Oil prices down in Asian trade

Oil prices were lower in Asian trade on Friday following an overnight rally ahead of OPEC's weekend meeting to discuss output levels, analysts said.

New York's main futures contract, light sweet crude for April, dipped 34 cents to USD 46.69 a barrel.



Brent North Sea crude for delivery in April declined 33 cents to USD 44.76.



Analysts said the market was looking to the Organisation of the Petroleum Exporting Countries (OPEC) meeting in Vienna on Sunday to discuss whether to slash production.



The cartel pumps about 40 percent of the world's crude supplies.



"Most industry specialists seem to anticipate another cut but we are not convinced there is a consensus yet among the cartel members," said Julian Jessop, chief economist of London-based research house Capital Economics.


"Even if OPEC does cut quotas by the 500,000 barrels per day that some expect, the impact on prices should be limited. For a start, by far the greater issue is the weakness on the demand side," he said.

China 'can boost stimulus plan'

China is ready to introduce new economic stimulus measures "at any time", Premier Wen Jiabao has said.

He said there was enough "ammunition" to add to the 4tn yuan ($586bn; £421bn) package already announced.

He was speaking at the end of China's annual parliamentary session - the only time he takes questions from reporters.

Although Mr Wen said he expected China and the rest of the world to be better off in 2010, he said the government was ready to face tougher times.

"We have prepared contingency plans to handle greater difficulties," he said.

"We have prepared enough ammunition and we can launch new economic stimulus policies at any time."

Opening the annual session of the National People's Congress nine days ago, Mr Wen had said that this year would be the most difficult China has faced this century.

Confidence needed

He said confidence was "more important than gold or money" in overcoming the world's financial troubles.

"Only when we have confidence can we have courage and strength, and only when we have courage and strength can we overcome difficulties."
But Mr Wen said he was worried about the safety of the huge amount of China's foreign-exchange reserves invested in US government bonds.

"I'd like to take this opportunity here to implore the United States... to honour its words, stay a credible nation and ensure the safety of Chinese assets," he said.

Almost half of China's $2tn in currency reserves is thought to be invested in US treasury bills and other government-affiliated notes.

"We are extremely interested in developments in the US economy," Mr Wen said.

G20 meets to tackle world crisis

Finance ministers from the world's leading countries are gathering near London to discuss plans for coordinated action to tackle the economic crisis.

They hope to agree the agenda for the G20 summit of world leaders next month.

The aim is to send a signal to the world that key countries are working together to tackle the worst economic downturn since the Great Depression.

The G20 includes the world's biggest industrial and developing countries, making up 85% of the world economy.

The meeting is likely to focus on the need for tougher regulation of banks and more funds to tackle the crisis.

UK Chancellor Alistair Darling, who is hosting the meeting, said that the world's biggest economies must work with other countries if they are to bring about economic recovery.

Disagreements But there are already signs of disagreement among the G20 countries over how much money governments should spend to get their countries out of recession, with Europe notably less enthusiastic than the US about further spending.

French President Nicolas Sarkozy said on Thursday that "in Europe we have already invested a lot for the recovery" and that the priority should be "putting in place a system of regulation so that the economic and financial catastrophe the world is seeing does not reproduce itself".

However, Chinese Prime Minister Wen Jiabao said that China had enough "economic ammunition" to launch a new economic stimulus plan at any time.

Madoff fraud investigation widens

With disgraced US financier Bernard Madoff now behind bars, attention has turned to whether others were involved in his estimated $50bn (£35bn) fraud.

While Madoff insists he acted alone, prosecutor Lev Dassin said he was investigating if others had joined in the crime.

Investigators are also continuing work to see how much of the stolen funds can be recovered.

Madoff has been remanded in jail ahead of his sentencing in June.

This has seen him swap his wife's luxury Manhattan apartment for a small cell in New York's Metropolitan Correctional Centre, just a few miles away.

No plea deal

"We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr Madoff, as warranted," said Mr Dassin.

He also rejected speculation that Madoff had agreed to plead guilty in exchange for leniency to help any others who may have been involved in the crime. "There is no agreement whatsoever," he said.

Madoff told his Thursday court hearing that his family members, and other colleagues, had only ever worked in parts of his business - Bernard L Madoff Investment Securities - that were "legitimate, profitable and successful".

Some of Madoff's thousands of victims have said they were angry that Madoff had been allowed to plead guilty, as this means he will avoid a full jury trial.

The victims had hoped that such a trial would have allowed the full details of the crime to be revealed.

"If there will not be a trial... a lot of this information that people want to hear about... may not come to light," said victim Richard Friedman.

'Money we need'

Investigators say they are now continuing efforts to recover $177bn from Madoff. He himself estimates that the fraud totalled $50bn, and investigations have only managed to recover $1bn so far.
Because of the nature and length of the scheme, victims may recover only a small fraction of their losses," added Mr Dassin.

Some victims have also been paying taxes for a number of years on profits that have turned out to be fake.

Under current US rules, taxes can only be reimbursed for the past three years, but Madoff's fraud started in at least the early 1990s.

"We were paying taxes on money that didn't exist. We paid a fortune," said victim Lenore Schupak, 55.

"This is money we need to live on," added Ms Schupak, who said she had been forced to sell her home and move in with her sister.

Authorities have yet to make any comment on whether Madoff victims will be able to claim back taxes from more than three years ago.