China Fails to Appease American Lawmakers With Looser Grip on Yuan's Rise

(Bloomberg) -- China's pledge to allow greater
fluctuation in its currency's exchange rate failed to appease U.S.
lawmakers, who said they will push ahead with punitive
legislation unless the yuan appreciates at a faster pace.

``We need more than signs, what's necessary is action,''
Democratic Representative Sander Levin of Michigan, who chairs
the trade panel of the House Ways and Means Committee, said in an
interview yesterday. ``I don't think the announcement will change
the course of action in the Congress.''


Read more at Bloomberg Emerging Markets News

Treasury Yields Rise to Three-Month High on Rate Outlook, Chinese Currency

(Bloomberg) -- Treasuries fell amid eroding
confidence the Federal Reserve will cut its key rate this year
and on concern China's move to allow its currency to appreciate
will reduce its accumulation of dollar-denominated assets.

Ten-year yields rose to a three-month high as an unexpected
boost in a gauge of consumer confidence and a rally in U.S.
stocks challenged the view that record gasoline prices and a
housing slump will cause an economic slowdown. Surveys of bond
investors showing they have added to their holdings may indicate
they have little appetite to buy more.


Read more at Bloomberg Bonds News

Bank of America sued for race discrimination

(Reuters) - The 29-page complaint, filed Thursday with the U.S. District Court in Boston, contends that the bank discriminates against African-Americans in pay, promotions, training and support services.




It said the Charlotte, North Carolina-based bank regularly teams African-American workers together and assigns them to largely minority neighborhoods and low net-worth clients.


Read more at Reuters.com Business News

Bayer, EnerNOC, 99 Cents Only, Focus Media, Sepracor: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Shares prices are as of 1:10 p.m. New York time.

AQuantive Inc. (AQNT US) rose $27.85, or 78 percent, to
$63.72 and traded as high as $63.90. Microsoft Corp. (MSFT US)
agreed to buy the owner of the largest independent online-
advertising agency for about $6 billion to expand its online
advertising services. AQuantive shareholders will receive $66.50
in cash, Microsoft said in a statement, almost double the
company's last closing share price.


Read more at Bloomberg Stocks News

U.S. Urges Chinese Policy Makers to Use Wider Band to Let the Yuan Gain

(Bloomberg) -- The U.S. Treasury urged Chinese policy
makers to use the wider trading band for their currency to allow
the yuan to rise faster.

``This is a useful step towards greater flexibility and an
eventual float of the currency,'' Alan Holmer, the Treasury's top
China official, told reporters in Washington. ``It's important
now that Chinese authorities use the wider band and allow greater
currency movement within each day and over time.''


Read more at Bloomberg Currencies News

US home prices seen high, may prolong slump-survey

(Reuters) - The negative consumer view on home prices could drag out
the current U.S. housing slowdown, already exacerbated by the
subprime mortgage crisis. But Curtin noted there were many
people who found the discounted homes appealing, which could
temper the market's decline.




"This growing resistance to the current level of price
discounts on homes will act to prolong but not deepen the slump
in home sales," he said in a statement.


Read more at Reuters.com Economic News

PPG expects decision on two units by end-summer

(Reuters) - The company would consider linking up with a partner,
including a private equity firm, in a joint venture, but only
with PPG holding a minority stake, he said.




Bunch also said he did not expect an upturn in the U.S.
housing markets until 2008, and said the coatings industry may
see a larger acquisition in the future rather than the small to
mid-sized buys that have occurred in recent years.


Read more at Reuters.com Mergers News