U.S. and South Korea strike major trade pact
After marathon talks, the United States and South Korea reach a landmark trade agreement aimed at boosting exports and creating tens of thousands of U.S. jobs. The deal eases auto tariffs in steps, allows 25,000 U.S. car exports to Korea, and preserves a 25 percent truck tariff for eight years. It opens Korea’s $560 billion services market and cuts tariffs on most goods within five years, though beef access remains unresolved. Political support from business groups and lawmakers appears strong though ratification is pending.
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Washington
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South Korea
America
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Canada
Mexico
Barack Obama
US S
United States
Korea
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Seoul
Ron Kirk
Kim Jonghoon
Tion
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Capitol Hill
U.S. Chamber of Commerce
Chamber
Tom Donohue
Ford
Alan Mulally
Plan to cut deficit fails to advance
President Obama's deficit commission failed to forge consensus on a plan to reduce the deficit, signaling a partisan battle ahead in Congress. The 11-7 vote backed Bowles Simpson recommendations for deep spending cuts and tax increases, including raising the Social Security retirement age and rolling back popular tax breaks.
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Washington
Barack Obama
Deficit Commission
Congress
House
Senate
Obama
Commission
John Spratt Jr
South Carolina
Erskine Bowles
White House
Bill Clinton
Alan Simpson
Wyoming
Paul Ryan
Wisconsin
Dave Camp
Michigan
Jeb Hensarling
Texas
Nancy Pelosi
D-Calif
Pentagon
Notable Stocks Rally as Dow Surges on Jobs Data
Notable Stocks staged a late afternoon rally after an unexpected rise in the unemployment rate weighed on the market. The Dow Jones rose 2.6 percent for the week, its best weekly gain since November 5, 2010, and sits 0.5 percent below that peak. FedEx plans a 4.9 percent rate increase for ground shipping and home delivery starting January 3.
Markets End Week Slightly Mixed With Higher Oil
Friday's market summary shows the Dow up 19.68 to 11,382.09 while the Nasdaq rises 2.11 to 2,591.46 and the S&P 500 gains 318 to 1224.71. Treasury 30-year yields stand at 4.31 percent. In commodities, corn trades 18 cents higher at 5.74, soybeans up 20.5 cents to 13.00, wheat climbs 24.5 cents to 8.12, and crude oil quotes at 119.
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Chicago
Kansas City
New York
FDA panel weighs broader gastric band use to aid obesity
About 12 million more Americans could qualify for the Lap-Band device after an FDA advisory panel recommended expanding eligibility. The panel, 8 to 2, supported broader approval, which would lower BMI criteria from 40 or 35 with conditions to as low as 30 with a related health issue. If approved, roughly 27 million could be eligible, though costs and behavioral factors remain challenges.
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Washington
Food and Drug Administration
Allergan Inc
FDA
Angela Denson
Indianapolis
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