Rapper 'Fat Joe' admits evading taxes

Rap star "Fat Joe" faces up to two years in prison after pleading guilty Thursday to failing to pay taxes on nearly $3 million in income over two years. The performer, whose real name is Joseph Cartagena, entered the plea in federal court in New Jersey because some of the companies he earns money from are incorporated there. The 42-year-old Miami Beach, Fla., resident entered pleas to two counts covering...

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Grammy nominee Bobby Sanabria feels like a winner

Bobby Sanabria already feels like a winner. The Latin jazz musician, who led the protest against the Recording Academy when it downsized from 109 to 78 categories last year, is nominated for best Latin jazz album — one of the awards that had been eliminated but returns at the awards show next year. "We're very proud," Sanabria said in a recent interview. "It just places emphasis on the importance...

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Global doomsday hot spots draw believers, revelers

Though the Mayans never really predicted that the world would end on Friday, some New Agers are convinced that humanity's demise is indeed imminent. Or at least that it's a good excuse for a party. Believers are being drawn to spots where they think their chances of survival will be better, and accompanying them are the curious, the party-lovers and people wanting to make some money. Here are some...

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Smallest state goes big on Miss Universe pride

The city of Cranston is known — sort of — for being the one-time home of the Narragansett Brewing Company, and it scored a mention in the Jim Carrey flick "Dumb and Dumber." But the city has suddenly found itself at the center of the universe. The nation's smallest state has gone big on pride after Cranston native Olivia Culpo snagged the Miss Universe title on Wednesday night in Las Vegas, beating...

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Broadway's 'Newsies' recoups its investment

The boys from "Newsies" now have one more thing to dance about — they've made their money back. Disney Theatrical Productions said Thursday that the musical recouped its $5 million investment in just over nine months — faster than any other Disney stage property. The profitability of "Newsies" adds to Disney's high success rate on Broadway. The entertainment giant has had now five hits — including...

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ICE's NYSE swoop creates derivatives giant

LONDON/NEW YORK (Reuters) - IntercontinentalExchange Inc agreed as part of its $8.2 billion takeover of NYSE Euronext to pay the New York Stock Exchange operator a termination fee of $750 million if it fails to gain antitrust clearances, suggesting a high level of confidence the deal will go through. Big Board parent NYSE could get out of the arrangement for a fee of $300 million if a sweeter deal...

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Stocks sink after Republicans cancel budget vote

NEW YORK (AP) — Investors sent Washington a reminder Friday that Wall Street is a power player in talks to avoid the "fiscal cliff." Stocks fell sharply after House Republicans called off a vote on tax rates and left federal budget talks in disarray 10 days before sweeping tax increases and government spending cuts are scheduled to take effect. The Dow Jones industrial average lost as much as 189...

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Titan Advisors withdraws funds from SAC Capital - WSJ

(Reuters) - Titan Advisors LLC has decided to withdraw all of its money from the hedge fund firm SAC Capital Advisors LP, the Wall Street Journal reported on Friday, as SAC faces scrutiny because of several employees linked to insider-trading charges. It's unclear how much money Titan, an asset-management firm based in New York, had invested with SAC for its clients, although it has $3 billion invested...

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Wall Street ends lower after "fiscal cliff" setback

NEW YORK (Reuters) - U.S. stocks finished lower on Friday after a Republican plan to avoid the "fiscal cliff" failed to gain sufficient support on Thursday night, draining hopes that a deal would be reached before 2013. Still, stocks managed to rebound from the day's lows near the end of the session, and for the week, the three major U.S. stock indexes still ended higher, with the S&P 500 gaining...

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Wall Street Week Ahead: A lump of coal for 'Fiscal Cliff-mas'

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all. A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff"...

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