Taxes to Rise for Workers as Budget Deal Still Elusive

With taxes set to increase for almost every U.S. worker at midnight, Congress hasn’t reached a budget deal that Democrats and Republicans say is necessary to prevent a blow to the U.S. economy.
Read more: Bloomberg news

European Stocks Decline Amid U.S. Talks as Copper Gains on China

Most European stocks fell and gold advanced amid concern U.S. lawmakers will fail to avert more than $600 billion of tax increases and spending cuts scheduled to take effect tomorrow. Copper rose after data showed China’s manufacturing expanded more than forecast.
Read more: Bloomberg news

Egypt Pound Weakens to Record as Central Bank Sells Dollars

The Egyptian pound extended its decline to a record after the central bank sold $74.8 million to banks in the second of daily dollar sales even as President Mohamed Mursi said the currency was bound to stabilize.
Read more: Bloomberg news

Singapore Economy Grew 1.2% in 2012, Prime Minister Lee Says

Singapore’s expansion eased in 2012 as weak growth in advanced nations and hiring constraints hurt the city state’s economy, Prime Minister Lee Hsien Loong said.
Read more: Bloomberg news

U.A.E. Limits Mortgages to Foreigners at 50% of Home Value

The United Arab Emirates plans to restrict mortgages for foreigners to 50 percent of the property’s value, threatening to derail a nascent recovery in Dubai home prices after more than three years of declines.
Read more: Bloomberg news

Woman Says 9/11 Led to Hate-Crime Subway Murder, DA Says

A 31-year-old woman was charged with murder in the death of a man who was pushed in front of a New York City subway train, telling authorities it was an act of revenge for the Sept. 11, 2001, terrorist attacks.
Read more: Bloomberg news

French Court Says 75% Tax Rate on Rich Is Unconstitutional

President Francois Hollande’s 75 percent millionaire-tax is unconstitutional because it fails to guarantee taxpayer equality, France’s top court ruled today.
Read more: Bloomberg news

Syrian Forces Retake Town as Assad Vows to Finish Term

Syrian forces loyal to President Bashar al-Assad recaptured a town in western Syria after days of heavy fighting, Al Jazeera television reported.
Read more: Bloomberg news

Indian Protestors Gather as Rape Victim Dies in Singapore

Protests started in cities across India to mark the death in a Singapore hospital of a woman beaten and gang raped in New Delhi, as Prime Minister Manmohan Singh led appeals for calm.
Read more: Bloomberg news

Lawmakers to Hold Weekend Talks on Averting Budget Change

U.S. lawmakers are entering a weekend of budget negotiations in a final effort to prevent at least some of more than $600 billion in tax increases and spending cuts from taking effect in January.
Read more: Bloomberg news

N.Y. Man Killed After Being Pushed Onto Subway Tracks

A New York City man was pushed to his death in front of a subway train in the Sunnyside neighborhood of Queens, police said, in the second such fatality this month.
Read more: Bloomberg news

Obama Summons Congress Leaders as Budget Deadline Nears

President Barack Obama summoned congressional leaders to a White House meeting three days before a year-end deadline to avoid $600 billion in spending cuts and tax increases as lawmakers gave little sign they intend to act together on a budget plan.
Read more: Bloomberg news

U.S. Stocks Fall as Deadline Approaches on Budget Deal

U.S. stocks fell for a fifth day, the longest drop for the Dow Jones Industrial Average since July, amid concern talks between President Barack Obama and Republicans may not produce a budget by the year-end deadline.
Read more: Bloomberg news

San Francisco Mansion Discounts Luring Tech Millionaires

Jeff Paster, a developer of luxury homes in California’s Marin County, couldn’t find a buyer for the brand-new waterfront mansion he listed in January for $45 million. He’s expecting that one will turn up at an auction this weekend, with a starting bid set at $25 million.
Read more: Bloomberg news

U.S. Futures, European Shares Fall While Treasuries Rise

U.S. stock-index futures and European shares slid while the dollar strengthened the most in a week as lawmakers prepared to debate tax increases and spending cuts slated to take effect next month. Treasuries extended a weekly advance.
Read more: Bloomberg news

Mistry at Tata Helm as Investors Query $500 Billion Goal

Cyrus Mistry, who takes charge today at Tata, India’s biggest business group, may face an uphill battle if he is to meet his predecessor’s vision of boosting revenue fivefold to $500 billion in the next decade.
Read more: Bloomberg news

Singh Pledges Justice as Rape Victim Taken to Singapore

India’s Prime Minister Manmohan Singh vowed expeditious prosecution of the accused in the gang rape of a student in New Delhi as the victim’s condition remained “extremely critical” in a Singapore hospital.
Read more: Bloomberg news

McConnell Pushed Into U.S. Fiscal Fight as Deadline Nears

Mitch McConnell, the Senate minority leader who has stayed largely outside the U.S. budget fight this year, will be thrust into prominence just five days before the deadline for tax increases and spending cuts.
Read more: Bloomberg news

Home Prices in U.S. Increase More Than Forecast: Economy

Home prices climbed more than forecast in October, indicating a rebounding real-estate market will bolster the U.S. economy for the first time in seven years.
Read more: Bloomberg news

Heirs of Mao’s Comrades Rise as New Capitalist Nobility

Lying in a Beijing military hospital in 1990, General Wang Zhen told a visitor he felt betrayed. Decades after he risked his life fighting for an egalitarian utopia, the ideals he held as one of Communist China’s founding fathers were being undermined by the capitalist ways of his children -- business leaders in finance, aviation and computers.
Read more: Bloomberg news

Yen Touches 16-Month Low Versus Euro Before Japan CPI

The euro strengthened toward an eight-month high versus the dollar after French consumer confidence unexpectedly improved this month, underpinning demand for the region’s assets.
Read more: Bloomberg news

Brent Oil’s Third Year Over $100 Looms on Supply Risk

Brent crude is poised to trade above $100 a barrel for a third consecutive year in 2013 as tension in the Middle East threatens to disrupt supply and global demand is buoyed by Chinese imports.
Read more: Bloomberg news

U.S. Holiday Sales Rise 0.7% as Washington Hurts Confidence

U.S. holiday sales growth slowed by more than half this year after gridlock in Washington soured consumers’ moods and Hurricane Sandy disrupted shopping, MasterCard Advisors SpendingPulse said.
Read more: Bloomberg news

Grand Bargain Shrinks as Congress Nearing U.S. Budget Deadline

The deal that seems possible to fix the U.S. budget is getting smaller and smaller.
Read more: Bloomberg news

Americans Miss $200 Billion Abandoning Stocks

Americans have missed out on almost $200 billion of stock gains as they drained money from the market in the past four years, haunted by the financial crisis.
Read more: Bloomberg news

Fed Flummoxed by Mortgage Yield Gap Refusing to Shrink: Economy

Record-low mortgage rates aren’t cheap enough for Federal Reserve Chairman Ben S. Bernanke as he tries to spur economic growth and create jobs.
Read more: Bloomberg news

Lawmakers Say Time Short to Reach Deal on Fiscal Cliff

Lawmakers said they were losing confidence that Congress and President Barack Obama can reach a deal within a week to avoid more than $600 billion in tax increases and spending cuts that could cause a U.S. recession.
Read more: Bloomberg news

U.S. Stock Futures Drop as Yen Slips Amid Budget Deadlock

U.S. stock futures declined amid growing speculation American lawmakers will miss a year-end budget deadline. The yen weakened as Japan’s incoming pro- stimulus prime minister said he may change rules governing the central bank, while gold rose.
Read more: Bloomberg news

If You Bought Greek Bonds in January You Earned 80%: Euro Credit

Investors bold enough to buy junk- rated Greek bonds in January have earned twenty times more than owners of top-rated German debt this year even after the biggest ever sovereign restructuring.
Read more: Bloomberg news

Guns Out of Stock at Wal-Mart as Magazine Prices Surge on

With President Barack Obama endorsing sweeping gun restrictions in the wake of the school shootings in Newtown, Connecticut, prices for handgun magazines are surging on EBay and semi-automatic rifles are sold out at many Wal-Mart Stores Inc. locations.
Read more: Bloomberg news

UBS Trader Hayes Exposed at Core of Libor Investigation

Tom Hayes, one of two former UBS AG traders charged by U.S. prosecutors, is portrayed by American regulators as the kingpin of a three-year campaign that succeeded in manipulating global interest rates.
Read more: Bloomberg news

Jet Airways Seen Beating Kingfisher for Etihad Investment

Jet Airways (India) Ltd. may trump Kingfisher Airlines Ltd. in the race for funds from Etihad Airways PJSC, hindering the grounded rival’s efforts to win investment to help restart flights.
Read more: Bloomberg news

Republicans Said to Consider Spending Cuts in Bill

House Republican leaders are considering giving members a chance to vote on spending cuts to firm up support for House Speaker John Boehner’s tax measure, said a Republican lawmaker and a congressional aide who spoke on condition of anonymity.
Read more: Bloomberg news

James Bond Can’t Fix Sony as Japan Electronics Scrape Lows: Tech

Even James Bond and Spider-Man can’t rescue Sony Corp., the beleaguered Japanese electronics maker.
Read more: Bloomberg news

Greeks Can’t Find Euros to Buy Heating Oil in Winter Economy

In the Greek mountain town of Kastoria, less than an hour from the Albanian border, Kostas Tsitskos, 88, can’t afford fuel to heat his home against the winter’s cold. So he and his son live in a single bedroom, warmed by a small electric heater.
Read more: Bloomberg news

Boehner Seeks to Sell Tax Boost to Anti-Tax Republicans

House Speaker John Boehner is trying to sell a tax increase for top earners to fellow Republicans whose opposition to tax increases for anyone is a central part of their identity and pitch to voters.
Read more: Bloomberg news

China Uses Geology to Challenge Japan on Disputed Islands

After making its first aerial incursion into Japanese-controlled airspace near disputed islands, China compounded tensions with Japan by bolstering its territorial claims at the United Nations.
Read more: Bloomberg news

AmEx’s Chenault Said to Be Discussed for Treasury Post

White House officials have approached American Express Co. Chief Executive Officer Kenneth Chenault about joining President Barack Obama’s second-term administration, possibly as Treasury secretary, according to two people familiar with the matter.
Read more: Bloomberg news

Oracle Sales, Profit Top Estimates on Cloud Computing Demand

Oracle Corp. reported fiscal second- quarter sales and profit that topped analysts’ estimates on growing demand for Internet-based software, which is now on track to bring in more than $1 billion in revenue this year.
Read more: Bloomberg news

Gee Takes Jets as $1.9 Million Payday Roils Ohio Students

The Ohio State University President E. Gordon Gee lives in a 9,630-square-foot Tudor Revival mansion that was renovated for him, featuring a great hall, pool, elevator and tennis court.
Read more: Bloomberg news

Highest-Paid California Trooper Is Chief Banking $484,000

California Highway Patrol division chief Jeff Talbott retired last year as the best-paid officer in the 12 most-populous U.S. states, collecting $483,581 in salary, pension and other compensation.
Read more: Bloomberg news

Obama Meets With Boehner at White House in Budget Talks

President Barack Obama is considering a possible budget concession on Social Security cost-of-living increases after House Speaker John Boehner dropped his opposition to raising tax rates for some top earners, said two people familiar with the talks.
Read more: Bloomberg news

Lawmakers Vow Tougher Gun Laws as Obama Weighs Next Steps

U.S. lawmakers yesterday responded to the killings in Connecticut with plans to hold hearings and introduce legislation, as the White House reiterated President Barack Obama’s support for a new ban on assault weapons.
Read more: Bloomberg news

Singapore Establishment Challenged by Carson Block on Olam

When Carson Block likened Olam International Ltd. to fraud-ridden Enron Corp., he challenged more than the accounting of the Singapore-based commodities firm. He also took on Temasek Holdings Pte, the government-owned investment company whose money has helped build the city-state into a corporate dynamo known as Singapore Inc.
Read more: Bloomberg news

China Signals Tolerance of Slower Growth After Meeting

China said it will seek a higher “quality and efficiency” of growth next year, signaling new leaders may accept a reduced pace of expansion in exchange for a more sustainable model.
Read more: Bloomberg news

Connecticut Ban on 30-Round Gun Magazines Failed After Pressure

Magazines that fed bullets into the primary firearm used to kill 26 children and adults at a Connecticut school would have been banned under state legislation that the National Rifle Association and gunmakers successfully fought.
Read more: Bloomberg news

Gun-Control Advocates Press Obama to Turn Tears to Action

President Barack Obama’s emotional call for “meaningful action” after the shooting at a Connecticut elementary school may signal he’s prepared to push for stronger gun-control laws, a politically fraught issue he shied away from during his first term.
Read more: Bloomberg news

Lanza Described as Youth Who Found Interaction Impossible

In his Newtown, Connecticut, neighborhood, a woodsy hillside development where dog owners walk together and friends gather for sunsets, 20-year-old Adam Lanza stood apart.
Read more: Bloomberg news

Clinton Suffers Concussion After Fainting, State Department Says

U.S. Secretary of State Hillary Clinton, suffering from a stomach virus, sustained a concussion after becoming dehydrated and fainting, a State Department aide said in a statement yesterday.
Read more: Bloomberg news

Obama Meets Boehner at White House for Budget Talks

President Barack Obama and House Speaker John Boehner met for a third time at the White House to discuss averting spending cuts and tax increases before a year- end deadline.
Read more: Bloomberg news

Hagel Said to Top Obama’s List to Take Over at Pentagon

Former Republican Senator Chuck Hagel has emerged as the leading candidate to become President Barack Obama’s next secretary of defense and may be nominated as soon as this month, according to two people familiar with the matter.
Read more: Bloomberg news

Apple Caves to Maps Outrage Adding Google Tool on IPhone

Apple Inc., caving to user outrage over faulty directions in its home-grown navigation tool, has let Google Inc.’s mapping application back onto the iPad and iPhone mobile devices.
Read more: Bloomberg news

Deutsche Bank’s Legal Woes Deepen as Overhaul Hits Profit

Deutsche Bank AG’s announcement yesterday that earnings will suffer this quarter added to a cacophony of negative news over the past two weeks that’s increasing pressure on the company’s new leadership.
Read more: Bloomberg news

Rothschild Plots Ouster of Bumi Board That ‘Failed’

Nathaniel Rothschild, scion of a centuries-old banking dynasty, said he may seek to remove the board of the coal venture he founded with Indonesia’s Bakrie family in the coming weeks because it has failed shareholders.
Read more: Bloomberg news

$822,000 Worker Shows California Leads U.S. Pay Giveaway

Nine years ago, California Democrat Gray Davis became the first U.S. governor in 82 years to be recalled by voters. The state’s 20 million taxpayers still bear the cost of his four years and 10 months on the job.
Read more: Bloomberg news

Snyder Wades Into Angry Debate Over Michigan Union Dues

Republican Governor Rick Snyder, who portrays himself as a pragmatic unifier, plunged Michigan into conflict by signing so-called right-to-work legislation.
Read more: Bloomberg news

Buffett Joins Soros in Effort to Raise Taxes on Estates

Billionaire investors Warren Buffett and George Soros are calling on Congress to increase the estate tax as lawmakers near a decision on tax policies that expire Dec. 31.
Read more: Bloomberg news

Chinese Group Buys 80% of AIG Plane Unit for $4.2 Billion

A Chinese group agreed to buy 80.1 percent of American International Group Inc.’s plane-leasing unit for $4.23 billion in the nation’s largest acquisition of a U.S. company.
Read more: Bloomberg news

Rich Gain as Companies Seek to Beat Obama Tax Increases

The wealthy look set to enjoy a windfall in the closing weeks of the year as companies push money out the door to beat the higher tax rates advocated by President Barack Obama.
Read more: Bloomberg news

Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion

Google Inc. avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.
Read more: Bloomberg news

U.S. Intelligence Agencies See a Different World in 2030

New technologies, dwindling resources and explosive population growth in the next 18 years will alter the global balance of power and trigger radical economic and political changes at a speed unprecedented in modern history, says a new report by the U.S. intelligence community.
Read more: Bloomberg news

Hefner Husband Takes Insider Trading Into Playboy Bedroom

Christie Hefner, former chief executive officer of Playboy Enterprises Inc., said she was shocked as her husband of 15 years, William Marovitz, confessed to her that he was being investigated for suspicious trading in Playboy shares. They were in their apartment atop a 42-story Lincoln Park tower overlooking the glittering Chicago skyline and Lake Michigan on a March evening in 2010.
Read more: Bloomberg news

Singapore Tops HK as Residence for Mobile Rich in Asia

Singapore topped Hong Kong as the most desired place in Asia for so-called mobile millionaires to reside, with quality of life cited as the main attraction, a RBC Wealth Management survey showed.
Read more: Bloomberg news

Chavez Names Loyalist Heir as Venezuela Eyes Succession

Venezuelan President Hugo Chavez named a longtime ally with close ties to Cuba his heir apparent as the cancer-stricken leader prepares for a potential departure after almost 14 years in power.
Read more: Bloomberg news

Italy Vote Will Test EU Nobel Winners After Greek Buyback

The imminent end of Prime Minister Mario Monti’s government fueled the largest increase in Italian borrowing costs in four months and threatened to open a new front in Europe’s crisis fight before a year-end summit.
Read more: Bloomberg news

China Trade Slowdown Shows Xi Must Fuel Consumption

China’s exports rose less than forecast in November, underscoring the need to accelerate a shift toward domestic demand as the nation confronts a jobless rate newly estimated at almost double the official figure.
Read more: Bloomberg news

Sony Loses Science Talent as Student Resumes Go to Dairies: Tech

Japan’s science students are eschewing traditional high-powered employers such as Sony Corp. and Panasonic Corp. to help make ice cream and yogurt.
Read more: Bloomberg news

Japanese Dealerships in China Retrench in Wake of Dispute

Three months after a territorial dispute led rioters to vandalize Japanese cars in China, automakers from Toyota Motor Corp. to Nissan Motor Co. are luring back buyers with discounts and guarantees. Dealers like William Chen may take more persuasion to invest in the brands.
Read more: Bloomberg news

Netflix CEO Hastings Faces SEC Action Over Facebook Post

Netflix Inc. and Chief Executive Officer Reed Hastings said they may face a U.S. Securities and Exchange Commission civil claim over a July Facebook post that coincided with the stock’s biggest gain in almost six weeks.
Read more: Bloomberg news

Euro Declines as German Data May Add to Signs of Slowdown

The euro declined against most of its 16 major peers after the Bundesbank lowered its 2013 forecast for economic expansion in Germany, following the European Central Bank’s euro-area downgrade.
Read more: Bloomberg news

Republican Defectors Weigh Deal on Tax-Rate Increase

House Speaker John Boehner is under pressure to defy Republican Party orthodoxy on income taxes to rein in the U.S. deficit, with an increasing number of his rank- and-file members saying they’re willing to discuss raising rates for top earners.
Read more: Bloomberg news

Apple Drops on Nokia China Deal, Google Tablets

Apple Inc. shares declined the most in almost four years yesterday on concern that the company will lose ground in smartphones to Nokia Oyj in China while giving up market share to Google Inc. in tablets.
Read more: Bloomberg news

Citigroup CEO Corbat Seen Ending Pandit’s Surge With Cuts

Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup Inc.’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.
Read more: Bloomberg news

Obama Lesson on Debt Talks Is Standing Firm on Tax Rates

President Barack Obama is hardening his stance in his first post-election confrontation with Republicans, declaring he will make no deal on the country’s fiscal future unless congressional leaders first accept tax rate increases on top earners.
Read more: Bloomberg news

Nokia Wins Deal to Sell First Windows Phone 8 Lumia in China

Nokia Oyj, the Finnish mobile-phone maker trying to win back customers of Apple Inc.’s iPhone and devices using Google Inc.’s Android, unveiled a version of its flagship smartphone for China’s largest wireless carrier.
Read more: Bloomberg news

Republican DeMint Criticizes Boehner’s Deficit-Cut Plan

House Speaker John Boehner’s proposal to generate $800 billion in new revenue “will destroy American jobs” and Republicans should oppose it, Senator Jim DeMint of South Carolina said today.
Read more: Bloomberg news

Facebook Backer Alisher Usmanov Now Focused on China

Billionaire Alisher Usmanov, who made more than $1 billion investing in Facebook Inc., is now avoiding the U.S. and focusing on China, where the company holds stakes in online-commerce companies.
Read more: Bloomberg news

World’s Richest Man Faces Clampdown in Latin America

Carlos Slim, the world’s richest person, is confronting a mounting backlash from the same Latin American countries that made him wealthy as authorities rein in his expanding mobile-phone empire.
Read more: Bloomberg news

Vogue Editor Wintour Said to Be Possible Appointee as U.K. Envoy

President Barack Obama is considering nominating Anna Wintour, editor-in-chief of Vogue, as his next ambassador to either the U.K. or France as he looks to reward his biggest fundraisers with embassies never out of fashion, according to two people familiar with the matter.
Read more: Bloomberg news

House Republicans Propose $2.2 Trillion Fiscal-Cliff Plan

House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners.
Read more: Bloomberg news

Islands Seek Funds for Climate Damage at UN Discussions

Islands that are most vulnerable to rising oceans are seeking an insurance program to protect against damage related to climate change, adding to pressure on industrial nations to increase aid committed to fight global warming to more than $100 billion a year.
Read more: Bloomberg news

SEC Says Big Four Audit China-Affiliates Blocked Probe

U.S. regulators probing potential fraud by China-based companies increased pressure on their auditors by formally accusing affiliates of Big Four firms of withholding documents from investigators.
Read more: Bloomberg news

Virgin Ready to Join Alliance as Delta Said to Mull Stake

Virgin Atlantic Airways Ltd., which flew solo for a decade as rivals formed the global groups that dominate the industry, may be about to come in from the cold as Singapore Airlines Ltd. considers selling its 49 percent stake.
Read more: Bloomberg news

Singapore Deportations Show Strains in Work Force

Singapore’s first labor protest since the 1980s led to the deportation of 29 Chinese bus drivers yesterday and the prosecution of five others, highlighting the difficulty balancing a workforce reliant on foreign employees.
Read more: Bloomberg news

Nokia Speed Advantage Opens Way to Holiday Gain on IPhone

When Tommie Johansson was looking for a new smartphone in Stockholm last month, he quickly ruled out the iPhone 5. The reason: It’s too slow.
Read more: Bloomberg news

Hedge Funds Increase Bullish Bets Most Since August: Commodities

Hedge funds increased bullish bets on commodities by the most since August as evidence that China is accelerating outweighed concern that U.S. lawmakers have yet to resolve an impasse over automatic spending cuts and tax rises.
Read more: Bloomberg news

Chiefs Player Kills Self at NFL Stadium After Slaying Girlfriend

The Kansas City Chiefs will play the Carolina Panthers as scheduled today at Arrowhead Stadium, where linebacker Jovan Belcher killed himself after police say he fatally shot his girlfriend.
Read more: Bloomberg news

Ex-National Lampoon CEO Tim Durham Gets 50 Years Prison

Timothy S. Durham, the onetime chief executive officer of National Lampoon Inc., was sentenced to 50 years in prison for defrauding investors in an unrelated company he partly controlled.
Read more: Bloomberg news

Norway Wealth Fund to Spend $11 Billion Adding U.S. Real

Norway’s $660 billion sovereign wealth fund, the world’s largest, plans to invest about $11 billion as it enters the U.S. real estate market.
Read more: Bloomberg news

Bond Investor Gundlach Buys Stocks, Sees 'Kaboom' Ahead

It’s mid-October, and Jeffrey Gundlach is giving a stump speech to a luncheon crowd of about 200 financial advisers and investors at Los Angeles’s City Club. The renowned money manager’s theme: the financial catastrophe on the horizon.
Read more: Bloomberg news

Microsoft Said to Speed Windows Upgrades to Once a Year

Microsoft Corp. plans to overhaul how it develops the flagship Windows operating system in a strategic shift aimed at keeping pace with nimbler rivals Apple Inc. and Google Inc., people familiar with the matter said.
Read more: Bloomberg news

Republicans Reject Obama Budget as He Sells It to Public

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.
Read more: Bloomberg news

Macau Gangster Who Missed Boom to Be Freed After 14 Years

The Macau gangster known as “Broken Tooth,” once accused of planning to kill the police chief of the city that turned into the world’s biggest casino hub, will be freed tomorrow after more than 14 years in prison.
Read more: Bloomberg news

Geithner Sets Congress Talks as Republicans Seek Cuts

Treasury Secretary Timothy F. Geithner arrives at the Capitol today to face demands from Republican leaders to spell out spending cuts, after President Barack Obama won backing from some corporate executives to raise taxes as part of a deal to avert the fiscal cliff.
Read more: Bloomberg news

Copper Shortage Seen Extending as China Accelerates: Commodities

Copper supply shortages will extend into the first half of next year as an accelerating Chinese economy more than doubles the pace of growth in global consumption even as mines extract a record amount of metal.
Read more: Bloomberg news

Apple’s Cue Seeks Overhaul of Maps Amid Duel With Google

Apple Inc.’s Eddy Cue, who took charge of map software last month, is racing to turn around the troubled service, firing a senior manager and urging partners to improve data amid an escalating rivalry with Google Inc.
Read more: Bloomberg news

Apple Said to Fire Maps Manager as Flaws Hurt IPhone 5

Apple Inc. has fired the manager responsible for its troubled mapping software, seeking to win back the trust of users disappointed after the program debuted in September, according to people familiar with the move.
Read more: Bloomberg news

Chavez Seeks More Cancer Treatment in Cuba After Election

Venezuelan President Hugo Chavez is seeking treatment in Cuba to aid his recovery from cancer, seven weeks after winning re-election in a campaign in which he told voters he was “totally free” of the disease.
Read more: Bloomberg news

Lee Rues Singapore as Retirement Home Unless Birthrate Rises

Singapore Prime Minister Lee Hsien Loong said encouraging citizens to have more children is the biggest challenge confronting the island nation if it wishes to remain an economic juggernaut in the developed world.
Read more: Bloomberg news

Harvard Doctor Turns Felon After Lure of Insider Trading

From the age of six, Joseph F. “Chip” Skowron III aspired to be a doctor. At Yale, he earned both a medical degree and a doctorate in molecular and cellular biology, then qualified for Harvard’s elite, five-year residency program. Three years in, Skowron quit medicine for Wall Street. He and two partners started a group of health-care investment funds under the auspices of FrontPoint Partners LLC, a hot new property in the exploding world of hedge funds.
Read more: Bloomberg news

U.S. Treasury Declines to Name China Currency Manipulator

China isn’t a currency manipulator under U.S. law, though the yuan “remains significantly undervalued” and needs to rise further, the Treasury Department said.
Read more: Bloomberg news

Fiscal Cliff Compromise Elusive as Congress Returns

Republicans’ post-election rhetorical openness to higher taxes comes with a price that neither side of the fiscal debate in Washington may be willing to pay.
Read more: Bloomberg news

Zhang Companies Drop in Hong Kong as Billionaire Resigns

China Rongsheng Heavy Industries Group Holdings Ltd. and Glorious Property Holdings Ltd. both declined in Hong Kong trading after billionaire Zhang Zhirong quit as chairman of the companies.
Read more: Bloomberg news

Catalan Pro-Independence Parties Win Regional Vote

Election gains by Catalan separatists spurred their independence drive in a setback for regional President Artur Mas that may deepen his stand-off with Spanish Prime Minister Mariano Rajoy.
Read more: Bloomberg news

Retailers Keep Deals Flowing on 13% Holiday-Sales Jump

U.S. retailers are extending deals into Cyber Monday and beyond to try to sustain a 13 percent gain in Thanksgiving weekend sales.
Read more: Bloomberg news

Vietnam Empty Office Towers Show Dreams Turned to Rubble

From afar, the gleaming metal and glass edifices of Hanoi’s EVN Tower illustrate Vietnam’s rapid economic development. Up close, the rubble-strewn entrance and missing windows tell another story: one of loose lending and property speculation that now hangs over the country’s banks.
Read more: Bloomberg news

Egypt Clashes Resume After Night Protest Over Mursi

Egypt’s judiciary prepared to suspend work and a fourth consecutive day of clashes erupted in Cairo as critics likened President Mohamed Mursi’s decrees granting himself sweeping powers to the policies of a regime hundreds died to oust last year.
Read more: Bloomberg news

Retailers’ Thanksgiving Deals Cut Black Friday Spending

Thanksgiving Day openings and midnight deals at retailers from Target Corp. to Wal-Mart Stores Inc. drew U.S. shoppers out earlier than ever, trimming spending on Black Friday.
Read more: Bloomberg news

India Pledges to Cut Deficit, Cap Debt to Avert Downgrade

Top Indian officials said they will cut the widest budget deficit among the world’s largest emerging markets and curb public debt, as the Asian nation seeks to avert a credit-rating downgrade.
Read more: Bloomberg news

Mursi Decree Fuels Egyptian Protests, Raises U.S. Concern

Egyptian hospitals treated injuries sustained during rallies against President Mohamed Mursi’s decree extending his powers, which sparked one of the biggest nationwide protests since the fall of Hosni Mubarak.
Read more: Bloomberg news

Black Friday Draws Millions in Early Kickoff for Sales

Target Corp. took some flak for opening stores on Thanksgiving because doing so would give employees less celebrating time with their families. Still, the 9 p.m. start attracted more parents and their kids.
Read more: Bloomberg news

EU Budget Summit Fails in Echo of Debt-Crisis Stalemate

European Union leaders failed to agree on the 27 nation bloc’s next seven-year budget, replaying the clash between rich and poor countries that has stymied the response to the euro debt crisis.
Read more: Bloomberg news

Ranbaxy Declines After Recall of Generic Lipitor in U.S.

Ranbaxy Laboratories Ltd. fell the most in more than three months after announcing a recall of the company’s generic version of Pfizer Inc.’s cholesterol treatment Lipitor.
Read more: Bloomberg news

Jain Gets Silent Treatment as Bankers Eat Humble Pie

Deutsche Bank AG co-Chief Executive Anshu Jain says telling people he works in banking is a conversation-killer at parties, as the industry fails to convince the general public that it’s changing.
Read more: Bloomberg news

Alcatel-Lucent Said in Financing Talks With Goldman Sachs

Alcatel-Lucent SA is in talks with Goldman Sachs Group Inc. about obtaining a loan to strengthen the unprofitable network equipment vendor’s balance sheet, according to people familiar with the situation.
Read more: Bloomberg news

Greece Exit Costs Hurt Coca-Cola Hellenic’s Debt

Coca-Cola Hellenic Bottling Co. SA bondholders are losing confidence in the firm’s plan to leave Greece on concern the cost of the move will trigger a credit- rating downgrade for the nation’s biggest company.
Read more: Bloomberg news

Billionaire Brothers May Quit Mining Business: Corporate India

Gulf Oil Corp., controlled by the billionaire Hinduja brothers, may exit the mining business as restrictions on excavations in India slow demand for its services to extract coal, iron ore and minerals.
Read more: Bloomberg news

Israeli Troops Fire on Palestinians at Gaza Border Fence

Israeli troops fired on Palestinians near the Gaza Strip border, in an incident Hamas said left one dead and 25 injured, leading to accusations from both sides that a two-day-old cease-fire was breached.
Read more: Bloomberg news

Gaza Cease-Fire Success Hinges on Israel-Hamas Efforts

Israel and Hamas are seeking to solidify an Egyptian and U.S.-crafted cease-fire halting eight days of aerial assaults that ravaged the Gaza Strip and made Tel Aviv a missile target.
Read more: Bloomberg news

Russian Billionaire Fights to Recoup Investment: Corporate India

Billionaire Vladimir Evtushenkov, who has plowed $3.2 billion into a phone venture in India since 2008, is poised to invest billions more as his company fights to recover mobile licenses scrapped by the nation’s top court.
Read more: Bloomberg news

Jobs’s Spaceship-Like Apple Offices Completion Meets Delays

Apple Inc. said the construction of a new spaceship-like headquarters with a circular design in Cupertino, California, won’t be completed until mid-2016, later than originally projected, as the company revises its plans.
Read more: Bloomberg news

Olam Sues Muddy Waters, Block After Accounting Questions

Olam International Ltd., the world’s second-largest rice trader, sued investment firm Muddy Waters LLC and its founder Carson Block for defamation after they questioned the commodity supplier’s accounting methods.
Read more: Bloomberg news

Soros Buying Gold as Record Prices Seen on Stimulus

Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.
Read more: Bloomberg news

HP Plunges on $8.8 Billion Charge From Autonomy Writedown

Hewlett-Packard Co. accused Autonomy Corp., the software maker it bought last year, of a broad range of financial falsehoods resulting in an $8.8 billion writedown, adding to challenges facing Chief Executive Officer Meg Whitman in the midst of a multiyear turnaround. Shares plunged.
Read more: Bloomberg news

Hostess and Bakers Union Asked Accept Strike Mediation

The judge overseeing Hostess Brands Inc., while declining to approve the company’s liquidation, asked management and the bakers’ union to enter mediation today to resolve the strike that the maker of Twinkies and Wonder bread said forced it to shut.
Read more: Bloomberg news

France Loses Top Rating at Moody’s in Blow to Hollande

France lost its top credit rating at Moody’s Investors Service, which also maintained a negative outlook for Europe’s second-largest economy, citing what it called a worsening growth outlook.
Read more: Bloomberg news

EU Leaders Face Greek Aid Gap in Brinkmanship With IMF

European finance ministers will try to plug a 15 billion-euro ($19 billion) hole in Greece’s finances and win over the International Monetary Fund in the latest installment of three years of debt-crisis brinkmanship.
Read more: Bloomberg news

Stocks Advance on U.S. Budget Optimism; Dollar Weakens

Stocks around the world snapped the longest losing streak in almost a year on optimism a deal can be reached to avoid automatic U.S. spending cuts and tax increases. Oil led commodities higher. The dollar and Treasuries fell.
Read more: Bloomberg news

Europe Finance Chiefs Try to Trim Greek Gap Amid IMF Spat

European finance ministers aim to stitch together Greece’s next aid payment as a sputtering euro- area economy and a spat with the International Monetary Fund cloud efforts to resolve the debt crisis.
Read more: Bloomberg news

Hedge Funds Cut Bets in Longest Retreat Since 2008: Commodities

Hedge funds cut bullish commodity bets for a sixth straight week, the longest slump since the depths of the global recession four years ago, on mounting concern that economies are slowing.
Read more: Bloomberg news

SAS Secures Pilot Backing for Cuts as Deadline Expires

SAS Group’s plans to eliminate jobs and shrink the business won the backing of unions representing pilots and the bulk of cabin crew as Scandinavia’s biggest airline fights to stay afloat.
Read more: Bloomberg news

Israel Expands Gaza Raids as Regional Leader Seek Truce

Israel kept up its bombardment of the Gaza Strip amid a fifth day of rocket attacks on its cities as regional leaders raced to broker a cease-fire accord.
Read more: Bloomberg news

Fiscal Negotiators See Optimism With Hurdles Remaining

The first face-to face meeting between President Barack Obama and congressional leaders about the so-called fiscal cliff yielded optimism from participants with few details on how they would resolve their disagreements.
Read more: Bloomberg news

Hostess Seen Attracting Bids for Assets From Flowers

Hostess Brands Inc., the bankrupt maker of Wonder bread and Twinkies, said it will fire more than 18,000 workers and liquidate after a nationwide strike by bakery workers crippled operations.
Read more: Bloomberg news

U.S. Stocks Rise as Boehner Says Talks Were Constructive

U.S. stocks rose, erasing earlier losses, as House Speaker John Boehner said he had constructive talks with President Barack Obama on the budget and would accept government revenue increases coupled with spending cuts.
Read more: Bloomberg news

Twinkie Junkies Raid Stores as Hostess Brands to Close

Twinkie junkies have spoken.
Read more: Bloomberg news

Jobless Claims in U.S. Jumped Last Week After Sandy

More Americans than forecast submitted claims for unemployment insurance and factory production declined in the northeastern U.S. after superstorm Sandy struck the region.
Read more: Bloomberg news

Citigroup Seeing FX Signals of Early End to Stimulus: Currencies

The foreign-exchange market is signaling to Citigroup Inc. that it isn’t yet convinced the Federal Reserve will fulfill its pledge to keep pumping record amounts of cash into the U.S. economy through 2015.
Read more: Bloomberg news

Nintendo Faces Wii U Shortage After Debut in U.S. This Weekend

Nintendo Co.’s new Wii U will likely fly off store shelves during the holiday shopping season, giving the creator of Mario and Zelda a temporary boost as it tries to rebound from its first annual loss.
Read more: Bloomberg news

U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Read more: Bloomberg news

U.S. Stocks Fall on Wal-Mart Forecast, Budget Debate

U.S. stocks fell, after the Dow Jones Industrial Average dropped to the lowest level since June yesterday, as Wal-Mart Stores Inc. forecast earnings that missed estimates and lawmakers prepared for budget talks.
Read more: Bloomberg news

Jobless Claims in U.S. Jumped Last Week After Sandy

More Americans than forecast submitted claims for unemployment insurance last week as superstorm Sandy wreaked havoc on the job market.
Read more: Bloomberg news

U.S. Stocks Fluctuate Following Yesterday’s Declines

U.S. stocks fluctuated between gains and losses, after the Dow Jones Industrial Average dropped to the lowest level since June yesterday, as lawmakers prepared for budget talks.
Read more: Bloomberg news

Obama’s Defense of Rice Suggests She May Succeed Clinton

President Barack Obama’s spirited defense of U.S. Ambassador to the United Nations Susan Rice has moved her a step closer to being named to succeed Secretary of State Hillary Clinton.
Read more: Bloomberg news

U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Read more: Bloomberg news

Singapore’s Casinos Lose Luster as Gaming Revenue Decline

Genting Singapore Plc and Las Vegas Sands Corp. reported the lowest gaming revenue in at least 18 months at their Singapore casinos, signaling slower economic growth and tighter rules are restricting spending by gamblers.
Read more: Bloomberg news

King Beaten by Pound Gains as Foreigners Buy Homes: Currencies

At a time when Bank of England Governor Mervyn King could use a weaker pound to boost the economy, investors from Japan to Norway are propping up sterling by purchasing more U.K. real estate than British citizens and the most stocks and bonds in over three years.
Read more: Bloomberg news

Microsoft Said to Push Out Windows’ Sinofsky After Clash

Microsoft Corp. pushed out Steven Sinofsky, president of the Windows operating system division, after clashes with executives, including Chief Executive Officer Steve Ballmer, people with knowledge of the move said.
Read more: Bloomberg news

Lagarde Woos Southeast Asia as Region Cuts IMF Reliance

Fresh from yet another meeting in Brussels on Europe’s debt crisis, International Monetary Fund Managing Director Christine Lagarde today kicked off a three- country tour of Southeast Asia, which is thriving after emerging from turmoil more than a decade ago.
Read more: Bloomberg news

Europe Gives Greece 2 More Years to Reach Deficit Targets

Euro finance chiefs left unanswered how they’ll fill a fresh hole in Greece’s balance sheet without tapping their own bailout-weary taxpayers for money after giving the country two extra years to trim its budget deficit.
Read more: Bloomberg news

Verizon, Vodafone Get $8.5 Billion Wireless Dividend

Vodafone Group Plc and Verizon Communications Inc., co-owners of Verizon Wireless, will get an $8.5 billion dividend from the venture by the end of 2012, the second straight year the unpredictable windfall will be paid.
Read more: Bloomberg news

Euro Falls to Two-Month Low on Greece Concern

The euro fell to two-month lows against the dollar and Swiss franc as European finance ministers struggled to agree on how to provide additional aid for Greece, curbing demand for the region’s common currency.
Read more: Bloomberg news

Apple Settles HTC Patent Suits Shifting From Jobs’ War

Apple Inc. settled all global lawsuits with HTC Corp., signaling a new willingness to resolve patent disputes without resorting to the “thermonuclear war” stance favored by co-founder Steve Jobs.
Read more: Bloomberg news

Bulls Cut Wagers as Prices Rally Most in Two Months: Commodities

Speculators cut bullish commodity wagers by the most in five months as prices had their biggest gain in eight weeks on mounting speculation that stimulus measures will bolster economic growth.
Read more: Bloomberg news

Israel Warns of Painful Response to Fire From Gaza, Syria

Israeli troops fired into Syrian territory today for the second time in less than 24 hours after a mortar shell again hit the Israeli-controlled side of the Golan Heights.
Read more: Bloomberg news

Pimco-to-DWS See Economy Escaping Cliff as Stocks Fall

The world’s biggest investors say the rout that erased $1 trillion from the value of global equities after President Barack Obama was re-elected overlooks the fact that the world economy is improving while U.S. leaders start discussions that may avoid the so-called fiscal cliff.
Read more: Bloomberg news

EU Seeks to Keep Crisis Fight on Track After Greek Vote

Greek lawmakers’ midnight approval of a 2013 austerity budget put the onus on European finance ministers meeting later today to keep their three-year crisis fight on track.
Read more: Bloomberg news

Obama, Boehner Open to Compromise With Firm Stance

President Barack Obama and House Speaker John Boehner began public negotiations over how to avert the so-called fiscal cliff, expressing a willingness to compromise while reiterating their previous positions.
Read more: Bloomberg news

CIA Director Petraeus Resigns, Citing Extramarital Affair

CIA Director David H. Petraeus, the retired four-star general widely commended for his oversight of the U.S. wars in Iraq and Afghanistan, resigned after an FBI investigation uncovered evidence of an extramarital affair.
Read more: Bloomberg news

Voting Rights Act Challenge Gets U.S. High Court Hearing

The U.S. Supreme Court will consider overturning a signal achievement of the civil rights movement, agreeing to hear a challenge to part of the 1965 Voting Rights Act in a case loaded with racial and political ramifications.
Read more: Bloomberg news

Obama-Boehner 2011 Near-Deal Blueprint for New Debt Talks

The blueprint for a deal to avoid a fiscal nightmare early next year may be found in the failed debt negotiations between President Barack Obama and House Speaker John Boehner in mid-2011.
Read more: Bloomberg news

Morgan Stanley Hired Goldman Trader Named in U.S. Suit

It took Matthew Marshall Taylor less than three months to land a job at Morgan Stanley after Goldman Sachs Group Inc. disclosed in a public filing that he had been fired for building an “inappropriately large” proprietary trading position.
Read more: Bloomberg news

Priceline Buys Kayak for $1.8 Billion Expanding in Travel

Priceline.com Inc., the most valuable online-travel agency, is buying Kayak Software Corp. for $1.8 billion, adding profitable search tools to its services that help consumers book flights and hotels online.
Read more: Bloomberg news

Groupon Plunges to Record Low After Coupon Demand Fades

Groupon Inc., the largest daily-deal website, plunged to a record low after reporting third-quarter revenue that missed estimates as sales of coupons overseas declined from the previous period.
Read more: Bloomberg news

Obama Victory Leads Wealthy to Make Quick Pre-2013 Moves

The race is on for wealthy Americans to save on taxes before Jan. 1.
Read more: Bloomberg news

Obama Wins Re-Election With Romney Defeated in Key States

Barack Obama, the post-partisan candidate of hope four years ago who became the first black U.S. president, won re-election by overcoming four years of economic discontent with a mix of political populism and electoral math.
Read more: Bloomberg news

Obama First Since FDR Re-Elected With 7.9% Joblessness

President Barack Obama, whose hope- and-change campaign promises yielded to grim economic realities in the White House, defied history to win re-election last night, as wary Americans seeing glimmers of a recovery handed him a second chance.
Read more: Bloomberg news

Washington, Colorado Allow Recreational Use of Marijuana

Washington and Colorado voters legalized recreational use of marijuana, making them the first U.S. states to decriminalize the practice.
Read more: Bloomberg news

Nate Silver-Led Statistics Men Crush Pundits in Election

Nate Silver was right. The Gallup Poll was wrong.
Read more: Bloomberg news

Romney Lost Race in Summer After Obama Redefined Resume

Mitt Romney lost the presidential race in the summer.
Read more: Bloomberg news

OBAMA WINS RE-ELECTION

(Reuters) - Fresh from a decisive re-election win, President Barack Obama returns from the campaign trail on Wednesday with little time to savor victory, facing urgent economic and fiscal challenges and a still-divided Congress capable of blocking his every move.

Obama defeated Republican challenger Mitt Romney on Tuesday night after a grueling presidential race and used his acceptance speech in front of a huge cheering crowd in Chicago to strike a conciliatory note toward his political opponents.

But in the cold light of the election's morning-after, it was clear that even though voters have given their stamp of approval for a second Obama term, he could have a hard time translating that into a mandate to push forward with his agenda.

Americans chose to stick with a divided government in Washington by leaving the U.S. Congress as it has been since the midterm elections of 2010.

Obama's fellow Democrats retain control of the Senate and Republicans keep the majority in the House of Representatives, giving them power to curb the president's legislative ambitions.

Read More: Reuters

Christie Says ‘Know-Nothing’ Romney Aides Spread Reports

New Jersey Governor Chris Christie said “know-nothing” campaign staffers are the sources of reports of tension between him and Republican presidential candidate Mitt Romney in the wake of Hurricane Sandy.
Read more: Bloomberg news

Stocks Rise as Dollar, Treasuries Drop Amid U.S. Voting

U.S. stocks and commodities rallied for a second day, while the dollar and Treasuries fell, as investors awaited presidential election results. Oil and gasoline surged the most in a month before an inventories report.
Read more: Bloomberg news

New York Looks Into Craigslist Gasoline Sales at $8 a Gallon

The New York attorney general’s office is looking into whether gasoline offered through the Craigslist website for as much as $8 a gallon is legal as motorists cope with retail shortages after Hurricane Sandy.
Read more: Bloomberg news

Drop in U.S. Job Openings Shows Uneven Labor Market

Job openings in the U.S. dropped to a five-month low in September, signaling uneven progress in the labor market may extend through year-end.
Read more: Bloomberg news

Romney Competes With Obama to Defy History in Election

President Barack Obama and Mitt Romney are both running against history -- the only question now is who will defy it to win the presidency.
Read more: Bloomberg news

Apple Said to Be Exploring Switch From Intel for Mac

Apple Inc. is exploring ways to replace Intel Corp. processors in its Mac personal computers with a version of the chip technology it uses in the iPhone and iPad, according to people familiar with the company’s research.
Read more: Bloomberg news

Obama Works Turnout as Romney Seeks Wave on Final Day

President Barack Obama beseeched core supporters and wayward backers to go to the polls, while Republican challenger Mitt Romney reached for an upset victory powered by anti-incumbent fervor on the final full day of a race that polls suggest has tilted slightly in the president’s favor.
Read more: Bloomberg news

Berkshire Cash Nears Record as Buffett Extends Deal Hunt

Berkshire Hathaway Inc.’s cash pile climbed to near-record levels in the third quarter as Chairman Warren Buffett extended his search for larger acquisitions.
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Apple Sells 3 Million IPads in Debut Fueling Optimism

Apple Inc. said it sold 3 million units of its iPad mini and fourth-generation iPad during the debut weekend, a sign that the new devices can help the company withstand accelerating competition in the tablet market.
Read more: Bloomberg news

Netflix Adopts Poison Pill to Stop Icahn From Buying More

Netflix Inc., the world’s largest subscription video service, adopted a so-called poison pill to protect against a hostile takeover after billionaire investor Carl Icahn acquired an almost 10 percent stake in the company.
Read more: Bloomberg news

Storm Threatens Sandy-Devastated Northeast With Cold Rain

A nor’easter may bring gusty winds, heavy rain and even snow this week across much of the U.S. East Coast that was hit by Hurricane Sandy last week, complicating cleanup efforts and possibly snarling air traffic.
Read more: Bloomberg news

Romney Threatens Pimco’s Gross With Bernanke-Dumping Plan

Mitt Romney’s pledge to dump Federal Reserve Chairman Ben S. Bernanke is threatening Bill Gross with losses on his Mexican bonds.
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Europe, Asia Call for Open Markets to Boost Trade, Growth

European and Asian leaders called for unfettered commerce and warned against protectionism as the debt crisis threatens to undermine trade ties between the world’s fastest and slowest-growing regions.
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Sharp Is Seen Seeking Bailout After Record Loss Forecast

Sharp Corp. may turn to the last resort of Japanese companies facing potential bankruptcy -- the government.
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European Stocks Fall as Euro Weakens on Greek Outlook

European stocks dropped and the euro traded at an almost two-month low on concern that Greece will struggle to win a bailout and as Americans prepared to vote in presidential elections. German note yields declined below zero.
Read more: Bloomberg news

G-20 Tells U.S. to Avoid Fiscal Cliff as Focus Widens

Global finance chiefs pressed the U.S. to avoid harming the fragile world economy with excessive austerity, widening their focus on fiscal challenges beyond concerns over Europe’s debt woes.
Read more: Bloomberg news

Obama Joins Romney in Hunt for Slimmest Electoral Edge

President Barack Obama and Republican Mitt Romney crisscrossed the election battleground states hunting for a path to 270 electoral votes on the final weekend of their campaigns.
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Wealthy Advised to Sell for Gains Before Unfriendly 2013

Sell.

That’s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates. Taxes are set to rise in January in the U.S., pushing the top rate on dividends to 43.4 percent from 15 percent and the top rate on capital gains to 23.8 percent from 15 percent.

Even if Congress averts the so-called fiscal cliff of tax increases on investments, income and estates, pressure to reduce budget deficits will mean higher taxes eventually, said Ron Florance of Wells Fargo & Co. (WFC) The answer is to take advantage of historically low rates and move taxable income and investment gains into this year, said Florance, managing director of investment strategy at the company’s private bank.

“It’s the opposite of what people normally do,” said Florance, whose clients usually have at least $1 million in investable assets. “You’re paying taxes today in anticipation of higher rates in the future.”

Advisers at companies including Wells Fargo, Bank of America Corp., Bank of New York Mellon Corp., JPMorgan Chase & Co. (JPM), Northern Trust Corp. (NTRS) and U.S. Bancorp (USB) are discussing with their wealthy clients such strategies as selling appreciated securities, relocating assets to tax-deferred retirement accounts, converting IRAs, exercising stock options and making large gifts to heirs this year.

By Margaret Collins and Richard Rubin
Bloomberg

Stocks, Euro Fall as Commodities Drop; Spain Notes Slide

Stocks (MXWO) fell for a second day and the euro weakened on concern European leaders will struggle to resolve the debt crisis. Spain’s two-year notes stayed lower after a bill auction and commodities dropped.

The MSCI All-Country World Index lost 0.3 percent at 8:30 a.m. in New York. Standard & Poor’s 500 Index futures slid 0.2 percent. The Shanghai Composite Index dropped 0.9 percent amid escalating tensions with Japan, capping its biggest two-day loss since March. The euro depreciated 0.5 percent to $1.3052 and Spain’s two-year yield added three basis points to 3.37 percent. The S&P GSCI gauge of 24 raw materials slipped 0.8 percent, with nickel down 2 percent and soybeans falling 1.5 percent. New York oil declined 1.1 percent.

Rising yields may force Spain to seek assistance and submit to European Central Bank conditions for aid, ECB Governing Council member Luc Coene said yesterday. The country will consider a rescue to cut borrowing costs if the conditions are acceptable, Spanish Deputy Prime Minister Soraya Saenz de Santamaria said today. China and Japan’s worst diplomatic crisis since 2005 is threatening trade ties of more than $340 billion.

“There are still a number of areas of concern,” Tim Schroeders, who helps manage about $1 billion at Pengana Capital Ltd. in Melbourne, said in a telephone interview. “Investors will become increasingly nervous if a policy response doesn’t materialize in China. There are still tensions between European partners in terms of what shape and form the ultimate rescue takes. The devil lies in the detail.”

By Stephen Kirkland and Richard Frost
Read More: Bloomberg

Asian Stocks Head for Three-Month High Ahead of U.S. Data

Asian stocks rose, with the regional benchmark index heading for a three-month high, ahead of reports on U.S. housing and durable goods this week that are expected to show the world’s biggest economy is improving, overshadowing concern about Europe’s debt crisis.

Samsung Electronics Co. (005930), the world’s No. 1 mobile-phone maker by sales, gained 1 percent in Seoul. Asia Pacific Breweries Ltd. jumped 4.8 percent in Singapore after Heineken NV raised its offer for a controlling stake in the maker of Tiger beer. Woodside Petroleum Ltd., Australia’s second-largest oil producer, climbed 2.2 percent as crude traded near a three-month high.

The MSCI Asia Pacific Index added 0.3 percent to 121.07 as of 10:49 a.m. in Tokyo, heading for its highest close since May 8. About three shares rose for every two that fell in the gauge. The measure advanced in the past three weeks on expectations China will ease monetary policy and amid signs the U.S. economy is strengthening.

“U.S. economic data has been better, with the housing sector turning around,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion in assets. “Eventually, Asian exports will rebound. Asian equities aren’t overvalued after recent gains and Chinese equities are dearth cheap. China’s economic slowdown remains a key concern.”

By Jonathan Burgos
Read More: Bloomberg

Jobs, trade data supports modest economic growth

(Reuters) - The number of Americans filing new claims for jobless benefits fell last week while the trade deficit in June was the smallest in 1-1/2 years, hopeful signs for the struggling economy.

Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 361,000, the Labor Department said on Thursday, suggesting a modest improvement in the jobs market.

Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average of new claims, a better measure of labor market trends, rose 2,250 to 368,250.

A second report from the Commerce Department showed the shortfall on the trade balance narrowed 10.7 percent to $42.9 billion, the smallest since December 2010, as low oil prices curbed imports.

That was way below economists' expectations for a $47.5 billion deficit. The petroleum import bill fell as the average price per barrel of crude oil dropped by the most since January 2009.

By Lucia Mutikani
Read More: Reuters

U.S. Stocks Rise to Highest Level Since May on Jobs Data

U.S. stocks rallied, sending the Standard & Poor’s 500 Index to the highest level since May, after a report showed payrolls climbed more than forecast even as the jobless rate unexpectedly rose to a five-month high.

Bank of America Corp., Alcoa Inc. (AA) and Caterpillar (CAT) Inc. increased at least 2.2 percent. Knight Capital Group Inc. (KCG) surged 57 percent, after tumbling 75 percent in two days, as it secured a funding lifeline and more customers resumed routing orders. Kraft Foods Inc. (KFT) and Procter & Gamble Co. (PG) advanced more than 3.1 percent after reporting better-than-estimated earnings.

About nine stocks gained for every two that fell on U.S. exchanges at 4 p.m. in New York. The S&P 500 rose 1.9 percent to 1,390.99, after falling 1.5 percent in four days. It rose a fourth week, the longest streak since March. (SPX) The Dow Jones Industrial Average added 217.29 points, or 1.7 percent, to 13,096.17. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, or about in line with the three-month average.

“The jobs report is neither here nor there,” said Mark Luschini, chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC, which manages about $54 billion. “There’s not enough evidence for the Fed to act imminently. At the same time, the numbers are not so good, which means that Fed could still do something. On balance, the number was decent.”

Equities gained as payrolls last month increased 163,000 following a revised 64,000 rise in June. Economists projected a gain of 100,000. Unemployment rose to 8.3 percent. The Institute for Supply Management’s index of U.S. non-manufacturing businesses, which covers about 90 percent of the economy, rose to 52.6 in July, beating estimates.

By Rita Nazareth
Read More: Bloomberg

Jobs up in July, but jobless rate rises to 8.3 percent

(Reuters) - U.S. employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent could keep prospects of further monetary stimulus from the Federal Reserve on the table.

Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, snapping three straight months of job gains below 100,000 and offering hope for the ailing economy.

But the unemployment rate rose from 8.2 percent in June, even as more people gave up the search for work and a survey of households showed a drop in employment.

"As long as the unemployment rate is high, the central bank will have to consider further stimulus," said Sung Won Sohn, an economics professor at California State University Channel Islands in Camarillo, California.

The Federal Reserve on Wednesday sent a stronger signal that a new round of major support could be on the way if the recovery did not pick up. The labor market has slowed after hefty gains in the winter, spelling trouble for President Barack Obama.

By Lucia Mutikani
Read More: Reuters

Fed to signal more easing but stop short of big steps

(Reuters) - The Federal Reserve is likely to show on Wednesday that it is ready to act against a weakening economy but stop short of aggressive measures for now.

Economists say the central bank could well push back its guidance for when it sees the need for an eventual rate hike into 2015 from the current Fed consensus of late-2014, a move that could signal the depth of the central bank's concerns about the economy and hint at new measures ahead.

Wall Street is braced for another round of Fed bond purchases, and some see an off chance that it might even come this afternoon. But analysts believe policymakers will wait until at least September, giving them more time to lay out the case for their preferred method for easing policy in speeches between now and then.

"We do not expect any new initiative from the Fed," said Eric Green, economist at TD Securities. "A dovish statement signaling willingness to do more will manage frustrated expectations for more (monetary easing)."

Fed officials will hint at their intent to deliver further stimulus in part through what most analysts envision as a substantially weaker outlook on the U.S. economy than that delivered in June.

By Pedro da Costa
Read More: Reuters

Dow Rallies Above 13,000 on Speculation ECB to Buy Bonds

The Dow Jones Industrial Average (INDU) climbed above 13,000, capping its longest weekly advance since January, amid speculation the European Central Bank will buy bonds to help lower borrowing costs and preserve the euro.

Alcoa Inc. (AA) and Caterpillar (CAT) Inc. rose more than 3.1 percent to pace gains in the biggest companies. Merck & Co. (MRK) and Amgen Inc. (AMGN) added at least 4 percent, driving health-care shares higher, as earnings beat estimates. Expedia Inc. (EXPE) surged 20 percent as the online-travel company raised its dividend. Facebook Inc. (FB) fell 12 percent to a record low after its results.

About nine stocks rose for every two falling on U.S. exchanges at 4 p.m. New York time. The Standard & Poor’s 500 Index advanced 1.9 percent to 1,385.97. The Dow average rallied 187.73 points, or 1.5 percent, to 13,075.66. Both climbed to the highest levels since May and completed three straight weeks of gains. Volume for exchange-listed stocks in the U.S. was 7.9 billion shares, or 18 percent above the three-month average.

“They’ve got to buy bonds,” Michael Mullaney, who helps manage $9.5 billion as chief investment officer at Fiduciary Trust in Boston, said in a phone interview. “There’s been a lot of rhetoric as far as opening up the checkbook for whatever needs to be done to stabilize the euroland. It’s a giant deal if they actually do what they say they are prepared to do.”

American stocks joined a global rally after two central bank officials said ECB President Mario Draghi will hold talks with Bundesbank President Jens Weidmann in an effort to overcome the biggest stumbling block to a new raft of measures including bond purchases. German Chancellor Angela Merkel and French President Francois Hollande echoed yesterday’s pledge by Draghi that they will do everything to protect the euro.

By Rita Nazareth
Read More: Bloomberg

U.S. Stocks Rise as ECB’s Draghi Vows to Defend Euro

U.S. stocks gained, snapping a four- day drop in the Standard & Poor’s 500 Index, as European Central Bank President Mario Draghi pledged to defend the euro while American jobless claims fell and durable-goods orders rose.

Sprint Nextel Corp. surged 16 percent as sales at the wireless carrier beat analysts’ estimates. Visa Inc. (V), the world’s largest payments network, rose 2.6 percent on better- than-estimated earnings. Zynga Inc. (ZNGA), the biggest developer of games played on Facebook Inc.’s social network, plunged 38 percent amid disappointing profit and revenue. Facebook slumped 5.3 percent before reporting its quarterly results.

The S&P 500 rose 1.7 percent to 1,360 at 9:40 a.m. New York time. The benchmark index for American equities lost 2.8 percent in the previous four days. The Dow Jones Industrial Average added 214.11 points, or 1.7 percent, to 12,890.16.

“We’re seeing another instance of central bankers trying to save the day with the threat of their printing machine,” Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, wrote in a note today. “Whenever Draghi talks about ’policy transmission’ being hampered, it’s his Morse code for restarting their bond buying program.”

Global stocks rallied as Draghi suggested policy makers may intervene in bond markets as surging yields in Spain and Italy threaten the existence of the 17-nation currency bloc. The ECB mothballed its bond-buying program in March as it pushed governments to do more to control their deficits.

In the U.S., fewer people than forecast filed first-time claims for unemployment insurance payments last week. Orders for U.S. durable goods climbed more than projected in June as a surge in demand for aircraft and military hardware overshadowed a slump in business equipment spending.

By Rita Nazareth
Read More: Bloomberg

S&P 500 Falls Amid Housing Data as Apple Tumbles

The Standard & Poor’s 500 Index (SPX) declined a fourth straight day amid disappointing results at Apple (AAPL) Inc. and an unexpected decline in new home sales.

A gauge of homebuilders in S&P indexes slid 1.7 percent. Apple sank 4.7 percent as iPhone sales missed forecasts. Netflix Inc. (NFLX), the largest video-subscription service, tumbled 23 percent after raising doubts on user growth. Caterpillar Inc., the world’s largest maker of construction and mining equipment, and Boeing (BA) Co., a planemaker, gained at least 2 percent.

The S&P 500 slid 0.3 percent to 1,335.03 at 11:28 a.m. New York time. The benchmark gauge has lost 3 percent in four days. The Dow Jones Industrial Average rose 44.69 points, or 0.4 percent, to 12,662.01. The Nasdaq Composite Index lost 0.5 percent to 2,850.13. Trading in S&P 500 companies was up 20 percent from the 30-day average at this time of day.

“There’s a huge amount of uncertainty out there,” said Rob McIver, co-portfolio manager at Jensen Investment Management in Lake Oswego, Oregon. His firm manages $5.5 billion. “It’s a somewhat anemic U.S. recovery. You have the eurozone blowing up again. And you see that starting to be reflected in corporate results. It’s certainly a difficult environment for investors.”

The S&P 500 erased earlier gains as data showed demand for new U.S. homes unexpectedly dropped in June from a two-year high, indicating the housing recovery will be uneven. Earnings at 71 percent of the 196 S&P 500 companies which reported second-quarter results have beaten analysts’ estimates, according to data compiled by Bloomberg.

By Rita Nazareth
Read More: Bloomberg

U.S. Stocks Decline on Concern Europe Crisis Is Worsening

U.S. stocks declined, following a two-week advance in the Standard & Poor’s 500 Index, amid concern Europe’s debt crisis is deepening and after a Chinese central-bank adviser said economic growth may slow further.

Morgan Stanley (MS) and Bank of America Corp. (BAC) dropped at least 1.5 percent, following a tumble in European lenders, as Spanish bond yields surged on expectations regional governments may ask for aid. Freeport-McMoRan (FCX) Copper & Gold Inc. slid 3.7 percent, pacing losses in commodity producers, amid concern about lower Chinese demand. McDonald’s Corp. (MCD), the world’s largest restaurant chain, fell 3.5 percent as profit trailed estimates.

The S&P 500 lost 1.8 percent to 1,338.22 at 9:46 a.m. New York time. The Dow Jones Industrial Average fell 234.24 points, or 1.8 percent, to 12,588.33. Trading in S&P 500 companies was up 36 percent from the 30-day average at this time of day.

“Nothing is really fixed in Europe,” said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York. His firm oversees $201 billion. “The Spanish situation is chronic. And it’s not just Spain. This isn’t over.”

Stocks joined a global slump before the arrival in Athens tomorrow of Greece’s troika of international creditors -- the European Commission, the European Central Bank and the International Monetary Fund. In Spain, Catalonia joined a list of regions that may tap aid from the central government. Spain’s 10-year yields surged above 7.5 percent for the first time.

Song Guoqing, an academic member of the People’s Bank of China monetary policy committee, predicted the nation’s expansion may cool to 7.4 percent this quarter. He also warned that a decline in producer prices in tandem with consumer inflation may hurt investment returns of industrial companies.

By Rita Nazareth
Read More: Bloomberg

Bernanke Predicts Slow Progress on Unemployment

Federal Reserve Chairman Ben S. Bernanke said progress in reducing unemployment is likely to be “frustratingly slow” and repeated the Fed is ready to take further action to boost the recovery.

“The U.S. economy has continued to recover, but economic activity appears to have decelerated somewhat during the first half of this year,” Bernanke said today in testimony for delivery to the Senate Banking Committee in Washington. The Fed is “prepared to take further action as appropriate to promote a stronger economic recovery,” he said.

In response to questions, Bernanke said the central bank’s easing tools include further purchases of assets, including mortgage-backed securities, reducing the interest rate that the Fed pays on reserves that banks keep with the Fed and altering the communications on the outlook for interest rates.

Bernanke said growth is slowing as business investment cools in response to the European crisis and the prospect of fiscal tightening in the U.S. At the same time, households are restraining spending as unemployment remains elevated and credit is hard to get.

Bernanke and his colleagues on the Federal Open Market Committee are considering whether the economy will need additional stimulus to reduce a jobless rate stuck above 8 percent since February 2009. Minutes of their June meeting show that a few participants believed the Fed will need to do more, while several others said new easing would be warranted if growth slows, risks intensify or inflation seems likely to fall persistently below the Fed’s 2 percent target.

By Joshua Zumbrun and Craig Torres
Read More: Bloomberg

U.S. Stocks Advance Ahead of Bernanke’s Testimony

U.S. stocks rose, rebounding from yesterday’s drop, amid bets Federal Reserve Chairman Ben S. Bernanke will hint at more stimulus during testimony to Congress.

The Standard & Poor’s 500 Index (SPX) gained 0.4 percent to 1,358.84 as of 9:30 a.m. in New York. The U.S. equity benchmark lost 0.2 percent yesterday. The Dow Jones Industrial Average added 30.35 points, or 0.2 percent, to 12,757.56 today.

“The market is looking for the Fed chairman to be fairly definitive,” Jim Russell, the Cincinnati-based chief equity strategist at U.S. Bank Wealth Management, which oversees about $103 billion, said in a phone interview. “Certainly the CPI numbers give the Fed ample room to be even more accommodative than what they’ve done before. They have room to be aggressive.”

Bernanke will deliver his semi-annual report on the economy and monetary policy before Congress today and tomorrow. Data yesterday showing a contraction in June retail sales kindled speculation the Fed will introduce more measures to support the world’s largest economy. The cost of living in the U.S. was little changed in June, a sign inflation may stay subdued.

No change in the consumer-price index followed a 0.3 percent drop in May, a Labor Department report showed today in Washington. The measure matched the median forecast of economists in a Bloomberg News survey. The so-called core measure that excludes volatile food and fuel costs rose 0.2 percent for a fourth month.

By Inyoung Hwang
Read More: Bloomberg

U.S. Stocks Rise as JPMorgan Jumps Amid China Speculation

U.S. stocks rose, snapping the longest losing streak since May for the Standard & Poor’s 500 Index, amid speculation China will boost stimulus measures and as JPMorgan Chase & Co. (JPM) rallied after reporting its results.

JPMorgan surged 4.4 percent to lead gains in the Dow Jones Industrial Average after Chief Executive Jamie Dimon said the bank will still likely have record earnings this year even after reporting a $4.4 billion trading loss from its chief investment office in the second quarter. Wells Fargo & Co. (WFC) climbed 2.7 percent after reporting a 17 percent rise in profit. Phillips 66 rallied 3.1 percent after Warren Buffett said Berkshire Hathaway Inc. has invested in the refiner.

The S&P 500 gained 1.2 percent to 1,350.07 at 11:13 a.m. New York time, trimming it weekly loss to 0.3 percent. The index fell for six consecutive days, losing 2.9 percent amid concern over corporate earnings. The Dow added 147.17 points, or 1.2 percent, to 12,720.44. Trading in S&P 500 companies was down 12 percent from the 30-day average at this time of day.

“Six straight days down, the market is looking for something better,” Tom Wirth, who helps manage $1.6 billion as senior investment officer for Chemung Canal Trust Co., based in Elmira, New York, said in a telephone interview. “You started with China and JPMorgan added to it. The confidence is that the trading loss is 95 percent of the way behind us. The company is on the upswing.”

Equities retreated yesterday as concern about a slowdown in the global economic recovery and American corporate earnings overshadowed a rally in Procter & Gamble Co. and homebuilders. Four out of the six S&P 500 companies that reported results this week beat analysts’ earnings estimates while one missed, data compiled by Bloomberg show. Overall, profits probably decreased 1.8 percent in the second quarter, the first drop in almost three years, according to a Bloomberg survey of analysts.

By Lu Wang and Nikolaj Gammeltoft
Read More: Bloomberg

Jobless Claims in U.S. Plunge on Fewer Auto Shutdowns

Fewer Americans than forecast filed first-time claims for unemployment insurance payments last week, reflecting the volatility of applications during the annual auto-plant retooling period.

Applications for jobless benefits decreased by 26,000 in the week ended July 7 to 350,000, the fewest since March 2008, Labor Department figures showed today. Economists forecast 372,000 claims, according to the median estimate in a Bloomberg News survey. Last week’s distortion is likely to unwind slowly over coming weeks, a Labor Department spokesman said as the data was released to the press.

Automakers including Chrysler Group LLC, Ford Motor Co. (F) and Nissan Motor Co. are keeping more plants than normal open during this time of year to fulfill demand and replenish inventories. For that reason, it may take time to determine if the labor market is making any progress.

“You can never take claims at face value because of the July shutdowns,” said Jonathan Basile, an economist at Credit Suisse in New York, who projected the number of applications would drop to 355,000. “We are in a period of uncertainty. This makes for a situation where businesses will hold off on taking risks regarding investment and payrolls.”

Prices of imported goods decreased more than forecast in June as declining energy costs curbed inflation, another Labor Department report showed. The 2.7 percent plunge in the import- price index was the biggest since December 2008 and followed a 1.2 percent drop in May. Prices excluding fuel fell 0.3 percent, the most in almost two years.

By Michelle Jamrisko and Shobhana Chandra
Read More: Bloomberg