Swiss leaders find terms of U.S. deal acceptable

Swiss leaders said Tuesday they’re satisfied with the U.S. deal to settle criminal charges against Credit Suisse but they noted about a dozen other Swiss regional banks remain in the crosshairs for allegedly helping tax cheats.

A day after Credit Suisse AG pleaded guilty to helping wealthy Americans avoid taxes and settled for a $2.6 billion fine, Finance Minister Eveline Widmer-Schlumpf said the terms of the deal were acceptable as they did not require the Swiss government to violate its national banking secrecy laws.

As part of the deal, Credit Suisse will not have to reveal client names or be put in a position where it could be forced to violate Switzerland’s bank secrecy laws.

EU regulators claim banks colluded to control prices

European Union regulators on Tuesday charged banks JPMorgan, HSBC and Credit Agricole with colluding to manipulate the price of financial products linked to interest rates.

The European Commission’s move is the first step in a legal dispute that could cost the banks dearly. The commission’s top competition regulator, Joaquin Almunia, said the banks will now have a chance to respond to the preliminary findings. If the commission ultimately finds they have broken the law, it can impose a fine of up to 10 percent of annual revenue.

Petco will stop selling treats made in China

Petco said Tuesday that it will stop selling dog and cat treats made in China by the end of this year due to ongoing fears that the imported treats are making pets sick.

Investigators at the U.S. Food and Drug Administration haven’t been able to figure out why pets are getting ill from the treats since the agency began receiving reports of illnesses in 2007.

In an update last week, the FDA said it has received more than 4,800 complaints of pet illnesses and more than 1,000 reports of dog deaths after eating Chinese-made chicken, duck or sweet potato jerky.

Major stock indexes drop; prices of most fuels rise

The Dow Jones industrial average slid 137.55 points, or 0.8 percent, Tuesday to end at 16,374.31. The Standard & Poor’s 500 index fell 12.25 points, or 0.7 percent, to 1,872.83. The Nasdaq composite index dropped 28.92 points, or 0.7 percent, to finish at 4,096.89.

Benchmark U.S. crude for June delivery fell 17 cents to close at $102.44 a barrel on the New York Mercantile Exchange. The more heavily traded July contract gained 22 cents to $102.33. Wholesale gasoline was flat at $2.96 a gallon. Natural gas added 8 cents to $4.55 per 1,000 cubic feet. Heating oil rose 1 cent to $2.95 a gallon. Brent crude rose 32 cents to $109.69 on the ICE Futures exchange in London.