India & Pakistan News
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Asian stocks rose, with the regional benchmark index advancing for a second week, as Japan’s Nikkei 225 Stock Average closed above 15,000 for the first time since 2007 after the yen touched a 4 1/2-year low against the dollar.
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Overseas investors are stepping up purchases of Indian shares, buying the most since February on May 15, amid speculation slowing inflation will give the central bank more scope to cut interest rates to stoke economic growth.
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Former Citigroup Inc. Chief Executive Officer Vikram Pandit is buying a stake in India’s JM Financial Ltd. and taking a leadership role as it seeks to set up a bank, the Mumbai-based company said.
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Indian Prime Minister Manmohan Singh’s latest skirmish with corruption risks setting back efforts to spur growth, worsening a legislative logjam under a government set to pass the fewest bills ever in a full term.
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