In Google Shake-Up, an Effort to Revive Start-Up Spark

Apple’s iAds challenge Google

China’s AgBank Gets OK for Biggest IPO

SHANGHAI — China’s stock regulator approved Agricultural Bank of China’s plans for an initial public offering in Shanghai and Hong Kong worth well over $20 billion that may be the world’s biggest ever, despite current market doldrums.

The China Securities Regulatory Commission reviewed the plan Wednesday and announced in a brief notice on its Web site that it had been approved. Read more

McDonald’s May Sales Rise 4.8% on New Frappes

June 8 (Bloomberg) — McDonald’s Corp.’s global sales rose more than some analysts estimated last month as diners purchased new beverages such as frappes.

Sales at restaurants open at least 13 months increased 4.8 percent, the world’s largest restaurant company said today in a statement. Analysts projected global sales would advance 4.5 percent, the median of four estimates compiled by Bloomberg. Read more

JPMorgan May Pay More Than RBS to Sell CMBS: Credit Markets

June 8 (Bloomberg) — JPMorgan Chase & Co. is selling $716.3 million of bonds tied to loans on commercial properties at higher relative yields than when the debt was last issued in April, just before the worst month for credit since markets froze in 2008.

A top-rated portion maturing in five years may yield about 140 basis points, or 1.4 percentage points, more than the benchmark swap rate, people familiar with the offering said. Royal Bank of Scotland Group Plc paid a spread of 90 basis points on a similar slice of a $309.7 million deal in this year’s only other sale of commercial mortgage-backed bonds on April 9. Read more

Bharti now among global top 5

Bharti Airtel closes $9 bln Zain Africa deal

New Delhi: Bharti Airtel has completed its $9 billion acquisition of African operations from Kuwait’s Zain in a deal that would make the firm the world’s No. 5 wireless carrier by subscribers.

In March, Bharti struck a deal to buy the Kuwait firm’s mobile operations in 15 African countries, in India’s second biggest overseas acquisition after Tata Steel’s $13 billion buy of Corus in 2007. Read more

Yahoo team up with Facebook

India’s Reliance in Informal Talks With AT&T

India’s Reliance Communications Ltd. and U.S. telecom giant AT&T Inc. have sounded out each other’s interest about a potential transaction in which AT&T would take a significant minority stake in the Indian cellphone company, according to people familiar with the matter.

The people characterized the informal discussions as very early, and cautioned that no deal is imminent, but said advisers and officials at the companies have been in touch in the past few weeks to explore the idea. Reliance, which is backed by billionaire Anil Ambani, said on Sunday its board has approved the sale of up to a 26% equity stake in the firm to raise cash for debt reduction and network upgrades. Read more

Markets Brace for Rocky Week

Markets are bracing for another rocky week as finance ministers around the world ready new defenses to keep the sovereign-debt crisis from spreading. Asian markets opened Monday sharply lower, and the euro continued to slide.

On Monday, European finance ministers expect to sign off on a €440 billion ($527 billion) loan package to act as protection against the debt crisis that began in Greece earlier this year and now imperils other countries. Separately, top finance officials from the Group of 20 major industrial and developing economies are nearing agreement on new rules to make sure that major banks keep enough money in reserve to insulate them against future crises. Read more

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