Wed, Jul 17, 2013 9:47 AM EDT 0:59
U.S. Treasury Secretary Jack Lew said that the United States is committed to ending a policy of "too big to fail" where large institutions receive considerable government assistance if they get into trouble. Chinese state-run oil companies are investing $5 billion to develop seven new gas fields in the East China Sea, possibly siphoning gas from the seabed beneath waters claimed by Japan, a move that could further inflame tensions between the two countries. Russian President Vladmir V. Putin said that bilateral relations were more important than the controversy surrounding Edward J. Snowden, the former intelligence contractor. Mr. Putin effectively accused Washington of hypocrisy by providing robust support for human rights advocates in other circumstances but not in a case like Mr. Snowden?s.