Noontime News is a snapshot of the news from the past 24 hours.  (More)

UK may recall Israel envoy over settlement plan

Britain has summoned Israel‘s ambassador in London, and is considering the possible recall of its ambassador to Tel Aviv, in response to Israel’s announcement of settlement expansion. Israel authorised 3,000 additional settler homes following the vote by the United Nations general assembly to recognise the Palestinian state.

Egypt’s top court suspends work after Morsi supporters surround building

Egypt‘s highest court suspended its sessions indefinitely on Sunday after Islamist protesters surrounded the building before a ruling on the fate of the panel that drafted the country’s constitution.

China concerned over North Korean rocket launch plans

China has expressed concern over its ally North Korea‘s plans tolaunch a long-range rocket in mid-December.

Wall Street finds a foreign detour around U.S. derivatives rules

(Reuters) – Wall Street banks are looking to help offshore clients sidestep new U.S. rules designed to safeguard the world’s $640 trillion over-the-counter derivatives market, taking advantage of an exemption that risks undermining U.S. regulators’ efforts.

Even without U.S. “cliff,” world economy teeters

(Reuters) – The global economy is on edge – and that’s without the U.S. “fiscal cliff.”

Analysis: Nationalist strains echo on Japan campaign trail

(Reuters) – Be careful what you wish for. U.S. officials have long urged Japan to loosen limits on its military, bear more of the burden of its own defense and play a more prominent global role.

Los Angeles port strike triggers fears, lobbying by businesses

(Reuters) – A national coalition of U.S. business groups is urging an end to a strike at the twin California ports of Los Angeles and Long Beach amid fears that a prolonged stand-off will cost the American economy many billions of dollars, and could even spread to the east coast.

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