Swiss banking giant UBS said Thursday that a rogue trader caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. The swindler reportedly worked at the bank's equity division in London.
The nation's largest group of nutritionists is urging the FDA to reject the dairy industry's petition to change the definition of milk. The petition aims to allow aspartame or other alternatives to be used to sweeten milk in an effort to boost consumption in schools.
Apple CEO Tim Cook faced tough questions on Capitol Hill on Tuesday. He defended a tax strategy that allows Apple to avoid taxes on tens of billions of dollars of profits. Cook also called on the Congress to lower the U.S. corporate tax rate.
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