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Tuesday Afternoon Business Brief

December 4, 2012, 1:27 PM

Tuesday Afternoon Business Brief
  • Stocks have been lower on Wall Street. Republicans have resisted President Barack Obama's proposals aimed at heading off the "fiscal cliff." The GOP put forth its own blueprint, which the White House has said is a non-starter without raising taxes on wealthier Americans.
  • President Barack Obama says there will be no deal to avert the "fiscal cliff" unless Republicans drop their opposition to raising tax rates on the wealthiest Americans. However, Obama is signaling flexibility on where the rates eventually wind up. Obama says he knows he won't get everything that he wants in negotiations with congressional Republicans. He made the comments in an interview with Bloomberg News.
  • Federal antitrust regulators have cleared Disney's $4 billion deal to buy Lucasfilm, the force behind the "Star Wars" franchise. When the deal was announced in October, no formal closing date was announced.
  • A federal appeals court has rejected a Verizon challenge to a Federal Communications Commission rule aimed at increasing competition in wireless broadband service. The three-judge panel ruled that the FCC had the legal authority to issue the "data roaming rule." The rule requires big wireless carriers to open their data networks to smaller regional operators in places where they don't have their own systems.
  • FedEx will be offering some employees up to two years pay to leave the company next year. The voluntary program is part of an effort by the second-biggest package delivery company to cut annual costs by $1.7 billion within three years.

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