Ubs probe

UK and Swiss regulators may take steps against UBS for shortfalls in oversight that allowed an alleged rogue trader, Kweku Adoboli, to run up a $2.3 billion loss last year, WSJ.com reported yesterday, citing sources. The scandal eventually spurred CEO Oswald Gruebel to resign.

Growth spurt

The economy is likely to grow two percent to three percent this year, Treasury Secretary Tim Geithner said on CNN yesterday, though he warned of the challenges posed by Europe’s inability to stem its financial crisis and tensions with Iran.

ABB buy

Zurich-based ABB, the world’s largest provider of power-transmission gear, is nearing an agreement to buy Thomas & Betts, a Memphis, Tenn.-based maker of electrical connectors, for about $4 billion in cash, a source said.

Commodities

Hedge funds increased bets on rising commodity prices across 18 US futures and options by 13 percent to 742,902 contracts in the week ended last Tuesday as the Fed pledged to keep borrowing costs low.