Word: oil
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...have that kind of growth but do not generate the power to go with it then the system will collapse." Load-shedding - as much as 18 hours a day in some areas - has brought production lines in key employment sectors such as textile-manufacturing to a standstill. Rising oil prices had been mitigated by government subsidies during much of Musharraf's tenure, but such subsidies can no longer be sustained. The cost of fuel - used for both transportation and energy production - jumped 17.7% in March, echoed by a 20.6% leap in food-price inflation. The price of bread has nearly...
...Pakistan's problems have been created solely during the last 100 days [that the coalition government has been in power] and how much is the cumulative effect of constitutional deviations and patchwork policies over several years?" says Farahnaz Ispahani, a PPP parliamentarian and spokesperson. "Food-price inflation and high oil prices are now a global phenomenon. Bringing prices down may be beyond the capacity of any Pakistani government." But Gilani's administration cannot just wring its hands. It could start by encouraging foreign investment and privatization - moves that have been anathema to his socialist-leaning PPP. The pro-business Muslim...
Iran's nine-missile test shows "our resolve and might against enemies who in recent weeks have threatened Iran with harsh language," Gen. Hossein Salami of the Iranian Revolutionary Guards said in a broadcast over Iranian state television. Iran has threatened to halt the flow of oil through the Strait of Hormuz if the U.S. or Israel attacks its nuclear-development sites. The test firings reportedly included Iran's newest missile, the intermediate range Shahab 3, which can reach Israel, Turkey and U.S. military deployments in the region. "Our hands are always on the trigger and our missiles are ready...
...deployed. Then, less than 24 hours later, apparently responding to increasing chatter from the U.S. and Israel about attacking Tehran's nuclear production sites, Iran test-fired a barrage of missiles at the mouth of the Persian Gulf, a vital waterway through which about 40% of the world's oil - much of it bound for the U.S. and the West - passes...
...Europe, Moscow has seen it as a ploy designed to emasculate its last remaining claim to superpower status: its nuclear might. In the two decades since the Soviet Union's demise, its slide into international irrelevancy has been slowed only by its nuclear arsenal and the recent rise in oil prices. While superpower tensions have eased considerably since the Cold War, both sides continue to keep hundreds of long-range missiles set on hair-trigger alert...