| * China cuts its growth target... or does it? * Egypt faces moment of reckoning on its economy as protests wane * China accuses GlaxoSmithKline of bribing officials over prices * Naspers Sells $750 Million in Africa's First Debt Sale Since May * Infosys beats market expectations * Batista empire hurt by board departures * Austerity threatens to take gloss off China's national games * TeliaSonera attacks Turkcell board move * Kazakhmys vote on ENRC takeover nears Markets: mixed China cuts its growth target … or does it?
Has China just cut its 2013 growth target? That is the question being asked today after Lou Jiwei, the finance minister, said in unscripted comments that China was aiming for a 7 per cent GDP expansion this year, down from the 7.5 per cent goal set during the national parliament in March.
http://on.ft.com/1btplrN Egypt faces moment of reckoning on its economy as protests wane
The initial euphoria of those who backed the military overthrow of Egypt's elected Islamist government is fading and Egyptians must now reckon with an economy that remains in crisis, despite a large injection of financial aid promised by Gulf states supportive of the coup.
http://on.ft.com/1b3Iulp China accuses GlaxoSmithKline of bribing officials over prices
China has accused GlaxoSmithKline of being at the centre of a "huge" scheme to raise drug prices in three of the country's biggest cities and said the UK-based drugmaker's staff had confessed to bribing government officials and doctors.
http://on.ft.com/13CKaRa Naspers Sells $750 Million in Africa's First Debt Sale Since May
Naspers Ltd. (NPN), Africa's largest media company, sold $750 million of seven-year debt in the region's first overseas corporate bond sale in two months as it seeks funds to pay for acquisitions in emerging markets.
http://bloom.bg/1348qZf Infosys beats market expectations
Infosys barely beat market expectations with its first-quarter earnings, but the results provided breathing room to recently reappointed executive chairman NR Narayana Murthy, as he attempts to revive the fortunes of the Indian IT outsourcer.
http://on.ft.com/1b5BAMx Batista empire hurt by board departures
Eike Batista's empire showed further signs of unravelling after four board members left the Brazilian billionaire's shipbuilder OSX, including his own father and a former mining and energy minister.
http://on.ft.com/13RHkGU Austerity threatens to take gloss off China's national games
Fireworks are out and frugality is in at China's national games after the organising committee rushed to comply with edicts requiring officials across the country to tighten their belts as the economy slows.
http://on.ft.com/10OATkZ TeliaSonera attacks Turkcell board move
A Turkish government regulator plans to appoint a majority of the board members of Turkcell, the country's leading mobile group, even though Sweden's TeliaSonera, the biggest minority shareholder, has labelled such a move a virtual "nationalisation".
http://on.ft.com/1awH03R Kazakhmys vote on ENRC takeover nears
The largest shareholder in Eurasian Natural Resources Corporation will as early as Friday set in motion plans that will lead the troubled miner's founders to complete their takeover attempt.
http://on.ft.com/11G5CmR Emerging Markets
MSCI Emerging Market Index up +0.17% at 944.53 Europe
FTSE up +0.59% at 6,582
RTS up +1.09% at 1,337
Warsaw Wig up +0.77% at 46,064
FTSE 300 Eurotop up +0.51% at 1,203 Americas
DJIA up +1.11% at 15,461
S&P 500 up +1.36% at 1,675
Bovespa up +2.51% at 46,626 Asia
Nikkei 225 up +0.23% at 14,506
Topix up +0.60% at 1,202
Hang Seng down -0.75% at 21,277
Shanghai Composite down -1.62% at 2,039
MSCI Asia ex-Japan down -0.17% at 440.47
CNX Nifty up +1.25% at 6,009 Currencies
€/$ 1.31 (1.31)
$/¥ 99.17 (99.06) Commodities
Brent Crude (ICE) down -0.05 at 107.68
Light Crude (Nymex) down -0.14 at 104.77
100 Oz Gold (Comex) down -3.80 at 1,276 | 
