Industry News

• U.S. Millionaires’ Ranks Climbed 16% in 2009 Following Drop, Survey Finds March 9, 2010
  By Alexis Leondis March 9 (Bloomberg) -- The millionaires’ club in the U.S. grew by 16 percent in 2009, following a 27 percent decline in 2008. Families with a net worth of at least $1 million, excluding primary residences, rose to 7.8 million in 2009, an increase from 6.7 million a year earlier, according to a survey of high- net-worth U.S. households condu […]
• Australian Economy Will Grow Faster Than Average, Reserve Bank’s Lowe Says March 9, 2010
  By Jacob Greber March 10 (Bloomberg) -- Australia’s economy is likely to expand at or above its average pace over the next few years, stoking inflation pressures and house prices, central bank official Philip Lowe said. “We will need to keep a strong focus on improving the supply side of the economy so that demand can grow solidly without putting upward pres […]
• Gates Sees Afghan War Gains, Risks as Fight Expands in Taliban Heartland March 9, 2010
  By Viola Gienger March 9 (Bloomberg) -- Defense Secretary Robert Gates heard from front-line participants in the Afghan war today, pinning awards for bravery on U.S. soldiers and Marines and shaking hands with farmers selling goods in a revived market. Gates flew to the southern province of Kandahar on his second day in Afghanistan to meet with commanders an […]
• Jobless Benefits Measure Clears Hurdle as U.S. Senate Moves Closer to Vote March 9, 2010
  By Brian Faler and Ryan J. Donmoyer March 9 (Bloomberg) -- A $138 billion plan to extend unemployment benefits through the rest of this year cleared a procedural hurdle in the U.S. Senate as lawmakers moved closer to putting the measure to a final vote. Eight Republicans joined all but one Democrat in a 66-34 vote to advance the measure. A final Senate vote […]
• Philippines May Keep Benchmark Rate at 4%, Unwind More Stimulus Measures March 9, 2010
  By Karl Lester M. Yap and Michael Munoz March 10 (Bloomberg) -- The Philippine central bank will probably keep borrowing costs at a record low to support the country’s recovery even as it prepares to drain excess cash from the economy. Bangko Sentral ng Pilipinas will keep its benchmark interest rate at 4 percent for a sixth straight meeting tomorrow, accord […]
• `Bullish’ Biggs Sees U.S. Stocks Advancing 10% to 15% in Next Few Months March 9, 2010
  By Rita Nazareth and Carol Massar March 9 (Bloomberg) -- Barton Biggs , who recommended buying U.S. stocks in March of last year when the Standard & Poor’s 500 Index sank to a 12-year low, said American equities may rise 10 percent to 15 percent over the next couple of months. “I’m bullish,” Biggs, who runs New York-based hedge fund Traxis Partners LP, s […]
• Citigroup Plans $2 Billion TruPS Sale After Repaying U.S.: Credit Markets March 9, 2010
  By Pierre Paulden and Caroline Salas March 9 (Bloomberg) -- Citigroup Inc. , seeking to bolster capital after repaying bailout funds to the Treasury, is selling trust preferred securities as rising investor demand drives borrowing costs to near the lowest in almost five years. The 30-year fixed-to-floating rate securities may initially yield about 8.875 perc […]
• Papandreou Says Obama Is `Supportive’ of Measures to Stem Deficit Crisis March 9, 2010
  By Kate Andersen Brower March 9 (Bloomberg) -- Greek Prime Minister George Papandreou said U.S. President Barack Obama expressed support for the measures being taken to deal with the financial crisis in Greece. Papandreou said after meeting with Obama at the White House today that he also got a “positive response” from the U.S. president about European initi […]
• U.S. Stocks Advance on Anniversary of S&P 500 Index’s 2009 Bear-Market Low March 9, 2010
  By Rita Nazareth and Elizabeth Stanton March 9 (Bloomberg) -- U.S. stocks rose on the anniversary of the 2009 bear-market low for the Standard & Poor’s 500 Index amid speculation the economy will continue to recover from the worst contraction since the Great Depression. American International Group Inc. surged 13 percent on speculation the insurer will s […]
• AIG Leads Gains in Rescued Firms on Speculation It Will Divest More Assets March 9, 2010
  By Nick Baker March 9 (Bloomberg) -- American International Group Inc. surged, leading gains by financial companies bailed out by the U.S. government, on speculation the insurer will sell more assets after raising $51 billion through deals. AIG jumped 13 percent to $32.77 at 4 p.m. in New York. Citigroup Inc. advanced 7.3 percent to $3.82 as Charles Gasparin […]