NYSE Euronext said it would stick with a merger bid proposed by Deutsche Boerse, rejecting a rival, higher, offer made jointly by Nasdaq OMX and IntercontinentalExchange. The owner of the New York Stock Exchange insists a tie-up with the German bourse would be of greater benefit.

Jean-Claude Trichet defended the decision of the European Central Bank to raise interest rates for the first time in three years. The ECB lifted its main rate from 1 percent to 1.25 percent April 7 to tackle inflation in the euro zone.

Inflation in Britain unexpectedly fell in March, to 4 percent, as retailers slashed prices to entice reluctant consumers. The news will affect the Bank of England's thinking on whether and when to raise interest rates this year.

Glencore's announcement that it plans to list up to 20 percent of its shares in an initial public offering excited the markets. For months, investors have been waiting for the world's biggest commodities trading company to confirm rumors it would float on the stock market. Swiss-based Glencore's initial public offering is expected to raise up to $11 billion.

Renault's chief operating officer stepped down over a scandal surrounding wrongful accusations of corporate espionage. The carmaker's head legal counsel, head of human resources, general secretary and security chief also resigned. In January, Renault fired three executives for allegedly selling company secrets, but it soon emerged that it had been duped in a fraud. The government made clear it expected heads to roll. Carlos Ghosn, Renault's chief executive, managed to hold on to his.

In Detroit, a Chinese engineer who worked for Ford was sentenced to six years in prison for copying sensitive company documents on engine systems before he left to join a Chinese carmaker.

Cisco decided to stop making the popular Flip video camera as part of its strategy to rein in its troubled consumer products division and refocus on its core businesses. Cisco bought Flip in 2009 for $590 million. The small device spurred many copycat gadgets, but smart phones now incorporate better video technology.

Political economyThe International Monetary Fund released its twice-yearly projection of world economic growth, forecasting that global gross domestic product will increase by 4.4 percent this year. The fund said concerns were fading over a "double-dip" recession, though the recovery could be threatened by higher commodity prices, especially oil. Regarding Japan, the IMF recognized the "immediate fiscal priority is to support reconstruction" after last month's earthquake, but urged the country to link such spending to a clear strategy for reducing public debt.

In Ivory Coast, Laurent Gbagbo was detained by troops loyal to Alassane Ouattara. Gbagbo lost to Ouattara in a presidential election last year but had refused to leave office, plunging the country into strife. Ouattara's troops were backed by France, the former colonial power, and the United Nations.

Hosni Mubarak, the former Egyptian president, was detained for up to 15 days for questioning about charges of corruption and abuse of office.

A bomb exploded on the metro in Minsk, capital of Belarus, killing 12 people and injuring more than 200. Two men were arrested on suspicion of planting the device. President Alyaksandr Lukashenka later said they had confessed.

Italy's lower house passed a bill that would, in effect, end a bribery case against Silvio Berlusconi. Separately, Berlusconi said he planned to step down as prime minister in 2013.

For the second time, Icelanders voted against a deal to reimburse the British and Dutch governments for 4 billion euros ($5.8 billion) in the bankruptcy of Landsbanki. When the bank's online arm collapsed in 2008, savers in Britain and the Netherlands had their deposits guaranteed by their governments.

A ban on wearing the Islamic face-covering veil in public came into force in France. There were several arrests following protests.