March 12 (Bloomberg) -- Sales at U.S. retailers unexpectedly climbed in February as shoppers braved blizzards to get to the malls, signaling consumers will contribute more to economic growth.

Purchases increased 0.3 percent, the fourth gain in the past five months, Commerce Department figures showed today in Washington. Figures for the prior two months were revised down, taking some of the shine off of today’s data. Sales excluding autos rose 0.8 percent, exceeding all estimates.

A report last week showing the economy lost fewer jobs than anticipated in February signaled employment is on the verge of accelerating, a development that would spur spending in coming months. Macy’s Inc. was among retailers that beat estimates last month as customers overcame the weather to shop for Valentine’s Day gifts and spring merchandise, a sign the expansion is broadening beyond manufacturing.

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Mexico's Carlos Slim beat Bill Gates and Warren Buffett for the top spot on Forbes magazine's annual list of billionaires, becoming the first person from outside the U.S. to lead the rankings in 16 years.

The net worth of Slim, 70, who built a telecommunications empire after buying Mexico's state-run phone monopoly two decades ago, rose $18.5 billion to $53.5 billion. Gates, 54, chairman of Microsoft Corp., fell to second as his net worth increased $13 billion to $53 billion. Buffett, 79, chairman of Berkshire Hathaway Inc., was third with $47 billion, a rise of $10 billion.

Those from Houston on the list are: No. 74, Dan Duncan, $9 billion, energy; No. 212, John Arnold, $4 billion, hedge funds; No. 249, Richard Kinder $3.6 billion, pipelines; No. 437,  George Mitchell, $2.2 billion, Mitchell Energy; No. 488, Jeffrey Hildebrand. $2 billion, oil; No. 655 Joseph Jamail Jr., $1.5 billion, lawsuits; No. 721, Thomas Friedkin, $1.4 billion, Gulf States Toyota; No. 721, Bob McNair, $1.4 billion, energy, sports; and No. 880, Bud Adams, $1.1 billion, oil.

Slim is the first person other than Gates, last year's richest person, or Buffett to top the list since 1994, which was also the last time a billionaire from outside the U.S. led the ranking: Japanese real estate tycoon Yoshiaki Tsutsumi.

For more go to http://www.chron.com/disp/story.mpl/business/6907166.html

LUXEMBOURG — German Chancellor Angela Merkel said today that a European monetary fund to bail out eurozone nations in need would send a clear signal to markets speculating on the possible break-up of Europe's currency union.

She said Greece's debt crisis is forcing the European Union to make changes that would allow “coherent economic policy-making,” such as a bailout fund for the 16 countries that use the euro.

The euro has slid against the U.S. dollar in recent months on worries over Greece's soaring debt as markets questioned what would happen if a eurozone country were unable to pay its debts — and whether it could rely on help from bigger euro nations such as Germany.

Speaking after a meeting with Jean-Claude Juncker, the head of the eurozone's finance ministers, she said a tighter framework that could handle a potential default by a eurozone country would send a clear “signal to markets that speculation cannot work.”

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March 8 (Bloomberg) -- American International Group Inc. agreed to sell a division to MetLife Inc. for $15.5 billion in the bailed-out company’s second divestiture of a non-U.S. life insurance unit this month.

MetLife will pay $6.8 billion in cash and $8.7 billion in equity securities for American Life Insurance Co., the buyer said today in a statement.

AIG, led by Chief Executive Officer Robert Benmosche, announced on March 1 that it would sell AIA Group Ltd. to Prudential Plc for $35.5 billion, including $25 billion in cash. Both the deals this month exceed the sum of more than 20 earlier asset sales announced by New York-based AIG since its September 2008 bailout.

“AIG has pulled off two massive asset sales marking major milestones on its road to recovery,” said David Havens, managing director in credit trading at Nomura Securities International Inc. in New York. “A year ago, AIG getting more than $50 billion for AIA and Alico, mostly in cash, seemed unthinkable.”

MetLife advanced 4.3 percent to $40.60 at 8:32 a.m. in early New York trading. AIG rose 3.5 percent to $29.05.

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March 4 (Bloomberg) -- As 2009 began, the world’s banks and brokers were in a deep hole. They had recorded some $1 trillion in credit losses and writedowns of their mortgage holdings in the financial crisis of 2007 and 2008, and markets were still reeling. To recapitalize, they issued stock -- a lot of it.

More than half of the new shares sold worldwide in the first six months of 2009 were those of banks and brokers. That kept investment bankers busy marketing their own -- and each others’ -- shares, while their clients hunkered down waiting for the storm to pass, Bloomberg Markets reports in its April issue.

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