Asian markets were firm Thursday morning after the Fed published improved projections for the US economy, and Ben Bernanke did not rule out more stimulus, says the FT. More from us on reaction to the FOMC comments. Mario Draghi is worrying about European growth, saying a "growth pact" was needed alongside the fiscal discipline pacts and that talk of an exit strategy for ECB easing was premature. Angela Merkel and François Hollande each interpreted the comments in different ways to support their own views on austerity, says the WSJ. South Korea's economy grew at the fastest pace in a year during the first quarter, reports Bloomberg. GDP rose 0.9% in 1Q, compared to 0.3% in the previous quarter. Vale's first-quarter profit nearly halved from a year earlier after slowing growth in China pushed down the price of iron ore, the group's most important product, reports the FT. BlackRock plans to start a fund with China Investment Corp, says Bloomberg, citing a person familiar with the matter. Three big UK banks are increasing their provisions for mis-selling loan insurance, says the FT. Barclays will increase £1bn provision it made to cover PPI claims by about £300m on Thursday; RBS is also expected to raise its £950m estimate next week, and HSBC said it could not rule out further increases this year. Chevron and Exxon are raising their dividends by 11% and 21%, respectively, reports the FT. Christopher Flowers has moved to London from the US, as the veteran private equity investor sees a shift in the balance of investment opportunities to Europe, reports the FT. People close to JC Flowers suggested future deals would continue to steer clear of the Spanish market, and would focus on insurance businesses and other non-bank financial services firms across Europe. A former Morgan Stanley investment adviser pleaded guilty to bribery offences in China and faces a five-year jail term, reports the FT. Chrysler is moving closer to setting up its own finance unit, says the WSJ, signalled by its informing Ally Financial that it won't renew a partnership beyond April 2013. Bo Xilai's elder brother resigned as a deputy chairman of China Everbright International, a Hong Kong-listed company, on Wednesday, the WSJ reports. Li Xueming, referred to by state-controlled media as Bo Xiyong, stepped down for the best interests of the company, China Everbright said in a statement, adding that Mr Li had no disagreement with the board, and his family background did not affect the company's normal operations. Britain's double dip test. The Fed's rate forecast mess. Greek families forage abroad to stay afloat. Pushing the posh out of Downing St. (Financial Times) "Sorry, too much beer." What happened at a Groupon town hall meeting. This entry was posted by Kate Mackenzie on Thursday, April 26th, 2012 at 5:37 and is filed under Uncategorised.