Global business

More than three years after the European Commission first received formal complaints that Google was abusing its dominant position in online search, a deal seems to have been reached. Google is thought to have agreed to label links to its own services and display links to its competitors more prominently. The settlement will mean that Google should avoid formal charges and heavy fines.

Goldman Sachs had a decent first quarter. The bank made a $2.3 billion profit during the first three months of 2013, up by 7 percent compared with the same period in 2012. The firm's investment-banking division grew by 36 percent, posting a $1.6 billion profit.

Citigroup's profits rose by 30 percent compared with the same period last year, to $3.8 billion. JPMorgan Chase reported a 4 percent drop in revenue, although profits rose 33 percent to $6.5 billion after it released funds that had been set aside to cover litigation and loan losses. Revenue at Wells Fargo fell by 1.4 percent to $21.3 billion. Profits were up by 22 percent to $5.2 billion, though, as it managed to curb spending.

The final remaining obstacle to Glencore's $30 billion takeover of Xstrata was removed when China's antitrust authorities gave the go-ahead for the deal. The Chinese extracted a price from the Swiss-based mining giants for their consent, however. The ­combined firm has been ordered to sell Las Bambas, a mine in Peru, to allay China's fears that it could wield undue power in copper markets. Glencore also is to supply China with copper, lead and zinc on "reasonable" terms for eight years.

Profits at Tesco fell by 51 percent, to $3 billion in 2012, as Britain's biggest retailer announced that it is pulling out of America. The firm put the cost of closing its 199 loss-making Fresh & Easy stores at $1.52 billion. Tesco also said that it would write down the value of its British property portfolio.

Political economy

China's economy grew more slowly than hoped. Output in the world's second-largest economy increased by 7.7 percent in the year to the first quarter, down from 7.9 percent in the previous three months. Industrial output and retail sales were relatively sluggish. China was hit, among other things, by slow growth in big export markets such as Europe and the United States.

The International Monetary Fund lowered its growth forecasts for nearly all rich countries in its latest economic outlook. The fund said it now expects America to grow by 1.9 percent in 2013, less than the 2.1 percent it was predicting in January. It also revised its forecast for the eurozone, predicting a 0.3-percent contraction in 2013. It had previously forecast a 0.2-percent contraction. Growth in Britain was downgraded from 1 percent to 0.7 percent. Japan bucked the trend: It had its 2013 forecast upgraded from 1.2 percent to 1.6 percent.

European Union finance ministers agreed to grant Ireland and Portugal a seven-year extension to pay back their bailout loans. Ireland's loans were due this year and Portugal's in 2014. The deal gives more breathing space to Portugal, in particular, after its Constitutional Court declared that some cuts to public spending, which had been a condition of the bailout, were unlawful.

New Zealand became the first country in the Asia-Pacific region to legalize same-sex marriage. The parliamentary bill, supported by both the prime minister and the opposition leader, was passed by 77 votes to 44. The law will take effect in August.

Venezuela elected Nicolas Maduro as president, in an election triggered by President Hugo Chavez's death from cancer in March. Polls had predicted that Maduro, a protégé of Chavez, would win by a double-digit margin. In the end his edge was less than 2 percentage points.

Brazil missed yet another deadline for finishing the six stadiums to be used in June's Confederations Cup. The event is a dress rehearsal of sorts for next year's soccer World Cup. The sport's governing body, FIFA, warned that further delays would "not be tolerated."