Swiss banking giant UBS AG has agreed to pay $1.5 billion in fines to regulators in the U.S., Britain and Switzerland for its part in a scheme to manipulate the London interbank offered rate (LIBOR), which is used to set rates on contracts around the world.
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Even before the events of the last few days, Congress had a busy agenda. Lawmakers are negotiating over taxes and spending that could affect the economy in the year ahead, not to mention almost every part of the federal government and the take-home pay for millions of Americans.
NPR's business news begins with a global bank settlement.
It's the big Swiss bank, UBS. It announced this morning that it will pay a total of $1.5 billion in fines for its role in rigging the interbank lending rate known as LIBOR. The settlement will be paid to Swiss, British and American regulators.
Greece got a rare bit of good news late yesterday. Standard and Poor's upgraded the country's credit rating six notches to a B minus. I mean, not the worst grade on your report card, but in the financial world this is junk bond status.
Still, Joanna Kakissis reports from Athens that there is a more stable outlook.
Pakistani gunmen staged new attacks Wednesday on health workers carrying out a nationwide polio vaccination program. Six workers were killed Tuesday as they went house to house to administer the immunizations to area children in Karachi and the northwest city of Peshawar.
Although there were additional attacks, the Pakistani government vowed to continue the vaccination campaign — and eradicate the disease — even if there is bloodshed.
A visitor handles a revolver at a Smith & Wesson display during the NRA Annual Meetings and Exhibits on April 14 at America's Center in St. Louis, Mo.
Credit Joshua Roberts / Reuters/Landov
Dan Gross, president of the Brady Campaign to Prevent Gun Violence, calls on Congress to address gun violence at a news conference on Capitol Hill on Tuesday. More than 20 family members and victims of mass shootings across America joined him.
If the sheer variety of holiday music that pops up each winter is any indication, there's no genre that can't handle a little Christmas spirit. This year, Louisiana country singer Sammy Kershaw decided to test that theory with the sounds of the bayou. His new album of Cajun-infused holiday songs is called A Sammy Klaus Christmas.
They used to call it the "vanity press," and the phrase itself spoke volumes. Self-published authors were considered not good enough to get a real publishing contract. They had to pay to see their book in print. But with the advent of e-books, self-publishing has exploded, and a handful of writers have had huge best-sellers.
I've never had any interest in hunting. Among other things, I'm a terrible shot, but I have friends who hunt, and it appears to me to be a perfectly reasonable sports hobby — certainly every bit as honorable as fantasy football. Moreover, shooting a deer or a duck with a bullet seems to me no more inhuman than catching a trout or a marlin with a hook.
Oh, sometimes I get a little piqued that those who hunt and fish are ennobled as "sportsmen," while people who play golf are just golfers and people who bowl are just bowlers. But then, that's just me being picayune.
Fresh maple syrup in two maple leaf-shaped bottles, with other bottles behind. Police officials have arrested three men who allegedly siphoned the sweet treat from 16,000 storage barrels stored in a Quebec warehouse.
Originally published on Wed December 19, 2012 4:50 am
Gov. Rick Snyder has vetoed a bill that would have allowed concealed pistols to be carried in schools and other places where they had been banned. The Michigan legislature had approved the legislation when its lame-duck session ended Thursday — one day before the Newtown elementary school shootings.
As NPR's Rick Pluta reported for today's Morning Edition, Snyder has said that Friday's tragedy played a role in his consideration of the bill:
The change — which was posted in dense legalese on its website Monday — sparked users to vow to stop posting their color-filtered, tilt-shifted photos to Instagram.
Originally published on Tue December 18, 2012 4:23 pm
If President Obama takes the lead in a movement for more effective gun control now that he's been stirred to action by the Sandy Hook Elementary School massacre, it would mark a significant break from his pattern so far as chief executive.
For while Obama has dutifully served as the nation's consoler in chief in localities where the all-too-frequent mass shootings have occurred, that has seemed the extent of the official response observable to White House outsiders.
The National Rifle Association of America has broken its silence to comment on Friday's gun violence that ravaged a tight-knit Connecticut community, releasing a statement in which the gun-owners' rights group said it "is prepared to offer meaningful contributions to help make sure this never happens again."
It's a nervous time for companies that make and sell guns.
On Tuesday, Cerberus Capital Management, a private equity firm, announced it was selling its stake in Freedom Group, maker of the American Bushmaster AR-15 rifle, which was used in the Newtown killings last Friday, along with other brands such as Remington.
A growing number of lawmakers are indicating they are open to considering new gun control measures in the wake of Friday's school shooting in Newtown, Conn. But while much of the national debate has focused on limiting access to guns, others are suggesting that schools should arm themselves to defend against attacks.
David Thweatt, school superintendent for the small Texas town of Harrold, northwest of Fort Worth, decided in 2006 that it was time to arm his staff. There's only one school in Harrold, a K-12 with 103 students.
Parents drill certain warnings into their children: don't drink, don't smoke and don't do drugs. But those conversations have gotten tougher now that two states, Colorado and Washington, have decriminalized some recreational marijuana use.
Lt. J. Paul Vance of the Connecticut State Police conducts a news briefing Saturday in Newtown, Conn. The strategy for dealing with the wave of news media in Newtown echoes that of some past tragedies, experts say.
Originally published on Tue December 18, 2012 1:04 pm
Fielding questions from reporters Friday in the first hours after the mass shooting at Sandy Hook Elementary School, Connecticut State Police spokesman Lt. J. Paul Vance made one thing perfectly clear: The news media could consider him the one and only reliable source for information on the tragedy.