Morning business headlines
Friday, July 26, 2013 11:10 AM
U.S. regulator announces $885 million settlement with UBS
Reuters reports that an $885 million settlement has been reached with UBS AG over allegations that the bank misrepresented mortgage-backed bonds that were sold toFannie Mae and Freddie Mac during the housing bubble. Under the terms of the agreement with the Federal Housing Finance Agency, UBS must pay about $415 million to Fannie Mae and $470 million to Freddie Mac. Read more
Zynga drops U.S. online gambling plans
CNNMoney reports that Zynga Inc., which is best known for the online social media game FarmVille, is dropping plans to pursue a license for online gambling in the United States, sending the company's shares sharply lower. The company announced in December that it had filed an application for a gaming license in Nevada, and it has also been offering online gambling in the U.K. since April. Read more
George to switch from green to gold?
CNNMoney reports that according to a study released this week, a switch from the $1 dollar bill to a $1 dollar gold coin could save taxpayers $13.8 billion over 30 years. Last month, a bipartisan group of senators, including Democrats Tom Harkin and Mark Udall and Republicans John McCain and Tom Coburn, reintroduced the Currency Optimization, Innovation, and National Savings Act, or COINS Act. Read more