Federal Budget 2011-12 Speech by Finance Minster Abdul Hafeez Sheikh - - The Parliament Session was full of entertainment

Federal Finance Minister Abdul Hafeez Sheikh presented Federal Budget for the fiscal year 2011-12 yesterday (Friday/June 03, 2011).

PM Gilani congratulates Hafeez Sheikh not for presenting budget, but for his dare act in opposition's hostile mood

Finance Minister Abdul Hafeez Sheikh delivered his budget speech ignoring the chaos in the parliament from opposition members; the way Pakistan government, under President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani, has been ignoring the financial problems of poor people of Pakistan for last three and half years.

King Abdullah of Saudi Arabia Announced Financial Measures Worth of An Estimated SR135bn (£22bn)

RIYADH - Royal family of Saudi Arabia is already feeling the heat of recently spreading political unrest across North Africa and Middle East. Just keeping in mind to stop the same situation in Saudi Arabia; the country's King Abdullah yesterday announced financial measures worth an estimated SR135bn (£22bn), including a 15 per cent salary rise for public employees to counterbalance inflation.

The recent moves are clearly devised to keep away political unrest that started in Tunisia in January before spreading to Egypt and this week Libya, where ruler Muammar Gadaffi earlier this week threatened to carnage his own people in a bid to suppress the revolution. 

StockMarkets have stumbled worldwide on alarms the Middle East, North Africa (MENA) region is being thrown into anarchy.

However the price of Brent oil futures touched a two-and-a-half year peak at $111 (£68.6) last night as investors took into count the possible supply issues from the region.

Crude Oil Jumps Above $100 a Barrel On Monday Due to Egypt's Continued Political Turmoil

CAIRO - The unrest in Egypt eased up a bit over the weekend as opposition parties and the government agreed for a table talk. But President Hosni Mubarak still didn’t hint his exit and agitation is underway in Cairo. The political turmoil started from Tunisia and caught up Egypt; has already shown its existence in Yemen and other countries of the area including Algeria, a major oil and natural gas exporter.

But with President Hosni Mubarak still in power and protests continuing in Cairo, the situation remains too much in flux for the oil market to give back recent gains. Other countries, including Algeria, a major oil and natural gas exporter, are also dealing with protests of their own.

In the wake of current situation in the region; North Sea Brent crude oil futures soared above $100 a barrel on Monday, expecting turbulence in Egypt could spread to other parts of the Middle East and North Africa, upsetting energy supplies.

If the chaos in Egypt continued over the weekend oil prices could go beyond $110 per barrel, a concerned senior Kuwait official said;  while Venezuela said prices could more than double to $200 if the Suez Canal closed.

Iran, which holds the rotating presidency of the Organization of the Petroleum Exporting Countries, said it saw no need for an emergency OPEC meeting even if oil prices hit $120.