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TOP STORIES
Geithner predicts Republicans will allow higher tax rates
WASHINGTON - U.S. Treasury Secretary Timothy Geithner pushes Republicans to offer specific ideas to cut the deficit, and predicts that they will agree to raise tax rates on the rich to obtain a year-end deal and avoid possible economic doom (USA-FISCAL/ (UPDATE 3), moving shortly, by Aruna Viswanatha and Thomas Ferraro, 800 words)
Even without U.S. 'cliff,' world economy teeters
WASHINGTON - The global economy is on edge - and that's without the U.S. "fiscal cliff." Among rich nations, the U.S. outlook remains the least troublesome. But given a recession in the euro zone and a recent contraction in Japan, that's not saying a lot (GLOBAL-ECONOMY/WEEKAHEAD, expect by 3 PM ET/2000 GMT, by Pedro Nicolaci da Costa, 780 words)
INTERNATIONAL
Starbucks says may pay more tax to Britain
LONDON - Coffee chain Starbucks says it is considering changes to its British tax practices, which allow it to make billions in revenue while paying little in income taxes, following criticism from lawmakers, tax campaigners and the media (STARBUCKS-BRITAIN/TAX, moved, by Tom Bergin, 350 words)
ALSO IN THE NEWS
Ports of Los Angeles, Long Beach idled for 5th day by strike
LOS ANGELES - A strike by clerical workers at the twin ports of Los Angeles and Long Beach idles most of the busiest U.S. cargo shipping complex for a fifth day as container-laden vessels wait to be unloaded and marathon contract talks stretch into the weekend (USA-PORT/LOSANGELES, moved, by Steve Gorman, 700 words)
Emails suggest SEC's Schapiro delayed JOBS rule for legacy
WASHINGTON - Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show (SEC-SCHAPIRO/, moved, by Sarah N. Lynch, 850 words)
Fed trio spars on low-rate policy ahead of Dec. meeting
CHICAGO - Three top Federal Reserve officials offer sharply different takes on the U.S. central bank's unprecedented efforts to push down long-term borrowing costs, highlighting what may be some key themes at the Fed's upcoming policy-setting meeting (USA-FED/FEDPANEL, moved, by Ann Saphir, 850 words)
FEATURE
More mannequins, less clutter at heart of JC Penney plan
NEW YORK - More mannequins are on the floors of J.C. Penney stores. About 40,000 more. They are one of the most visible changes J.C. Penney Co Inc Chief Creative Officer Michael Fisher has made to try to revive the 110-year-old department store chain, whose sales plunged 26.6 percent last quarter and whose shares have tumbled more than 50 percent this year (USA-RETAIL/HOLIDAY-JCPENNEY, moving shortly, by Phil Wahba, 860 words)
BOX OFFICE
Twilight' shines in third box-office win over Bond
LOS ANGELES - The "Twilight" teen vampire movie shines again at U.S. and Canadian box offices, earning $17.4 million and its third consecutive No. 1 ranking as James Bond holds strong and Brad Pitt's new movie struggles (BOXOFFICE/ (UPDATE 1), moved, by Lisa Richwine, 600 words)
+ See also:
- BOXOFFICE/ (CHART), moved
COLUMNS
Wall St Week Ahead: Cliff fight may knock out December rally
NEW YORK - December is historically a strong month for markets - the S&P 500 has risen 16 times in the past 20 years during the month. But the market has not been operating under normal circumstances since Nov. 7 when a day after the U.S. election, investors' focus shifted squarely to the looming "fiscal cliff" (USA-STOCKS/WEEKAHEAD, moved, by Chuck Mikolajczak, 870 words)
BAY STREET: Steel slump puts crimp in Labrador Trough
TORONTO - "Strike while the iron is hot," the old saying goes, and a legion of iron ore miners setting up in Canada's remote Labrador Trough want to do just that - but they have to wait. Iron ore, the main component of steel, has turned ice cold in recent months, with the benchmark price plunging to $86.70 a tonne in September from $149.40 in April (CANADA-COLUMN/MARKETS, moved, by Julie Gordon, 975 words)