The proposed takeover by the London Stock Exchange of LCH.Clearnet, through the acquisition of a 60% stake, was approved by shareholders of both companies. The offer will give the London bourse access to the growing market for central clearing. Regulators are keen to push as much of the $700 trillion over-the-counter derivates market on to clearing houses as possible. Exuberance all round Investors toasted a prosperous first quarter for stockmarkets. In the first three months of 2012 the S&P 500 index rose by 12%, its best first-quarter performance since 1998. Japan's Nikkei 225 had its strongest first quarter for 24 years, recouping nearly all the ground it lost in 2011. Emerging markets also bounced back: India's Sensex was up by 13%, while the main Hong Kong index grew by 12%. Europe's stockmarkets fared well. Germany's Dax 30 rose by 18% and even Greece's main index was up by 7%; last year half its value was wiped out. Finance ministers in the euro zone agreed to raise the combined ceiling of the currency block's temporary and permanent bail-out facilities to €700 billion ($930 billion). Some argue the rescue pot should be bigger still. Sino-Forest filed for bankruptcy protection. The company was one of China's biggest wood producers until it was accused last year of fraud by Muddy Waters, a short-seller that has made a name for itself by investigating the accounts of Chinese companies. It is now being sued by Sino-Forest for defamation. More questions were raised about the auditing of quick-spurt technology companies after Groupon revised down its quarterly sales. The online discounter had not accounted in its earnings for the high level of refunds it had to pay. This comes shortly after Congress passed the JOBS Act, which eases regulatory burdens on firms like Groupon that seek to capitalise on their dynamism through a speedy IPO. Wen Jiabao, the Chinese prime minister, criticised China's big banks for acting like a "monopoly" and said private capital should be allowed "to flow into the finance sector." Mr Wen's comments could hasten reforms in the financial sector. On the same day that he spoke China's securities regulator almost tripled the amount of money that foreign funds can invest in capital markets, to $80 billion. The price of carbon permits in the EU's Emissions Trading Scheme plummeted to another record low, after data suggested that Europe had produced a smaller amount of polluting emissions last year than had been thought. The underlying reason why carbon prices have tanked is that the market is oversupplied with permits. Workers" increasing clout Apple supported the recommendations of a report by the Fair Labour Association into conditions at the factories in China that assemble its products. Foxconn, which runs the factories, reportedly said it would try to comply with FLA standards on working hours by July 2013. Research In Motion, the Canadian maker of BlackBerry smartphones, announced its first quarterly loss in seven years. Jim Balsillie, one of its former bosses, stepped down from the board and both the chief operating officer and the head of technology announced their departures. Thorsten Heins, the new chief executive, hopes to turn things around by focusing on BlackBerry's strengths among corporate customers, rather than slogging it out with its rivals in the mass market. James Murdoch stepped down as chairman of BSkyB, a television broadcaster, further reducing his responsibilities at News Corporation's British businesses. Mr Murdoch, son of Rupert, has been heavily criticised for his handling of last summer's phone-hacking scandal at News Corp's British newspapers. The soaring cost of petrol in America did not deter people from buying new cars in March. Chrysler sold more cars and small trucks than in any month since March 2008 and Nissan had its best month yet. Sales were up by 12% compared with a year ago at General Motors and by 5% at Ford. Molson Coors agreed to buy StarBev, a brewer in central and eastern Europe, in a €2.7 billion ($3.5 billion) deal. This could turn ugly Avon, a pioneer in the beauty business, rejected a $10 billion takeover from Coty, a supplier of perfumes including the David Beckham and Celine Dion brands. Avon's attractiveness lies in emerging markets, where it rakes in most of its income, but it has financial and legal woes and is searching for a new boss to replace Andrea Jung, one of America's best-known female executives. Avon immediately slapped down Coty's approach, describing it as "opportunistic."