Manama, Bahrain - The US Navy's 5th Fleet Command which oversees all naval operations of a US-led coalition in the Middle East announced Thursday the establishment of a new task force specifically for counter-piracy operations.

Combined Task Force 151 (CTF-151) is be composed of naval ships and "assets" from more than 20 nations, the US military said in a statement.

US Navy Rear Admiral Terence McKnight has been named the commander of the new task force which is set to be fully operational by the middle of January.

Manama  - Two Bahrainis have been detained as suspected terrorists and at least two others are being sought over an alleged terrorist plot which authorities said they uncovered.

A National Security Authority statement quoted an unnamed official as saying homemade explosives would have been used to disrupt National Day and Accession Day celebrations that were observed on Tuesday.

Manama, Bahrain  - The US Navy 5th Fleet command in Bahrain an issued statement on Wednesday communicating a US Defence Department authorization for adult family members of servicemen to return to Bahrain.

According to the statement the return of adult family members for all Department of Defence personnel permanently assigned in Bahrain will be allowed effective immediately.

The decision marks a change to the Defence Department policy that had been in place since July 2004, when families were required to relocate following security concerns.

"We are extremely pleased with the policy change," said Vice Admiral Bill Gortney, Commander, US Naval Forces Central Command.

Manama, Bahrain  - The Central Bank of Bahrain (CBB) has instructed Ithmaar Bank to postpone the hugely anticipated initial public offering (IPO) of real-estate developer Naseej, it has emerged on Tuesday.

The decision by the CBB, citing current market conditions as the reason behind its assessment, comes just over two weeks before the planned 18 November IPO launch date. Ithmaar Bank had been acting as the lead manager of the offering.

Chairman of Ithmaar Bank, Khalid Abdulla Janahi, announced plans two weeks ago to introduce the IPO, the largest to date to be launched from Bahrain, during a meeting of major Naseej shareholders.

The announcement was based on the fact that the underwriters had chosen to guarantee the full issue.

Manama, Bahrain - The Central Bank of Bahrain (CBB) said on Thursday that it would cut its key policy interest rate by 25 basis points, after reviewing the decision taken by the US Federal Open Market Committee a day earlier.

"Effective immediately, the CBB's rate on the one-week deposit facility is 1.50 per cent, down from 1.75 per cent previously," a statement by the CBB said.

According to the statement, the CBB's lending standing facilities remain available for its banks at their initiative to assist them to meet their liquidity needs. The Bahraini dinar is pegged to the dollar.

Manama, Bahrain  - Bahrain launched an international licensing round Monday designed to pave the way for extraction companies to dig deeper in their search for natural gas.

Oil and Gas Affairs Minister and National Oil and Gas Authority (NOGA) chairman, Abdulhussain Mirza said that his country was pursuing various options to secure its growing demand for gas.

"Among these options is enhancing gas recovery from the Bahrain Field, active exploration programs in all Bahrain's offshore areas, taking gas conservation measures and deep gas exploration," he said.