A Political Brawler, Now Battling for Microsoft

By NICK WINGFIELD and CLAIRE CAIN MILLER

Mark Penn made a name for himself in Washington by bulldozing enemies of the Clintons. Now he’s trying to do the same to Google, on behalf of its rival Microsoft.

Matthew Ryan Williams for The New York Times

Mark Penn, who is charge of “strategic and special projects” at Microsoft, has been criticized for his negative advertising tactics.

Services like Prinstagram let people turn their Instagram images into prints, wall calendars and stickers.

On Instagram, a Thriving Bazaar Taps a Big Market

By JENNA WORTHAM

While Instagram has yet to find a way to make money, many of its users have piggybacked on its popularity and created their own, sometimes quite profitable, businesses.

On Capitol Hill, Fiscal Talks Now Turn to U.S. Borrowing Limit

By ANNIE LOWREY

The United States is expected to reach its $16.4 trillion debt ceiling at the end of December, starting a countdown to when Washington runs out of money to pay its bills.

News Analysis

Terry Kramer led the United States delegation in Dubai.

Message, if Murky, From U.S. to the World

By ERIC PFANNER

The United States’ refusal to sign a global treaty on telecommunications — even though it got most of what it wanted — is seen as taking a stand for Internet freedom.

After Fighting Markets, Europe Now Prefers Working With Them

By ANDREW HIGGINS

An agreement on bank supervision is the latest attempt by the European Union to calm worries about banks, government finances and, by extension, its fundamental institutions.

The Bundesbank, Germany’s central bank, built in 1967 in Frankfurt.

With European Bank in Spotlight, Bundesbank Is Left in Shadows

By NICHOLAS KULISH

Just as the euro replaced the German mark, the European Central Bank has supplanted the Bundesbank as the continent’s pre-eminent economic institution.

F.D.A. Gives Early Approval to Drug for Rare Leukemia

By ANDREW POLLACK

The new drug, Iclusig from Ariad Pharmaceuticals, has performed better in some patients than existing treatments for chronic myeloid leukemia.

DealBook

Best Buy Gives Founder More Time to Make a Bid

By MICHAEL J. DE LA MERCED

The beleaguered electronics retailer says it will give its founder, Richard Schulze, until Feb. 28 to make a takeover bid for the company, so that he may look at holiday sales numbers.

European Leaders Back Common Banking Rules

By JAMES KANTER

The heads of the European Union's member states appeared to be taking advantage of the relative calm in markets to put off more moves toward integration.

Insight & Analysis

Common Sense

Tax Plan Is Popular, but Not Quite Fair

By JAMES B. STEWART

A proposal to limit tax deductions might be politically popular, but it is not the evenhanded approach to closing loopholes it appears to be.

Debt Reckoning: The Fiscal Deadline in Washington » »

Your Money

For Student Borrowers, Relief Now May Mean a Big Tax Bill Later

By RON LIEBER

Two federal loan programs that include loan forgiveness can result in a huge tax bill years later when the remaining balance is forgiven.

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Off the Charts

Risk Creeps Up in Long-Term Bonds

By FLOYD NORRIS

If rates rise, bondholders’ old bonds will lose value. If rates fall, their old bonds may be redeemed by the company, depriving the bondholders of yield.

Graphic: A Wide Open Bond Market

Slide Show: The Week in Business Pictures, Dec. 14

John McAfee returns to the United States, Boeing addresses problems with its 787 aircraft and European Union leaders hold their last summit of the year.