LIBYA

The following is a White House transcript of remarks by President Barack Obama on Friday on the situation in Libya delivered from the East Room on March 18, 2011.

German Chancellor Angela Merkel said on Friday that Germany may take on additional tasks in the war in Afghanistan to make up for NATO members' involvement in possible attacks on Libya after a UN vote yesterday approved a possible no-fly zone.

Libya said it will free four employees from the New York Times who had been captured by soldiers allied with Moammar Gaddafi.

Stocks advanced on Friday after the Group of Seven intervened to support the Japanese yen and major banks were cleared to pay dividends again, but investors are unlikely to make big bets heading into the weekend.

Prices to Buy Gold rose above $1418 per ounce Friday lunchtime in London, reversing this week's earlier 2.4% drop as crude oil fell and world stock markets rose further after news of an immediate cease-fire by the Gaddafi regime in Libya, prompted by the United Nations' no fly zone agreement.

US stocks rally on news of Libya announcement of immediate ceasefire.

Stocks rose on Friday as the Group of Seven nations moved to calm markets amid Japan's crisis and as Brent oil slipped, but investors are likely to stay cautious heading into the weekend.

Oil prices fell on Friday after Libyan leader Muammar Gaddafi's government said it would halt military action in response to a U.N. resolution for an immediate ceasefire.

U.S. stocks bounced for a second day on Friday as Group of Seven nations moved to calm markets rattled by Japan's nuclear crisis and oil prices fell after Libya said it would cease military actions.

The government of Libya has declared it will cease all military operations following a decision by the United Nations Security Council to support a no-fly zone over the country.

Wall Street was set to open higher for a second day on Friday as Group of Seven nations moved to calm markets rattled by Japan's nuclear crisis and oil prices fell after Libya said it would cease military actions.

Oil rose above $116 a barrel on Friday after the United Nations authorized Western-led attacks in OPEC member Libya and tension stayed high across the oil-producing Middle East.

Futures bounced back for a second day on Friday but Japan's nuclear crisis and rising oil prices on possible military action against Libya could keep Wall Street on track for its worst week in seven months.

Saudi Arabian king will likely make announcements today regarding a ministry reshuffle, anti-corruption drive and more welfare dole outs, according to media reports.

Crude oil prices rose in Asian trade on Friday, after the United Nations (UN) approved the imposition of a no-fly zone over Libya, raising fresh fears over oil exports from the country.

Bahrain, a tiny island in the western shores of the Persian Gulf, saw no reprieve from the recent anti-government protests.

Brent crude jumped by more than $1 to $116 on Friday on fears of rising geopolitical tension in the oil-rich Middle East and North Africa, after the United Nations approved military action to contain Libyan leader Muammar Gaddafi.

Brent crude jumped by more than $1 to stand above $116 on Friday on fears of rising geopolitical tensions in the oil-rich Middle East and North Africa, after the U.N. approved military action to curb Libyan leader Muammar Gaddafi.

The yen skidded on Friday after the Group of Seven finance ministers agreed to act to limit the currency's strength, with the dollar popping above 81 yen in a move that could put further pressure on players to unwind long yen positions.

The United Nations Security Council has approved military strikes on Libyan air defenses, a move following weeks of talks led by France, Britain and the United States to mobilize the international community to take action against the regime of Muammar Gaddafi, which is engaged in armed conflict with rebels.

The United Nations Security Council on Thursday voted to approve a no-fly zone over Libya and all necessary measures to protect civilians from attacks by forces led by Muammar Gaddafi.