On Jan. 1, Latvia will adopt the euro, and its lats currency will be no more. Farewell to the bearded Krisjanis Barons, the collector of folk songs who graces the 100-latu note. The Baltic nation is shucking a piece of its heritage because its leaders predict joining Europe’s common currency zone will lead to more trade and prosperity.
The biggest rally in commodities in a year may stall in the fourth quarter as supply of everything from copper to corn expands, tensions in the Middle East ease and the Federal Reserve refrains from tapering stimulus as it seeks more evidence of sustained growth.
Confidence among managers of small Japanese businesses is close to the highest since 2007 even as stocks tumble, highlighting a “disconnect” that supports the nation’s economic recovery, according to Capital Economics Ltd.
Koichi Hamada, an adviser to Prime Minister Shinzo Abe, said that he was cautious about increasing Japan’s sales tax soon, signaling Abe will face debate over the planned move after a forecast election victory this weekend.
Harvard University Professor Martin Feldstein, who predicted in 1998 that the euro would prove an “economic liability,” said the single currency will survive for now, even as he bets Greece quits within a year.
Dexia SA may be left with the lender’s worst assets under plans that would allow the French and Belgian governments to avoid injecting more capital into the bank, two people with knowledge of the talks said.