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5:55am

Thu September 15, 2011
The Two-Way

U.K. Prime Minister To Gadhafi: 'It Is Over, Give Up'

"It is over. Give up. The mercenaries should go home."

That's the message today from British Prime Minister David Cameron to ousted Libyan leader Moammar Gadhafi, The Guardian reports.

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5:52am

Thu September 15, 2011
Business

Rogue Trader Leaves UBS With $2 Billion Loss

Swiss banking giant UBS is struggling to restore its reputation after heavy subprime losses during the financial crisis and an embarrassing U.S. tax evasion case.
Fabrice Coffrini AFP/Getty Images

Swiss banking giant UBS said Thursday that one of its traders lost an estimated $2 billion through unauthorized transactions, which could result in a loss for its entire third quarter.

Police in London's financial district said they have arrested a 31-year-old man in connection with the massive loss. He was arrested at 3:30 a.m. on suspicion of abusing his position to commit fraud.

The unidentified trader reportedly worked in UBS's London equities division.

Shares of UBS sank on the Zurich exchange Thursday, at one point plummeting more than 8 percent.

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5:25am

Thu September 15, 2011
The Two-Way

Swiss Bank UBS Says Rogue Trader Caused $2 Billion Loss

Oli Scarff Getty Images

"Unauthorized trading" by one of its traders has led to a loss "in the range of $2 billion," Swiss banking giant UBS announced this morning.

He reportedly worked in the bank's London equities division, Larry Miller reports for NPR, and was arrested by authorities there early today "on suspicion of using his position to commit fraud."

According to UBS, none of its clients were affected by the loss.

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5:16am

Thu September 15, 2011
Around the Nation

Maryland Football Uniforms Are Vibrant On Purpose

When the University of Maryland debuted the new uniforms earlier this month, a lot of people didn't like them. The school's athletic director says he intended for you to notice. Many schools create new uniforms in search of a hip image, grabbing the attention of prospective football recruits.

5:10am

Thu September 15, 2011
Business

This Phone Has No Apps But It's Made Of Gold

A Danish phone company just released a mobile phone made of pure gold. It's priced around $60,000. The target market: Russia. Reuters reports the phones have no apps, no camera and no calendar.

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