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Levin: Keep yuan sanctions option open

China’s actions in coming weeks will determine whether the U.S. Congress passes legislation to pressure Beijing to raise the value of its currency, a Michigan congressman said Thursday.

“I think we need to keep that legislation on the burner. I think whether we act on it will be affected by what China does,” House Ways and Means Committee Chairman Sander M. Levin told reporters.

Bowing to pressure from the U.S. and other trading partners, China announced Saturday that it was freeing its closely managed currency from a two-year peg to the dollar.

President Obama’s administration welcomed the move, but many U.S. lawmakers want China to go further and raise the value of the yuan against the dollar.


Twitter settles over security lapses

Twitter has settled charges with federal regulators that it put the privacy of its users at risk by failing to protect them from data-security lapses last year that let hackers access their accounts.

The Federal Trade Commission announced the settlement Thursday.

It bars Twitter from misleading consumers about its security and privacy practices. Twitter must establish and maintain a comprehensive information security program.

There were no monetary damages assessed.

The FTC says the breaches allowed hackers to gain administrative control over the online service, whose users send brief messages called tweets to each other. The FTC says hackers got access to user messages, reset user passwords and sent phony tweets from user accounts.


For-profit colleges scrutinized by panel

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