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Gazprom chief Alexey Miller predicts that oil prices will reach $250 per barrel "in the foreseeable future." Crude futures for July ticked upward Wednesday on rumors of dropping U.S. inventories.

Global Economy

Battling soaring fuel prices, airlines are pinching every pinny.

U.S. seizures of fake prescription drugs rose by nearly one quarter in 2007, according to the Pharmaceutical Security Institute, an industry-funded group.

Americas

Colombian officials think they have FARC on the ropes.

The tomato industry could face "complete collapse" in Florida and is under severe stress in California and Mexico thanks to a salmonella outbreak.

Europe

German Chancellor Angela Merkel called for continental Europe to take the lead in crafting new financial regulations, saying that the "Anglo-Saxon" model had failed.

Arriving in Germany for talks with Merkel, U.S. President George W. Bush reiterated that "all options are on the table" in dealing with Iran's nuclear program. Earlier, Bush got European leaders to commit to new punitive measures if the Islamic Republic refuses to cooperate.

A growing number of Muslim women in Europe are having their virginity surgically restored.

Asia

Facing massive protests against imports of U.S. beef, South Korean President Lee Myung-bak is considering installing his chief rival as prime minister.

Chinese exports rose 28 percent in May, compared with the previous year.

The U.S.-India nuclear deal is probably dead, U.S. officials tell the FT.

The former prime minister of Bangladesh, detained for alleged corruption, has been allowed to visit the United States for medical treatment.

Middle East and Africa

South Africa's celebrated investigative crimes unit is under attack.

The United States is open to Iraq-focused talks with Iran.

Some in the Iraqi government are questioning the need for U.S. troops.

Decision '08

John McCain and Barack Obama offer sharply different visions on taxes.

The Boston Globe looks at McCain's new ad campaign.

Obama is reportedly considering retired Gen. Jim Jones, among others, to be his vice president.

Today's Agenda

Taiwan and China are resuming formal talks after 10 years, with a focus on travel and trade.

Finland awards the 2008 Millennium Technology Prize.

The Dalai Lama is visiting Australia, but he won't be meeting PM Kevin Rudd.

Brookings and Google are teaming up for a two-day event called "Plug-In Electric Vehicles 2008: What Role for Washington?"

Yesterday on Passport

• Math and science: not an asian sensation
• Tuesday Map: Africa’s changing climate
• Are soap operas a form of birth control?