U.S. Economy Expands to 0.5% Pace, Weakest in Two Years (Bloomberg)
Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.
Deutsche Bank Profit Sinks but Beats Expectations (WSJ)
Deutsche Bank AG on Thursday said first-quarter net income beat analysts’ expectations despite being pressured by difficult market conditions and the impact of the bank’s decision to exit certain areas. Net income declined 58% to €236 million ($267 million) compared with the same period last year. The German lender said first-quarter net revenue was €8.1 billion, a 22% decline from a year earlier.
Deutsche Bank Capital Pressure May Ease as CFO Weighs Cuts (Bloomberg)
“We have at least one more year to get the relevant ratios compared to what we had expected in October,” Schenck said on a call with analysts on Thursday, when Deutsche Bank reported a surprise profit for the first quarter. “We are of course looking into potentially accelerating some of the cost measures that we have planned as a reaction to what we’re now seeing in the market. If volumes, if market activity stay at a low level, we will react to that.”
Warren Buffett's shareholder gala enters home stretch (Reuters)
Warren Buffett, who pitched newspapers as a teenage delivery boy, may be entering the final stretch of his "Woodstock for Capitalists," after cutting back his involvement in the event and opening it up for an online audience. This weekend's gathering of Berkshire Hathaway Inc shareholders in Omaha, Nebraska for the company's annual meeting likely won't be the last. But its evolution mirrors the evolution in Buffett's own leadership, focused more on the roughly 90 energy, insurance, manufacturing, railroad, retail and other companies in his empire, even as he delegates more to people who work under him.
Life-Sized Noah’s Ark Replica To Hit The High Seas This Summer (HP)
The Dutch ship’s creator has announced plans to move the massive vessel, with the help of a barge, from its port in the Netherlands to Brazil this summer as part of a multi-country tour. Carpenter Johan Huibers, who completed the biblical boat in 2012 as a religious attraction, said he hopes its 6,000-mile journey to South, Central and North America will help spread the message of the Bible...According to the foundation’s page, Huibers decided to build the mega ship after dreaming that his homeland was flooded by a storm, like one that led to the creation of Noah’s ark as told in the Book of Genesis. Taking a chapter straight out of the Old Testament, Huibers said he crafted his modern-day ark using the same measurements used by Noah. It’s described as being larger than a football field, stretching 410 feet long, 95 feet wide and 75 feet tall. It weighs 2,500 tons and is said to hold more than 5,000 people at one time. But hold your horses as there doesn’t appear to be any plan to stock the ark with animals, two-by-two.
Comcast to Buy DreamWorks Animation for $3.8 Billion (WSJ)
Comcast Corp. on Thursday said it agreed to buy DreamWorks Animation SKG Inc. for about $3.8 billion, a deal that could make the cable giant a rival to Walt Disney Co. in the lucrative family-entertainment business.
Verizon just got one step closer to buying Yahoo (NYP)
Activist investor Jeffrey Smith scored a win in his battle against Yahoo on Wednesday, gaining seats on an expanded board for himself and three allies. In return, the founder of Starboard Value will back off of his proxy battle to unseat the internet portal’s entire board. Smith has been pressing to persuade Chief Executive Marissa Mayer and the rest of the Yahoo board — who he believes have fiddled while the company’s assets have burned — to sell the company’s core assets. Yahoo recently initiated an auction sale and received interest from as many as 10 bidders. The addition of Smith and his allies to the Yahoo board appears to smooth the path for a sale to Verizon — one of the companies, sources said, placing a first-round bid.
Lloyds Banking Group Profit Down 44% After Bond Redemption (Dealbook)
The British lender Lloyds Banking Group said on Thursday that its first-quarter profit declined 44 percent from a year earlier, as the redemption of bonds it issued during the financial crisis and other charges cut into its results. The bank, which is 9 percent owned by the British government after a bailout during the financial crisis, said it had recorded a charge of 790 million pounds, or about $1.2 billion, related to the buyback of so-called enhanced capital notes.
Moscow schoolgirl fools airport security, flies to St. Petersburg ticketless (UPI)
An 11-year-old schoolgirl has confounded Russian police and airport officials after managing to fly unnoticed from Moscow to St. Petersburg without documents and tickets. On the evening of April 25, the girl, a Moscow resident, did not return home from school and her parents began to worry. She was later discovered at St. Petersburg's Pulkovo Airport, having boarded a plane at Moscow's Vnukovo Airport, somehow eluding all inspections. According to the girl, who had never flown on an airplane before, her motive was that she had really wanted to see St. Petersburg. Having arrived at Vnukovo, she joined a family couple with children. Evidently, the security guards accidentally let the girl pass with the other children.