guardian.co.uk – Sterling fell against the dollar to near a two-week low on Monday after a collapse of support for the UK’s ruling Labour Party in the European election raised the chances of further challenges to Prime Minister Gordon Brown.

Despite its losses against the dollar, the pound rose against the euro, as the single European currency came under broad selling pressure after Standard & Poor’s cut its sovereign rating on Ireland for the second time in three months.

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Tags: amp, challenges, collapse, currency, drubbing, european election, european elections, gordon-brown, guardian, ireland, labour-party, losses, prime minister gordon brown, second-time, three months, uk sterling, uncertainty

EurActiv.com – A draft EU proposal to regulate hedge funds and private equity, due to be unveiled next week, was criticised for being too weak by Socialist leaders, who branded the text a "major political mistake" ahead of European elections in June.

The main issue raised by the Socialists was that the proposed regulation will only apply to fund managers, rather than to the funds themselves, creating a loophole in the system.

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Tags: european elections, loophole, political mistake, proposal, socialists