Wires

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 76 cents at $56.52 a barrel by 1451 GMT, having risen earlier by more than $1 to a session high...

  • WASHINGTON, Jan 17- A leading proponent of low interest rate policy at the Federal Reserve said on Tuesday the U.S. central bank might hike interest rates more aggressively if deficit spending under the Trump administration leads to a quick economic boost. "If fiscal policy changes lead to a more rapid elimination of slack, policy adjustment would, all else being...

  • *China economy worries ease but big risks remain. DAVOS, Switzerland, Jan 17- Chinese President Xi Jinping offered a vigorous defence of free trade at the World Economic Forum in Davos on Tuesday in a speech that underscored Beijing's desire to play a greater global role as the United States turns inward. Real estate mogul and former reality TV star Trump, who will...

  • WASHINGTON, Jan 17- The U.S. Supreme Court on Tuesday allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward. The justices rejected an appeal filed by a group of banks including Bank of America Corp, Deutsche Bank AG, UBS AG and...

  • Last summer, Cindy Hockenberry decided she'd had it with threatening phone calls claiming she was behind on her taxes. But once, when she got a call from a live person, Hockenberry— who happens to be the director of education and research at the National Association of Tax Professionals— decided to play along. "Then I said to him,' Do you realize that it's not lawful to...

  • Tax preparers do a big chunk of America's tax returns— more than 80 million a year, according to the IRS— but if you're nervous about handing confidential information to someone in a largely unregulated field, you're not alone. "Obviously the more you have going on, the more I would say go see a preparer," says Trish Evenstad, president of the Wisconsin Society of...

  • *Erdogan traditionally backs lower interest rates to spur growth. ANKARA/ ISTANBUL, Jan 17- President Tayyip Erdogan called on the financial services industry on Tuesday to lend more to stimulate a flagging Turkish economy, but stopped short of singling out the central bank in an attack on borrowing costs. Erdogan, an economic populist who advocates lower...

  • NEW YORK— The idea of paying taxes late and incurring IRS interest charges elicits a stern "Don't do that!" Trey Taylor's employee benefits consulting firm was debt-free last year, and he wanted to keep it that way. Rather than deal with the hassle and expense of applying for a line of credit, he decided not to pay his entire 2015 tax bill in the spring and hold back...

  • NEW YORK— The latest on developments in financial markets:. Comerica fell 4.5 percent in the first few minutes of trading Tuesday. The British pound rose sharply against other currencies after British Prime Minister Theresa May said her country will remain open to new trade opportunities even as it withdraws from the European Union's single market.

  • NEW YORK— Security barricades, protesters and a perpetual media encampment in and around Trump Tower since the election has left a patina on sales at Tiffany, the posh jeweler who's flagship store is just steps from the president-elect's front door. Tiffany said Tuesday that sales at its store on Manhattan's 5th Avenue tumbled 14 percent in November and...

  • WASHINGTON, Jan 17- The U.S. Supreme Court on Tuesday allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward.

  • WASHINGTON— Donald Trump's acknowledgement last fall that he had not paid federal income tax in years left some questioning why they should have to pay taxes. "I think you pay taxes because it's the right thing to do," National Taxpayer Advocate Nina Olson says. Greg Rosica, a tax partner at Ernst& Young, says that could include things like deducting mileage if you...

  • *Production cuts deal with OPEC expires end-June. The Organization of the Petroleum Exporting Countries and other oil producers, led by Russia, agreed last month to cut their oil output during the first six months of the year to prop up prices. Russia, among the world's biggest oil producers, plans to reduce output by 200,000 barrels per day in the first quarter and...

  • NEW YORK, Jan 17- U.S. Renewed concerns over Britain's planned exit from the European Union also boosted demand for U.S. safe haven debt. British Prime Minister Theresa May said on Tuesday that Britain will leave the EU's single market when it exits the European Union, putting an end to speculation that London might try to seek a "soft Brexit.

  • BEIJING, Jan 17- Chinese firms invested $33 billion in overseas properties in 2016, marking a 53 percent rise from the previous year, property services and investment management firm Jones Lang Lasalle said on Tuesday. The State Administration of Foreign Exchange has begun vetting transfers abroad worth $5 million or more and is increasing scrutiny of major...

  • TORONTO, Jan 17- Canada's main stock index rose on Tuesday as higher commodity prices supported the shares of energy and gold mining companies. The Toronto Stock Exchange's S&P/TSX composite index was up 19.01 points, or 0.12 percent, at 15,498.30, shortly after the open. Just four of the index's 10 main groups were higher.

  • Congress mandated the delay to give the IRS more time to review returns to try to catch fraudulent ones before refunds are paid out. In reality, taxpayers taking these credits will probably have to wait even longer to get their refunds— until the week of Feb. 27, the IRS says, because of weekends and the President's Day holiday. The IRS will begin accepting returns on...

  • *Loonie touches its strongest since Oct. 19 at C $1.3019. TORONTO, Jan 17- The Canadian dollar strengthened to a nearly three-month high against its U.S. counterpart on Tuesday, one day before a Bank of Canada interest rate decision, as oil rallied and a New Year selloff of the greenback deepened. Recent domestic data has shown a surge in jobs in December and the first...

  • —However, Britain wants "the greatest possible access to the single market, on a fully reciprocal basis, through a comprehensive free trade agreement. May has an "open mind" about whether that means staying in the EU Customs Union, which covers the trade in goods— not services— and currently prevents Britain from striking trade deals with other countries.

  • NEW YORK, Jan 17- The U.S. Federal Reserve is unlikely to take actions that would "snuff out" the current economic expansion anytime soon because inflation is "simply not a problem," Federal Reserve Bank of New York President William Dudley said Tuesday. Dudley, in a speech to a gathering of the National Retail Federation in New York, said he is optimistic the current...