Urges U.S. to save more: Federal Reserve Chairman Ben Bernanke, speaking today in Paris, today urged countries with large trade surpluses, like China, to let their currencies rise in value to help prevent another global financial crisis. Bernanke also called on nations with persistent trade deficits, like the United States, to narrow their budget shortfalls and save more.
Replaces Fiat in deal: Ford Motor Co. plans to team up with Russian automaker Sollers to make and distribute cars in Russia. The announcement came shortly after Italian automaker Fiat backed out of a potential partnership with the same Russian company. Fiat and Sollers had signed a memorandum of understanding last year to produce up to 500,000 vehicles a year in Russia in a bid to become the country’s second-largest car maker. Fiat owns U.S. automaker Chrysler.
