Prime Minister Manmohan Singh of India said the country will not replaying the crisis that occurred in 1991 even as it experiences its slowest growth in a decade.

An explosion rocked the commodities port of Umm Qasr in Iraq. Two workers said the port of Umm Qasr was hit by a blast. A major commodities port located near Basra, Umm Qasr is also one of the largest in Iraq.

Experts said Al Jazeera America needs to define its mission to be able to succeed with its American audience.

Obama reopened issue on Fannie Mae and Freddie Mac to spur delayed housing policies reforms. US President Barack Obama recently revisited the issue on the need for major reforms on the housing market policies.

North and South Korea announced that they had agreed to reopen the Kaesong industrial complex, which was closed when tensions grew between the two countries in April.

Sources told Reuters BaFin gave investors interested in buying BHF-Bank until the end of August to give the information it needs to approve the sale or not.

Land auction for the economic zone in Shenzhen failed to draw property developers from Hong Kong. Despite the hype that accompanied the economic zone development in Shenzhen, Hong Kong property tycoons were not lured to bid in the recently-completed land auction.

Russian media that reported Rostelecom would be offering a 30% buyback of its shares worth USD 909 million from its minority stakeholders.

The Philippine Department of Transportation and Communications said it is eyeing the possibility of rebidding the LRT-1 Cavite extension project under revised terms.

Albay Governor Joey Salceda and two representatives preferred to have SMEC takeover Albay Electric Cooperative (ALECO).