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JEDDAH – James Smith, the United States’ Ambassador to the Kingdom, has praised the Saudi people, describing them as loving and friendly.
The ambassador made the comment during an Iftar party hosted recently by the American Consulate in Jeddah. He said he has many Saudi friends in Jeddah and Riyadh despite the short time he has been working in the Kingdom.
He also stressed the historical links between the two countries.
Present at the party were the consul-generals of Gulf, Arab and foreign countries, businessmen, press representatives, and Thomas Daffy, the American consul. – Okaz/SG

Workers from Indonesias state utility firm PT Perusahaan Listrik Negara (PLN) maintain a power plant station in Jakarta on Wednesday. Indonesia is looking into infrastructure and green bonds, a senior advisor to the government said on Thursday, as the biggest economy in Southeast Asia is in need of billions of dollars for the sectors development. Indonesia will need $140 billion over the next five years in infrastructure development ranging from paving roads and highways to providing more power and water supplies nationwide. – AFP

LONDON/BEIJING – Manufacturing in China, India and Russia powered ahead in August while growth slowed in European factories, emphasizing a growing divide in the pace of recovery between the rich and emerging worlds.

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BANGALORE/NEW YORK – Rowan Cos Inc signed contracts with Saudi Aramco for two of its Gulf of Mexico-based rigs for higher dayrates, on track with its plans to move those rigs overseas, sending its shares up 9 percent.

In July, the offshore rig contractor said it was in talks to move two high-end shallow-water rigs out of the Gulf of Mexico due to demand elsewhere.

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BRASILIA – Brazils state-controlled oil giant Petroleo Brasileiro SA has agreed to pay the federal government $42.5 billion in stock to acquire five billion barrels of deepwater reserves, a controversial price because investors say it is more than the oil is actually worth.

Shares of Petrobras, as the company is known, have crumbled this year on investor expectations the oil company would come under government pressure to pay above market price for oil reserves it is acquiring under a recapitalization plan. Petrobras also plans to sell new shares to the public to raise an additional $25 billion in cash under the plan.

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JEDDAH – The Middle East has more than double the interest and double the ownership of 3D TVs than anywhere else in the world, a recent Nielsen report said.

In a specially designed index, Saudi Arabia recorded a higher score than any other country, with the UAE coming in at tenth place out of 52 nations.

The results were divided into markets made up of: Middle East, Africa, and Pakistan; Latin America; Asia Pacific; North America; and Europe. The online “How We Watch” survey took into account the responses from 27,665 participants aged 15 years and upwards. The highest 3D ownership or definite interest in ownership was among 25-29 year olds.

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JEDDAH – Syrias economic outlook is viewed with “high optimism” as a result of “remarkable reformational and economic performance.”

Oxford Business Group (OBG) noted in its just published annual report ” Syria 2010″ the steady progress Syria has made in liberalizing its economy while also carving out a key role for itself on the international stage.

The report highlighted the Syrian government efforts to build strong public-private partnerships, particularly in the oil industry, and tap investors for key projects earmarked for the transport sector.

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BEIJING – Auto sales in China, the worlds biggest car market, rebounded in August as subsidies for energy-efficient vehicles and a stronger currency spurred demand, while sales in the US faltered.

Sales rose 55.7 percent over a year earlier to 1.21 million vehicles, up from 1 million vehicles the month before, the Cabinets China Automotive Technology and Research Center said Wednesday.

The increase compared with 17 percent year-on-year growth in July and 19.4 percent in June.

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MADINA – The police arrested an African man on Sunday night with $50,000 in counterfeit United States currency hidden away in secret compartments of a bag in his room at a five-star hotel in the Central Area.
A security source said that the arrest came after a Nigerian man started behaving suspiciously near the hotel.
Initially the security officers thought the man was a pickpocket because he was nervous and seemed to avoid contact with the police. When he was stopped and searched he was found in possession of $1,500. He was then referred to the anti-forgery section. The dollar bills were checked and turned out to be forged.
He was immediately taken to his residence at one of the hotels in the Central Area.
At first he claimed he did not know where he was staying, but he finally gave in and took the security men to his hotel room.
The security officers searched his room and found over $50,000 in counterfeit bills hidden away in secret compartments in his bag.
Preliminary investigations showed that the forger wanted to sell the counterfeit dollar bills to Umrah pilgrims and visitors.
The forger was subsequently handed over to the authorities for further investigation and to determine whether he has accomplices. – Okaz/SG

ABU DHABI – Electric cars can be successful in Gulf countries and other oil-rich states, but only with initial government help, the president and CEO of Nissan and Renault said on Monday in Abu Dhabi.

“Yes, I think it can,” Carlos Ghosn said when asked if the electric car could be successful in oil-producing countries, adding that “it will depend on how much initial support the specific government would give.”

The need for initial assistance is not, however, limited to oil-rich countries, he said.

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JEDDAH – Petrochemicals sent Saudi Arabias stock benchmark Tadawul All Share Index (TASI) to a two-week high on Wednesday, rising 0.86 percent to 6,158.99 points, tracking rising oil prices. But volumes may be too low for these gains to signal the start of a more sustained rally.

Benchmark US crude oil futures for October rose $1.99, or about 2.8 percent to settle at $73.91 a barrel.

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