When historians examine President Trump’s tax programme, they will surely be struck by a large and momentous contradiction. Although the nation faces endless budget deficits — and although the president purports to speak about the future — his tax programme does little or nothing to curb long-term deficits and, arguably, might make them worse. It is said that the tax ...

Mukesh Ambani, India’s richest man, can consistently squeeze more than $10 a barrel in refining margins out of crude. Expect no less from him when it comes to monetizing Reliance Industries Ltd.’s investment in Reliance Jio Infocomm Ltd., the fourth-generation mobile network that’s taken the nation’s digital landscape by storm. What kind of an equity market valuation should Ambani put ...

After years of talks, central banks and financial regulators have finally agreed on the Basel III rules for bank capital. That’s a good thing, mostly. The deal improves the regulatory framework and will give banks greater clarity about what’s required. It’s also a timely reminder that international policy cooperation can work. There’s a catch, however: The new rules have been ...