Ecuador's Correa says Congress should be dissolved

(Reuters) - Since he took office in January, Correa has maneuvered to
control Congress, but lawmakers have watered down or rejected
some of the government's key legislation.




"Given the quality of this Congress ... I think the
assembly will have to dissolve it," Correa said during his
weekly radio broadcast. "With this kind of Congress you can't
do anything."


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Pound Posts Biggest Weekly Gain Since January on Outlook for Higher Rates

(Bloomberg) -- The pound posted its biggest weekly
advance versus the dollar since January on speculation the Bank
of England will raise rates next month, boosting the appeal of
sterling-denominated assets.

Nationwide Building Society will probably say next week U.K.
house prices continued to grow at the quickest pace this year in
June, according to economists in a Bloomberg News survey. The
pound climbed this week after the minutes of the Bank of
England's last policy meeting showed Governor Mervyn King and
three other committee members backed higher borrowing costs. King
is scheduled to address lawmakers on June 28.


Read more at Bloomberg Currencies News

Fed, subprime jitters on tap

(Reuters) - Stocks closed out their worst week in more than three months on fears that trouble at two Bear Stearns hedge funds may signal bigger problems ahead for credit markets.




Whether investors worry through the weekend and remain in a selling mood on Monday remains to be seen after the main stock indexes all fell by more than 1 percent Friday.


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China Is Worried Stocks May Be Overvalued, Central Banker Zhou Says

(Bloomberg) -- China is worried its share market may
be overvalued and is watched developments closely, central bank
governor Zhou Xiaochuan said.

``We're not sure whether there's a clear bubble but we
worry'' price-earnings ratios may be ``too high,'' Zhou told
reporters in Basel, Switzerland, where he's attending a meeting
of central bankers from around the world. ``We're closely
watching the stock market in China.''


Read more at Bloomberg Stocks News

Eni, Gazprom sign deal on new gas pipeline to Europe

(Reuters) - The pipeline will come online three years after receiving the necessary approvals, he said. Costs for the pipeline will be split in half between the two companies.




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Yen Tumbles Versus Dollar, Euro as Bank of Japan Rate Spurs Carry Trades

(Bloomberg) -- The yen dropped to a record low
against the euro as Japanese interest rates, the lowest
among major economies, encouraged global investors to buy
higher-yielding assets funded by loans in the currency.

Japan's yen also touched the lowest level in more than
four years versus the dollar on the so-called carry trades.
It may extend its losses next week as reports are forecast
to show consumer prices declined and spending weakened,
which may keep the Bank of Japan from lifting borrowing
costs at a faster pace.


Read more at Bloomberg Currencies News

World's largest stock exchanges

(Reuters) -




1. NYSE $21.79


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G4 setback requires new route to WTO deal

(Reuters) - Trade negotiators were forced to look for a new path on Friday to reach an elusive world trade deal after a meeting between four major trading partners ended in failure.

The collapse of talks between the United States, the European Union, India and Brazil on Thursday at an historic German palace in Potsdam was the latest of several crises in the Doha round of world trade talks, which began in November 2001.


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