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| Obama says fiscal cliff deal in sight, not done yet Monday, Dec 31, 2012 11:34 AM PST WASHINGTON (Reuters) - President Barack Obama said on Monday that a deal with Congress to avoid the U.S. "fiscal cliff," with its tax increases looming at midnight, was close, but he warned that it was not yet complete. "Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," Obama said during remarks at the White House complex. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done." The president made his remarks surrounded by cheering supporters identified as "middle class Americans. ... Full Story | Top |
| Publisher Tribune emerges from four-year bankruptcy Monday, Dec 31, 2012 11:28 AM PST  (Reuters) - U.S. media giant Tribune Co emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization and potentially setting itself up for a future without newspapers. 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. ... Full Story | Top |
| Tentative "fiscal cliff" deal emerges in Senate Monday, Dec 31, 2012 11:16 AM PST  WASHINGTON (Reuters) - U.S. Senate leaders were hammering out a last-minute deal to avoid the "fiscal cliff" on Monday, but it was still unclear if rank-and-file lawmakers would back the agreement, particularly those in the Republican-led House of Representatives. A deal to avert the fiscal crisis was said to be in the works in the Senate that would raise tax rates on household income above $450,000, said a source familiar with the talks. The agreement would permanently extend the lower tax rates for those below the $450,000 cut off. ... Full Story | Top |
| Cash payouts to fall as banks squeeze bonus pots Monday, Dec 31, 2012 10:56 AM PST LONDON (Reuters) - Many European banks are likely to limit the cash portion of this year's staff bonuses as rocky markets, tighter capital rules and costly scandals take their toll. Under pressure from politicians, regulators and shareholders, firms are shifting further away from the big upfront handouts of the boom years. Some are expected to opt for a mixture of shares and risky assets - the kind which provoked the global financial crisis in 2008 but in some cases are now regaining value. ... Full Story | Top |
| Fiscal deal would raise tax rates, sticking point remains: source Monday, Dec 31, 2012 10:29 AM PST WASHINGTON (Reuters) - An emerging deal to avoid the U.S. "fiscal cliff" would raise $600 billion in revenue over the next 10 years by increasing tax rates for individuals making more than $400,000 and households making above $450,000 annually, according to a source familiar with the talks. The deal would also delay a series of automatic government spending cuts, known as the "sequester," though a sticking point remains on how long that delay would last. ... Full Story | Top |
| Shares up on hopes U.S. to avoid fiscal cliff Monday, Dec 31, 2012 10:25 AM PST  NEW YORK (Reuters) - U.S. stocks rose on Monday and global equities headed for their best year in the last three as U.S. lawmakers neared a deal to avoid a budget crisis that many fear could cripple the world economy in 2013. A tentative deal that would raise taxes on those earning more than $400,000, extend middle class tax cuts and postpone some defense spending cuts was expected to garner support of a majority of Senate Republicans. ... Full Story | Top |
| Market rallies on emerging "fiscal cliff" deal Monday, Dec 31, 2012 10:22 AM PST  NEW YORK (Reuters) - U.S. stocks jumped on Monday after a deal emerged from negotiations in Washington to avert the "fiscal cliff," sources familiar with the talks said. Equities surged in a thinly traded session, on track to break a five-day streak of losses, as the sources said a majority of Senate Republicans were expected to support the legislation. If adopted by Congress and President Barack Obama, the plan would sidestep a combination of tax hikes and spending cuts that many feared could push the economy into recession. ... Full Story | Top |
| Fiscal cliff talks stuck on spending cut demand: source Monday, Dec 31, 2012 10:19 AM PST WASHINGTON (Reuters) - U.S. Senate negotiators trying to seal a pact to avert the "fiscal cliff" are hung up over demands that new spending cuts be found to pay for a cost associated with fixing a Medicare issue, according to a congressional aide. The aide, who asked not to be identified, said the disagreement revolves around demands that $30 billion in spending cuts be found to prevent a significant pay cut to doctors treating elderly Medicare patients. Without congressional action, that pay cut would begin on January 1 and it could discourage doctors from treating Medicare patients. ... Full Story | Top |
| CIBC to pay $149.5 million to Lehman, ending dispute Monday, Dec 31, 2012 10:12 AM PST  (Reuters) - Canadian Imperial Bank of Commerce has agreed to 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. The settlement announced Monday resolves litigation that began on September 14, 2010, when Lehman sued CIBC and dozens of others to recover more than $3 billion it said it had been deprived of due to its Chapter 11 filing two years earlier. Lehman sought to hold CIBC responsible for much of the more than $1. ... Full Story | Top |
| Potential fiscal cliff deal emerges in Senate: sources Monday, Dec 31, 2012 10:10 AM PST WASHINGTON, Dec 31 - U.S. Senate Republicans on Monday appeared to be coalescing around a potential solution to the "fiscal cliff" crisis with a plan that would continue expiring tax cuts for household incomes of up to $450,000, congressional sources said on Monday. "I think a majority of our caucus will go along with it," a senior Senate Republican aide told Reuters. Senate Democrats had not yet expressed positions on the emerging deal. (Reporting by Thomas Ferraro, Richard Cowan and Kim Dixon; Editing by Will Dunham) Full Story | Top |
| Factbox: U.S. "fiscal cliff," tax impact of no deal Monday, Dec 31, 2012 10:05 AM PST WASHINGTON (Reuters) - Higher federal taxes for millions of businesses and individuals will become law on Tuesday unless Congress acts to stop them. These taxes, worth $500 billion, comprise the bulk of what is known as the "fiscal cliff" problem. The following shows the probable impact on taxpayers if Congress does not act on Monday, or does not come back later and undo these tax increases, based on data from the nonpartisan Tax Policy Center. INDIVIDUAL TAXES If midnight passes with no deal, lower individual tax rates enacted in 2001 on a temporary basis under former President George W. ... Full Story | Top |
| Obama to make "fiscal cliff" statement at 1:30 P.M. ET Monday, Dec 31, 2012 10:02 AM PST WASHINGTON (Reuters) - President Barack Obama will make a statement at 1:30 p.m. EST on Monday at an event with "middle class Americans," the White House said. (Reporting by Jeff Mason and Roberta Rampton) Full Story | Top |
| Major banks close to big settlement on home loans Monday, Dec 31, 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. ... Full Story | Top |
| French government may water down 75 percent tax after setback Monday, Dec 31, 2012 08:47 AM PST  PARIS (Reuters) - An embarrassing derailment of President Francois Hollande's 75 percent millionaires' tax may open an opportunity to water down a scheme that had damaged France's image with international investors, but he is unlikely to give up without a fight. Finance Minister Pierre Moscovici has promised a redrafted tax on the wealthy will be pursued next year, following the Constitutional Council's decision on Saturday to strike down the emblematic rate on income over 1 million euros ($1.32 million). ... Full Story | Top |
| Canadian dollar stronger as China helps offset "cliff" worry Monday, Dec 31, 2012 08:23 AM PST  TORONTO (Reuters) - The Canadian dollar strengthened slightly on Monday, with healthy Chinese manufacturing data taking some sting out of worries about the United States as politicians there hold last-minute talks to avoid a fiscal crunch of spending cuts and tax hikes. A survey of China's vast manufacturing sector showed it had grown in December at its fastest pace since May 2011, pointing to a possible rebound after its slowest year of expansion since 1999. China's appetite for raw materials provides a boost to Canadian resource companies. ... Full Story | Top |
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