Good morning! Here’s what you need to know.
The big money is on Brexit. Campaigns for Britain to leave the European Union in a referendum next month received £8.2 million ($12 million) in donations, more than the funding received by the “In” campaign over 81 days.
VW wants shareholders’ vote of confidence Volkswagen recommended that shareholders ratify the actions of the management board since an investigation into the emissions scandal had so far failed to turn up potential wrongdoing by senior managers.
Disney disappointed. Disney’s shares fell 5.6% to $100.62 in early trading, and were the biggest drag on the Dow Jones industrial average, after the entertainment conglomerate’s quarterly earnings and revenue fell short of sky-high estimates.
Russia is keeping Google waiting. Russia’s state competition watchdog has postponed a decision on a possible fine on Alphabet Inc’s Google until May 31, RIA news agency reported on Wednesday.
The EU blocked a mobile merger. The European Union’s competition regulator blocked on Wednesday CK Hutchison Holdings’ plan to become Britain’s biggest mobile telecoms network operator, in a decision which also cast doubts on whether it can still win approval for another deal in Italy.
Macy’s got crushed. Macy’s Inc reported a much bigger-than-expected drop in quarterly sales and slashed its full-year forecast, pushing its shares down nearly 14% to a more than 4-year low, and also weighed on shares of rivals.
The US surplus is falling. The US government posted a $106 billion budget surplus in April, down 32% from the same period last year, the Treasury Department said on Wednesday.
Corruption costs the global economy a lot of money. Public sector corruption siphons $1.5 trillion to $2 trillion annually from the global economy in bribes and costs far more in stunted economic growth, lost tax revenues and sustained poverty, the International Monetary Fund said.
Nissan is taking a stake in a rival. Nissan Motor Co is in advanced talks to take a roughly one-third stake in Mitsubishi Motors Corp with a $1.8 billion investment, as Mitsubishi struggles with a fuel-economy data scandal.
Brazil’s president is edging closer to suspension. Brazil’s Supreme Court rejected a petition from President Dilma Rousseff’s government lawyers to halt impeachment proceedings against her, as the Senate debated suspending her from office and putting her on trial.