Wall Street surges in wake of fiscal pact

NEW YORK (Reuters) - Stocks surged on the first trading day of 2013 after lawmakers agreed a deal to avoid massive tax hikes and spending cuts that had threatened to hurt economic growth. The gains come after stocks ended 2012 with their strongest day in more than a month, which put the S&P 500 up 13.4 percent for the year, after a flat performance in 2011. Late on Tuesday,...

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Markets rally on US fiscal deal

2 January 2013 Last updated at 09:51 ETContinue reading the main storyGlobal stock markets have rallied after a short-term deal to stave off the US “fiscal cliff” was reached.The Dow Jones gained 1.8% at the open on Wall Street, while European shares were up by more than 2% for the day.Failure to agree a deal would have triggered spending cuts and tax rises worth $ 600bn (£370bn), expected to throw...

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10 Savvy Tax Strategies to Keep in Mind for 2013

It’s said the only constant in life is change, and that’s definitely the case with taxes. That was made very clear during the tax debates associated with the “fiscal cliff.” But all the tax-rate-increase and spending-cut chaos that accompanied fiscal cliff discussions is just part of the picture. Here are 10 tips for taxpayers in 2013.Tip 1: Get ready to waitRemember the delays in 2011 when some taxpayers...

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Stanford holds off Wisconsin 20-14 in Rose Bowl

PASADENA, Calif. (AP) — Andrew Luck, Toby Gerhart and coach Jim Harbaugh started Stanford's improbable football renaissance, yet they never stood in the center of the Rose Bowl with the West Coast's most coveted trophy raised above their heads.In fact, the last Stanford team to do what the Cardinal did Tuesday night had a defense known as the Thunderchickens.Forty years after Stanford's last Rose...

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13 key stories to watch for in 2013

Among the few virtual certainties of 2013 is the ongoing anguish of Syria and the decline of its president, Bashar al-Assad.STORY HIGHLIGHTSLook for more unrest amid power transitions in the Middle EastDisputes and economic worries will keep China, Japan, North Korea in the newsEurope's economy will stay on a rough road, but the outlook for it is brighterEvents are likely to draw attention to cyber...

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ESPN’s Hannah Storm returns 3 weeks after accident

NEW YORK (AP) — ESPN anchor Hannah Storm returns to the air New Year’s Day, exactly three weeks after she was seriously burned in a propane gas grill accident at her home.Storm suffered second-degree burns on her chest and hands, and first-degree burns to her face and neck. She lost her eyebrows and eyelashes, and roughly half her hair.Storm will host ABC’s telecast of the 2013 Rose Parade on Tuesday....

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Senate approves "fiscal cliff" deal, crisis eased

WASHINGTON (Reuters) - The Senate moved the U.S. economy back from the edge of a "fiscal cliff" on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives. In a rare New Year's session at around 2 a.m. EST (0700 GMT), senators voted 89-8 to raise some taxes on the wealthy while making permanent...

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UK assumes presidency of G8 group

31 December 2012 Last updated at 22:18 ETThe UK is assuming its year-long presidency of the G8 group of nations.The presidency – which rotates through the G8 members – means it will host the annual leaders’ summit and choose the global priorities that are discussed.June’s summit is to be held at Lough Erne, in County Fermanagh, while topics discussed will include tax havens.The G8 is made up countries...

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Harper Government Marks New Year with Historic Pension Reforms

OTTAWA, ONTARIO–(Marketwire – Jan 1, 2013) – The Harper Government is ringing in the New Year with historic public sector pension reforms that will save Canadian taxpayers $ 2.6-billion over the next five years.The reforms, which come into effect today, bring federal employee pension contributions more in line with the private sector by introducing a 50-50 cost-sharing model for pension plan members....

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Reid among 7 NFL coaches sacked in firing frenzy

Andy Reid is the winningest coach in the history of the Philadelphia Eagles. Lovie Smith led the Chicago Bears to the 2007 Super Bowl.Now they're looking for work.Seven coaches and five general managers were fired Monday in a flurry of pink slips that were delivered the day after the regular-season ended.Ken Whisenhunt is out after helping Arizona reach the Super Bowl following the 2008 season. Also...

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