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AP Business NewsBrief at 4:00 a.m. EST
[December 03, 2012]

AP Business NewsBrief at 4:00 a.m. EST

(Associated Press Via Acquire Media NewsEdge) AP IMPACT: China overtaking US as global traderSEOUL, South Korea (AP) _ Shin Cheol-soo no longer sees his future in the United States. The South Korean businessman supplied components to American automakers for a decade. But this year, he uprooted his family from Detroit and moved home to focus on selling to the new economic superpower: China.

White House to GOP: It's your moveWASHINGTON (AP) _ President Barack Obama and Republicans are playing a game of political chicken as the end-of-year deadline approaches for averting the "fiscal cliff," a combination of expiring tax reductions and across-the-board spending cuts. Obama proposes $1.6 trillion in higher taxes over a decade and heightened presidential power to raise the debt limit. In exchange, Obama proposes $600 billion in spending cuts, including some to Medicare. He also wants $200 billion in new spending to support economic recovery.

Asia stocks rise on improved China manufacturingBANGKOK (AP) _ Asian stock markets rose Monday after surveys showed a recovery in China's manufacturing. HSBC's Purchasing Managers' Index rose to 50.5 in November on a 100-point scale on which numbers above 50 indicate activity is expanding. It was the first expansion in 13 months. The reading in October was 49.5.

Boehner tells Geithner, 'You can't be serious'WASHINGTON (AP) _ House Speaker John Boehner says he was "flabbergasted" when Treasury Secretary Tim Geithner (GYT'-nur) pitched the White House plan to save the nation from the "fiscal cliff." Boehner tells "Fox News Sunday" that after Geithner briefed him privately on Thursday, he looked at Geithner and said, "You can't be serious." Boehner called it "silliness" that the White House was, among other things, asking Congress to give up its power to set the nation's debt limit.

Brinksmanship on Obama Medicaid expansion for poorWASHINGTON (AP) _ It's health care brinksmanship, with hundreds of billions of dollars and the well-being of millions of people at stake. President Barack Obama's health care law expands Medicaid, the federal-state health program for low-income people, but cost-wary states must decide whether to take the deal.

Singapore in talks to sell Virgin Atlantic stakeSINGAPORE (AP) _ Singapore Airlines said Monday it's in talks to sell its 49 percent stake in billionaire Richard Branson's Virgin Atlantic. The airline said in a statement it's in discussions with "interested parties" about a sale.

Carbon pollution up to 2 million pounds a secondWASHINGTON (AP) _ The amount of heat-trapping pollution the world spewed rose again last year by 3 percent. So scientists say it's now unlikely that global warming can be limited to a couple of degrees, which is an international goal. The overwhelming majority of the increase was from China, the world's biggest carbon dioxide polluter. Of the planet's top 10 polluters, the United States and Germany were the only countries that reduced their carbon dioxide emissions.

Bangladesh fire victims want old jobs backDHAKA, Bangladesh (AP) _ As 112 of her co-workers died in a garment-factory fire, Dipa Akter got out by jumping from the third floor through a hole made by breaking apart an exhaust fan. Her left leg is wrapped in bandages and she has trouble walking, but now she wants back in. "If the factory owner reopens the factory sometime soon, we will work again here," the 19-year-old said. "If it's closed for long, we have to think of alternatives." Clashes over Internet rules to mark Dubai meetingDUBAI, United Arab Emirates (AP) _ A major U.S. delegation is leading the opposition to possible new U.N. regulations on Internet commerce and controls that are part of wide-ranging talks that open Monday in Dubai. The U.N. conference is seeking to update telecommunications codes last reviewed when the Web was virtually unknown.

Iraq telecom operator to go public in early 2013BAGHDAD (AP) _ The Iraq Stock Exchange says one of the country's largest mobile operators will start publicly trading its shares early next year. It will be the first stock float since the reign of Saddam Hussein. The ISX said in a statement Sunday that a quarter of the Iraqi telecom operator Asiacell shares will be traded publically as of Feb. 3.

(c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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