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 March 17, 2010 - 15:05 PM PST
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UPI NewsTrack Business

NEW YORK, March 17 (UPI) -- Equity markets in New York and Asia headed higher Wednesday after central banks in Washington and Japan left bank lending rates unchanged.

The U.S. Federal Reserve Tuesday left its lending rate at zero to 0.25 percent. On Wednesday, the Bank of Japan said its key lending rate would stay at 0.1 percent. The BOJ also said it would double a lending program that began in December to add liquidity to financial markets.

By close, the Dow Jones industrial average added 47.69 points or 0.45 percent to 10,733.67. The Standard & Poor's 500 index gained 6.75 points, or 0.58 percent, to 1,166.21. The Nasdaq composite index of tech-dominated stock rose 11.08 points, or 0.47 percent, to 2,389.09.

Cisco Systems Inc. led the Dow with a gain of 1.42 percent. Bank of America Corp. (NYSE:BAC) , close behind, added 1.41 percent.

On the New York Stock Exchange, 2,161 shares advanced and 886 declined on a volume of 4.9 billion shares traded.

In Asia, the Nikkei 225 index in Japan rose 1.17 percent, 125.27 points, to 10,846.98. The Shanghai composite index in China added 1.93 percent to 3,050.48. The Hang Seng in Hong Kong gained 1.72 percent to 21,384.49. In Europe, the FTSE rose 24.20 or 0.43 percent to 5,644.63.

The benchmark 10-year U.S. treasury note rose 3/32 to yield 3.642 percent.

The euro fell to $1.3737 from Tuesday's $1.3777. Against the yen, the dollar rose to 90.32 yen from Tuesday's 90.24 yen.

Automakers sound alarm on Asian currencies

DETROIT, March 17 (UPI) -- U.S. automakers Wednesday urged Congress to challenge Japan and South Korea on the issue of currency devaluation, which influences export prices.

South Korea has recently made moves to depreciate the value of the won, while Japanese officials said they were prepared to keep the yen from appreciating, the Detroit Free Press reported Wednesday.

Lower values of foreign currencies make foreign exports more affordable in the United States, while making U.S. products more expensive overseas.

General Motors Co., Chrysler Group and Ford Motors Corp., through the American Automotive Policy Council, in a letter to Congress, said "we urge you to communicate that any decision to proceed with or continue such interventionist policies will be strongly and directly challenged by the United States in defense of fairness and American jobs."

Sen. Debbie Stabenow, D-Mich., said, "Our workers are losing their jobs because countries like China continue to place artificial discounts of up to 40 percent on their products and then sell them here in Michigan at a cheaper price."

Saab to put U.S. headquarters in Michigan

ROYAL OAK, Mich., March 17 (UPI) -- Saab Cars North America Inc. said its U.S. headquarters would be in Royal Oak, Mich., next to its former owner and in a state known for its auto experts.

Saab said it would hire 60 employees initially and about 160 by 2014 to run the U.S. operations, including human resources, information technology, accounting and other administrative tasks, The Detroit News reported Wednesday.

Initially, salaries would average about $88,000, the News said.

"A job is a job and one job is better than no jobs," David Cole, chairman of the Center for Automotive Research said.

The Michigan Economic Growth Authority granted Saab, which General Motors Co. sold for $74 million in February to Spyker Cars NV (OOTC:SPYKF) , a $1.2 million tax break to locate in Michigan.

"There are great suppliers here, and the human resources here are second to none," said Mike Colleran, chief operating officer of Saab Cars North America.

The company expects a business with about $500 million in revenue per year.

Nearby is GM, which still owns $326 million in preferred Saab stock, the News said.

Broadcasters to square off with FCC

WASHINGTON, March 17 (UPI) -- A battle over the spectrum allotted to television and the U.S. Federal Communications Commission is heating up, attorneys who represent broadcasters said.

This week, the FCC submitted a long-range plan to Congress for approval that includes reducing the spectrum for television broadcasters by about 40 percent, CNet News reported Wednesday.

The FCC is betting the country will orient itself to digital broadband and wants to claim space on the spectrum for Internet and wireless mobile phone providers.

About 300 MHz of spectrum is currently allotted to television. The FCC wants the industry to give back about 120 MHz in the next five years.

"The FCC is staking out a really aggressive stance on spectrum," said John Hane, an attorney at Pillsbury Winthrop Shaw Pittman. "And if there isn't a lot of political opposition to do this now, just wait. They'll rally it," he said, referring to television broadcasters.

"If I am a broadcaster, I'd see this as a coercive plan that may include a voluntary escape hatch. But in general, I don't see how it can be good for broadcasters," Hane said.

"This fight will go on for a long time. I don't see any way they can stick to this schedule," he said.