Japan’s SoftBank infuses $1 billion into Korean online retailer. The mobile phone firm became the second high profile investor in Coupang within six months, following BlackRock. The U.S. fund manager led a $300 million investment into the Korean firm in December. Financial Times (paywall)
Australia’s first quarter GDP beats forecasts. The economy expanded 0.9% in the first three months of the year from the previous quarter, above the 0.7% forecast. On an annual basis, GDP rose 2.3%, also ahead of the 2.1% estimate. But the outlook remains cloudy. Financial Times (paywall)
Focus Media Holdings to list in Shenzhen after delisting in the U.S. The Chinese display advertising firm is planning a backdoor listing in Shenzhen, which values Focus at more than $7 billion. The move may encourage other Chinese companies listed overseas to return to their home country, where equities have rallied recently. South China Morning Post (paywall)
Nikkei surrenders to profit-taking. After 12 straight days of gains that ended on Tuesday, Japanese shares succumbed to profit taking, falling 0.5% at the close of trading. That marked the second straight day that the index has fallen. Reuters
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