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New York Times
Rich I.P.O. Brings Controversy to Microlender, SKS Microfinance The founder and early investors in the microlender will reap millions from the share deal, but it was unclear how donors would benefit. Economy Grew at Rate of 2.4% in Quarter The government on Friday also revised growth in the first quarter to 3.7 percent, higher than the previous estimate. Wall Street Slips After U.S. Data on Growth Investors were particularly fretful about the G.D.P. report because it comes at the end of a run of worse than expected economic data and a warning from the Fed. Cloned Livestock Gain a Foothold in Europe The Continent has generally resisted genetically modified food, but small amounts of meat and dairy from cloned animals are already being consumed. Added to the Recall List: Millions of Frozen Mice Salmonella outbreaks that sickened more than 400 in the U.S. and Britain have been traced to mice sold as food for exotic pets. Within Fed, Subtle Shift Toward Deflation Concerns A Fed member warned that the agency’s current policies put the United States economy at risk of “Japanese-style” deflation. Nuclear Woes Hurt Bottom Line at E.D.F. Éléctricité de France cited costs related to its U.S. nuclear ventures and the construction of its latest generation nuclear power plant in France, which will be delayed until 2014. Siemens Posts $1.9 Billion Quarterly Profit Siemens, a bellwether for the global and German economies, said Thursday that profit rose 9 percent as a weaker euro and strong growth in emerging markets offset declines in Europe. Google Search Engine Is Blocked in China Google said it was the first time the site had been blocked since March. Two Internet Gambling Operators, PartyGaming and Bwin, to Merge As governments in Europe and the United States relax the rules on online gambling, the companies anticipate the opening up of new markets. Citigroup Pays $75 Million to Settle Subprime Claims Besides the bank, two executives were singled out for not disclosing information about mortgage investments. Siemens and VW Surge on Roaring Demand From China The better-than-expected results, along with a drop in unemployment, underscored how Germany is benefitting from the weaker euro and surging exports to emerging markets. Sony Leads a Comeback for Japan’s Electronics Giants Sony raised its forecast after swinging to a profit, and Sharp and Panasonic posted profits, too.
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