Global business

Repsol, a Spanish oil company, gave its first strategy outlook since the Argentine government's nationalization of its 51 percent stake in YPF in April. It is to invest $24 billion over the next four years, mostly in exploring new energy sources, and is cutting its dividend-payout ratio to preserve cash. YPF accounted for 20 percent of Repsol's profit and almost half of its proven reserves before Argentina seized it. Repsol is seeking $10 billion in compensation.

TNK-BP, BP's Russian joint venture, was faced with fresh difficulties when Mikhail Fridman abruptly resigned as chief executive. Fridman heads the consortium of Russian investors that owns the other half of the venture. BP has had a rocky relationship with its Russian partners over the years that led to the ousting of Bob Dudley as TNK-BP's boss in 2008. Dudley is now BP's chief executive.

Graff Diamonds, a high-end jeweler founded in London in the 1960s, pulled its $1 billion initial public offering from the Hong Kong stock exchange because of limited enthusiasm from investors.

Dewey & LeBoeuf, a respected law firm in New York, filed for bankruptcy protection after racking up $315 million in debt. The speed of its decline has surprised the legal world.

Michael Woodford, who was sacked as chief executive at Olympus after he brought to light an accounting scandal at the Japanese cameramaker, reached an out-of-court settlement with his former employers for unfair dismissal. It is thought that Woodford will receive $16 million.

Research In Motion, the struggling maker of the BlackBerry, said it had employed two banks to assess its strategic options, which many think could include selling the company to a bidder. RIM also warned it would report its first quarterly operating loss in eight years in the current quarter. Its share price fell to a little over $10; four years ago it stood at almost $150.

SpaceX, a private company, successfully docked its Dragon spacecraft with the International Space Station 240 miles above Earth, ushering in a new era in transporting space cargo. Set up by Elon Musk, an Internet entrepreneur, SpaceX is under contract with NASA to begin shuttling supplies to the ISS, and also has orders on its books from governments and businesses to launch satellites.

India's economy fared worse than expected in the first quarter, growing by 5.3 percent compared with the same period a year earlier. It was the slowest rate of growth in almost eight years, falling far short of the government's target of 9 percent. Many blame political infighting (as well as a haughty attitude toward foreign investment) for the slowdown.

The European Commission outlined proposals that would allow the euro zone's rescue mechanism to bail out banks directly in addition to lending to governments. The European Union's executive body also said the 17 countries that use the euro should consider setting up a "banking union."

Indian prime minister Manmohan Singh visited Myanmar for meetings with President Thein Sein and Aung San Suu Kyi, the opposition leader. India and Myanmar, which share a border and longtime ties, signed a dozen agreements on trade and security. The next day Suu Kyi landed in Thailand on her first trip out of the country since 1988.

Canada's Conservative government presented an emergency bill to Parliament to end a strike by almost 5,000 workers at Canadian Pacific Railway, which it said was costing the economy about $500 million a week. Unions say the government, which approved a similar measure to end a stoppage at Air Canada, is violating the right to strike.