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| Investors agonize as U.S. teeters at edge of fiscal cliff Sunday, Dec 30, 2012 06:01 PM PST  SYDNEY (Reuters) - Financial markets across Asia and Western Europe were either closed or closing early on Monday, abandoning the field as the U.S. Congress and the White House battled it out for a solution to the impending "fiscal cliff". Market holidays were in force in Japan, South Korea, Taiwan, Indonesia, Thailand, the Philippines and Vietnam, with half-day trading in Australia, New Zealand, Hong Kong and Singapore. MSCI's broadest index of Asia-Pacific shares outside Japan was effectively unchanged given the extensive market closures. ... Full Story | Top |
| Washington pushes United States to edge of "fiscal cliff" Sunday, Dec 30, 2012 05:24 PM PST  WASHINGTON (Reuters) - Lawmakers pushed the country to the edge of the "fiscal cliff" on Sunday as they struggled to reach a last-minute deal that could protect the world's largest economy from a politically induced recession. Democratic and Republican leaders in the Senate had hoped to clear the way for swift action that would avert sweeping tax increases and spending cuts due to kick in on Tuesday. ... Full Story | Top |
| Stock futures edge higher as "cliff" talks continue Sunday, Dec 30, 2012 04:57 PM PST  (Reuters) - Equity futures were slightly higher on Sunday night as talks continued in Washington over resolving the "fiscal cliff." While the Senate will not vote Sunday night on any bill to avoid a series of $600 billion in tax hikes and spending cuts, as many had hoped, negotiations continued between lawmakers and the White House. The Senate will reconvene on Monday after the open of equity trading. In order for a deal to take effect, it would also have to be passed by the House of Representatives. ... Full Story | Top |
| Senate adjourns as "fiscal cliff" talks continue Sunday, Dec 30, 2012 04:56 PM PST (Reuters) - The Senate adjourned for the day on Sunday as Republicans and Democrats remained at odds over a deal to prevent taxes for all Americans from rising on New Year's Day. Senator Richard Durbin said the Senate would reconvene at 1100 EST/1600 GMT on Monday. (Editing by Christopher Wilson) Full Story | Top |
| "Significant differences" stand in way of fiscal cliff deal: Reid Sunday, Dec 30, 2012 04:09 PM PST WASHINGTON (Reuters) - Senate Majority Leader Harry Reid said Democrats and Republicans need to resolve significant differences to reach a deal to averting the "fiscal cliff" of looming tax hikes and spending cuts. "There are still significant differences between the two sides," Reid said on the Senate floor, adding that negotiations were continuing. "There is still time left to reach an agreement and we intend to continue negotiations," he added. (Reporting by David Lawder; editing by Christopher Wilson) Full Story | Top |
| Equity futures rise, but "cliff" stalemate suggests more losses Sunday, Dec 30, 2012 03:37 PM PST (Reuters) - Equity futures were slightly higher at the beginning of electronic trading on Sunday night as talks continued in Washington over resolving the "fiscal cliff." However, stocks still could end up falling on Monday when the cash markets open if lawmakers are unable to come to an agreement to avoid a series of $600 billion in tax hikes and spending cuts that are expected to hurt economic growth. ... Full Story | Top |
| Exclusive: Huawei partner offered embargoed HP gear to Iran Sunday, Dec 30, 2012 03:06 PM PST  (Reuters) - A major Iranian partner of Huawei Technologies offered to sell at least 1.3 million euros worth of embargoed Hewlett-Packard computer equipment to Iran's largest mobile-phone operator in late 2010, documents show. China's Huawei, the world's second largest telecommunications equipment maker, says neither it nor its partner, a private company registered in Hong Kong, ultimately provided the HP products to the telecom, Mobile Telecommunication Co of Iran, known as MCI. ... Full Story | Top |
| Fiscal deal stalls as clock ticks to deadline Sunday, Dec 30, 2012 03:04 PM PST  WASHINGTON (Reuters) - Efforts to prevent the economy from tumbling over a "fiscal cliff" stalled on Sunday as Democrats and Republicans remained at loggerheads over a deal that would prevent taxes for all Americans from rising on New Year's Day. One hour before they had hoped to present a plan, Democratic and Republican Senate leaders said they were still unable to reach a compromise that would stop the automatic tax hikes and spending cuts that could push the U.S. economy back into recession. ... Full Story | Top |
| Merkel says euro zone crisis far from over Sunday, Dec 30, 2012 03:02 PM PST  BERLIN (Reuters) - The euro zone sovereign debt crisis is far from over even though reform measures designed to address the roots of the problem are beginning to bear fruit, German Chancellor Angela Merkel has said in her New Year's address. In a taped interview to be broadcast on Monday evening, Merkel urged Germans to be more patient even though the euro zone crisis has already dragged on for three years. She drew a line linking German prosperity to a prosperous European Union. "For our prosperity and our solidarity we need to strike the right balance," Merkel said. ... Full Story | Top |
| Private equity firms to buy Duff & Phelps for $665 million Sunday, Dec 30, 2012 02:05 PM PST NEW YORK (Reuters) - A group of private equity firms, including the Carlyle Group , struck a deal on Sunday to buy financial advisory and investment banking firm Duff & Phelps Corp for about $665.5 million. Duff & Phelps said the firms will pay $15.55 a share to stockholders. The other buyers in the consortium are Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group. The buyers are offering a premium of 19.2 percent for the company, which closed at $13.05 a share on Friday. The deal allows Duff & Phelps Corp. ... Full Story | Top |
| Republican Senator says chances very good for limited "fiscal cliff" deal Sunday, Dec 30, 2012 08:49 AM PST WASHINGTON (Reuters) - Republican Senator Lindsey Graham said on Sunday that chances for a limited "fiscal cliff" deal in the next 48 hours were "exceedingly good," as talks to avoid tax increases and spending cuts on New Year's Day went down to the wire. "I think people don't want to go over the cliff if we can avoid it," Graham, a leading conservative, said on Fox News Sunday. ... Full Story | Top |
| Obama says failure to reach fiscal deal would hurt markets Sunday, Dec 30, 2012 08:05 AM PST  WASHINGTON (Reuters) - Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans. Lawmakers are seeking a last-minute deal that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to start within days. ... Full Story | Top |
| Merkel's rival Steinbrueck says euro zone austerity too severe Sunday, Dec 30, 2012 06:56 AM PST  BERLIN (Reuters) - Former German Finance Minister Peer Steinbrueck, who is running against Chancellor Angela Merkel in next year's election, said austerity measures being imposed on struggling euro zone countries were too severe. In an interview with the Frankfurter Allgemeine Sonntagszeitung (FAS), Steinbrueck said austerity measures were pushing some countries to do too much too soon. He said there would be massive protests in Germany if such a heavy dose of austerity were to be imposed so quickly. ... Full Story | Top |
| Egypt pound hits record low under new currency regime Sunday, Dec 30, 2012 05:36 AM PST CAIRO (Reuters) - The Egyptian pound hit a record low against the dollar on Sunday as worried Egyptians shifted their money out of local currency after the central bank introduced a new currency regime to protect foreign reserves. The new regime, announced on Saturday and which includes regular currency auctions, seemed to represent a controlled shift towards a free float after the central bank spent more than $20 billion in reserves over the past two years to defend the pound, according to bankers. ... Full Story | Top |
| Stung Bankia investors look to courts for justice Sunday, Dec 30, 2012 02:49 AM PST  MADRID (Reuters) - Spanish savers and pensioners who have seen their money wiped out by investing in state-rescued lender Bankia are likely to seek redress in court rather than wait for any official inquiry, which looks increasingly unlikely. About 350,000 stockholders will share the pain of the bank's European bailout, many of them bank clients who were sold the shares through an aggressive marketing campaign for its stock market flotation in 2011. ... Full Story | Top |
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