IBT Staff Reporter

Major world economies including member nations of the the Group of 8 officially launched a partnership yesterday to accelerate the implementation of energy efficient measures in their economies.

Mongolia's opposition Democratic Party (DP) candidate Tsakhiagiin Elbegdorj won the presidential election, authorities said on Monday, in an outcome analysts said could complicate a pivotal mining deal.

Saudi Arabia warned oil prices could spike to beyond the near $150 record high of 2008 within three years as it joined other energy leaders on Monday to call for more investment to boost production over the long term.

North Korea conducted a second nuclear test on Monday that was far more powerful than its first one, triggering an emergency U.N. Security Council meeting on the hermit state's defiant act and drawing condemnation from around the globe.

Nigerian militants launched their first major strike against the oil industry since the start of a 10-day old military offensive late on Sunday, bombing a Chevron pipeline and shutting 100,000 barrels per day of output.

Porsche confirmed on Monday it got a 700 million euro ($980 million) loan from its Volkswagen unit but insisted it could cope with its debt woes.

Japan raised its economic outlook for the first time in three years on Monday, and an important measure of German business sentiment rose in May in further signs the worst of the global recession may be over.

An Australia woman's account of a late night shooting in Sydney has turned her into an Internet sensation with T-shirts, mugs and a dance remix made in her honor but there's just one problem -- she made it up.

Asia's largest oil and gas producer PetroChina is buying Keppel Corp's 45.5 percent stake in Singapore Petroleum Company (SPC) for S$1.47 billion ($1.02 billion) and plans to make a general offer to buy the rest of the firm.

Swiss drugmaker Roche Holding AG said on Monday new two-year data showed the effectiveness of its Actemra drug in inhibiting structural damage to the joints of patient with rheumatoid arthritis.

Dutch state-controlled bank ABN AMRO NV posted a 886 million euro ($1.24 billion) after tax loss in the first quarter, with most of the total incurred by units in the process of being transferred to Royal Bank of Scotland.

First Philippine Holdings Corp, the holding firm of the Lopez business clan, is open to selling its remaining 13.4 percent stake in Manila Electric Co if needed, its chairman said on Monday.

Kenya is introducing several laws to strengthen its financial sector as new products such as mobile phone banking fill the market in the wake of technological advances, its finance minister said on Monday.

Canada's Orvana Minerals Corp said it has formally commenced its all-cash C$29.3 million ($26 million) takeover offer for Kinbauri Gold Corp.

Kathy Coleman is winner of the 2009 Alumni Volunteer Award for her generous philanthropy to the Weekend College; she will also appear in a cameo role in ‘Land of the Lost.’

Canadian oil and gas company Sabretooth Energy Ltd said a group of individuals under the name Cequence Team will invest C$9.44 million ($8.38 million) in the company as part of its recapitalization plan.

New vehicle emission standards will likely be a boon for everything from aluminum to new plastics, but the producers of lithium -- a mineral used in batteries that power new generation vehicles -- could be the big winners.

Saudi Arabia warned oil prices could spike to beyond the near $150 record high of 2008 within two to three years, as energy leaders on Monday decried a blow to investment in expanding capacity due to the financial crisis.

Japan said on Monday that North Korea's nuclear test clearly violated the U.N. resolution and Tokyo, already upset with a rocket launch by the isolated country last month, would seek decisive action.

Asian and European foreign ministers held talks in Vietnam on Monday that were quickly overshadowed by North Korea's nuclear test and outrage at the trial of Myanmar opposition leader Aung San Suu Kyi.

Iran has no missile or nuclear cooperation with North Korea, President Mahmoud Ahmadinejad said on Monday, after North Korea conducted a second and far more powerful nuclear test.

India's home minister said on Monday Pakistan had been given enough evidence to prosecute those behind last November's attack in Mumbai that killed 166 people and led to renewed tensions between the nuclear-armed rivals.

Heavy flooding and landslides have killed 94 people and left thousands of families homeless in northern Afghanistan since May 20, the United Nations said on Monday.

Iran's President Mahmoud Ahmadinejad on Monday rejected a Western proposal for it to freeze its nuclear work in return for no new sanctions and ruled out any talks with major powers on the issue.

President Barack Obama on Monday expressed grave concern over North Korea's nuclear test.

Italy would be willing to help the United States take some prisoners from the Guantanamo Bay prison but it will act in harmony with other European Union countries, Prime Minister Silvio Berlusconi said.

Sri Lanka on Monday took the first step toward holding elections in areas formerly held by the rebel Tamil Tigers, who for the first time acknowledged the death of their founder and leader.

Pakistani soldiers were moving from house to house on Monday as they battled militants in the main town in the Swat valley and were expected to take at least a week to secure it, the military said.

Army-ruled Myanmar will open the trial of opposition leader Aung San Suu Kyi on Tuesday, diplomats said, when the Nobel Peace laureate is expected to take the stand in a case that has drawn international outrage.