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Jan-March foreign direct investment in China up 5.5%

Foreign direct investment (FDI) into China increased 5.5 percent in the first three months of the year despite faltering in March, the government said Thursday, though outbound investment slumped. FDI, which excludes investment in financial sectors, totalled $31.55 billion in the March quarter, the commerce ministry said in a statement. However, investment in March declined 1.47 percent to $12.24 billion, it said. "Major Asian countries' and regions' investment in China generally maintained a steady growth momentum," ministry spokesman Shen Danyang said.

IBM's quarterly revenue sinks to 5-year low as hardware sales fall

By Supantha Mukherjee and Soham Chatterjee (Reuters) - IBM Corp, the world's biggest technology services company, reported its lowest quarterly revenue in five years on Wednesday, as Big Blue struggles with falling demand for its hardware and faces challenges in growth markets like China. Shares of IBM fell as much as 4 percent to $188.20 in after-hours trade. Revenue for the Armonk, NY-based firm fell 4 percent to $22.5 billion in the first quarter, below analysts' average estimate of $22.91 billion.

Weibo valued at $3.46 billion after bottom-end IPO pricing

(Reuters) - China's Weibo Corp will be valued at a lower-than-expected $3.46 billion when it goes public on the Nasdaq on Thursday, amidst concerns about the microblogging service's slowing user growth and the country's highly censored media environment. The Twitter-like microblogging service, owned by web portal Sina Corp, sold 16.8 million American Depositary Shares (ADSs) for $17 apiece, raising $285.6 million, an underwriter told Reuters. The company had planned to sell 20 million ADSs at between $17 and $19 per share.

Mutual fund sales total $7.73B in March; industry AUM now at $1.059 trillion

TORONTO - The Investment Funds Institute of Canada says net sales of mutual funds in March totalled $7.73 billion, with net sales for the first three months of the year reaching $22.6 billion. By category, long-term fund net sales were $7.87 billion in March, with year-to-date net sales at $23.8 billion as of the end of last month, while money market fund net redemptions were $142.6 million for the month, with year-to-date net redemptions at $1.14 billion.

Online dating service Zoosk, which claims 26M members, files for IPO worth up to $100 million

NEW YORK, N.Y. - Online dating service Zoosk is filing for an initial public offering worth as much as $100 million. The company says its Behavioral Matchmaking engine gathers data about users as they send messages and accept connections. That allows it to offer better connections. Zoosk says its app was the highest-grossing dating app on the iPhone in the U.S. in 2013. Zoosk did not say how many shares it might sell. The San Francisco company wants to list its shares on the New York Stock Exchange under the symbol "ZSK."

Most actively traded companies on the TSX, TSX Venture Exchange

TORONTO - Some of the most active companies traded Wednesday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (14,446.52 up 142.60 points):

Bank of America swings to loss from profit, hurt by legal charges

CHARLOTTE, N.C. - Bank of America said Wednesday that it swung to a loss in the first quarter, hurt by $6 billion in legal charges. A LOSS: The Charlotte, N.C., bank reported a loss applicable to common shareholders of $514 million, compared with a profit of $1.11 billion a year earlier. The loss amounted to 5 cents a share. A year earlier, the bank earned 10 cents a share.

Uruguay president declares wealth of $322,883, nearly a third of it previously undeclared cash

MONTEVIDEO, Uruguay - President Jose Mujica says his wealth adds up to $322,883. Nearly a third of that is cash, kept in three bank accounts that Uruguay's leader didn't previously declare. Mujica's insistence on living simply has earned him the nickname "the poorest president in the world," but his sworn declaration this year shows zero debts and a 74 per cent increase in wealth since 2012.

BofA reports first quarterly loss since 2011 on lofty legal bill

By Peter Rudegeair and Tanya Agrawal (Reuters) - Bank of America Corp reported an unexpected first-quarter loss on Wednesday after it took a $6 billion charge to cover litigation expenses, a figure that far exceeded the legal settlements the No. 2 U.S. bank has announced recently. Revenue improved in many of the bank's major businesses, but the results were overshadowed by its bigger-than-expected legal costs. The bank had previously said that a settlement would cut into its earnings by $3.7 billion before taxes.

Bank of America reports loss on huge legal charges

The legal legacy of the housing bust weighed on Bank of America earnings Wednesday, resulting in a quarterly loss even as some operating units posted solid results. The US banking giant lost $276 million for the first quarter, with the biggest drag coming from $6 billion to settle a pile of lawsuits dealing mostly with BofA's sale of mortgage-backed securities. The loss was its first since the second quarter of 2011. "The cost of resolving more of our mortgage issues hurt our earnings this quarter," said chief executive Brian Moynihan.
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