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Wednesday, February 11, 2009
US Interior Secretary blocks sale of offshore oil, gas leases
WASHINGTON: US Interior Secretary Ken Salazar on Tuesday moved to block a "midnight action" by the administration of George W. Bush, which tried to push through the sale of offshore exploration leases to oil and gas companies.
"On January 16, the last business day of the Bush administration, the adminstration proposed a new five-year plan for offshore oil and gas leasing," Salazar told a news conference.
In his second reversal in a week of a last-minute proposal pushed through by the Bush administration, Salazar announced that he was extending until September the period for public comment on the plan to develop the outer continental shelf, and taking other steps to block what he called "a midnight action."
The Bush administration had tried to move forward from 2012 to 2010 the creation of a new energy development plan that would affect some 300 million offshore acres on the outer continental shelf, from the US eastern seaboard to the Pacific Ocean off California, the eastern Gulf of Mexico and Alaska.
"On January 16, the last business day of the Bush administration, the adminstration proposed a new five-year plan for offshore oil and gas leasing," Salazar told a news conference.
In his second reversal in a week of a last-minute proposal pushed through by the Bush administration, Salazar announced that he was extending until September the period for public comment on the plan to develop the outer continental shelf, and taking other steps to block what he called "a midnight action."
The Bush administration had tried to move forward from 2012 to 2010 the creation of a new energy development plan that would affect some 300 million offshore acres on the outer continental shelf, from the US eastern seaboard to the Pacific Ocean off California, the eastern Gulf of Mexico and Alaska.
China exports fall sharpest in over a decade
BEIJINGP: China's exports fell 17.5 percent in January from a year earlier; customs authorities said Wednesday, marking the sharpest drop in more than a decade.
The country's trade surplus remained high at 39.1 billion dollars, due to an even steeper drop in imports, which plunged 43.1 percent year-on-year, according to customs data.
The weakening in the trade statistics came amid falling demand in key overseas markets and a general reduction in activity caused by the Lunar New Year holiday period, which began in January.
The country's trade surplus remained high at 39.1 billion dollars, due to an even steeper drop in imports, which plunged 43.1 percent year-on-year, according to customs data.
The weakening in the trade statistics came amid falling demand in key overseas markets and a general reduction in activity caused by the Lunar New Year holiday period, which began in January.
China exports fall sharpest in over a decade
BEIJINGP: China's exports fell 17.5 percent in January from a year earlier; customs authorities said Wednesday, marking the sharpest drop in more than a decade.
The country's trade surplus remained high at 39.1 billion dollars, due to an even steeper drop in imports, which plunged 43.1 percent year-on-year, according to customs data.
The weakening in the trade statistics came amid falling demand in key overseas markets and a general reduction in activity caused by the Lunar New Year holiday period, which began in January.
The country's trade surplus remained high at 39.1 billion dollars, due to an even steeper drop in imports, which plunged 43.1 percent year-on-year, according to customs data.
The weakening in the trade statistics came amid falling demand in key overseas markets and a general reduction in activity caused by the Lunar New Year holiday period, which began in January.
Thursday, February 5, 2009
Moody's change two Indian banks’ ratings to negative
LONDON: Moody’s Investor Services have today changed the outlook on the two Indian banks—Oriental Bank of Commerce and Syndicate Banking ratings to negative from stable.Moody Investors Service report said that the Indian Oriental Bank of Commerce rating has been changed to negative from stable, while the bank’s financial strength rated D+ and the rating of foreign currency accounts changed to A3-P1. Besides, Indian Syndicate Bank’s rating has also been changed to negative from stable, while Bank’s foreign currency accounts’ rating changed to BA2, which is even less than the prime rating.
Dollar Falls on Banks Support Expectations
The U.S. dollar along with the yen declined against almost all other major currencies today as the traders expect that the bank bailout plan will be adopted soon in the United States.
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