posted: 02 Jan 2013 08:34 AM PST  WASHINGTON (AP) — New York lawmakers from both parties on Wednesday lashed out at the decision by House GOP leaders not to hold a vote on Hurricane Sandy aid in the current Congress, calling it a "betrayal."
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