South Korea says U.S. wants revisions to FTA pact

(Reuters) - Many U.S. lawmakers from auto producing states charged the agreement would give South Korea a one-sided advantage to export more cars to the United States.




Seoul's foreign ministry said in a statement released late on Saturday that the U.S. Trade Representative's office hoped to have additional discussion next week over the proposals.


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Merrill Lynch seizes Bear Stearns fund assets: report

(Reuters) - The losses related to subprime mortgages. Bids for the seized assets are scheduled to be negotiated starting at noon EDT on Monday, the report said.




Representatives of Bear Stearns and Merrill Lynch could not be immediately reached for comment.


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Yen Slides Against Dollar, Euro as Fukui Signals Rates Won't Rise Quickly

(Bloomberg) -- The yen slumped the most against the
dollar since January as Bank of Japan Governor Toshihiko Fukui
said the central bank needed to be ``more confident'' about
price increases before raising rates.

Japan's currency reached an all-time low against the euro
as the yield advantage of 10-year German bunds and comparable
Japanese notes expanded to the widest in three years. Treasury
yields pulled back from five-year highs reached this week as a
government report showed core consumer inflation abated.


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Bush blasts Democrats over U.S. budget spending

(Reuters) - Democrats who now control the Senate and the House of Representatives are crafting a dozen bills for more than $900 billion in government spending to fund items ranging from the space program and education to foreign aid and defense.




"I will use my veto to stop tax increases and runaway spending that threaten the strength of our economy and the prosperity of our people," Bush said in his weekly radio address. He was spending the weekend at his Texas ranch.


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U.S. Treasury Yields Reach Five-Year High Amid Diminishing Rate-Cut Bets

(Bloomberg) -- U.S. 10-year Treasury yields
reached a five-year high as traders stepped up bets the
economy is strong enough to keep the Federal Reserve from
cutting interest rates this year.

The price of the benchmark 10-year note, which moves
inversely to the yield, dropped a sixth straight week, the
longest slide since 2005. A government report on June 13
showed retail sales rose by the most in more than a year in
May, easing concern that falling home values will crimp
consumer spending.


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Saudi Shares Drop to Four-Month Low, Led by Sabic, Al-Rajhi; Arab Stocks

(Bloomberg) -- Shares in Saudi Arabia fell to their
lowest in more than four months, led by Saudi Basic Industries
Corp. and Al-Rajhi Bank.

The Tadawul All Share Index fell 152.18, or 2.2 percent, to
6922.33 as of 12:10 p.m. in Riyadh. The index earlier reached
6,893.86, the lowest since Jan. 30. The benchmark has dropped
almost 13 percent this year, the third-worst performing index
among 90 tracked worldwide by Bloomberg.


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European Stocks Rebound Amid Signs U.S. Economy Growing Without Inflation

(Bloomberg) -- European stocks rebounded this week
after the U.S. Federal Reserve said the world's biggest economy is
growing without causing inflation, consumer prices rose less than
forecast and several companies became the subject of takeover talk.

J Sainsbury Plc jumped after a Qatar fund bought shares in the
U.K. supermarket chain, while Wolseley Plc, Imperial Chemical
Industries Plc and BHP Billiton Ltd. rallied on renewed takeover
speculation. Total SA and Royal Dutch Shell Plc paced gains among
oil producers as crude prices touched a nine-month high.


Read more at Bloomberg Stocks News