Mexico Billionaire Carlos Slim Tightens Grip On America Movil
Mexican billionaire Carlos Slim, who already controls America Movil, tightened his grip slightly on Latin America's biggest phone company, according to a U.S. regulatory filing on Thursday that shows two companies controlled by Slim bought more shares.
Forbes' Top Five Billionaire Rankings for 2014
Former Microsoft MSFT Chairman Bill Gates has made it back to the top of the Forbes’ billionaires list. MarketWatch's Jim Jelter tells us who else made the top five of the list. (Photo: AP)
Forbes Unveils Billionaires List
Mexican tycoon Carlos Slim retains his position atop Forbes magazine's annual list of the world's billionaires, with an estimated worth of $69 billion (USD), placing him ahead of Bill Gates and Warren Buffett.
Gold Prices Rose the Last Time the Fed Tightened Monetary Policy
Gold prices are slightly lower ahead of the release of the Fed's latest policy-making minutes. Despite this intraday dip and the Fed's pullback in economic stimulus, the yellow metal is up about 10 percent for 2014. When asked what central bank action it would take to sink gold prices, ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that significant tightening would be necessary.
Batista's OGX Slides Into Bankruptcy
Eike Batista used to fill the headlines as Brazil's richest man but now the papers are splashed with his troubles - the former billionaire is now involved in the largest corporate bankruptcy filing Latin America has ever seen. His energy company OGX, saddled with $5.1 billion in debt, officially filed for bankruptcy protection on Wednesday. Some creditors include U.S. investment funds PIMCO and Black Rock.
ECB's Asmussen Sees Risk Of Large Spillovers From Fed Tightening
The U.S. Federal Reserve is expected to start slowly reducing its bond purchases when it meets later this month, beginning to unwind a policy that has helped foster recovery in the world's largest economy and buoyed financial markets. ECB Executive Board member Joerg Asmussen said the impact of the U.S. central bank unwinding its policy stimulus risks is greater now than in 1994, when it started a tightening cycle and bond markets crashed.
Fed Tapers, but Says Doesn't Tighten
The markets found strength in the Fed's decision to taper back its extreme monetary support of the U.S. economy- in large part because it came along with a clear commitment to keep rates low- even longer. The Federal Reserve will reduce bond purchases to $75 billion a month- from $85 billion. In his final press conference as the Chairman of the Federal Reserve- Ben Bernanke was firm- saying the tapering was not intended to be a tightening:
FACTBOX: China's Billionaire Factory Busier Than Ever
China is home to 358 billionaires, second only to the U.S., according to the Hurun Global Rich List China's wealthiest man, Wanda chairman Wang Jianlin, is worth $25 billion Alibaba's Jack Ma saw his wealth triple last year to over $7 billion 90 Chinese billionaires have senior political positions, including Wahaha's Zong Qinghou and Baidu's Robin Li Real estate, manufacturing and investment generate an estimated 60 percent of Chinese billionaires' wealth
IMF: Central Banks Must Be Careful When Tightening Policy
WASHINGTON (Reuters) - Central banks in advanced economies must act carefully when the time comes to tighten monetary policy to avoid destabilizing emerging markets, the International Monetary Fund's steering panel said on Saturday.