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| Senate approves bill to avert "fiscal cliff" Monday, Dec 31, 2012 10:57 PM PST WASHINGTON (Reuters) - The U.S. Senate on Tuesday, two hours after a December 31 deadline had lapsed, approved legislation aimed at averting the "fiscal cliff" by stopping most tax hikes and across-the-board spending cuts that were due to begin with the new year. The House of Representatives still must approve the measure, possibly on Tuesday. (Reporting by Richard Cowan and David Lawder; Editing by Eric Walsh) Full Story | Top |
| Insight: How Colombian drug traffickers used HSBC to launder money Monday, Dec 31, 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. ... Full Story | Top |
| Senate vote likely on U.S. "fiscal cliff" deal Monday, Dec 31, 2012 09:01 PM PST  WASHINGTON (Reuters) - The White House and Senate leaders struck a bipartisan deal on Monday to try to avoid a "fiscal cliff" budget crisis, although the agreement was likely to face stiff challenges in the House of Representatives. Senators were due to vote on the accord overnight and independent Senator Joe Lieberman said it had strong support from the Democrats who control the chamber. The agreement came too late for Congress to meet its own deadline of New Year's Eve to pass laws halting $600 billion in tax hikes and spending cuts due to come into force on January 1. ... Full Story | Top |
| House will consider Senate's fiscal cliff bill: Boehner Monday, Dec 31, 2012 08:23 PM PST WASHINGTON (Reuters) - The U.S. House of Representatives will consider legislation to avert the "fiscal cliff" if the Senate passes such a measure, House Speaker John Boehner said on Monday. "The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members ... have been able to review the legislation," Boehner and other House Republican leaders said in a statement. A House vote could come as early as Tuesday. ... Full Story | Top |
| Democratic senators see support for "fiscal cliff" deal Monday, Dec 31, 2012 08:04 PM PST WASHINGTON (Reuters) - Democratic senators emerged from a meeting with Vice President Joe Biden late on Monday saying there was strong support for quickly passing legislation aimed at averting the fiscal cliff. Senator Joseph Lieberman, an independent from Connecticut, and Senator Charles Schumer, of New York, who is a member of the Senate Democratic leadership, both said the Senate would aim to pass the newly struck deal by a midnight (0500 GMT Tuesday) deadline. If it passes the Senate, the House of Representatives would still have to approve it. A vote in that chamber could come on Tuesday. ... Full Story | Top |
| China official factory PMI points to steady growth revival Monday, Dec 31, 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. ... Full Story | Top |
| Sharp considering raising $1.2 billion to beef up capital: media Monday, Dec 31, 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. ... Full Story | Top |
| "Fiscal cliff" deal reached between White House, lawmakers: source Monday, Dec 31, 2012 06:42 PM PST  WASHINGTON (Reuters) - The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday. President Barack Obama called Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi, who both signed off on the deal, one source said. The agreement includes a balance of spending cuts and revenue increases to pay for the delay in the automatic spending cuts that would go into effect without a deal by lawmakers. ... Full Story | Top |
| Best Buy loses two board directors Monday, Dec 31, 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. ... Full Story | Top |
| China commentaries demand U.S. responsibility on "fiscal cliff" Monday, Dec 31, 2012 05:43 PM PST BEIJING (Reuters) - China's official Xinhua news agency demanded on Tuesday that the United States live up to its global economic responsibilities, put political infighting aside and sort out the "fiscal cliff" mess. "Being the world's only superpower and the issuer of the dominant global reserve currency, the United States has a unique role and an unshirkable duty to help cure the ailing global economy," one of its English-language commentaries said. ... Full Story | Top |
| "Fiscal cliff" tumble looms despite Senate efforts Monday, Dec 31, 2012 03:36 PM PST  WASHINGTON (Reuters) - The United States was on track to tumble over the "fiscal cliff" at midnight on Monday, at least for a day, as lawmakers held back from supporting an eleventh-hour plan from Senate leaders to avert severe tax increases and spending cuts. The U.S. House of Representatives looked unlikely to vote on a Senate "fiscal cliff" plan before midnight, possibly pushing a legislative decision into New Year's Day, when financial markets will be closed. The plan was heavy on tax increases and light on spending cuts, which was unlikely to appeal to Republicans in the House. ... Full Story | Top |
| Shaw CEO sells most of stake after shareholders ok CB&I deal Monday, Dec 31, 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. ... Full Story | Top |
| Senate eyeing two-month delay of automatic spending cuts: McCain Monday, Dec 31, 2012 03:19 PM PST WASHINGTON (Reuters) - A possible deal between Senate Republican leader Mitch McConnell and Vice President Joe Biden to avert the "fiscal cliff" would include a two-month delay in automatic federal spending cuts that were due to begin this week, Republican Senator John McCain said on Monday. McCain said the deal would include $24 billion in other spending cuts to cover the cost of the delay, and would also include a one-year extension of unemployment benefits. ... Full Story | Top |
| House expects to reconvene at noon Tuesday - Representative LaTourette Monday, Dec 31, 2012 02:58 PM PST WASHINGTON (Reuters) - The U.S. House of Representatives expects to reconvene on Tuesday at noon, Representative Steven LaTourette said, after negotiations to avert the "fiscal cliff" developed slowly on Monday. LaTourette, a Republican, also said that House members have been told to stay close on Monday evening and that they may be called back to continue negotiations. (Reporting by Rachelle Younglai; Editing by Will Dunham) Full Story | Top |
| Live Nation Chairman Azoff resigns; Liberty buys shares Monday, Dec 31, 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. ... Full Story | Top |
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