International

Islamabad has authorized the export of 100,000 tons of wheat to Iran in trade not jeopardized by Western sanctions, to settle dues for electricity supplied to Pakistan’s energy-starved border areas, the Commerce Ministry said on Friday.

Oil companies will face the full force of the law if they manipulated prices, Britain’s energy minister said on Wednesday as a rating agency warned of massive fines if a European Commission’s probe into oil pricing found any wrongdoing.

China, Russia and Kazakhstan are among the few trade allies still providing a lifeline to Iran's vital steel and iron ore sector after most Western suppliers and buyers have cut ties due to growing sanctions pressure.

The Cypriot parliament begins a debate Tuesday on a €10 billion EU-IMF bailout which Finance Minister Haris Georgiades has described as a tough but necessary measure that has to be ratified without delay.

Gold prices on Thursday climbed to their highest in more than a week during trading in Singapore, boosted by prospects of more central bank buying after a recent steep sell-off in the precious metal.

Iran's economy has become more robust as domestic production has grown to offset a 14 percent fall in imports in 2012, sparked by a drop in its currency value, after the central bank was hit by economic sanctions, Iran's finance minister said on Tuesday

President Vladimir Putin warned on Monday that the world economy was in crisis and its consequences risked hurting Russia's performance just as the global slowdown did in 2008-2009.

Cypriot Finance Minister Michalis Sarris resigned on Tuesday, saying one of the reasons was that he had been chairman of Laiki Bank, whose failure was a major contributor to the island's near financial meltdown.

The Iraq and Afghanistan wars will cost the United States between $4-6 trillion in the long term, constraining the government’s budget for decades to come, a study said.

Turkey exported almost $120million worth of gold to Iran in February, data showed, suggesting the two countries’ trade of gold for natural gas has resumed despite tighter U.S. sanctions, though at levels below last year’s peaks.