RIYADH - SAUDI Arabia has been rocked by a lawsuit charging one of the country's wealthiest businessmen, Maan al-Sanea, with stealing US$10 billion (S$14.5 billion) from his wife's family over four years.

NEW YORK - US STOCKS closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co.

International Business Machines Corp (IBM), the world's largest technology services provider, rose 4.3 per cent to US$115.42 (S$167.40) and pushed the Dow slightly higher after boosting its profit outlook for the year after the close on Thursday.

BRUSSELS - THE European Commission approved on Friday the proposed merger of US drug manufacturers Pfizer and Wyeth, subject to Pfizer renouncing some of its animal health products in Europe.

Pfizer, already the world's biggest pharmaceutical firm, announced the planned merger in January, seeking diversification as it prepares for the expiration of patents on its blockbuster drugs.