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| Senate leaders work to avoid New Year's "fiscal cliff" Saturday, Dec 29, 2012 03:51 PM PST  WASHINGTON (Reuters) - Congressional negotiators burrowed into their offices on Saturday to see if they could stop the U.S. economy from falling off of a "fiscal cliff" in just three days when the biggest tax increases ever to hit Americans in one shot are scheduled to begin. Aides to Senate Majority Leader Harry Reid, a Democrat, and Senate Republican leader Mitch McConnell worked through the day on a possible compromise that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to kick in next week. ... Full Story | Top |
| Venezuela sees 2012 inflation at 19.9 percent, below target Saturday, Dec 29, 2012 09:07 AM PST CARACAS (Reuters) - Venezuelan inflation reached 19.9 percent in 2012, the central bank said in a preliminary estimate on Saturday, beating its official target thanks to strict price controls that business leaders say are unsustainable in the long term. The government of President Hugo Chavez has capped prices for a wide range of consumer goods, helping contain inflation that has traditionally been the highest in Latin America. The 2012 target had been between 22 and 25 percent. ... Full Story | Top |
| Starbucks expands cup campaign aimed at U.S. fiscal deal Saturday, Dec 29, 2012 08:43 AM PST  (Reuters) - Starbucks Corp is expanding its campaign of using messages written on coffee cups to inspire U.S. lawmakers to reach a deal and avoid going over the "fiscal cliff" of automatic tax hikes and government spending cuts. As President Barack Obama and congressional leaders were in a final effort to reach a budget agreement before year's end, Starbucks this week began urging workers in its roughly 120 Washington, D.C.-area shops to write the words "come together" on customers' cups. A spokesman for the world's largest coffee chain said the company would expand the effort to all U.S. ... Full Story | Top |
| Argentina asks U.S. court to block payouts for debt holdouts Saturday, Dec 29, 2012 08:27 AM PST NEW YORK (Reuters) - Argentina is urging a U.S. appeals court to reverse an order requiring the country to pay $1.33 billion to creditors who did not participate in its two debt restructurings, a legal case that could have huge ramifications for global debt markets. Lawyers for Argentina's government said in court papers filed late on Friday that a trial judge was "wrong to ignore the chorus of voices" who opposed his November order on payments to so-called "holdout" creditors. ... Full Story | Top |
| Daimler CEO wants Mercedes to regain top spot by 2020: paper Saturday, Dec 29, 2012 08:26 AM PST FRANKFURT (Reuters) - Daimler Chief Executive Dieter Zetsche hopes to return the automaker to the top spot in the premium car market ahead of Audi and BMW by 2020, he said in an interview with a German paper. "I am confident that we will be ahead of our rivals by 2020 at the latest," he told Boersen-Zeitung in an interview published on Saturday. He said he hoped to reach that target during his time in office. Zetsche's contract currently runs until December 2013 but is expected to be extended by three years in February. Daimler has already promised 2 billion euros ($2. ... Full Story | Top |
| Brazil proposes looser fiscal rules to spur growth Saturday, Dec 29, 2012 08:26 AM PST  SAO PAULO (Reuters) - Brazil's government has proposed changes to a fiscal responsibility law that set the foundation for a decade of economic prosperity in Latin America's largest economy, two local newspapers said on Saturday. The changes would make it easier for the government to cut Brazil's high tax burden and enact other stimulus measures after two years of slow economic growth, but they could also rattle investors who fear President Dilma Rousseff has been too quick to modify bedrock economic principles. ... Full Story | Top |
| Wall Street Week Ahead: Cliff may be a fear, but debt ceiling much scarier Saturday, Dec 29, 2012 08:25 AM PST  (Reuters) - Investors fearing a stock market plunge - if the United States tumbles off the "fiscal cliff" next week - may want to relax. But they should be scared if a few weeks later, Washington fails to reach a deal to increase the nation's debt ceiling because that raises the threat of a default, another credit downgrade and a panic in the financial markets. ... Full Story | Top |
| Rejected French tax measures worth 300-500 million euros: finance minister Saturday, Dec 29, 2012 08:25 AM PST PARIS (Reuters) - The French Constitutional Council's rejection on Saturday of a 75 percent upper income tax rate and other minor measures in the 2013 budget will affect some 300-500 million euros worth of tax revenues, Finance Minister Pierre Moscovici said. "The rejected measures represent 300 to 500 million euros. Our deficit-cutting path will not be affected," Moscovici told BFM television. He added that the Socialist government would resubmit a proposal to raise taxes on high incomes in 2013 and 2014. (Reporting by Julien Ponthus and Catherine Bremer; Editing by Mark Heinrich) Full Story | Top |
| French court rejects 75 percent millionaires' tax Saturday, Dec 29, 2012 08:25 AM PST  PARIS (Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit. The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households. ... Full Story | Top |
| Deutsche Bank co-CEO sees more Europe bank consolidation: paper Saturday, Dec 29, 2012 08:25 AM PST  FRANKFURT (Reuters) - Consolidation of European banks is not yet at an end, and Germany's sector with its many small banks will have to change, the co-chief executive of Deutsche Bank told a German newspaper. "We need pan-European banks. Or else growth countries like China, India, Brazil or Russia will leave us behind," Juergen Fitschen said in an interview published in Boersen-Zeitung on Saturday. He said consolidation would be unavoidable in Germany. ... Full Story | Top |
| Qatar Airways files $600 million claim over new airport Saturday, Dec 29, 2012 08:24 AM PST DUBAI (Reuters) - Qatar Airways said it was filing a $600 million legal claim against a contractor for a delay in opening a new international airport in Doha. Lindner Depa Interiors, a German-Dubai joint venture , holds a $250 million contract to build 19 airport lounges by the middle of 2012, Qatar Airways said in a statement on Saturday. In a statement later in the day, LDI said it had not received a legal claim from Qatar Airways and described the carrier's allegations as "false and misleading". ... Full Story | Top |
| Egypt starts currency auctions, says reserves critical Saturday, Dec 29, 2012 07:04 AM PST  CAIRO (Reuters) - Egypt's central bank introduced a new auction system for buying and selling U.S. dollars to help conserve foreign reserves, which it said had reached a critical level. Political turmoil over the last month has prompted a rush by investors and ordinary citizens to switch their Egyptian pounds into foreign currency on concerns the government might devalue or bring in capital controls. ... Full Story | Top |
| Egypt's president says economy grew 2.6 pct in July-Sept Saturday, Dec 29, 2012 04:35 AM PST  CAIRO (Reuters) - Egypt's economy, buffeted by political and economic strife, grew by an annual 2.6 percent in the third quarter of 2012, President Mohamed Mursi said in a televised speech on Saturday. The uprising that toppled Hosni Mubarak in February 2011 chased away tourists and investors, slowing growth. In the year to end-June, gross domestic product grew by 2.2 percent, up from 1.8 percent in the 2010/11 financial year, according to statistics published by the Finance Ministry. Full Story | Top |
| Vilanova will be back in 15 to 20 days, say Barca Saturday, Dec 29, 2012 04:25 AM PST (Reuters) - Barcelona president Sandro Rosell says coach Tito Vilanova, who suffered a recurrence of cancer in his saliva glands earlier this month, will be back at work midway through January. Vilanova underwent surgery on December 20, a day after the club announced that the 44-year-old's condition had returned. He first had treatment in 2011. "He'll be back within 15 or 20 days, but he must spend some days at the hospital and rest," Rosell told reporters in Dubai on Friday. "He will mix work with his treatment. The most important thing is his health. ... Full Story | Top |
| Egypt gets $500 mln from Qatar, says $500 mln from Turkey soon Saturday, Dec 29, 2012 04:25 AM PST  CAIRO (Reuters) - Egypt has received a final $500 million instalment of funds promised by Qatar and will get another $500 million from Turkey at the end of January, its finance minister said, in the latest aid to help balance its budget and defend its currency. Egypt has been facing a financial crisis as a month of political strife has cast doubts on the government's ability to push through unpopular spending cuts and tax hikes needed to persuade the International Monetary Fund to agree to a $4.8 billion loan. ... Full Story | Top |
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