India’s current-account deficit in the fiscal year may come in about 14 percent lower than the Finance Ministry has targeted, easing pressure on the rupee, an adviser to Prime Minister Manmohan Singh said.
China’s plans to elevate Shanghai’s role through looser controls on capital flows and expanded foreign investment drove share gains in companies tied to the city, Hong Kong’s main rival as the nation’s financial center.
The following is a reformatted version of President Barack Obama’s State of the Union address to the U.S. Congress, as prepared for delivery yesterday. The remarks were released in an e-mailed statement by the White House.
The success of the next Federal Reserve chairman, be it Janet Yellen, Lawrence Summers or someone else, will depend less on their grounding in monetary policy orthodoxy than on their readiness to reach beyond it.
Federal Reserve Chairman Ben S. Bernanke, who offered Japan a prescription for ending deflation as a Fed board member a decade ago, endorsed Prime Minister Shinzo Abe’s efforts to reflate his nation’s economy.