Top story: Pakistan announced on Wednesday that it had successfully tested an intermediate-range, nuclear-capable ballistic missile, less than a week after archrival India test-fired a long-range missile that can also deliver a nuclear warhead. The Pakistani military said the Shaheen-1A launched into the Indian Ocean today has a longer range than its predecessor, the Shaheen-1 (pictured above).
Pakistani defense analyst Mansoor Ahmed tells the New York Times that the test was not in response to India's and that "Pakistan is only concerned with maintaining a minimum credible deterrent capability vis-a-vis India." India, for its part, framed its test as an effort to counter China's regional power.
Meanwhile, speculation is mounting that North Korea may carry out a third nuclear test after a failed rocket launch.
Double-dip in Europe: New data shows that the U.K. economy contracted in the first quarter of 2012 after shrinking in the fourth quarter of 2011, which technically means that the United Kingdom has returned to recession. Spain revealed on Monday that it too had slipped back into recession.