Saudi tycoon Alwaleed buys one percent GM stake (AFP)

Saudi Arabia's Kingdom group controlled by tycoon Prince Alwaleed bin Talal said on Tuesday it would launch a regional 24-hour news channel to be headed by prominent journalist Jamal Khashoggi.The new channel "will focus on development in Saudi Arabia and the Arab world on the political, economic and social fronts," Prince Alwaleed bin Talal said in a statement.The channel, which will make use of a network of reporters from across Arab countries, will enter a field already dominated by tough competition between Qatar-based Al-Jazeera and the Saudi-controlled Al-Arabiya.

Today Forbes came out with its latest billionaires list.

Yesterday, Kingdom Holding Company, the investing firm of Saudi Prince Alwaleed bin Talal Al Saud, sent out a stern press release.

Saudi tycoon Prince Alwaleed bin Talal said on Monday he is gearing up his Kingdom Holdings group for major new investments including Gulf hotels and a one-kilometre-tall tower in Jeddah on the Red Sea.Alwaleed said he was transferring 180 million of his own shares in US banking giant Citigroup into Kingdom Holdings at no cost to shore up its balance sheet."I am very positive about the future," he told a rare press conference at his headquarters, the Kingdom Tower skyscraper in Riyadh.