Financial Biz Cheat Sheet: Rogue UBS Trader Facing Additional Charges, Visa and MasterCard Raise Debt-Card Fees
The UBS (NYSE:UBS) trader charged with $2.3 billion in losses at the Swiss bank is now facing an additional charge.
Hot Feature: 5 Richest Hedge Fund Managers
Insurers are trading lower today after the Fed announced plans to purchase long-term bonds, as well as renewed concern about their exposure to sovereign debt. Genworth (NYSE:GNW), Lincoln National (NYSE:LNC), Prudential Financial (NYSE:PRU), American International Group (NYSE:AIG), and MetLife (NYSE:MET) are all trading heavily in the red today.
BNP Paribas CEO Baudouin Prot has denied that his bank is in talks with Qatar about selling a stake of the French bank to the country’s sovereign wealth fund. “I formally deny it,” said Prot, adding that the lender does not need to raise capital.
Both Visa (VISA) and MasterCard (NYSE:MA) plan to raise debit-card fees for small-ticket purchase to the full amount allowed by law, a move that is expected to create a shift back to credit cards, at least for certain small-ticket purchases.
Don’t Miss: European Central Banks Are Hungry for Gold
Newcastle Investment (NYSE:NCT) has priced its previously announced 22.5 million share offering at $4.55, which will add $102 million to the firm’s coffers.