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TOP STORIES
In wake of Boehner disaster, uncertain course on cliff
WASHINGTON - Who does Obama negotiate with now, and how can he get a deal to avert the U.S. "fiscal cliff". (USA-FISCAL/BOEHNER, expect about 1230 GMT/7.30 AM ET, by Richard Cowan, 600 words)
+ See also:
- USA FISCAL/BOEHNER (ANALYSIS), by Richard Cowan, 800 words)
World's investors stirred, not shaken by U.S. fiscal crisis
LONDON - Global investors are betting Washington will overcome its budget deadlock despite an apparently serious setback. (USA FISCAL/INVESTORS, moved, by Mike Peacock, 600 words)
UK data point to meagre growth, public finances worsen
LONDON - Britain's dominant services sector posted meagre growth in October, which may be just enough for the economy as a whole to avoid contraction in the last three months of 2012.(BRITAIN-ECONOMY/ (UPDATE 1), moved, by David Milliken and Olesya Dmitracova, 450 words)
GE to buy Avio's aviation business for $4.3 billion
MILAN - U.S. conglomerate General Electric has agreed to buy the aviation business of Italian aerospace company Avio for 3.3 billion euros ($4.3 billion), the companies say. (GE AVIO/ (UPDATE 2), expect by 1430 GMT/9.30 AM ET, 500 words)
MARKETS
U.S. fiscal cliff setback rattles shares, euro
LONDON - Global stock markets weaken and both the euro and oil slip, as a new setback in talks to avert a U.S. fiscal crisis and evidence of Europe's ongoing economic difficulties stoke investor nerves (MARKETS-GLOBAL (WRAPUP 7), moved, by Marc Jones, 800 words)
INVESTMENT
Destination 2013? China, Japan, BRICs and Med
LONDON - With a whiff of global recovery in the air and central bank liquidity abundant, investors in 2013 are packing their bags for China, fellow 'BRICs' Brazil and Russia, long-dormant Japan and even some Mediterranean sun. (INVESTMENT FOCUS/, moved, by Mike Dolan, 800 words)
Slumping fees to force investment banking shake-up
LONDON - Fees for advising on mergers, share listings and bond issues have fallen again in 2012, forcing investment banks to cut jobs and start overhauling business models they had stuck by in times of crisis over the past decade (INVESTMENTBANKING-FEES/DATA, moved, by Sarah White and Kylie MacLellan, 700 words)
Wall St, facing fiercer watchdog, flees US power markets
NEW YORK - When federal regulators proposed a six-month penalty on JPMorgan Chase & Co's electricity trading arm last month, they took aim at what is now a rare sight on Wall Street: a large and growing power sales business. (FERC-JPMORGAN/POWERTRADING-BAN (INSIGHT), moved, by Cezary Podkul and David Sheppard and Scott DiSavino, 1,000 words)
Investors seen warming to share issues as bond fashion fades
HONG KONG/LONDON/NEW YORK - After a year marked by strong demand for selected bonds, investor fashion looks set to switch back to equities next year on the back of more positive macro-economic prospects. Some investment bankers will welcome the change (FINANCIAL-DEALS/EQUITIES, moved, by Elzio Barreto, Kylie MacLellan and Olivia Oran, 900 words)
Golden age for bank investors short lived
LONDON - Investors in European banks were richly rewarded for being on the right side of the big picture in 2012, but their golden age is already coming to an end as a 'new normal' heralds lower and more disparate shareholder returns (BANKS/EUROPE, moving shortly, by Laura Noonan, 1,100 words)
Corporate Japan scores record M&A year abroad
NEW YORK/TOKYO - Japan's companies spend a record amount in 2012 to acquire assets outside of their economically moribund country, up 24 percent from the previous year, as a strong yen turns foreign companies with a strong growth potential into bargains. (DEALS-JAPAN/, moved, by Nadia Damouni and Olivia Oran and Emi Emoto , 550 words)
- See also ASIAPAC/M&A (TABLE), moved, 300 words.
Sloane Robinson stumped by emerging market slowdown
LONDON-One of London's oldest hedge funds - and once among its top ten biggest - stock-picker Sloane Robinson has seen its assets under management, down four-fifths since 2008, tumble further this year amid more losing bets on emerging markets. (SLOANEROBINSON-HEDGEFUND/, moved, by Tommy Wilkes, 600 words)
ECONOMY
Italy looks to election as parliament winds up
ROME - Italian parliament prepares to pass a budget law expected to be the last act before technocrat Prime Minister Mario Monti hands in his resignation and opens election campaign in which he is expected to play a leading part (ITALY-VOTE/, moved, pictures, tv, by James Mackenzie, 600 words)
UK told to add break-up threat to bank reform plan
LONDON - Britain needs to introduce legislation that could break up banks if standards slip because current reform proposals fall short of what is needed, an influential panel of lawmakers say. (BANKS-BRITAIN/BREAK-UP (UPDATE 1), moved, by Steve Slater, 600 words)
Greeks flock to informal work as recession deepens
ATHENS - Growing number of young Greeks are turning to informal work to get by during an economic crisis that has left the country with a youth unemployment rate of 56 percent - the highest in the euro zone. (GREECE-LABOUR/, expect by 1200/7 AM ET, by Renee Maltezou, 900 words)
Cakes to tech, bold startups defy Portugal crisis
LISBON - Few things encapsulate Portugal better than its bakeries, where people from all walks of life mingle over coffee and cake. So when a whole new chain emerges in the depths of an economic crisis, it sends a glimmer of hope. (PORTUGAL-STARTUPS/ (INSIGHT), moved, by Andrei Khalip, 1,500 words)
Iraq tensions rise after Sunnis accuse Maliki of crackdown
BAGHDAD -Iraq's Sunni leaders accuse Shi'ite Prime Minister Nuri al-Maliki of a crackdown after troops detain a minister's bodyguards, triggering protests in Sunni provinces and threatening to reignite a crisis a year after U.S. troops left. (IRAQ-POLITICS/ UPDATE 2, pix, tv, expect by 1400 GMT/9 AM ET, By Patrick Markey and Raheem Salman, 750 words)
COMPANIES
ICE's NYSE Euronext swoop creates derivatives giant LONDON - IntercontinentalExchange's $8.2 billion takeover of NYSE Euronext crowns the commodities and energy bourse as one of the world's largest derivatives operators. (ICE-NYSE/), moved, by Luke Jeffs, 700 words)
Civil lawsuits could hurt banks more than Libor fines
LONDON - While banks appear to brush off record fines for rigging interbank interest rates, investors are starting to worry about a rising tide of civil lawsuits by disgruntled customers. (BANKS-LIBOR/LAWSUITS, expect by 1500 GMT/10 AM ET, by Kirstin Ridley and Steve Slater, 600 words)
Nokia to get payments in patent deal with RIM
HELSINKI - Struggling Finnish mobile phone maker Nokia has settled its patent dispute with BlackBerry maker Research in Motion in return for payments, as it tries to exploit its trove of technology patents to boost its finances. (NOKIA/ (UPDATE 2), moved, by Ritsuko Ando, 400 words)
Top-end US, Asian tipplers rescue champagne sales
PARIS - Depressed by weak economies, Europeans are struggling to find good reasons to crack open the bubbly, but more expensive tastes in export markets such as Japan, the United States and China mean champagne revenue as a whole will likely match or even pip the 4.1 billion euros ($5.4 billion) achieved last year. (CHAMPAGNE-MARKETS/, moved, by Pascale Denis, 700 words)
Eni, Anadarko tie-up boosts Mozambique gas prospects
MILAN - Oil and gas companies Eni and Anadarko plan to unite their neighbouring gas fields off Mozambique's coast, boosting the development prospects for one of the world's most significant new energy projects. (UPDATE 3), expect by 1400 GMT/9 AM ET, by Francesca Landini, 700 words)
Taiwanese man arrested in US in Olympus probe
A former Singapore banker is arrested in Los Angeles and accused of helping "liquidate" hundreds of millions of dollars in the Olympus Corp accounting scandal, one of the biggest corporate frauds in Japan's history. (OLYMPUS-ARREST/ (UPDATE 3, PIX), moved, by Erin Geiger Smith, 500 words)