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LONDON – Easing fears about the US economy and European debt buoyed world equity markets on Monday, extending a rally that has taken many bourses into positive territory for the year.

Wall Street looked set to open flat after a big jump on Friday.

MSCIs all-country world stock index was up half a percent, driven by strong performances in Japan and emerging markets. European shares were flat to higher.

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LONDON – Oil prices soared above 82 dollars this week as traders took their cue from better-than-expected US jobs data, firmer stock markets and the latest news flow on the Greek debt crisis.

The devastating earthquake in Chile, meanwhile, sent tremors through the copper market because the South American country is the worlds biggest producing nation, traders said.

On Friday, data showed that the US economy, a major consumer of raw materials, lost 36,000 jobs in February and the unemployment rate held at 9.7 percent.

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“IN the name of Allah, Most Gracious, Most Merciful. Praise be to Allah, prayer and peace be upon the Messenger of Allah and his family and companions.
Dear brothers, peace be upon you and Allah’s mercy and blessings.
With Allah’s help and blessings, we open the work of the second year of the fifth term of the Majlis Al-Shoura, asking Allah Almighty to help us all to serve our religion, our country and our people, the people of the Kingdom of Saudi Arabia.
We cannot achieve our hopes and aspirations without a dependence on Allah and the help of the people of this country. If this is in place, our dreams will come true. I say this because I have to point out that our current achievements have not met all our aspirations which we have sought to ensure our country is ranked among the developed countries of the world. A State that is based on the word of Tawheed (oneness of God) and whose flag was raised by the late King Abdul Aziz, is able (God willing) to achieve what it seeks patiently.
The unity and power of this country imposes a collective responsibility on us to defend it at a time when the ambitions of our enemies, haters and aggressors have increased. This requires us to be vigilant. Therefore, there is a double responsibility that has to be shared by everyone wherever they are. The homeland is for all of us. All of us will be measured according to our efforts, sacrifices and dedication to a country whose foundation is based on the pillars of Islam. This is the criteria that will test the caliber of the people of this country.

The ‘word is like a sword’
You are all aware that the word is like a sword. I urge everyone to realize this. If the word becomes a tool for settling scores, to gossip, and to charge people randomly, then the word will become a tool for destruction. This does not mean a ban on constructive criticism. Therefore, I ask everyone to fear Allah in their words and actions, to shoulder their responsibilities and not to become a burden on their religion, homeland, and parents.
We are part of the Arab, Islamic, and international world. Our role is based on defending their rights and making sacrifices for unity in their ranks. Any fair person cannot deny our role in this regard. We will always be keen to adopt their just cases. This will only be achieved through unity. At the international level, our position is clear and based on friendship and promotion of peace among peoples and nations.

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RIYADH – The Speaker of the Shoura Council, Dr. Abdullah Bin Mohammed Bin Ibrahim Aal Al-Sheikh, has praised King Abdullah for his support of the work of the body.
The King opened the second year of the fifth Term of the council here Sunday.
In his speech, Aal Al-Sheikh said that since the council was launched by the late Founder King Abdul Aziz 85 years ago, and thanks to King Abdullah, it has achieved a number of milestones.
Aal Al-Sheikh said the council held 77 sessions last year and issued many decisions about regulations, performance reports and agreements.
The Speaker said the council was keen to assume its role to reach out to serve the public. It has also extended its efforts to take part in regional and international forums outside the Kingdom.
On the economic front, the Kingdom achieved a great deal in terms of construction of projects, he said.
He praised the King for extending the international scholarship program for five years, and the King’s approval for the state to pay 50 percent of fees for those students studying at private colleges and universities for five years.
Addressing the King, the Speaker said: “You have ordered payment of SR1.166 billion for the families covered by the social security system, to grant SR1 million to each family who had a member die as a martyr in the flash floods of Jeddah, and your order to build 10,000 housing units for the displaced at the southern border.”
He said the Kingdom has also maintained the same foreign policy of its Founder King Abdul Aziz, which is “based on values of mutual respect of sovereign nations, peaceful settlement of disputes, abiding by principles and international resolutions and cooperation with the world community”.
“In accordance, you took part in the economic summit of London for G-20, where you explained wisely to the whole world the Kingdom’s perspective on how to tackle the world crisis.”
The ceremony Sunday lasted for 25 minutes.
It was attended by Emirs, ministers, scholars, military commanders and members of the diplomatic corps in the Kingdom. The council had sent invitations to about 600 senior officials of the government and ambassadors.
The Shoura Council gave Sunday off to about 500 employees who were not part of the preparations, to ensure less traffic. The ceremony was held in the council’s Royal Dome that has more than 600 seats and is allocated for such occasions.
The ceremony was widely attended by the media including news agencies and satellite channels. Several channels broadcasted the ceremony and officials statements. – Okaz/SG/SPA  

LONDON – British publishing and events group United Business Media (UBM) beat expectations with a 3 percent drop in 2009 earnings and said it was encouraged by a fall of just 2 percent in bookings for its top trade fairs.

UBM, which like its peers has suffered from a clampdown on corporate travel budgets, said the outlook for underlying performance in 2010 was stable.

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LONDON – British factory gate inflation picked up to a 14-month high in February, but manufacturers input price inflation eased more than expected and for the first time since last July, official data showed on Friday.

The Office for National Statistics said annual producer output price inflation accelerated to 4.1 percent last month from 3.8 percent in January, the highest rate since December 2008 and bang in line with forecasts.

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LONDON – World stocks slipped Thursday while the euro held above a recent 9-month low against the dollar as the European Central Bank prepared to announce next steps in stimulus withdrawal after its policy meeting.

The premium investors demand for holding Greek government bonds rather than those of Germany rose while Greek bank shares also rose after Greece announced it had mandated banks for a long-awaited 10-year bond issue.

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LONDON – The Bank of England is set to keep its key lending rate at a record low 0.50 percent when it meets today despite Britain emerging from a record recession stronger than expected, analysts said.

The BoE is also unlikely to revisit just yet its radical policy of pumping out massive amounts of new money after official data showed Britain exited recession in the fourth quarter with growth of 0.3 percent, they added.

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LONDON – Asia-focused bank Standard Chartered earned record income and profits last year as it battled through the economic downturn, it announced on Wednesday, adding that 2010 had started well.

Chief executive Peter Sands meanwhile said that he had decided to donate his annual bonus to charity amid anger over excessive bankers pay, mirroring a move made by the boss of HSBC earlier in the week.

The London-based bank which also trades across Africa and the Middle East, said net profits rose 4.7 percent to 3.279 billion dollars (2.407 billion euros) last year compared with its performance in 2008.

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LONDON – HSBC Holdings missed expectations with a $7 billion annual profit after bad debts rose and risked a public backlash by paying three investment bankers over £9 million ($13.7 million) each.

Europes biggest bank said on Monday that Stuart Gulliver, head of investment banking, would receive £9.8 million ($14.9 million) for 2009, mostly in shares over the next three years. Another two unnamed bankers will get over 9 million pounds after record earnings from their unit.

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