Nominated commerce secretary withdraws

New Mexico Governor Bill Richardson has withdrawn as US President-elect Barack Obama\'s nominee for commerce secretary.



Mr Richardson\'s decision was linked to a pending investigation into a company, which has done business with his state.



In a joint statement, Mr Obama said he had accepted Mr Richardson\'s decision to withdraw with deep regret.



Mr Richardson denied any wrongdoing but said that the inquiry could take months and he could not allow the commerce department\'s vital work to be delayed.



A federal grand jury in Albuquerque is investigating how a California company that contributed to Mr Richardson\'s political activities won a New Mexico state contract.