IBT Staff Reporter

King Abdullah of Jordan will meet U.S. President Barack Obama in Washington on April 21 to lobby on behalf of Arab states for a stronger U.S. role in Middle East peacemaking, palace officials said on Sunday.

The crew of a U.S. ship attacked off Somalia called on President Barack Obama to lead the battle to stamp out piracy on Monday, after U.S. forces freed the ship's captain to end a five-day hostage drama.

World oil demand will dive by a hefty 2.4 million barrels per day in 2009, the International Energy Agency said on Friday, citing the impact of prolonged economic recession on energy use.

Shares of General Motors Corp plunged 17 percent on Monday after a report that the U.S. Treasury is directing the automaker to lay the groundwork for a bankruptcy filing by June 1.

Stocks opened lower on Monday as investors paused after a five-week rally to prepare for key company earnings later in the week, and bank stocks reversed part of their sharp gains from last week.

Indonesian drilling firm PT Apexindo Pratama Duta Tbk said on Monday it planned to raise 750 billion rupiah ($68 million) from the sale of Islamic and conventional bonds next month.

Oil fell below $50 a barrel on Monday after the International Energy Agency cut deeply its forecast for oil demand, offsetting the impact of data showing Chinese crude imports rose to their second highest ever.

Iran has replaced the head of partly state-owned Iran Khodro, the Middle East's largest car maker which has a joint venture with France's Renault, Iranian media reported on Tuesday.

South Korean flat screen maker LG Display and two Taiwanese rivals are expected to report another quarter in the red, but losses in January-March likely narrowed from the previous quarter, driven by booming sales in China.

Japan said it would scrap a punitive import tariff on computer memory chips made by South Korea's Hynix Semiconductor Inc, ending a three-year trade spat between the Asian neighbours.

Edward Krudy

Want Want China plans to make a second listing in Taiwan on April 28, becoming the first such firm to return to its home market to list under relaxed regulations, an industry source said on Monday.

Two of Pakistan's biggest banks, Habib Bank Ltd (HBL) and MCB Bank (MCB), are competing to bid for Royal Bank of Scotland's local assets, which the market values at $266 million.

South Korean engine maker STX Enpaco Co Ltd may raise up to 29.9 billion won ($22.37 million) in a Seoul initial public offering, and shares will be listed and start trading on the main KOSPI index .KS11 on May 15.

The value of Japanese investment trust funds rose nearly 3 percent in March, up for the second straight month, amid a recovery in global share prices and a weaker yen, a fund industry body said on Monday.

South Korea on Monday expressed its concern about China's rise as a global economic power in a rare note that said the ascent of its powerful neighbor could harm its own economic growth.

EBay Inc has agreed to buy a controlling stake in South Korean online retailer Gmarket Inc for $413 million, at a 32.5 percent premium, news service eDaily reported on Monday.

U.S. congressman Donald Payne flew into Mogadishu flanked by six bodyguards on Monday, making what is believed to be the first visit to the Somali capital by a senior American politician since 1994.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut deeply its forecast for oil demand, offsetting the impact of data showing Chinese crude imports rose to their second highest ever.

Islamic banks will face a crisis scenario by the end of September that could include forced consolidation if liquidity does not return to the financial sector, a leading banker said on Monday.

Europe's largest bank, HSBC Holdings , confirmed on Monday it was considering selling three of its major office buildings and said it had received interest from potential buyers.

Thai troops fired at crowds of anti-government protesters in central Bangkok on Monday and demonstrators fought back with firebombs and rocks, propelling Thailand deeper into political crisis.

U.S. Navy special forces freed an American ship's captain and killed three Somali pirates holding him hostage in a lifeboat, ending a five-day standoff but drawing vows of revenge from pirates.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut deeply its forecast for oil demand, offsetting the impact of data showing Chinese crude imports rose to their second highest ever.

Asian stocks rose on Monday on hopes for the global economy, with Taiwan shares hitting a near 7-month closing high, while oil prices slipped below $52 after a dramatic oil demand downgrade by the International Energy Agency.

(Corrects in paragraph 8 KOSPI's closing level to 1,338.26, not 1338.16)

The Ethisphere Institute on Monday named 99 companies it says are the world's most ethical, its third annual listing designed to encourage ethical practices within the global business community.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut its forecast for oil demand, overshadowing data showing Chinese crude imports rose to their second highest ever.

UBS , the world's biggest wealth manager, said on Monday it expects growth in its Taiwan client assets to pick up in the second quarter as improved ties with China help boost investor confidence.