Prime Minister Narendra Modi has reason to be wary of ambitious reforms to India’s economy, given the fraught rollout of his plan to ban 500- and 1,000-rupee notes overnight. For his country to reach its true economic potential, however, he will need to do something about India’s ailing state banks. These institutions, which account for more than 70 percent ...

  US President Donald Trump issued a revised order restricting people from six Muslim-majority countries from entering United States. The new directive, which is effective from March 16, excludes Iraq and allows those having current US visa to travel freely. Like the previous order issued on January 27, the new one bans all refugees for 120 days, but Syrian refugees ...

  It didn’t take long for Malaysia to retaliate against North Korea for barring its citizens from leaving the country on Tuesday. Within hours, a security cordon had surrounded North Korea’s Malaysian embassy to prevent diplomatic staff from leaving. The response may not be legal under international law, but it’s certainly understandable. North Korea is not only accused of sponsoring ...

  A competitor’s loss doesn’t always translate into a win. Dick’s Sporting Goods Inc. said that sales at established stores rose 5 percent in the most recent quarter from the year before as it picked up retail locations from now-defunct sporting goods competitors such as Sports Authority and Golfsmith. But the company also warned sales and earnings growth would slow ...

  Snap, the parent company of Snapchat, has had its oversubscribed initial public offering and a big first-day pop. But if recent tech IPO history is any indication, longer-term investors are headed for a big disappointment. I’ve written before why I think Snap’s not worth its valuation ($23.8 billion at the IPO price of $17, $28.3 billion at the time ...

  Bloomberg Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising US inventories have sparked doubts about the OPEC and non-OPEC deal. Khalid Al-Falih, the Saudi energy minister, acknowledged that global crude inventories aren’t draining as quickly as he expected, opening the door for an ...

  Reuters A partnership of US agribusiness giant Archer Daniels Midland Co and Saudi foods group Almarai is among potential bidders for Saudi Grains Organisation’s milling operations, the kingdom’s sole supplier, sources aware of the matter said. Italian wheat supplier Casillo Group and a partnership of Turkey’s TAV Group, a construction and airports conglomerate, and Saudi Arabia’s Al Rajhi Holding ...

  Reuters The number of tourists visiting Egypt this year could come close to levels seen before its 2011 uprising, encouraged by investments in airport security and a cheaper Egyptian pound, the country’s tourism minister said. Egypt’s tourism industry, a crucial source of hard currency, has suffered in the years of turmoil that followed the mass protests, as well as ...

  Reuters Hundreds of Egyptians protested around the country, blocking roads and surrounding government offices, after a change to the way bread rations are managed raised fears that the government was cutting food subsidies by the back door. Bread subsidies are an explosive issue in Egypt, where more than 70 million people receive state rations. Core inflation in the country ...

  Bloomberg Indian stocks are leading gains in Asia this year, the rupee has recouped almost all its losses since Donald Trump’s US election win and foreigners have pumped $2.4 billion into the country’s bonds and equities. As investors wait for the results of one of Narendra Modi’s biggest electoral tests since he came to power in 2014, there’s a ...