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Richest Person On The Planet
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 eligible debt."
 

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March 5, 2012


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