Business in brief

UPS agrees to pay $40 million fine

Updated: 2013-03-29T21:30:17Z

UPS fined

Shipping company UPS has agreed to pay $40 million to end a federal criminal probe connected to deliveries it made for illicit online pharmacies.

The U.S. Department of Justice announced that the Atlanta-based company will also “take steps” to block illicit online drug dealers from using their delivery service.

The DOJ said the fine amount is the money UPS collected from suspect online pharmacies.

UPS won't be charged with any crimes.

Its biggest rival, FedEx, still remains a target in the federal investigation, according to its March 21 quarterly report filed with the Security and Exchange Commission.

Cyprus update

Cyprus’ central bank tried to kickstart spending in the country's stagnant economy Friday by telling Cypriots that there were no limits on debit and credit card transactions made inside the country.

The central bank made the announcement to clarify the capital control rules it introduced this week to prevent a run on the country's banks.

The bank said that while there is a $6,402.50 limit on credit and debit card purchases abroad, there were no such limits on domestic transactions and money transfers.

Diabetes drug

The Food and Drug Administration has approved a first-of-its-kind diabetes drug from Johnson & Johnson that uses a new method to lower blood sugar – flushing it out in patients' urine.

The agency cleared J&J's Invokana tablets for adults with type 2 diabetes, which affects an estimated 26 million Americans.

The once-a-day medication works by blocking the kidneys from reabsorbing sugar, which occurs at higher levels in patients with diabetes than in healthy patients.

United delay

United Airlines is delaying its new Denver-Tokyo service – again – because its new Boeing 787 jets remain grounded.

United said service between Denver and Tokyo's Narita Airport will begin June 10. The airline had already pushed back the original March 31 start to at least May 12.

The airline said it is still determined to use the plane on the new route.

The 787, which Boeing calls the Dreamliner, promises a more comfortable ride for passengers and significant fuel savings for airline customers. But all 50 of the planes in airline fleets are grounded because of incidents involving smoldering batteries in January.

| Star news services

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