| * European companies complain about missed China revenues * Manila shares fall despite GDP surge * Iraq at the centre of internal Opec debates * Indian power shortage is Achilles heel of economy * Emerging stocks head for biggest monthly loss in year; Won gains * Zuma appeals for stability in South African mines * China failure to grow with $1 trillion is warning to Li * Russian academics fear blow to economy from "foreign agent" law * Shuanghui agrees $4.7bn deal for Smithfield Foods * Doubts cloud Brazil outlook after disappointing first quarter Markets: down European companies complain about missed China revenues
An unlevel playing field in China costs European companies €17.5bn in missed revenues annually, according to a survey from the European Union Chamber of Commerce in China.
http://on.ft.com/17xjuSZ Manila shares fall despite GDP surge
The Philippine economy grew 7.8 per cent in the first quarter from a revised 6.8 per cent the previous quarter, beating analysts' expectations of an increase of just 6 per cent, as sharply higher investments and government spending offset the impact of faltering demand from China, America and Europe that slowed economies elsewhere in the region.
http://on.ft.com/15d7otV Iraq at the centre of internal Opec debates
The lack of headlines at Opec masks two internal debates which will shape the organisation for years. First, the response to rising oil production capacity within the cartel. Second, the election of the next secretary-general of the organisation. At the centre of both debates is one country: Iraq.
http://on.ft.com/12QHf1t Indian power shortage is Achilles heel of economy
Electricity, 24 hours a day, is a service taken for granted in industrialised economies. But not in the industrial zone of Noida on the outskirts of New Delhi – and especially not in the baking heat of summer.
http://on.ft.com/18xHrcn Emerging stocks head for biggest monthly loss in year; Won gains
Emerging-market stocks fell, dragging the benchmark index to its biggest monthly loss in a year. Philippine equities led declines among developing-nation shares, tumbling the most in 20 months.
http://bloom.bg/11qvqMP Zuma appeals for stability in South African mines
South Africa needs greater stability in its strategic mining industry to speed up lacklustre growth in Africa's biggest economy, President Jacob Zuma said on Thursday.
http://reut.rs/19oGdPi China failure to grow with $1 trillion is warning to Li
China's economy is proving less responsive to credit, escalating pressure on Premier Li Keqiang to strengthen the role of private enterprise.
http://bloom.bg/11pStrd Russian academics fear blow to economy from "foreign agent" law
Russian economists warned the government on Thursday a new law that might force their research centres to register as "foreign agents" could have a disastrous impact on the economy.
http://reut.rs/18ADjG3 Shuanghui agrees $4.7bn deal for Smithfield Foods
China's biggest meat processor has offered $4.7bn in cash for Smithfield Foods, in what will be the largest Chinese takeover of a US company if completed.
http://on.ft.com/112jr8v Doubts cloud Brazil outlook after disappointing first quarter
Brazil's central bank on Wednesday night overlooked weak first quarter economic growth and tightened interest rates more than expected to try to prevent stagflation from worsening in Latin America's biggest country.
http://on.ft.com/11yhdU9 Emerging Markets
MSCI Emerging Market Index down -0.42% at 1,016 Europe
FTSE down +0.16% at 6,638
RTS down -0.52% at 1,353
Warsaw Wig down -0.22% at 47,477
FTSE 300 Eurotop up +0.19% at 1,226 Americas
DJIA down -0.69% at 15,303
S&P 500 down -0.70% at 1,648
Bovespa down -2.50% at 54,635 Asia
Nikkei 225 down -5.15% at 13,589
Topix down -3.77% at 1,134
Hang Seng down -0.31% at 22,484
Shanghai Composite down -0.27% at 2,318
MSCI Asia ex-Japan down -0.56% at 466.90
CNX Nifty up +0.32% at 6,124 Currencies
€/$ 1.30 (1.29)
$/¥ 100.87 (101.13) Commodities
Brent Crude (ICE) down -0.85 at 101.58
Light Crude (Nymex) down -0.64 at 92.49
100 Oz Gold (Comex) up +13.00 at 1,404 | 
