Need to know…

• U.S. Attracts Billions in Foreign Investment. The U.S. attracted $28.7 billion in foreign direct investment between January and March, the 12th consecutive quarter of positive flows, the Commerce Department said yesterday. Foreign investment in the U.S. last year totaled $234 billion, a 14% jump over $205.8 billion in 2010, with around two-thirds of the cash coming from Europe.

• Immigrants Help Grow Small Business Economy. The share of U.S. small businesses owned by immigrants has expanded by 50% since 1990, with almost one-fifth of business owners born outside the country, according to a new report by the Fiscal Policy Institute. Immigrants made up about 9% of workers in 1990 and 12% of business owners with fewer than 100 employees, according to the report, which analyzed U.S. Census data. In 2010, the foreign-born share of the workforce had grown to 16%, and immigrants made up 18% of small business owners.

• EPA to Announce New Soot Standards. The EPA plans to announce a proposal today to tighten the nation’s soot standards, a move that could force some oil refiners, manufacturers, and other operations to invest in pollution-abatement upgrades.

• Supporters in Military Stand Up for Law of the Sea Treaty. Proponents of the Law of the Sea Treaty rolled out military star power yesterday. Four admirals, including the chief of naval operations and the vice chairman of the Joint Chiefs of Staff, and two generals appealed to the Senate Foreign Relations Committee to ratify the treaty. The military leaders insisted that the pact would improve national security and enhance U.S. standing in the world, while conservatives say the treaty would undermine U.S. sovereignty. Former Defense Secretary Donald Rumsfeld criticized the treaty in testimony.

• Central Banks Prepared for Coordinated Action. G-20 officials have said that banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the outcome of Greek elections on Sunday causes tumultuous trading. A move to boost liquidity by central banks could mark a dramatic backdrop to the G-20 summit of world leaders, who will gather in Los Cabos, Mexico, on Monday and Tuesday.

Worth the read…

• Fighting for the First Amendment – Sen. Mitch McConnell (R-KY) via Politico
• Inflation Likely to Continue to Fall – Fortune
• “Brutal” Chinese Market Pushes Startups to U.S. – Reuters
• U.S. Unemployment Aid Applications Rise – Los Angeles Times
• Want to Move a Worker to the U.S.? Good Luck – Businessweek
• Beyond Crowdfunding: Why Regulation A Reform Is the Most Vital Piece of the JOBS Act – The Washington Post
• Small Commodities Traders Scramble for New Lenders – Reuters
• Microsoft May Buy Yammer for $1 Billion, Sources Say – Huffington Post
• The Kairos Society: Turning Dreams into Businesses – Forbes