Tim Hortons’ sales of coffee will help kids attend camps

Tim Hortons will give all proceeds from sales of coffee at its restaurants in the United States and Canada on Wednesday to a foundation that will send youths to free camp sessions.

More than 60 campers from Maine will be selected by local store owners, youth organizations and schools to attend the camps, which feature programs that emphasize building self-confidence, leadership skills and self-esteem.

The Tim Horton Foundation operates six camps in the United States and Canada, where youths age 9 to 12 attend 10-day summer or seven-day winter sessions. Since 1975, more than 150,000 children have attended the camps at no cost.

Retired N.H. senator hired to advise Goldman Sachs

Goldman Sachs said Friday it has hired former Sen. Judd Gregg, R-N.H., an architect of legislation that authorized the rescue of the largest U.S. banks in 2008, as an adviser four months after he retired from the Senate.

Gregg, 64, joins a group of 17 international advisers providing counsel to the fifth-largest U.S. bank by assets and its clients, the firm said in a statement. Gregg also served as New Hampshire’s governor and a member of the House.

He was one of the leading lawmakers to draw up legislation that authorized the Troubled Asset Relief Program to bail out banks. On the Senate banking committee, he opposed proposals to separate banks’ derivatives units and said the Dodd-Frank legislation would reduce credit availability.

Gregg was President Obama’s nominee to head the U.S. Commerce Department in 2009 and withdrew his name over disagreements about the economic stimulus package.

U.S. declines to cite China for manipulating currency

The Obama administration Friday declined to cite China for manipulating its currency to gain trade advantages against the United States but said the pace of the currency’s rise against the dollar needs to be accelerated.

The Treasury Department noted that China has been allowing its currency to rise against the dollar since last June, but it said Beijing needs to make more rapid progress. America’s trade deficit with China hit a record high last year.

The department’s finding came in a report it must submit to Congress every six months determining whether other countries are manipulating their currencies. American manufacturers have been pushing for China to be cited. That could result in penalty tariffs on Chinese imports.

U.S. manufacturers believe China’s currency is undervalued against the dollar by as much as 40 percent. This makes Chinese goods cheaper in the U.S. market and American products more expensive in China.

PayPal accuses Google Inc. of stealing its ‘wallet’ ideas

Google Inc.’s ambitious plan to supplant credit cards with smartphones has thrust the Internet search leader into a legal tussle with online payment pioneer PayPal, which contends Google stole its ideas by hiring away two key executives.

PayPal painted a picture of betrayal and corporate espionage in a lawsuit filed late Thursday in a California state court, just hours after the unveiling of the “Google Wallet” payment service in New York.

The 28-page complaint alleges the service evolved from research that eBay Inc.’s PayPal had been working on for the past decade.