Federal Reserve Chairman Ben Bernanke painted an upbeat picture on Saturday for the potential of innovation to lift living standards.» Read More
*U.S. Congress approves deal to avoid "fiscal cliff". NEW YORK, Jan 2- The dollar and yen fell on Monday after U.S. lawmakers approved a last-minute deal to avert huge tax rises and spending cuts, eroding demand for the U.S. and Japanese currencies as safe havens.
*Gum arabic exempt from U.S. trade embargo. *So Sudan remains world power in the industry. EN NAHUD, Sudan, Jan 2- Counting piles of banknotes in front of his tiny warehouse, Sudanese trader Maaz Adam is arranging yet another purchase of a red g u m which may find its way into a bottle of soda pop drunk a world away from this dusty town.
Rep. Steve Israel, (D-NY), discusses why he is upset the House did not vote on a bill last night that would aid areas hard-hit by Hurricane Sandy.
The United States averted economic calamity on Tuesday when lawmakers approved a deal preventing huge tax hikes and spending cuts that would have pushed the world's largest economy off the "fiscal cliff" into recession.
SINGAPORE, Jan 2- Gold rebounded from intraday lows on Wednesday after the U.S. Congress finally passed a bill that avoids tax hikes and spending cuts worth $600 billion, but the temporary reprieve drew muted reaction from bullion investors in Asia. Gold added $7.01 an ounce to $1,681.55 by 0649 GMT after hitting a low around $1,670.
*House Republicans back away from plan to confront Senate. WASHINGTON, Jan 1- The United States averted economic calamity on Tuesday when lawmakers approved a deal to prevent huge tax hikes and spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and into recession.
That was the idea when Congress created the "fiscal cliff" in August, 2011 to resolve a partisan struggle, also with a deadline and also self-created, over raising the federal debt ceiling. Congress scared everyone but Congress, which while cutting taxes for most and raising them for a few, made no pretense of trying to make any progress toward reducing the deficit.
*Senate $60.4 bln package expires if House fails to act by Wednesday. WASHINGTON, Jan 2- The U.S. House of Representatives adjourned on Tuesday night without acting on a $60.4 billion Superstorm Sandy disaster aid bill, prompting angry denunciations from members from the states hardest hit by the storm.
SINGAPORE, Jan 2- Manufacturing activity in Asia expanded in December as China's economy showed signs of revival but export demand was uneven, pointing to further sluggish growth for the region, business surveys suggest.
*U.S. Congress approves deal to avoid "fiscal cliff". NEW YORK, Jan 2- The dollar fell against higher-yielding currencies such as the Australian dollar on Monday after U.S. lawmakers approved a last-minute deal to avert huge tax rises and spending cuts, spurring demand for riskier investments.
NEW YORK, Jan 1- U.S. stocks are poised for gains to begin the year after the late passage of a bill to avoid harsh tax hikes that would have hit most Americans and crimped economic growth.
*Zipcar jumps on news of Avis Budget acquisition. *Dow up 1.7 pct, S&P 500 up 1.7 pct, Nasdaq up 2.2 pct. All 10 S&P 500 industry sector indexes rose at least 1 percent, led by the S&P information technology index, up 2.2 percent.
WASHINGTON, Jan 1- A deal approved by the U.S. Congress late on Tuesday t o avoid the automatic tax hikes and spending cuts known as the "fiscal cliff" also includes measures to avert the "dairy cliff"- a steep increase in milk prices.
WASHINGTON, Jan 1- President Barack Obama departed the White House on Tuesday to resume his Hawaii vacation shortly after Congress approved legislation that raises taxes on the wealthiest Americans and avoids the "fiscal cliff" of across-the-board tax increases and spending cuts. The president left the White House shortly before midnight.
WASHINGTON, Jan 1- Speaking after winning a "fiscal cliff" victory, President Barack Obama vowed on Tuesday to avoid a repeat of last year's divisive fight with Congress over an extension of the nation's borrowing authority.
WASHINGTON, Jan 1- The "fiscal cliff" deal that slowly, painfully took shape in the U.S. Congress in recent days fulfills some of corporate America's tax policy goals, but leaves others unmet, including a big one- meaningful deficit and debt reduction.
*Republicans back away from plan to confront Senate. WASHINGTON, Jan 1- The U.S. Congress approved a rare tax increase on Tuesday that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into a deep fiscal crisis and recession.
WASHINGTON, Jan 1- The U.S. House of Representatives voted on Tuesday to avert the U.S. " fiscal cliff, "sparing most Americans from tax hikes and spending cuts that had threatened to plunge the U.S. economy into recession in 2013.. The measure now moves to President Barack Obama's desk for his signature, which is expected to come quickly.
Members of Congress uncomfortable with a deal brokered between Senate Republicans and the White House threatened to scuttle the deal, which could have hit Wall Street hard after its rally to end 2012 on Monday.
*China manufacturing data points to economic recovery. SINGAPORE, Jan 2- Brent crude extended gains on Wednesday, staying above $111 a barrel as the U.S. Congress moved closer to a deal to avert a fiscal crisis, while promising data from top energy consumer China also supported prices.