NEW YORK (CNNMoney) — Hedge funds reached a milestone in the first quarter, amassing over $2 trillion in capital for the first time ever, an industry tracker said Tuesday.
The global hedge fund industry now controls total assets worth $2.02 trillion, according to Hedge Fund Research. That’s up $102 billion from the first quarter of 2010 and is more than the industry had in the second quarter of 2008, when assets peaked at $1.93 trillion. More
NEW YORK (CNNMoney) — Time is almost up for one of the Federal Reserve’s most candid inflation hawks. Kansas City Fed President Thomas Hoenig is retiring October 1.
While retirement was imminent because of Hoenig’s age, the Fed officially announced his departure Friday morning. Fed presidents are subject to mandatory retirement once they reach 65 years old. More
NEW YORK (CNNMoney) — Labor unions around the nation can thank Wisconsin Gov. Scott Walker for re-energizing the workers movement.
The Republican governor was savoring his success Thursday in limiting collective bargaining for public employees in Wisconsin after a contentious and drawn-out battle. More
Steve Jobs, Apple Inc.’s Chief Executive Officer, introduces the new MacBook and MacBook Pro laptops at a news conference in Cupertino, California, October 14, 2008.
Kimberly White / Reuters Print Email Reprints share LinkedIn StumbleUpon Reddit Digg Del.i.cious Tweet One of the many definitions of the word “hack” is a clever solution for a computer gram. When writing code, that is, the fewer steps the better; simplicity is key. One can’t help but think of that every time Steve Jobs unveils a new Apple product. More
Sony; Panasonic Comment Print Email Reprints share LinkedIn StumbleUpon Reddit Digg Del.i.cious Tweet Five years ago, I headed to Costco and brought home the biggest flat-screen TV that would fit in my hatchback. The 42-inch Vizio LCD set I chose was my first HDTV and a massive improvement on the 25-inch tube TV it replaced. More
Clockwise from top left: Pioneer Music Tap, Sonos Play:3, Soundfreaq Sound Stack
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Sonos Multi-Room Music System
Print Email Reprints share LinkedIn StumbleUpon Reddit Digg Del.i.cious Tweet I’ve long been a fan of the Sonos music system, a collection of small, cigar-box-sized devices that attach to any stereo in my home and allow me to wirelessly stream digital music. I couple it with the music subscription service, Rhapsody, and get access to some 5 million songs — virtually anything I want to hear, whenever I want to hear it. More
Clockwise from top left: Pioneer Music Tap, Sonos Play:3, Soundfreaq Sound Stack
Comment Print Email Reprints share LinkedIn StumbleUpon Reddit Digg Del.i.cious Tweet The iPod has always had a reputation for ushering in an era of musical selfishness. Apple seems to be O.K. with that perception. Remember the iPod ads that showed silhouetted figures wearing those iconic white earbuds, rocking out while blocking out the world? More
President Barack Obama will meet with the leader of Libya’s National Transitional Council, Mustafa Abdel Jalil, next week at the opening of the United Nations General Assembly in New York.
Obama plans to congratulate Jalil on the defeat of Muammar Qaddafi’s forces and discuss transition plans, Ben Rhodes, Obama’s deputy national security adviser, said. More
Luxembourg Finance Minister Luc Frieden said the situation facing European banks amid the debt crisis “is not worrying now.” Speaking to reporters in Wroclaw, Poland on the second day of a meeting of European finance chiefs, he said, “all the contiengencies are in place to make sure they have liquidity.” More
Gold rose the most in a week on renewed concern that Europe’s debt crisis will threaten economies, boosting demand for a haven.
European finance ministers ruled out efforts to prop up the faltering economy and gave no indication of providing aid for lenders at a meeting today. Gold has jumped 28 percent this year, reaching a record $1,923.70 an ounce on Sept. 6, on mounting signs the global economy will slow. More
Canada’s dollar gained to the strongest level in two weeks as a government report showing greater-than-forecast purchases of Canadian securities by foreign investors bolstered the currency’s attractiveness.
The Canadian dollar advanced for a second day as global stocks rose. It posted a weekly gain versus all of its 16 most- traded peers on bets the nation’s economic condition will attract investors during market turmoil. While Canada exports raw materials and benefits from growth, it also has a smaller budget-deficit ratio, lower jobless rate and faster growth than most of its Group of Seven peers. More
Jefferson County, Alabama, which approved a deal with holders of $3.14 billion of its sewer debt, now needs action by state lawmakers to end a more than three- year saga that kept it on the brink of filing the biggest municipal bankruptcy in U.S. history. More
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The euro rose against the dollar for the first time in three weeks after the European Central Bank said it will lend dollars to euro-area banks, tempering liquidity concern amid the region’s sovereign debt crisis.
The 17-nation currency pared its five-day gain yesterday as finance ministers from euro-zone nations meeting in Poland failed to inspire confidence in measures to control debt problems. Canada’s dollar rose against all of its most-traded counterparts on speculation the nation’s fiscal condition will attract investors during market turmoil. The Dollar Index fell before a Federal Reserve meeting next week where officials may announce further economic stimulus. More