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.

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.

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.

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.

Yen Grows against High-Yielders

The Japanese yen is currently positioned as the locomotive of growth on the Forex market as the global economic slowdown takes its toll, keeping the traders and investors away from the risk-ridden high-yielding currencies.

Euro Falls as Traders Lean to Safety

The South Korean won was the worst-performing currency among the Asian ones this month as the investors moved out of the country’s assets and the exports to the developed economies fell sharply.

Australian Dollar Grows after Rate Cut

The Australian dollar gained today against the other currencies on the Forex market after the country’s central bank cut the interest rate to the lowest level in decades and the government announced a stimulus package for the economy.

Indian Rupee Gains on Global Optimism

The Indian rupee rose at the fastest pace in a week today as the revival of the global stock markets restored the optimism of the traders that the foreign investors will return to Indian, buying the local assets with the local currency.

New Zealand Dollar Corrects vs. All Majors

The New Zealand dollar went up against all other major currencies today as the country’s jobless report wasn’t as bad as some traders expected and the kiwi needed to correct after some of its greatest

Government to issue TFCs

ISLAMABAD: Federal Ministry of Finance Wednesday commenced settling issues related to Circular Debt and the government would issue Term Finance Certificates (TFC) in this connection.According to sources, the over all costs of the certificated, to be issued, will range from Rs.75 billion to Rs.85 billion.The banks will provide loans to provincial governments, oil refineries, independent power producer companies, oil marketing companies and WAPDA in exchange of these term finance certificates.Federal Minister for Finance allowed issuance of TFC in a bid to resolve the issues involved with the Circular Debt.

USD Edges Higher, Awaits BoE, ECB

The greenback edged higher against the euro and sterling in the Wednesday session, rallying to 1.2814 and 1.4327, respectively. US economic data was mixed today, consisting of January ISM non-manufacturing survey and the ADP private sector payrolls report.The January ISM non-manufacturing survey unexpectedly improved to 44.2, from 38.9 in December. The ADP private sector payrolls report in January was slightly better than expected, revealing a loss of 522k jobs instead of the 530k loss forecasted, and improving from December’s loss of 693k jobs. Traders will look ahead to Friday’s January labor report. The January unemployment rate is expected to edge further 7.4%, up from 7.4% previously, while non-farm payrolls are estimated to improve to 500k versus 524k a month earlier.

US auto sales in reverse, plunge to 26-year low

WASHINGTON: US auto sales came crashing down to 26-year low, following global recession devastating the economy.Consumers frightened by the prospect of losing their jobs stayed away from auto showrooms again in January and sent U.S. car and truck sales falling 38 percent, a familiar refrain for the struggling industry but an unwelcome start to a critical year for U.S. carmakers.Sales fell 49 percent at General Motors and 40 percent at Ford, while Chrysler sales dropped to 55 percent.