The Pakistani government will ask for $10 billion from the International Monetary Fund on Monday, CNBC has learned.
Nuclear-armed Pakistan's beleaguered President Pervez Musharraf announced his resignation on Monday in the face of an impending impeachment motion by the ruling coalition government.
Pakistan's President Pervez Musharraf will resign rather than face impeachment by parliament, the Financial Times said on its Web site, citing government officials and a member of his circle.
Malaysia's largest lender, Malayan Banking, has bought a strategic stake in Pakistan's MCB Bank for $680 million, betting on a brighter economic future for the troubled frontier state.
Pakistani President Pervez Musharraf's opponents headed for election victory on Tuesday after voters rejected his former ruling party, raising questions about the future of the U.S. ally who has ruled since 1999.
India's lucrative outsourcing industry struggled Thursday to overcome Internet slowdowns and outages after cuts in two undersea cables sliced the country's bandwidth in half.
Keeping food and energy prices under control while presiding over a growing economy will be a key task for any government that emerges from the February elections, Finance Minister Salman Shah tells CNBC.com.
Oil retreated further from the $100 a barrel mark on Friday as gloomy U.S. jobs data heightened concern over the health of the U.S. economy. Equities markets and the dollar also fell after a government report showed the U.S. unemployment rate rose to 5 percent in December -- its highest in more than two years.
Oil fell Thursday as traders took profits from a record rally that had pushed oil to $100 per barrel two days in a row -- a level that has raised a red flag over global economic growth.
Oil prices, which on Wednesday hit $100 a barrel for the first time, will probably go up further in the next five years unless economic growth falters and slows fuel demand.
Oil closed at a record $99.62 a barrel after briefly hitting $100, as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying.
Pakistan's Election Commission on Wednesday postponed a general election by six weeks due to the turmoil sparked by the assassination of Benazir Bhutto.
U.S. crude futures finished a volatile session slightly lower, slipping from an earlier high in thin, pre-holiday trading as traders squared books at year's end and January products futures contracts approached expiration.
Pakistan will delay parliamentary elections by at least four weeks after a wave of violence triggered by the assassination of Benazir Bhutto.
Pakistan's Election Commission will decide on Tuesday whether to postpone a Jan. 8 general election meant to complete a transition to civilian rule, a commission official said on Monday.
Oil prices fell in late trading to close lower after being up most of the day on U.S. supply concerns, the slumping dollar and mounting tensions in Pakistan and northern Iraq.
Buyers hesitantly returned to stocks. But a flight to quality after the murder of Pakistani opposition leader Bhutto kept gold up, while oil also rose.
Benazir Bhutto's killing will boost perceived risk in nuclear-armed Pakistan, analysts warned, but some said it was not in itself surprising enough to substantially change investor sentiment.
Analysts say the shock of the Bhutto news triggered a classic capital flight to assets that are considered safe havens in times of geopolitical stress.
Oil rose past $97 a barrel before pulling back to just below that mark Thursday, as U.S. crude stocks fell and geopolitical tension mounted after the killing of Pakistani opposition leader Benazir Bhutto.