World News

China

• GDP grew at 9.7% in Q1 2010 while inflation hit a annual 5.4% rate in March.

Ireland

• Moody's has cut Ireland's sovereign rating from BAA1 to BAA3, making it barely investment grade.  The cuts were based on weak economic growth prospects and an expected decline in the government's financial strength.

Japan

• The Japanese government has ordered TEPCO to compensate the roughly 48,000 families that lived within 30km of the Fukushima Daiichi plant to the amount of 1 million yen (about $12,000) per family.

Libya

• In a public appearance, Muammar Gaddafi's daughter said that demands for Gaddafi to step down are a insult to all Libyans.

United States

• The SEC is in negotiations with multiple banks (including JPMorgan Chase, Citigroup, Morgan Stanley, Bank of America, and UBS) to settle fraud allegations related to the sale of the toxic mortgage bonds that helped cause the current financial crisis.  All parties either declined to comment or could not be reached for comment.
• Ford is expanding a recall of F-150 pick-up trucks to nearly 1.2 million vehicles built between 2004 and 2006.  Safety regulators are concerned about a wiring fault that could cause the airbag warning lamp to turn on and the airbag to deploy.