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NEW YORK – To European officials, financial derivatives are dangerous weapons that worsened Greeces debt crisis and should be curbed.

To Wall Street, theyre tools that reduce risk and generate profits and should be left alone.

Now, regulators on both sides of the Atlantic are trying to figure out whos right and what to do about it. At stake are billions in profits that banks say would be threatened by too much regulation. Yet supporters of tougher rules say the global financial system is at risk as long as derivatives remain largely unregulated.

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LONDON – Britains biggest retailers are coping in a tough economic environment, but are concerned that steps to bring down government borrowing, like higher taxes and public spending cuts, could hit consumers in the months ahead.

Wm Morrison, Britains fourth-biggest grocer, beat forecasts with a 21 percent rise in annual profit on Thursday, helped by its focus on low prices and fresh foods, and showed its confidence of riding out further economic turmoil by lifting its dividend and planning to open more stores.

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JEDDAH – A plan is under way to have prisoners display their artwork at two major projects that have recently been approved between the government and the private sector.

Dr. Ali Bin Hussein Al-Harthi, Director General of Prisons, on Wednesday signed a 25-year agreement with the Jeddah Mayoralty and the Rass Assalaam Holding Company to jointly execute two projects entitled Creativity and Hope Center and Sahat Alwatan (Home Square).

Jeddah Mayor Adel Faqih, who signed the agreement on behalf of government, said the two projects will display the artwork of prisoners. He said this would help in the rehabilitation of prisoners and give them a chance to acquire artistic and vocational skills. This would allow them to successfully return to society.

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JEDDAH – The current oil price is helping make renewable energy available to all, Prince Abdulaziz Bin Salman Bin Abdul Aziz, Assistant Minister for Petroleum Affairs, said here Monday.

He was addressing media personnel after the first session of the Gulf Environment Forum (GEF) organized by Presidency of Meteorology and Environment (PME).

Commenting on the demand for Organization of Petrol Exporting Countries (OPEC) to increase the oil quota to lower the existing prices, the Prince said nobody can dictate terms to the oil group. OPEC, he said, decides its course of action according to the needs of the market. “Generally what we are looking forward here is to stabilize the prices because we believe that this is the main factor of the real development,” he said.

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DAMMAM – The role of the Saudi media in supporting the Kingdoms development process and economic growth, and media practitioners responsibility in enhancing progress in the private business sector will be the key topics to be discussed in a dialogue between officials of the Ministry of Culture and Information, leading businessmen, and representatives of the media sector.

The dialogue on March 14 at the Asharqia Chambers of Commerce and Industry will be sponsored by the Ministry of Culture and Information and hosted by the Asharqia Chambers.

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RIYADH – Umar Khan Ali Sherzai, Ambassador of Pakistan, Sunday called on Abdullah Aal Al-Sheikh Chairman of the Shoura (Consultative) Council and discussed matters of mutual interest and cooperation between the Shoura Council and Pakistani Parliament.

Sherazi conveyed the greetings of Chairman of Pakistan Senate Farooq H. Naek and Speaker of the National Assembly Dr. Fahmida Mirza to the Shoura chairman.

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RIYADH – The Saudi Commission for Tourism and Antiquities (SCTA) is inviting entrepreneurs to apply for training to help them open up their own small tourism businesses.

According to the website of the SCTA, applicants can from Monday apply to take part in the course, entitled: “How to start your small enterprise in the tourism field”. The course is being run by the SCTA in collaboration with the social responsibility division of National Commercial Bank (NCB), the Riyadh Chamber of Commerce and Industry (RCCI) and Saudi Credit and Savings Bank.

Dr. Abdullah Bin Sulaiman Al-Wushail, Director General of the National Project for Developing Tourism Human Resources (Takamul), said the program, which is being held at the headquarters of the RCCI, aims to train those interested in investing in small tourism projects. Those who successfully complete the course may be able to secure financing and other support.

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NEW YORK – American International Group will sell a second overseas life and health insurance unit for $15.5 billion to MetLife Inc. in an ongoing bid to repay billions in government aid.

It was the second major deal AIG completed this month to raise cash. On March 1, AIG agreed to sell Asia-based life insurer, AIA Group, to Britains Prudential PLC for $35.5 billion.

MetLife will get a much larger presence in Japan as well as high-growth markets in Europe, the Middle East and Latin America. Alico operates in more than 50 countries. In the deal announced Monday, MetLife will pay $6.8 billion in cash for Alico. The rest will be paid in stock and equity units.

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JEDDAH – A delegation led by visiting Pakistani Minister for Religious Affairs Syed Hamid Saeed Kazmi called on the Saudi Minister for Haj Dr. Fuad Abdulsalam Al-Farsy and requested him to increase Pakistans Haj quota this year.

Thanking Farsy for increasing the Haj quota last year, the visiting Paksitani minister discussed arrangements for the forthcoming Haj.

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RIYADH – Abdul Aziz Al-Uqail, the manager of the Riyadh International Book Fair, has warned publishers that any “price fixing” will lead to the closure of their stands at the fair and a ban on any future participation.

Al-Uqail issued the warning after reportedly receiving “numerous” complaints from visitors to the fair concerning a general rise in the prices of titles offered by some publishers, in contrast to other fairs around the world which offer reductions on books.

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