India’s government pledged to reduce the fiscal gap to the lowest in seven years in an interim budget before elections due by May, while boosting defense spending and cutting taxes on cars, mobile phones and television sets.
Profit growth for U.S. companies probably accelerated for a third straight quarter as strengthening consumer demand drove sales for General Motors Co. to Apple Inc. and underpinned a manufacturing recovery.
India’s plan to pump cash into state- owned banks is brightening the prospects of two-wheeler makers as Prime Minister Manmohan Singh woos voters with cheaper loans in the world’s second-biggest market.
Japan’s inflation accelerated to the fastest pace since 2008 last month, bringing the rate closer to policy makers’ target while threatening to erode household spending power unless employers boost wages.
Now that J.C. Penney Co. Chief Executive Officer Mike Ullman has slowed the sales decline and amassed enough cash to fund two years of operations, he faces his biggest challenge since returning as CEO: a holiday season marked by price wars and penny-pinching consumers.
King Canute had it easy. Indian Finance Minister Palaniappan Chidambaram has battled currency markets for two months, trying to stem the collapse of the Indian rupee from 55 to a dollar in May to 65 this week. He has found commanding currency markets even harder than commanding the ocean waves.