Ökonomen streiten über Verteilungsfrage

U.S. House of Representatives Speaker John Boehner's offer to accept a tax rate increase for the wealthiest Americans knocks down a key Republican road block to a deal resolving the year-end "fiscal cliff."

The question now boils down to what President Barack Obama offers in return. Such major questions, still unanswered so close to the end of the year suggest, however, that no spending and tax agreement is imminent.

A source familiar with the Obama-Boehner talks confirmed that Boehner proposed extending low tax rates for everyone who has less than $1 million in net annual income, meaning tax rates would rise on all above that line.

(Read More: Narrow 'Fiscal Cliff' Bargain Gains Currency)

Apple said it sold more than 2 million of its new iPhone 5 in China during the three days after its launch there on Friday, marking China's best-selling iPhone rollout ever.
 

But the highly anticipated release in China, Apple's second-biggest market, has not eased worries about stiffer competition in smartphones that are driving a slide in the share price of the world's most valuable technology company.

Apple shares fell 3.8 percent on Friday to $509.79 after the iPhone 5's China debut, while Citi Research downgraded Apple's stock late on Sunday to "neutral" from "buy" and lowered Apple's price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones.

Apple's latest iPhone made its global debut with a launch in the United States and 30 other countries in September, selling more than 5 million in its first three days on the market.

(Read More: Apple's iPhone 5 Takes on Cheaper Rivals in China)
 

"Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China," Apple Chief Executive Tim Cook said in a statement.

This is the first time Apple has announced China sales numbers for the iPhone.

Analysts say Apple's longer-term outlook in the China market, however, may hinge on expanding its partners in that country to include China Mobile , the country's top telecoms carrier.

The American economy could finally have a pretty good year next year — assuming Washington does its part.
 

Economists see a number of sources of underlying strength in the economy, but for the growth to gain traction, they say, political leaders need to avoid the broad tax increases and spending cuts now being debated.

The nascent housing rebound, the natural gas boom, record profit margins, a friendlier credit market for small businesses, along with pent-up demand for autos and other big purchases, could in combination unleash growth and hiring that the economy needs.

“Underneath all the shenanigans in Washington, there’s a lot of strengthening,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

More robust growth next year — perhaps higher than 3 percent later in the year, according to some of the more optimistic forecasts — would certainly be a stark reversal from the current sluggish path.

There is a range of opinion among economists, though, and some warn of continued sluggishness, especially in the beginning of the year.

Hundreds of thousands of people are expected to pack the streets of Spanish cities in evening protests against the conservative government's anti-crisis austerity measures.

The demonstrations Monday have been called by the main labor unions and dozens of social groups. They are to take place in 55 cities. Union leaders are to head what is expected to be the largest march in Madrid.

Cutbacks in health, education and pensions as well as labor and financial sector reforms have angered Spaniards and triggered protests by nearly every sector of society in recent years.

The demonstrations are the first coordinated ones since unions staged a partially successful general strike Nov. 14.

Spain, with 25 percent unemployment, is battling to reduce its deficit and emerge from its second recession in three years.