Libor Fine: The Swiss banking giant UBS announced a record settlement with global authorities on Wednesday, agreeing to a combined $1.5 billion in fines for its role in a multiyear scheme to manipulate interest rates. The Justice Department also secured a guilty plea from the bank's Japanese subsidiary, sending a warning shot to other big banks suspected of rate rigging, The New York Times reports.
Under Fire: The U.S. gun industry faced a new set of challenges to its financial and political power Tuesday as more of its Washington allies called for gun control and a major investor sought to get out of the firearms business entirely, the Washington Post reports.
Person of the Year: Time Magazine picks Barack Obama, noting that "We are in the midst of historic cultural and demographic changes, and Obama is both the symbol and in some ways the architect of this new America."
Apple Damages: Apple Inc. awaits a judge’s decision on its request for additional damages against Samsung Electronics Co. for patent infringement after the iPhone maker lost its bid to block U.S. sales on 26 of the Galaxy maker’s devices, Bloomberg reports.
Delayed: The Federal Trade Commission, which had been expected to wrap up an antitrust probe into Google within days, will now delay its decision for weeks, Reuters reports.