NEW YORK ( TheStreet) -- Popular searches on the Internet include Cyber Monday, as the Internet's version of Black Friday takes place Monday
Holiday shoppers in search of deals and discounts will take to the Web Monday more than any other day during the season. Research firm comScore estimated that this year's Cyber Monday will be the biggest online shopping day of the year for the third year in a row. This year, an estimated $1.5 billion will be spent on Cyber Monday in America, a 20% increase from last year.
Online shopping this holiday season is growing as a whole. ComScore also said that online sales on Black Friday, the busiest in-store shopping day of the year, rose 26% to $1.04 billion from last year. That marks the first time Black Friday online sales topped $1 billion. Shoppers even took to their computers on Thanksgiving, with sales rising 32% from a year ago to $633 million.
The term "Cyber Monday" was created by Shop.org in 2005 after noticing online sales that soared on the Monday after Thanksgiving.
UBS (UBS) is trending as the firm has been fined 29.7 million pounds ($47.6 million) by the U.K. in connection to rogue trader Kweku Adoboli's $2.3 billion trading loss. The Financial Services Authority, which issued the fine, said the loss is indicative of serious weaknesses in management and internal controls at UBS. The FSA said it found that UBS' computerized trading system could not effectively detect unauthorized trades. It also found that the desk where the fraud took place was not proficient in dealing with breaching daily trading limits, among other weaknesses. Now, UBS is also being told by Finma, the Swiss regulator, that it may have to increase capital levels for operational risks. Finma said it told UBS to appoint an independent third party to monitor the company's progress on improving its management systems and internal controls. Finma said once the program to fix these failings is completed, an auditor will check the effectiveness of the company's controls against unauthorized trading.
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