| * China's State Grid secures more Australian assets * US-China audit fight: Armageddon averted? * Yahoo spared $2.7bn Mexican damages * Caterpillar and former owners of Chinese group settle dispute * SocGen reaffirms commitment to Russia * SFO explores powers to investigate alleged oil price-fixing * Qatar buys into Milan Porta Nuova property project * Vedanta powered by oil and gas as mining units struggle * Uruguay's José Mujica lauds booming Brazil ties * Mexico banks on stronger economic growth later this year * Iran's nuclear negotiator will 'resist' west if elected president * Luxury goods sales slow as China clamps down on gift giving Markets: mixed China's State Grid secures more Australian assets
China's State Grid, the world's largest utility group by assets, has made a second foray into the Australian energy market with the acquisition of stakes in two power transmission companies.
http://on.ft.com/185lBKB US-China audit fight: Armageddon averted?
Remember the tiff between US and Chinese regulators over accounting regulatory standards? You know, the one that resulted in the SEC charging the Chinese affiliates of the Big Four audit firms (plus BDO) with violating US securities law after the five firms allegedly refused to turn over audit work related to nine Chinese companies that are being investigated for potential accounting fraud?
http://on.ft.com/18OiurN Yahoo spared $2.7bn Mexican damages
Yahoo has been spared a potential $2.7bn payout in legal damages after a Mexican court overturned an earlier ruling against the US web portal in a contract dispute.
http://on.ft.com/12zI1S5 Caterpillar and former owners of Chinese group settle dispute
The former owners of ERA Mining have taken a $135m hit on sale proceeds owed by Caterpillar to settle claims that the US group found "deliberate, multiyear, co-ordinated accounting misconduct" at the Chinese company.
http://on.ft.com/111sJRG US auditing watchdog moves closer to China deal
The US auditing watchdog is moving closer to a deal with China that would allow access to auditing work papers overseas, a small step between the nations towards alleviating investor concerns over accounting at many Chinese companies.
http://on.ft.com/10vMXay SocGen reaffirms commitment to Russia
French bank Société Générale has announced it remains committed to Russia after a bribery scandal erupted that enveloped its Russian subsidiary Rosbank.
http://on.ft.com/16DwOnw SFO explores powers to investigate alleged oil price-fixing
The Serious Fraud Office is undertaking an "urgent review" to see if it has the authority to investigate allegations of price-fixing in the oil market.
http://on.ft.com/14vL2CR Qatar buys into Milan Porta Nuova property project
Qatar Holding and property group Hines have taken a stake in a high-end real estate development in Milan, underlining the Gulf state's strategy of diversifying from hydrocarbons.
http://on.ft.com/15RXUrz Vedanta powered by oil and gas as mining units struggle
Surging oil and gas earnings helped Vedanta Resources maintain flat annual profits against the backdrop of a steeply declining contribution from the company's traditional mining divisions.
http://on.ft.com/111t3Ql Uruguay's José Mujica lauds booming Brazil ties
After a spot of morning work on his tractor, the maverick Uruguayan president dismisses Argentina as "very, very, very closed in on itself, very 1960s-ish". The former leftist guerrilla then lauds his northern neighbour, Brazil, for "knowing what it wants and going for it".
http://on.ft.com/12xMGnA Mexico banks on stronger economic growth later this year
Over the past few years, officials at Mexico's national statistics agency have become used to publishing the glowing quarterly economic growth figures that have plotted the country's recovery since the financial crisis.
http://on.ft.com/10IhRJz Iran's nuclear negotiator will 'resist' west if elected president
Iran's top nuclear negotiator, who is a leading candidate in the forthcoming presidential contest, has pledged to use his experience in talks with major powers to pursue the same policy of resistance to western demands if he is elected.
http://on.ft.com/19AhLYJ Luxury goods sales slow as China clamps down on gift giving
Sales of global luxury goods are slowing due to a sharp retrenchment of demand in Asia after a clampdown on gift giving in China and as crisis-hit Europeans pull back from spending.
http://on.ft.com/10txQyd Emerging Markets
MSCI Emerging Market Index down -0.11% at 1,045 Europe
FTSE up +0.27% at 6,706
RTS up +0.99% at 1,394
Warsaw Wig up +0.34% at 46,149
FTSE 300 Eurotop down -0.06% at 1,245 Americas
DJIA down -0.28% at 15,233
S&P 500 down -0.50% at 1,650
Bovespa down -0.30% at 54,773 Asia
Nikkei 225 up +0.67% at 15,138
Topix up +0.64% at 1,253
Hang Seng up +0.17% at 23,083
Shanghai Composite up +1.38% at 2,283
MSCI Asia ex-Japan down -0.01% at 481.06
CNX Nifty up +0.28% at 6,187 Currencies
€/$ 1.29 (1.29)
$/¥ 102.38 (102.21) Commodities
Brent Crude (ICE) up +0.65 at 104.43
Light Crude (Nymex) up +0.39 at 95.55
100 Oz Gold (Comex) down -6.40 at 1,381 | 
