Paulson to make his currency case to China's Hu

(Reuters) - Paulson and other top Bush aides are trying to head off several trade-focused bills that are aimed at ratcheting up pressure on Beijing to allow the yuan to appreciate more quickly to ease trade imbalances.




"At a time when U.S. exports are growing globally, such legislation also exposes the United States to the risk of 'mirror legislation' abroad and could trigger a global cycle of protectionist legislation," Paulson, U.S. Trade Representative Susan Schwab and Commerce Secretary Carlos Gutierrez said in a joint letter to senior senators.


Read more at Reuters.com Business News

Yen holds gains, supported by risk aversion

(Reuters) - Traders said the yen took its cue from U.S. share prices, which slid on Tuesday after mortgage lender American Home Mortgage Investment Corp. said it could not fund home loans and might have to liquidate assets.




Risk aversion stemming from such falls in equities and worries about the U.S. housing and credit markets could prompt the dollar to eventually break below 118.00 yen, said a trader for a major Japanese trading house.


Read more at Reuters.com Hot Stocks News

Japan Facing Pressure From Asia-Pacific Ministers Over Yen Carry Trades

(Bloomberg) -- Japan's Finance Minister Koji Omi is
likely to face pressure over the value of the yen from economies as
diverse as South Korea and New Zealand at a meeting of 21 Asia-
Pacific policy makers in Australia starting today.

Money borrowed in Japan, where the benchmark interest rate is
0.5 percent, is being invested in economies offering higher returns.
New Zealand, where the key rate is 8.25 percent, has seen its
currency driven to a 22-year high by the so-called yen carry trade.
Thailand's baht has surged to its highest since the Asian financial
crisis a decade ago, as has the South Korean won.


Read more at Bloomberg Currencies News

Asian Stocks Decline, Led by Macquarie Bank, Sony on U.S. Subprime Rout

(Bloomberg) -- Asian stocks fell after a U.S. lender
said it lacks cash to fund new loans, reigniting concerns that a
decline in the country's subprime loan industry will curb growth
in the world's largest economy.

Macquarie Bank Ltd., Australia's largest securities firm,
plunged after it said investors in some of its high-yield funds
may lose as much as 25 percent of their money amid the fallout in
U.S. subprime mortgages. Sony Corp. led declines among exporters
on concern the U.S. housing rout will dent consumer spending.


Read more at Bloomberg Stocks News

Australian Stocks Fall, Led by Macquarie on U.S. Subprime Mortgage Concern

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.44 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 27.10 to 6,117.10. Among the stocks in the index,
25 rose, 96 fell and 80 were unchanged.


Read more at Bloomberg Stocks News

Murdoch looks to legacy with Dow Jones bid

(Reuters) - Now the 76-year-old media mogul aims to redeem his legacy in the business he loves most with the anticipated $5 billion purchase of Dow Jones & Co. Inc., owner of The Wall Street Journal, Barron's financial weekly and Dow Jones Newswires.




Dow Jones looked set to agree on Tuesday to the buyout later on Tuesday, regarded as one of the most audacious yet for the consummate dealmaker.


Read more at Reuters.com Mergers News

UPDATE 1-Equity Residential FFO down, but beats analyst view

(Reuters) - The investment trust founded by real estate mogul Sam Zell
said second-quarter FFO fell to 60 cents a share from 61 cents
per share a year earlier, but still beat analysts' average call
for FFO of 56 cents per share, according to Reuters Estimates.




FFO removes the profit-reducing effect of depreciation -- a
noncash accounting item -- on earnings, and it is a performance
measure commonly used by real estate investment trusts.


Read more at Reuters.com Market News