Manufacturing expansion accelerates in China

HONG KONG (CNNMoney) HSBC said its Chinese purchasing managers' index, or PMI, rose to a 19-month high of 51.5 in December from 50.5 last month. The reading was above 50, meaning that manufacturing is now in a state of accelerated expansion. A...

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Debt ceiling is the next fiscal cliff

Congress has about two months before it must act to raise the debt ceiling, but lawmakers are showing few signs they are ready to act on it soon. NEW YORK (CNNMoney) Congress will have to raise the debt ceiling soon, probably by late February or...

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China stocks rebound as data improves

Click chart for more markets data. HONG KONG (CNNMoney) But favorable economic reports and the prospect of market reform has drawn investors back in this month, driving the index into positive territory for the year and 16% above its early December...

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Assault rifles are selling out

Dennis Pratte, owner of My Gun Factory in Falls Church, Va., said the demand for semiautomatic rifles is outstripping supply. NEW YORK (CNNMoney) "Our phones are ringing every 10 seconds and people are saying, 'Do you have any assault rifles?'"...

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10 states to boost minimum wage

Workers in Rhode Island will see their paychecks grow the most -- by an average of $510 a year for the average worker, according to the National Employment Law Project. NEW YORK (CNNMoney) Workers in Rhode Island will see their paychecks grow...

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What if there's no deal on fiscal cliff

Failure by Congress to avert the tax increases and spending cuts will cause continued uncertainty and headaches over paychecks, tax returns, investments and more. NEW YORK (CNNMoney) Practically speaking, they likely have a "grace period" of a...

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Merkel warns Europe crisis far from over

German chancellor warns 2013 will be tougher and says reforms must continue LONDON (CNNMoney) But the region's most powerful political leader warns that the economic environment will be tougher in 2013. In an address to mark the New Year, German...

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Stocks: Investors brace for the cliff

Click on chart for more premarket data. NEW YORK (CNNMoney) U.S. stock futures were little changed, as were European markets as investors brace for the fiscal cliff reckoning. Asian stocks got a boost from strong manufacturing data out of...

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Stocks: Investors brace for the cliff

NEW YORK (CNNMoney) U.S. stocks opened lower Monday as investors continue to dial back expectations that officials in Washington will prevent tax hikes and spending cuts from kicking in on Tuesday. The Dow Jones Industrial average fell 0.3%, the...

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Zynga shuts down PetVille, 10 other apps

PetVille is one of 11 Zynga games getting the axe as part of a cost-cutting move. NEW YORK (CNNMoney) The most popular title Zynga (ZNGA) shut down was PetVille, which had 1 million monthly active users in December, according to data tracker AppData....

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Going over the cliff: What changes, what doesn't

Senate Majority Leader Harry Reid may need to do some heavy lifting to pass a fiscal cliff deal in the Senate, after House Speaker John Boehner's so-called Plan B did not garner enough support in the House. NEW YORK (CNNMoney) The good news: It...

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'Dairy cliff': Milk prices may double in New Year

If Congress doesn't act on an expiring protection for dairy farmers before Jan 1, milk prices could double. NEW YORK (CNNMoney) With Congress spending all its time trying to avert the fiscal cliff, a slew of other legislative matters are going...

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Financial planners: How to survive fiscal cliff

Financial planners are "doing a lot of hand holding" as they help clients prepare for the fiscal cliff. NEW YORK (CNNMoney) Their advice: Prepare for the worst but don't panic. "We're doing a lot of hand holding," said Lynn Ballou, Certified...

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Stocks: Investors hope for a 'Cliff-mas' miracle

Click the chart for more stock market data NEW YORK (CNNMoney) Lawmakers in Washington have only one week left to strike a fiscal cliff deal that will avert automatic tax increases and spending cuts due January 1. Many fear that the fiscal cliff...

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New deal to give MF Global customers more money

Trustees reached a deal that will likely return an estimated $500 million to $600 to MF Global's U.S. brokerage estate. NEW YORK (CNNMoney) The trustee trying to recover funds for MF Global customers announced that a settlement was reached on Friday....

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Clock ticking on mortgage tax break for struggling homeowners

Struggling homeowners with principal reductions may have to pay more in taxes if the Mortgage Debt Forgiveness Act is not extended by the end of the year. NEW YORK (CNNMoney) If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended...

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Stocks: Little to cheer as holiday begins

Click the chart for more premarket data. NEW YORK (CNNMoney) U.S. stock futures were lower ahead of the open, following a broad decline in stocks Friday due to the gridlock in Washington talks aimed at avoiding the fiscal cliff. Expect low...

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Britain feels strain as austerity bites

British households are facing financial strain LONDON (CNNMoney) A survey released Monday showed 43% of households expect their finances to deteriorate in 2013, compared with only 24% who expect an improvement. "The vast majority of households...

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Italy's Monti may lead again, reforms key

Monti says he may be a candidate for prime minister if asked by reformist parties LONDON (CNNMoney) Monti stood down, and parliament was dissolved Friday, after former Prime Minister Silvio Berlusconi withdrew his support for Monti's unelected...

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Stocks tumble as fiscal cliff deadline nears

Click for more market data. NEW YORK (CNNMoney) The Dow Jones industrial average, the S&P 500 and the Nasdaq were all down more than 0.2%. U.S. markets will close at 1 p.m. ET and remain dark Tuesday for the Christmas holiday. With time...

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Japan's economy slips into recession

Japan is now in a recession. HONG KONG (CNNMoney) Revised figures from Japan's Cabinet Office show the economy contracted at an annual rate of 3.5% from July to September. GDP for April to June, previously rated as a small expansion, was revised...

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Chinese investors take 80% stake in AIG aircraft leasing unit

AIG sold a controlling stake of its aircraft leasing business to a group of Chinese investors. HONG KONG (CNNMoney) The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments, will pay $4.23 billion to...

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Inflation rises in China

Rising food prices led a broad measure of consumer prices higher in China in November. NEW YORK (CNNMoney) Chinese consumers paid 2% more for goods and services in November than they did a year ago, the government's National Bureau of Statistics...

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Favorite tax deductions of the rich

Only one-third of taxpayers itemize their returns. But nearly all the rich do. NEW YORK (CNNMoney) Taxpayers with adjusted gross incomes of $250,000 or more deducted an average of nearly $91,000 in 2010, according to a CNNMoney analysis of Internal...

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Gold: It's the end of the world as we know it

Click on chart for more commodities market data. NEW YORK (CNNMoney) Apparently not. For now, investors are more concerned about taxes going up next year than they are about a potential doomsday on Dec. 21, 2012. "Not knowing what the tax...

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Entrepreneur sells last name to raise money

Jason Sadler doesn't know yet what his last name will be next year. It's going to the highest bidder. NEW YORK (CNNMoney) Sadler, who lives in Jacksonville, Fla., makes a living wearing T-shirts. For a fee, Sadler will wear a sponsored T-shirt...

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