IBT Staff Reporter

China said on Saturday it would gradually make the yuan more flexible, in a gesture that may deflect foreign criticism at next week's G20 summit but will not quickly yield a big move by its currency.

Supporters of the two candidates in Colombia's presidential run-off flooded the Internet on Saturday with urgent appeals for voters to cast ballots in an election that could suffer from low turnout.

A global press freedom watchdog called on the Emir of Kuwait Saturday to intervene for the release of a blogger who is on trial, accused of insulting the ruler and inciting against the government.

Treasury Secretary Timothy Geithner welcomed China's decision on Saturday to make its yuan exchange rate more flexible, but said the test is how far and how fast they let the currency appreciate.

China on Saturday said it would gradually make the yuan more flexible, in a gesture that may deflect foreign criticism at next week's G20 summit, but will not quickly yield a big move by its currency.

Below is a full text statement from The People's Bank of China on the yuan's exchange rate as posted on their website (http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488).

China will gradually make the yuan's exchange rate more flexible, the central bank said on Saturday a week before a G20 summit, strongly suggesting that it was ready to break the currency's 23-month-old dollar peg.

Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday.

The leaders of the global oil industry gathered as usual at Russia's top annual business forum this week but there was one ghost at the party.

Treasury Secretary Timothy Geithner said on Saturday he welcomed China's decision to make its yuan exchange rate more flexible, and called for vigorous implementation of the change.

Gold prices are set for yet another bull run on the back of concerns running high about European economy and investors rushing for gold under haven buying. The movement well understood when most of the investors opined that gold persist as the most safe investment instrument above all commodities and equities.

As excitement mounts over the ongoing World Cup in Johannesburg, more than 2,000 residents formerly without access to electricity can plug into the soccer competition at 36 solar-operated television viewing points that SolarWorld has installed in remote African villages.

Once engorged to peak levels, the sugar prices have recently bottomed out at ten-month low levels on weak demand due to monsoon season and anticipation of higher-than-expected sugar production this year trimming the gains of the sugar stocks on the bourses.

It was a week of rise and rise for gold as the precious metal scaled new heights by gaining strength from the safe haven buying. And, it seems there is no end to the gold rally as the metal is expected to cross new barriers in the coming week.

According to World Gold Council (WGC) figures, India has retained its position as world's largest gold consumer in the first quarter owing to a 49 percent recovery in demand, thanks to peak wedding and festival season. Gold imports stood at 739 tonnes during the period April 2009 - March 2010.

Toyota Motor Corp avoided a prolonged suspension of production at its main Chinese car factory when a strike at a plastic parts supplier was settled on Saturday.

The budget deficit of debt-stricken Greece is declining and will meet its target, Economy Minister Louka Katseli said on Saturday, adding that she was optimistic of seeing some resumption of growth in 2011.

Crude oil futures held on to strong gains for the week in lackluster Friday trading, after higher-than-expected inventories earlier in the week threatened to cut short the rally. At the same time, with the front-month July contract set to expire on Tuesday, analysts didn't see much incentive for prices to move above current levels next week.

Procter & Gamble has launched a household tips website for the growing number of American men who have become homemakers in a tough job market.

U.S. stocks have momentum on their side next week, though seesawing sentiment could roil the markets and investors will scrutinize comments from the Federal Reserve to gauge the strength of the economic recovery.

Gold rallied on Friday to an all-time record above $1,260 an ounce, as investors looked to precious metals for an alternative to equity or debt investments given renewed uncertainty about the economic recovery.

Relational Investors LLC, which owns 4 percent of Charles River Laboratories International , has warned the company that its directors will likely be booted off the board by angry shareholders if it proceeds with its plan to acquire Chinese contract research organization WuXi PharmaTech for $1.6 billion.

U.S. stocks ground higher in another lightly traded session on Friday, ending a nervous week with gains despite signs of economic weakness at home and worries about public debt in Europe.

The United States pressed China on Friday to move toward a market-based exchange rate, but Beijing said not to meddle with its management of the yuan, setting the stage for a clash at next week's G20 summit.

Neither attention deficit hyperactivity disorder (ADHD) nor medications used to treat it have a long-term impact on kids' growth, a new study published online in The Journal of Pediatrics suggests.

Raising the price of sugary soft drinks will likely prompt thirsty consumers to seek out cheaper, healthier beverages, U.S. researchers said on Thursday.

Older adults with relatively low intakes of vitamins B6 and B12 may have a higher risk of developing depression than those who get more of the nutrients, a new study suggests.

Smokers may use more prescription opioid painkillers than non-smokers, according to a study from Norway.

U.S. stocks were little changed on Friday as energy shares gained modestly and investors took a breather from the financial crisis in Europe.