- Japan's big trading houses plan to step up asset sales and wind back investment spending by up to $10 billion in the next three years. Trading houses led by Mitsubishi and Mitsui import everything from oil to corn to sustain the resource-poor economy. But the top five trading houses had to write down more than $5 billion after a misjudged shopping spree during the commodities boom.
- China's Prime Minister Li Keqiang has ordered government bureaucrats to speed up implementing reforms in order to help grow the economy.
- Spain's telecom giant Telefonica reported a jump of 162% in first-quarter profit, illustrating the strength of the Spanish economic recovery.
- Mobile operators plan to block online ads unless they get a share of the revenues, in a move that would set them on a collision course with big companies such as Google (GOOGL), AOL (AOL) or Yahoo! (YHOO), the FT reports.
- Pimco said it would liquidate two of its equity strategies as it narrows its focus on stocks. It will close Emerging Markets, which had been overseen by Virginie Maisonneuve who had been with the firm for less than a year, and Pathfinder, which is managed by Anne Gudefin and involves purchasing stocks trading at significant discounts to intrinsic value.
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