SC business notebook

January 3, 2013 

South Carolina ranks high in in-migration

South Carolina placed fifth among states for in-migration in 2012, accounting for 55 percent of the moves in the state, according to the United Van Lines latest annual study. Outbound moves accounted for just 45 percent of the moving activity performed in the state by United, the nation’s largest mover, the study said. North Carolina was fourth in the study for in-migration, led by Nevada, Oregon, and the District of Columbia at the top. The Northeast, led by New Jersey, posted the largest migration at 62 percent of moves.

Credit rating agencies urge U.S. to shrink deficit

The nation’s two largest credit rating agencies urged Congress on Wednesday to go beyond its deal and come up with a plan to shrink the budget deficit. Moody’s Investors Services said in a statement that it expects lawmakers in the coming months will take additional steps needed to lower the deficit, which has topped $1 trillion annually in each of the past four years. But if it fails to do so, the government’s “Aaa” credit rating could be at risk. Moody’s had warned in September that it would likely cut its rating by one notch if the year-end budget negotiations failed. Moody’s has a negative outlook on the government’s debt, a warning of a possible downgrade. In a separate statement, Standard & Poor’s warned that the budget agreement did little to put the government’s finances on a “more sustainable footing.” S&P said it would not change its rating based on the deal. In August 2011, the credit rater stunned investors by lowering its rating on long-term U.S. government debt to “AA+” and assigned a negative outlook to the rating. That followed a contentious battle to raise the government’s borrowing limit. On Wednesday, S&P offered a harsh reminder of why it stripped the U.S. of its top rating, along with a warning about the current negotiations.

The rich get richer

The richest people on the planet got even richer in 2012, adding $241 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 100 wealthiest individuals. The aggregate net worth of the world’s top moguls stood at $1.9 trillion at the market close on Dec. 31, according to the index. Retail and telecommunications fortunes surged about 20 percent on average during the year. Of the 100 people who appeared on the final ranking of 2012, only 16 registered a net loss for the 12-month period. Amancio Ortega, the Spaniard who founded retailer Inditex SA, was the year’s biggest gainer. The 76-year-old tycoon’s fortune increased $22.2 billion to $57.5 billion, according to the index, as shares of Inditex, operator of the Zara clothing chain, rose 66.7 percent. Carlos Slim, the telecommunications magnate who controls Mexico’s America Movil SAB, maintained his title as the richest person on Earth for the entire year. The 72-year-old’s net worth rose $13.4 billion — or 21.6 percent — through Dec. 31, making him the second-biggest gainer by dollars.

Roddie Burris, Bloomberg News and The Associated Press contributed.

The State is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service