Republicans push own "fiscal cliff" plan; talks frozen

WASHINGTON (Reuters) - Republicans in the Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely...

Read More..

Canada's seven-month budget gap narrows to C$10.6 billion

OTTAWA (Reuters) - Canada's federal budget deficit narrowed in the first seven months of the fiscal year to C$10.57 billion ($10.68 billion) from C$13.90 billion in the same period last year as personal and corporate income tax revenues rose and debt charges were lower.The monthly shortfall in October was C$1.68 billion, compared with a gap of C$2.13 billion a year earlier, the Department of Finance...

Read More..

Paul keeps Clippers on top in Los Angeles battle

LOS ANGELES (Reuters) - Chris Paul and the Clippers maintained a grip on top billing in Los Angeles with a tense 107-102 victory over the Lakers on Friday to cement their status as the city's best team.Paul withstood a fierce challenge from Kobe Bryant, recording 30 points and 13 assists to Bryant's 38 points, and the Clippers moved further ahead in both the standings and the crosstown rivalry."It's...

Read More..

NBA: Timberwolves top scorer Love has broken hand

(Reuters) - Minnesota Timberwolves leading scorer Kevin Love has refractured his right hand, the National Basketball Association (NBA) team said on Saturday.The injury to Love, who missed the first three weeks of the 2012-13 season with a broken right hand, is a severe blow to the Timberwolves (15-14), who are battling to stay in playoff contention in the NBA's Western Conference.Love, 24, suffered...

Read More..

NBA-D'Antoni says Lakers need better starts, tighter defense

Jan 5 (Reuters) - Faster starts and a much improved defense are sorely needed by the Los Angeles Lakers if the 16-time NBA champions are to resurrect a bitterly disappointing campaign, according to their head coach Mike D'Antoni.Lakers fans had lofty expectations for 2012-13 after Kobe Bryant and Pau Gasol were joined by fellow All-Stars Dwight Howard and Steve Nash during the off-season but the...

Read More..

House Republicans say resigned to tax hike in fiscal cliff

WASHINGTON (Reuters) - Republicans in the U.S. House of Representatives are resigned to seeing some sort of income tax increase in legislation to avoid a "fiscal cliff," but such efforts could be doomed in the absence of spending cuts, some Republican lawmakers say.Congress and President Barack Obama are gearing up for a last-ditch attempt to avoid $600 billion in tax increases and spending cuts...

Read More..

French government says will propose a rejigged 75 percent tax plan

PARIS (Reuters) - The French government will redraft a proposal for a 75 percent upper income tax band and resubmit it, the prime minister's office said on Saturday, after the Constitutional Council rejected the measure included in the 2013 budget."It will be presented as part of the next budget law," Prime Minister Jean-Marc Ayrault's office said in a statement, without giving a time frame. The...

Read More..

French court rejects 75 percent millionaires' tax

PARIS (Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election...

Read More..

TEST:Pakistan: US drones kill 13, including commander

PESHAWAR, Pakistan (AP) — A pair of U.S. drone strikes in northwest Pakistan near the Afghan border killed 13 people Thursday, including a senior militant commander who had a truce with the Pakistani military, intelligence officials and residents said.Five Pakistani security officials said the commander, Maulvi Nazir, was reportedly among nine people killed in a missile strike on a house in the village...

Read More..

Video fuels rumor NKorean leader's wife gave birth

SEOUL, South Korea (AP) — The seemingly pregnant belly sported by the wife of North Korean leader Kim Jong Un in mid-December appeared to be gone by New Year's Day.That's sent South Korean media into a frenzy of speculation that there's a new baby in the ruling Kim dynasty.Video broadcast Dec. 17 showed Ri Sol Ju wearing a billowing black dress that covered what appeared to be a swollen belly.Rumors...

Read More..