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The Honolulu Advertiser
Posted on: Friday, March 12, 2010

BUSINESS BRIEFS
Dodd to offer GOP-less financial overhaul bill

Advertiser Staff and News Services

Hawaii news photo - The Honolulu Advertiser

Arizona homeowners met with counselors and lenders yesterday at an event organized by federal agencies.

ROSS D. FRANKLIN | Associated Press

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WASHINGTON Unable to muster bipartisan agreement on key banking provisions, the chairman of the Senate Banking Committee said yesterday he will offer his own version of a sweeping overhaul of financial regulations without Republican support.

A month of talks between Democratic Sen. Christopher Dodd and Republican Sen. Bob Corker had found common ground, but details on key provisions, including consumer protections, remained unsettled.

Dodd said he hoped the Senate could act on a bill in the next three months.

BP TO EXPLORE OFF BRAZIL IN $7B DEAL

LONDON BP is expanding its dominant oil and gas operations in the Gulf of Mexico and dropping anchor off Brazil with a $7 billion deal to buy exploration rights from Devon Energy.

BP will get the rights for 10 exploration blocks in Brazil and others in the Gulf of Mexico and in the Caspian Sea near Azerbaijan. BP also is selling a 50 percent stake in its Kirby oil sands interests in Canada to Devon for $500 million.

The companies will form a joint venture as Devon beefs up its North American onshore portfolio.

U.S. TRADE DEFICIT FELL 6.6% IN JANUARY

WASHINGTON The U.S. trade deficit unexpectedly shrank in January, reflecting a big drop in imports of oil and foreign cars. American exports also fell, a potential blow to hopes U.S. sales abroad will help the economic recovery.

The Commerce Department said the trade deficit fell to $37.3 billion in January, a drop of 6.6 percent from a revised December deficit of $39.9 billion. Economists expected the deficit to widen to $41 billion. Exports fell 0.3 percent.