Fiscal cliff: America kicks the can down the road

World stock markets have risen after American politicians agreed on a last-minute deal to prevent a series of sharp tax rises and big spending cuts. But does the deal simply set the stage for fresh confrontations in the coming months over the deficit and economic policy?

Also: how digital killed the disc as the UK spends more on music, games and film downloads than ever before. Plus: As Ireland takes on the European Union presidency can it negotiate a better deal for its bail out?

(Image: President Obama makes a statement on avoiding the fiscal cliff. Credit: Getty Images)