President Barack Obama welcomed China's announcement Saturday that it will allow a more flexible exchange rate for its currency

BEIJING  President Barack Obama welcomed China’s announcement Saturday that it will allow a more flexible exchange rate for its currency, saying it would help protect the economic recovery.The announcement by China’s central bank suggested a possible break from the yuan’s two-year peg to the U.S. dollar – a source of friction between the two countries – but ruled out any large-scale appreciation.The People’s Bank of China mentioned no specific policy changes, though markets will be watched closely Monday for the announcement’s effects. Chinese officials have said all along that reforms of the yuan, also known as the renminbi, or “people’s money,” will be gradual.”It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility,” the central bank said in a statement posted on its website.

The announcement, timed just before President Hu Jintao’s trip to the G-20 summit in Toronto, Canada, follows warnings from Beijing earlier this week against making its currency policies a main focus of the meeting.Beijing kept the yuan frozen against the dollar to help Chinese manufacturers compete amid weak global demand. It faces pressure from the United States and other trading partners who contend the yuan is undervalued.

“China’s decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy,” Obama said in a statement.U.S. Treasury Secretary Timothy Geithner called the move an “important step.””But the test will be how far and how fast they let the currency appreciate,” he said.The European Commission also welcomed the decision, saying it would help achieve more sustainable global economic growth, reduce trade imbalances and strengthen the stability of the international financial system.

But the announcement is unlikely to satisfy critics in the U.S. Congress, who argue that an undervalued Chinese currency gives China’s exporters an unfair advantage, costing millions of American jobs.”This vague and limited statement of intentions is China’s typical response to pressure,” Sen. Charles Schumer, a New York Democrat, said in a statement. “Until there is more specific information about how quickly it will let its currency appreciate and by how much, we can have no good feeling that the Chinese will start playing by the rules.”

Signs that a global economic recovery has taken hold have prompted speculation that China would begin letting the yuan resume a gradual appreciation against the U.S. dollar that began in 2005 but was halted abruptly in 2008 as the global financial crisis took effect.Since then, the yuan’s value has remained at roughly 6.83 to $1, although it is formally pegged to a basket of currencies that includes the U.S. dollar.

“It definitely sounds significant. They’re saying they’re going to press forward,” Stephen Green, an economist at Standard Chartered Bank in Shanghai, said of Saturday’s statement.”We didn’t ever think they were going to do a big one-off, so it looks like that’s not going to happen,” he said. “We’re going to see more movement around a basically stable exchange rate until the global economy is basically healthier. The proof will be in the pudding on Monday.”

Chinese officials have warned that any adjustment to the exchange rate is not other countries’ concern.The director of the international department of the People’s Bank of China, Zhang Tao, told a news conference Friday that Chinese leaders will not discuss the yuan at the G-20 summit.

Saturday’s statement pointed to economic growth both inside and outside China as a reason for the increase in exchange rate flexibility.”The global economy is gradually recovering. The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability,” the central bank said.However, it indicated no major policy changes, adding: “The exchange rate floating bands will remain the same as previously announced in the interbank foreign exchange market.”(AP)

Dutch Airlines had Start flying the aircraft

Amsterdam  One by one airline in Europe began to be done, following the cessation of bursts of volcanic ash from the mountain in Iceland, which last week led to the European aviation paralyzed. Three flights started from Schiphol Airport, Amsterdam on Monday (19/4/2010) evening for Shanghai, Dubai and New York by airline KLM.”Three flights scheduled to leave tonight”, said a spokesman for the airline KLM, Saskia Kranendonk as reported by AFP on Tuesday (20/4/2010). The plane left the airport around 8:30 pm local time or 18:30 GMT.According to Saskia, is the type of aircraft flown by Boeing 747 each carrying 275 passengers, and the Airbus 330 can carry 243 passengers.

Previously, airlines in the Netherlands closed on Thursday, April 15, 2010 because of volcanic ash clouds from Iceland disrupt the flight path the country windmills.Previous Dutch Minister of Transport has also announced that the plane will be landing at Schiphol, Amsterdam on Tuesday (20/4/2010) morning.KLM airlines reported losses due to flight delays are between 5-10 million Euros (U.S. $ 6,7-13,4).

SYDNEY Energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia

SYDNEY Energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers.Reasons for letting the preliminary agreement lapse were not given, but analysts said Tuesday it was probably because PetroChina had become dissatisfied with the cost in the two years since the deal was signed.Woodside informed Australia’s stock exchange on Monday that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a Dec. 31 deadline and had now lapsed.A spokesman for PetroChina Ltd. in Beijing, Liu Weijiang, said on Tuesday he had no information on the deal and asked a reporter to call again later.Under the September 2007 agreement, PetroChina would potentially buy up to three million metric tons (3.3 million tons) of LNG per year from the project for up to 20 years.At the time, it was one of Australia’s largest export deals with an estimated worth of AU$45 billion ($40 billion).Since then, deals between prospective developers of the massive gas reserves on Australia’s so-called Northwest Shelf and customers have accelerated, with companies in China, Japan and South Korea signing on to multibillion dollar, two-decade agreements last year.The lapse of the PetroChina deal means that the terms, including price, for a large chunk of the Brown Basin gas are once again fully open to negotiation.

“The deal was good at the time, but in the past two years things have been changing rapidly,” said Peter Kopetz, energy analyst with Western Australia-based State One Stockbroking.PetroChina would probably look for other sources of gas, said Yang Wei, an oil industry analyst at Guotai Junan Securities in Shanghai.”I think it’s probably that the price is not right. It’s too expensive,” he said.PetroChina in August reached a $41 billion deal to buy natural gas from another project in the same region, that is being developed by Chevron.Chinese energy companies have signed a multibillion-dollar string of deals to import oil and gas from the Gulf, Africa, Central Asia and elsewhere to feed the demands of the country’s rapidly growing economy.Woodside had hoped the Browse project would be in production by 2012, but the company said Monday this timeline was no longer realistic, and a final investment decision by partners including Woodside, Chevron, BHP Billiton and Royal Dutch Shell would not be made until mid-2012.

Woodside said an agreement for CPC Corporation Taiwan to buy up to three million metric tons (3.3 million tons) of LNG per year for up to 20 years from the Browse project was still in place, and the company was looking for more customers.”Woodside remains in ongoing discussions with other Asia-Pacific LNG customers in relation to potential sales from its portfolio of Australian LNG developments, including the Browse project,” Woodside said in a statement.Woodside shares closed just shy of 1 percent higher on Tuesday at AU$47.97.(AP)

world celebrations for the new years

Taipei 101

PARIS jazzed up the Eiffel Tower with a multicolored, disco-style light display as the world basked in New Year’s festivities with hopes that 2010 and beyond will bring more peace and prosperity.From fireworks over Sydney’s famous bridge to balloons sent aloft in Tokyo, revelers across the globe at least temporarily shelved worries about the future to bid farewell to “The Noughties” – a bitter-tinged nickname for the first decade of the 21st century playing on a term for “zero” and evoking the word naughty.In New York City, hundreds of thousands of revelers gathered in chilly weather in Times Square to usher in the new decade. Organizers were preparing 3,000 pounds (1,360 kilograms) of confetti that will be scattered when the New Year’s Eve crystal ball drops at midnight.Fireworks were set off at about 6 p.m. and the gigantic ball was lowered into place in preparation for midnight. Many people wore conical party hats and 2010 glasses that blinked colorfully, and some were jumping up and down to keep warm – the National Weather Service said the temperature will be in the low 30s and forecast snow for around midnight.Las Vegas prepared to welcome some 315,000 revelers with fireworks from casino rooftops, a traffic-free Las Vegas Strip and toasts at nightclubs from celebrities including actress Eva Longoria and rapper 50 Cent.

Sydney Harbour

Even as some major stock market indexes rose in 2009, the financial downturn hit hard, sending many industrial economies into recession, tossing millions out of work and out of their homes as foreclosures rose dramatically in some countries.”The year that is ending has been difficult for everybody. No continent, no country, no sector has been spared,” French President Nicolas Sarkozy said on national TV in a New Year’s Eve address. “Even if the tests are unfinished, 2010 will be a year of renewal,” he added.

German Chancellor Angela Merkel warned her people that the start of the new decade won’t herald immediate relief from the global economic ills. South Africa’s president, Jacob Zuma, was more ebullient, saying the World Cup is set to make 2010 the country’s most important year since the end of apartheid in 1994.At midnight in Rio de Janeiro, about 2 million people gathered along the 2.5-mile (4 kilometer) Copacabana beach to watch a huge fireworks display and listen to dozens of music acts and DJs.

The multitudes came mostly dressed in traditional white clothing, a nod to the Afro-Brazilian religion of Candomble but a custom followed by nearly everyone as it is thought to bring peace and good luck for the coming year.Officials said about 12,000 police were on duty during the New Year’s Eve party in and around Copacabana to provide security.Dressed in white and holding a glass of champagne in his hand, visitor Chad Bissonnette, 27, a nongovernmental group’s director from Washington, D.C., said, “This year was the toughest I’ve experienced – for the first time as an American I saw many friends lose jobs and businesses in my neighborhood close regularly.”

Australian Prime Minister Kevin Rudd hailed events in 2009 like the inauguration of the United States’ first black president, and international attempts to grapple with climate change and the global financial crisis.”The great message from 2009 is that because we’ve been all in this together, we’ve all worked together,” Rudd said in a New Year’s message.Australia got the some of the festivities rolling, as Sydney draped its skies with explosive bursts of crimson, purple and blue to the delight of more than 1 million New Year revelers near the harbor bridge.Concerns that global warming might raise sea levels and cause other environmental problems were on the minds of some as the year ended.

Venice revelers rang in the New Year with wet feet as high tide on its archipelago peaked just before midnight to flood low-lying parts of the city – including the St. Mark’s Square.The last year also offered its reminders of the decade’s fight against terrorism, wars in Iraq and Afghanistan, and more recently, rising militant violence in Pakistan.Prime Minister Gordon Brown of Britain, in a statement Wednesday, suggested that terrorism book-ended the decade, with the Sept. 11, 2001, attacks in the United States, and foiled plot by a Nigerian man to set off explosives on a U.S.-bound airliner on Christmas Eve.

“In late December we were reminded at this decade’s end, just as we were at its beginning, that there is a terrorist threat which puts our safety and security at risk and which requires us to take on al-Qaeda and the Taliban at the epicentre of global terrorism,” he said.

The American Embassy in Indonesia warned of a possible terrorist attack on the resort island of Bali on New Year’s Eve, citing information from the island’s governor – though local security officials said they were unaware of a threat.In a more upbeat theme, the Eiffel Tower was decked out for its 120th anniversary year with hundreds of multicolored lights along its latticework. It was seemingly retro in style, but decidedly 21st century as it showered the Iron Lady in a light show billed as more energy-saving than its usual sparkling lights.

Police blocked off the Champs-Elysees to vehicle traffic as partygoers popped champagne, exchanged la bise – the traditional French cheek to cheek peck – or more amorous kisses to celebrate the New Year.Spain rang in the start of its six-month presidency of the European Union with a sound and light show illuminating Sol square in Madrid and images from the 27 member states projected onto the central post office building.Partiers braved the cold – and a shower from sparkling cava wine bottles – in traditional style by eating 12 grapes, one with each tolling of the city hall bell.Despite frigid temperatures, thousands gathered along the River Thames for fireworks were fired from the London Eye attraction just as Big Ben struck midnight – an hour after continental western Europe.

Europe and the Americas may have partied harder than Asia. Islamic countries such as Pakistan and Afghanistan use a different calendar; China will mark the new year in February.Still, in Shanghai, some people paid 518 yuan ($75) to ring the bell at the Longhua Temple at midnight and wish for new-year luck. In Chinese, saying “518” sounds like the phrase “I want prosperity.”

Saudi Arabia is one of the few countries where New Year’s Eve is not celebrated publicly. Clerics in the ultraconservative country say Muslims can only observe their faith’s feasts of Eid al-Fitr and Eid al-Adha. For them, any other occasions are considered innovations that Islam rejects.Unlike many Islamic countries where pigs are considered unclean, New Year’s in Austria just isn’t complete without a pig-shaped lucky charm – and stalls selling the little porkers did a good business Thursday. Some are made of marzipan or chocolate; others come in glass, wood, rubber or soap.

Herbert Nikitsch of the University of Vienna’s Institute of European Ethnology said the porcine phylactery may originate from the fact that pigs represented food and sustenance for farmers in preindustrial times.Some festivities went awry.In the Philippines, hundreds of people were injured by firecrackers and celebratory gunfire during the celebrations. Many Filipinos, largely influenced by Chinese tradition, believe that noisy New Year’s celebrations drive away evil and misfortune – but some carry that belief to extremes.At Zojoji, one of Tokyo’s oldest and biggest Buddhist temples, thousands of worshippers released clear, helium-filled balloons to mark the new year. Nearby Tokyo Tower twinkled with white lights, while a large “2010” sign glowed from the center.

Tokyo’s Shibuya area, known as a magnet of youth culture, exploded with emotion at the stroke of midnight. Strangers embraced spontaneously as revelers jumped and sang.In Istanbul, Turkish authorities deployed some 2,000 police around Taksim Square to prevent pickpockets and the molestation of women that have marred New Year celebrations in the past. Some officers were under cover, disguised as street vendors or “even in Santa Claus dress,” Istanbul Gov. Muammer Guler said.In Stonehaven, on Scotland’s east coast, the fireballs festival – a tradition for a century and a half – saw in the New Year. The pagan festival is observed by marchers swinging large, flaming balls around their heads. The flames are believed to either ensure sunshine or banish harmful influences.In contrast to many galas worldwide, the Stonehaven Fireballs Association warned those attending not to wear their best clothes – because “there will be sparks flying along with smoke and even whisky.” (AP)