Indian Prime Minister Manmohan Singh’s largest ally said it was quitting the ruling coalition over a decision to allow the entry of foreign retailers and raise diesel prices, an exit that would leave the government at the whim of regional parties as it seeks to revive the economy.
India threw open its retail and aviation industries to foreign investment as a newly assertive government bids to shake off a sense of crisis over the slowing economy and a stalled agenda, risking a political backlash.
Starts of new U.S. homes fell more than forecast in April to a five-month low, indicating a pause in the industry’s progress as builders slowed work on apartments. Building permits surged to an almost five-year high.
Home prices in 20 U.S. cities rose more than forecast in June from a year earlier, reflecting the influence of a government tax incentive and a sign the market was stabilizing before sales plunged in July.