WASHINGTON - THE US Treasury and the Federal Reserve on Tuesday formally launched a program designed to pump US$200 billion (S$309.6 billion) into consumer credit through the purchase of securities linked to various loans.

The program, which could rise up to one trillion dollars, aims to break a credit crunch by buying up asset-backed securities linked to credit cards, auto loans and other types of consumer credit.

NEW YORK - INVESTORS cautiously pushed stocks higher at the opening on Tuesday as the market mulled the extent of the economic gloom a day after a global rout that sent key indexes to fresh 12-year lows.

LONDON - BRITISH oil major BP said on Tuesday that its reserve replacement ratio - the rate at which production is replaced by new oil discoveries - surged by 121 percent in 2008.