BC-Business News Digest
â¿¿ MEDICARE WASTE â¿¿ Investigators find Medicare is paying four times the cost for off-the-shelf back braces.
GENEVA â¿¿ 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: â¿¿ SWITZERLAND-UBS PENALTY-GLANCE â¿¿ A look at bank scandals since the financial crisis. KNIGHT CAPITAL-GETCO NEW YORK â¿¿ 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. â¿¿ GERMANY-DEUTSCHE BANK â¿¿ 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 â¿¿ 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 â¿¿ 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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