Richest Person On The Planet|
According to the Bloomberg Billionaires Index on Monday, Mexican
telecommunications tycoon Carlos Slim is now the planet's richest person, worth
an estimated $68.5 billion. The new index, which tabulates daily the net worth
of the world's 20 wealthiest denizens, placed Slim in the No. 1 spot, followed
by Microsoft co-founder Bill Gates, valued at $62.4 billion and Berkshire
Hathaway head Warren Buffett, worth an estimated $43.8 billion. IKEA founder
Ingvar Kamprad came in at No. 4, making him the richest European on the list.
Indian moguls Mukesh Ambani and Lakshmi Mittal, along with Hong Kong billionaire
Li Ka-shing, ranked as the world's wealthiest Asians. Other billionaires making
the list include Oracle chief Larry Ellison, Koch Industries' Charles and David
Koch, three scions of the Wal-Mart Stores fortune, casino magnate Sheldon
Adelson, L'Oreal heiress Liliane Bettencourt, LVMH Chairman Bernard Arnault,
Zara owner Amancio Ortega, Brazilian billionaire Eike Batista, and Australian
mining heiress Gina Rinehart.
Ahead of a meeting with U.S. President Barack Obama on Monday, Israeli Prime
Minister Benjamin Netanyahu said that Israel must be "master of its fate."
That's a reference to Israel's consideration of using force against Iran's
nuclear program, which Israel fears could lead to the oil exporter having the
nuclear bomb. Obama said the "U.S. will always have Israel's back."
In a letter to the Fed, the Clearing House Association, a bank lobbying group,
told the Fed that releasing additional information "could have unanticipated and
potentially unwarranted and negative consequences to covered companies and U.S.
financial markets." Several big U.S. banks are trying to persuade the Federal
Reserve to limit the amount of detail it makes public about them when it
announces the results of its latest stress tests. The Fed plans to release much
more information this time than it did when it published the results of the 2009
stress tests. It is the publics right to know, as to over conditions of banks.
The Institute for Supply Management said its nonmanufacturing index rose to
57.3% from 56.8% during January. Companies in the U.S. service sector, which
employs most of the nation's workforce, expanded at a faster pace in February,
the ISM reported. New orders climbed to 61.2% from 59.4% and the employment
index slipped to 55.7% from 57.4%. The price index, which measures inflation,
jumped to 68.4% from 63.5% in the prior month. Any reading over 50% indicates
expansion instead of contraction.
The Commerce Department reported Monday that Factory orders in January slumped
1% to $462.6 billion. December's gain was upwardly revised to show 1.4% growth
from an initially reported 1.1% gain. Durable-goods orders for January was
revised to show a 3.7% drop, instead of the initially reported 4% decline.
China’s government lowered its economic-growth target to 7.5% from last year’s
8%, indicating that it intends to focus on higher-quality economic development
that emphasizes internal consumption and services. According to figures
announced Monday by Chinese Premier Wen Jiabao in an opening address to the
National People’s Congress, annual gains in consumer prices will be targeted at
4%, the same target as last year’s, while M2, the broadest measure of money
supply in China, is targeted to expand 14%. Wen said that the government would
seek to promote steady growth, price stability and guard against financial risks
by keeping money supply and credit at sufficient levels. The Premier reiterated
that the government will maintain “proactive fiscal policy” and a “prudent
monetary policy,” reiterating its stance from last year. Wen said in his
presentation that the government had cut the growth target as a way to guide
expectations lower as it prepares to focus more on quality of growth, economic
rebalancing and longer-term stability. Wen unveiled a smaller-than-expected
budget deficit of 800 billion Yuan ($126.83 billion), equivalent to 1.5% of
Chinese GDP - a figure is about 100 billion Yuan less than levels seen in 2011.
Debt issued by local governments will increase to 350 billion Yuan, a gain of 50
billion Yuan, or 17%, from 2011.
It was reported on Monday that twelve major holders of Greek government debt
said they would participate in a bond swap plan that aims to write down the
value of privately-held Greek paper by 53.5%. The international banking trade
group that led negotiations with the Greek government over the swap, The
Institute of International Finance said members of the Private Creditor-Investor
Committee for Greece's steering panel, including Allianz SE, Commerzbank AG, BNP
Paribas, Deutsche Bank, Greece's Eurobank EFG, National Bank of Greece and
Greylock Capital Management as well as others who agreed to participate. The IIF
said in a statement that neither the committee nor any of its members "makes any
recommendation or offers any advice to any other [private-sector] holder of
Sign up today for a one week trial to our
Rooms for stocks, futures or forex plus,
Swing Trades for stocks. Professional
Programs available for stocks, futures and forex traders.
Detailed historic performance available on our
Trading Lesson provides new trading subject every
Opt-in to our free
Market News sent via email, the first trading day of the week. Includes
recap of markets from previous week as well as active stocks plus, see what is ahead for
the upcoming trading week.
Register now for our
Free Chat Rooms - penny stocks, options, stocks, futures and forex! Chat with other traders during off-peak market
Follow us now on Twitter
and join us on Facebook.
March 5, 2012