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Inflation surges to 26.55 percent (Business Recorder)

ISLAMABAD (May 17 2008): The weekly inflation, measured by SPI, surged to new high of 26.55 percent on week ending on May 15 over the same period of last year as a result of persistent rise in the prices of essential commodities. There was increase in the price of 32 essential commodities.

Rupee recovers 21 paise to 42.54/55 (The Times of India)

In high volatile movements, rupee recovered smartly by 21 paise to 42.54/55 against dollar following slowdown in the US currency buying by oil refiners and firm equity markets, despite high inflation.

Kuwaitis vote to elect second parliament in two years (AFP via Yahoo! News)

Kuwaitis began voting on Saturday to elect a new parliament in this oil-rich Gulf state which has been rocked by political turmoil that resulted in two parliaments being dissolved in as many years.

MINISTRY TO INVESTIGATE UNJUSTIFIED PRICE HIKES (Bernama via Yahoo! Malaysia News)

KUCHING, May 16 (Bernama) — The Domestic Trade and Consumer Affairs Ministry will investigate any price hike of essential items if the prices have been increased without any justification, its Policy Planning Department Undersecretary Shila Dorai Raj said today.

Northrop Grumman awarded $18.55 million contract (San Diego Daily Transcript via Yahoo! News)

Northrop Grumman Space & Mission Systems in San Diego is being awarded a $18,553,362 five-year indefinite-delivery/indefinite-quantity contract.

Secretary Paulson Remarks on Credit Markets and Housing (Washington Post)

SECRETARY OF TREASURY HENRY M. PAULSON JR.: Thank you, Len. Over the last forty years, Washington has transformed into a diverse corporate center. Congratulations to The Post for recognizing this through their annual list of 200. And I am pleased to join you and represent the “old” Washington, th…

When lenders need menders (San Diego Union-Tribune)

When the housing slump cost him his job as a home-building executive, Jay Kerr turned to the burgeoning foreclosure market to jump-start his stalled career. The former San Diego division president of Centex Homes has made a place for himself in an expanding niche: repairing damaged foreclosure homes for the lenders who have reclaimed them.

Myanmar gives Thai, Indian doctors permission to enter cyclone-ravaged country (AP via Yahoo! Malaysia News)

A team of Thai health workers has been granted permission from Myanmars military government to help cyclone victims in areas that have been off limits to most foreigners, raising hopes that others may soon be allowed into the secretive country.

Rain deepens Myanmar misery; casualty tolls jump (Reuters via Yahoo! News)

Torrential tropical downpours lashed Myanmars cyclone-hit Irrawaddy delta on Friday as thousands of destitute victims took to roadsides to beg for help to supplement the meager trickle of aid flowing in.

Advertisement starts (Tiscali)

least 55,000 people have been rendered homeless and are staying in more than 30 relief camps. Road links to the tiny state of Sikkim, which borders China, remained disrupted as a large stretch of the main highway connecting the state with rest of the country was blocked by landslides.