Dow Jones, News Corp seen reaching editorial agreement
Dow Jones and News Corp according to reports in the Wall Street Journal are seen to be reaching an editorial-protections agreement that would clear the main hurdle to a $5 billion merger between the two. The deal in principle would end the century-long Bancroft family ownership of Dow Jones.

News Corp and the Bancrofts have reportedly been discussing News Corp.'s $60-a-share offer, over the past weekend. The main hurdle in the talks has been the Bancrofts' pledge to protect Dow Jones — and its flagship Journal — from editorial meddling by News Corp. and its owner, Rupert Murdoch.

The Journal said it was not known if the Bancrofts would support any compromise in such a protections agreement. Proposals on how to handle editorial protections have changed "significantly" since the Bancroft family handed over merger negotiations to Dow Jones' board last week, the newspaper said.

Dow Jones also may look to squeeze out a final agreement at a higher price, the Journal said.
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Zoellick's nomination under consideration
Washington: The World Bank executive board is considering the sole candidature for the bank's presidency, former US diplomat and trade chief Robert Zoellick.
If confirmed, Zoellick faces the task of rebuilding trust in the development lender after a scandal at the top exposed deep divisions.

Zoellick, 53, a vice chairman at Wall Street investment bank Goldman Sachs, was interviewed last week by the board.

Paul Wolfowitz is due to step down on Saturday as head of the World Bank after two years in office. According to a report Monday in the Financial Times, Zoellick was expected to take the helm of the 185-country development lender on Sunday.

The president of the World Bank serves a renewable, five-year term. Under an unwritten agreement, the United States chooses the head of the World Bank and European countries select the leader of its sister institution, the International Monetary Fund.
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Existing homes sales reach four-year low in US
Sales of existing homes in the United States fell by 0.3 percent in May to 5.99 million units from 6.01 million in the month of April. The May figure was the lowest level in 4 years and was 10.3 percent lower than 6. 68 million units in May 2006 a report by the National Association of Realtors (MRC) said on Monday.

Total housing inventory rose 5.0 percent at the end of May to 4. 43 million existing homes available for sale, which represents an 8.9-month supply at the current sales rate, up from an 8.4-month supply in April. Single-family home sales slipped 0.8 percent to a seasonally adjusted annual rate of 5.20 million in May from an upwardly revised 5.24 million in April, and are 10.8 percent lower than a 5. 83 million unit rate a year ago. The median existing single-family home price was 223,000 dollars in May, which is 2.4 percent lower than May 2006.

The National Association of Realtors is America's largest trade association, representing more than 1.3 million members.
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