BC-Business News Digest

⿿ MEDICARE WASTE ⿿ Investigators find Medicare is paying four times the cost for off-the-shelf back braces.

FINANCE

SWITZERLAND-UBS PENALTY

GENEVA ⿿ Switzerland's UBS will pay $1.5 billion to international regulators following a probe into the rigging of a key global interest rate. In admitting to fraud, Switzerland's largest bank became the second bank, after Britain's Barclays, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly $2 billion for alleged money laundering. By John Heilprin.

AP photos

With:

⿿ SWITZERLAND-UBS PENALTY-GLANCE ⿿ A look at bank scandals since the financial crisis.

KNIGHT CAPITAL-GETCO

NEW YORK ⿿ Nearly five months after a major software malfunction at Knight Capital roiled financial markets, the trading firm has agreed to sell itself to a competitor, Getco, in a cash-and-stock deal that the companies value at $1.4 billion.

⿿ GERMANY-DEUTSCHE BANK ⿿ Deutsche Bank's co-CEO acknowledges calling a senior German politician following a raid at the bank's offices last week, and apologizes if the move gave people the impression that he tried to exert political influence on a legal case.

INDUSTRY

TEN CALORIE SODAS

NEW YORK ⿿ When it comes to the calories in diet soda, Dr Pepper thinks 10 is the new zero. Starting next month, the country's No. 3 soft drink company plans to roll out 10-calorie versions of its five big biggest soda brands: 7-Up, Sunkist, Canada Dry, RC Cola and A&W Root Beer. The drinks are an extension of its Dr Pepper Ten launched last year. By Food Industry Writer Candice Choi.

EARNS-FEDEX

NEW YORK ⿿ FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. By Samantha Bomkamp.

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