Prime Minister Stephen Harper is showing little inclination to intervene in the sale of Nortel's prime assets to a foreign buyer, saying he is reluctant to erect protectionist barriers in Canada while preaching the benefits of freer trade in the Americas, The Globe and Mail reported. Mr. Harper rejected a call from Research In Motion Ltd. for the government to simply block the sale of Nortel Networks Corp.'s wireless assets to Ericsson for $1.13-billion, but left open the prospect of a review under the Investment Canada Act.

Ecuador’s default on $3.9 billion of international bonds means it’s only a matter of time before the country drops the U.S. dollar as its currency, Goldman Sachs Group has said, Bloomberg reported. Ecuador’s use of the dollar gives President Rafael Correa no outlet for providing credit to the economy as access to foreign financing dries up and revenue from sales of oil, the nation’s biggest export, tumbles.