Career News 24/7: Business Today: Wall Street falls as "cliff" talks sour, but hopes remain

Wednesday, December 19, 2012

Business Today: Wall Street falls as "cliff" talks sour, but hopes remain

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12/19/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street falls as "cliff" talks sour, but hopes remain

NEW YORK (Reuters) - U.S. stocks sold off late in the day to close at session lows on Wednesday as talks to avert a year-end fiscal crisis turned sour, even as investors still expect a deal.

Obama threatens veto of Republican plan, fiscal talks turn sour

WASHINGTON (Reuters) - Progress in talks in avoid a fiscal crisis appeared to stall on Wednesday as President Barack Obama accused Republicans of digging in their heels due to a personal grudge against him, while a Republican leader called the president "irrational."

Fannie, Freddie may have lost $3 billion in Libor: watchdog

WASHINGTON (Reuters) - Mortgage finance giants Fannie Mae and Freddie Mac may have suffered more than $3 billion in losses due to manipulation of the benchmark interest rate known as Libor, according to an internal memo by a federal watchdog.

UBS fined $1.5 billion in growing Libor scandal

ZURICH (Reuters) - Swiss bank UBS agreed to a $1.5 billion fine on Wednesday after admitting to fraud and bribery in a deepening scandal over the rigging of global benchmark interest rates.

GM to buy stake from Treasury; government may lose billions

(Reuters) - The U.S. Treasury plans to sell its stake in General Motors Co over the coming year, all but assuring a multibillion-dollar loss in a move that will end the automaker's "Government Motors" era.

Analysis: Too big to fail? China's wealth management products stir debate

HONG KONG (Reuters) - The default of a Chinese investment plan has handed Beijing a tough choice: bail out investors and endorse moral hazard or let it fail and risk unnerving those who hold at least $1 trillion in so-called wealth management products.

Best Buy adding Vizio to stable of TV brands

NEW YORK (Reuters) - Best Buy Co Inc has struck a deal to sell Vizio televisions, bringing one of the most popular and aggressively priced U.S. TV brands to the world's largest consumer electronics retailer's aisles later this month.

Analysis: Spectre of capital flight slows China FX reform drive

SHANGHAI (Reuters) - Long-time China watchers probably felt a sense of deja vu when HSBC's chief China economist, Qu Hongbin, predicted last month that the yuan would be convertible within five years.

U.S. home building permits approach four-and-half-year high

WASHINGTON (Reuters) - U.S. homebuilding permits touched their highest level in nearly 4-1/2 years in November, pointing to strength in the housing market, even though groundbreaking activity dropped.

U.S. fines Deutsche Bank unit $1.25 million for inflating trade data

(Reuters) - A U.S. regulator fined Deutsche Bank Securities $1.25 million and censured it for overstating the trades it made for clients in order to attract more business.