Sep 19 - Summary of business headlines: Talks between Greece and international lenders extended as bailout deal ''close'' says Greek Finance Minister; Murdoch to pay $4.7 million for hacking claim-sources; Treasury Secretary Geithner details White House tax plan; Wall Street falls. Conway G. Gittens reports.
Talks between Greece, the European Central Bank, the International Monetary Fund and the European Union, regarding another bailout payment to Greece will continue on Tuesday. An agreement is close, but some work still needs to be done, according to the Greek Finance Minister's office. Rupert Murdoch's News International has agreed to pay $4.7 million to settle hacking claims by the family of a murder victim, according to sources close to the case. A lawyer for the company only confirmed "advanced negotiations." The hacking allegations set-off a scandal in July, leading the Murdoch family to close London's "News of the World." President Barack Obama wants the rich to pay more in taxes as part of a $3 trillion plan to reduce the federal deficit. Also part of the plan: a revamp of the entire tax code by the end of the year. U.S. Treasury Secretary Timothy Geithner. SOUNDBITE: UNITED STATES TREASURY SECRETARY TIMOTHY GEITHNER (ENGLISH) SAYING: "Our proposal is through comprehensive tax reform, individual and corporate to make the current tax system of the United States better for investment, better for growth and more fair to average Americans. And if congress were to meet those basic principles he laid out then I'm very confident that the modest changes we're suggesting in terms of revenues would make the economy stronger in the long-term not weaker in the long-term." But the focus on Wall Street was Europe. Stocks ended lower on Greek default fears, but losses were cut in half on word Greece and its international lenders are close to a deal. That hope, however, came too late to help European markets reverse their steep declines. Conway Gittens, Reuters