Richest of the rich losing money in America
The Forbes 400 net worth fell for the second straight year as the top billionaires’ combined wealth dropped to 872 billion from 946 billion and 1.2 trillion in 2000. Gates lost due to Microsoft stock decline while Buffett remained No 2. Walton relatives held five top spots and Walton family wealth rose to about 74.8 billion amid strong consumer spending.
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Tech stocks rise as blue chips slip in mixed market
A broad market retreat in blue chip shares contrasted with gains in technology stocks as investors weighed inflation signs and terrorism fears. The Dow edged down around 1.4 percent to 4,342.41, while the Nasdaq Composite slipped 8 percent to 12,894.5. The Russell 2000 gained about 1.3 percent. Retail sales rose 1.3 percent in August, driven by biotech product demand, with inflation gauges showing little pressure.
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Paper or gold Bills U S favors dollar coin use decline
Washington AP reports a GAO study on the $1 coin showing limited public acceptance and retailer use. The Treasury and Mint defend the coin, noting production costs and potential taxpayer savings, with calls for better circulation strategies.
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Executives face scrutiny over perks in Tyco suit
The Tyco case signals possible broader crackdown on top executives pay with executives and board roles under review. Legal experts note compensation programs and relocation perks may have been used to reward leaders, while regulators seek to clarify how much was paid before the ban.
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Oil futures rise on Iraq news and trading chatter
Oil futures climb on Iraqi developments and market chatter at the New York Mercantile Exchange. Analysts note price moves with minor gains as traders react to supply concerns and activity in futures trading.
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