The city of Mesa, Arizona, fired 125 employees in 2009 as tax collections dropped amid a housing slump and a recession. Now, it is filling vacancies, training a class of police recruits for the first time in three years, and Mayor Scott Smith says he’s confident “revenue levels are going to stabilize.”
Wisconsin Governor Scott Walker insisted his state is “broke” as he sought to limit collective bargaining for most government workers, while investors in the $2.93 trillion municipal-bond market have shown faith in the government’s ability to work out its fiscal difficulties.
Commodity prices climbed to a five- week high after China, the world’s third-biggest economy, eased its currency peg to the dollar, spurring bets that global demand for energy, industrial metals and crops will increase.
Lloyd’s of London’s three biggest insurers, Amlin Plc , Hiscox Ltd. and Catlin Group Ltd. , may post declines in annual pretax profit of at least 37 percent after earthquakes in Chile and New Zealand eroded profits from a year without losses from a major U.S. hurricane.