North Korea threatens 'sacred war' in retaliation

North Korea said on Saturday that it would take recourse to nuclear "sacred war", if required in the wake of joint naval exercises by US and South Korea.

Russia plans $29 billion asset sale - ministry sources

Russia plans its biggest sell-off of state assets since the early 1990s as it seeks to raise over $29 billion to plug budget gaps over the next three years, finance ministry sources told Reuters on Saturday.

Iran, Turkey sings 1b pact for gas pipeline

Iran and Turkey has singed a one billion euro pact for building natural gas pipeline for transferring Iran gas to Turkey. As per the contract, Turkey to contribute 77% of total required fund for completing the 660- kilometer pipeline.

Gold to shine for years to come

If anybody thought the recent slide in gold prices is an indication of the yellow metal's losing power to sustain above $1,200 per ounce level, think again. According to analysts, gold prices are set to rise and rise in the coming months and years. They said gold prices are set to mark an eleventh year of gains in 2011 as investors seek refuge from an uncertain global economic outlook.

Europe's media react to bank stress test results

Just seven European banks failed a health check and were ordered to raise their capital by 3.5 billion euros ($4.5 billion), much less than expected, confirming fears the continent's long-awaited stress test was too soft.

Focus shifts to EU banks to scrape test pass

So few banks failed Europe's long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when markets reopen next week.

Oil rig's alarm not fully on, worker says

A fire and gas alarm on the Deepwater Horizon oil rig was partially disabled just before the April 20 fire and explosion that killed 11 men, sank the rig and ruptured the mile-deep well, the rig's chief electrician testified Friday.

Why can't Labour and the Conservatives talk honestly about cuts?

This week saw the Prime Minister David Cameron attempt to re-launch his "Big Society", despite the failure of the concept to take off during the election campaign, which saw him fail to win a majority against a 13 year old Labour Government that presided over one of the worst recessions in living memory.

Oil Prices Show Little Momentum for Breaking Through $80 Barrier

Prices of crude oil futures slumped below $79 a barrel on Friday despite a stock market rally and the rise of Tropical Storm Bonnie in the Gulf of Mexico. The downward turn on Friday followed a sharp gain Thursday amid positive corporate earnings reports that some saw as a signal of economic recovery and the brewing tropical storm.

Richard Desmond buys Channel Five for £103.5 million

Channel Five has been bought by Northern & Shell, the company owned and run by Richard Desmond, also known as "Dirty Desmond" for making much of his fortune from pornographic publications.

China runs stress tests on property trusts: report

China's banking regulator has run stress tests in the country's trust firms to see if they can withstand a downturn in the property sector, the Economic Observer reported on Saturday, citing unidentified industry sources.

Maruti Suzuki Q1 net profit falls

Maruti Suzuki, India's top carmaker, reported on Saturday a fall in net profit in April-June, much below forecasts as high raw material costs crimped profits.