James Breen News
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Verizon Communications Inc., the second-largest U.S. phone company, raised its quarterly dividend by 3 percent to 51.5 cents a share, the sixth consecutive year of increases after wireless bills and customers rose last quarter.
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Options traders are charging the biggest premium since March to protect against losses in Chinese companies on signs that a slowdown in the world’s second-largest economy is worse than economists estimated.
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Rajat Gupta, the former Procter & Gamble Co. director indicted last year for insider trading, illegally tipped now-convicted hedge fund manager Raj Rajaratnam about P&G’s 2008 sale of Folgers Coffee Co. to J.M. Smucker Co., federal prosecutors said.
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Mylan Inc., the generic-drug company, agreed to pay $57 million to settle claims it caused the U.S. and California to overpay for drugs.
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Watson Pharmaceuticals Inc., the generic-drug maker, will pay $79 million and Novartis AG’s Sandoz unit will pay $66 million to resolve claims they defrauded U.S. and state governments by causing Medicaid to overpay for drugs.
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Kweku Adoboli, the UBS AG trader arrested in London yesterday, admitted to causing losses while the bank’s risk-control officers were examining his trades, a person with knowledge of the matter said.
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Federal Deposit Insurance Corp. nominee Thomas Hoenig told lawmakers that large financial firms must be accountable for their own capital and risk-taking and shouldn’t count on government help in the event of a collapse.
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U.S. prosecutors asked a judge to delay the civil insider-trading case against Rajat Gupta brought by the Securities and Exchange Commission so that Gupta’s criminal trial can proceed first.
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