By Krista Hughes and Edward Taylor

Supermarket mogul Ron Burkle and his investment arm, Yucaipa, have purchased a large amount of U.S. luxury retail chain Barneys New York's debt, the Wall Street Journal said, citing people familiar with the matter.

(Reuters) - Supermarket mogul Ron Burkle and his investment arm, Yucaipa, have purchased a large amount of U.S. luxury retail chain Barneys New York's debt, the Wall Street Journal said, citing people familiar with the matter.

By Kevin Drawbaugh

By Kevin Drawbaugh

For Citibank credit card holders, there is one way to escape the bank's rate hikes currently under way: Meet a monthly spending requirement.

For Citibank credit card holders, there is one way to escape the bank's rate hikes currently under way: Meet a monthly spending requirement.

Citigroup Inc. said Thursday it named a former Merrill Lynch executive, Steve Bodurtha, as managing director and head of investments for Citi Private Bank in North America.

NEW YORK (Reuters) - Fidelity Investments has launched a service to help retail brokers determine how profitable it would be for them to leave their brokerage house and hang out their own shingle.

NEW YORK (Reuters) - CIT Group Inc <CITGQ.PK> on Thursday said it has won overwhelming support from bondholders for its reorganization plan, as the big finance company tries to emerge from bankruptcy by the end of the year.

The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.

The number of U.S.-dollar millionaires in China is expected to nearly double in five years, luring private bankers eager to help them invest an expected combined wealth over $7.6 trillion by 2013, Boston Consulting Group (BCG) said on Thursday.

BEIJING (Reuters) - The number of U.S.-dollar millionaires in China is expected to nearly double in five years, luring private bankers eager to help them invest an expected combined wealth over $7.6 trillion by 2013, Boston Consulting Group (BCG) said on Thursday.

Shares of Bank of America stock rose more than 3.5 percent Wednesday after billionaire hedge fund manager John Paulson told investors that he expects the stock price to almost double in the next two years.

By Kevin Drawbaugh