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Stocks down...Bernanke defends Fed policies...Glucose meters recalled

Monday - 3/25/2013, 3:30pm  ET

NEW YORK (AP) -- Wall Street's relief over a bailout deal for Cyprus has turned to worry about the European economy. U.S. stocks are lower in afternoon trading after opening higher. On analysts says the Cyprus agreement reminded traders that Europe still needs a long-term economic fix.

BRUSSELS (AP) -- A top European official says inflicting losses on banks' shareholders, bondholders and even depositors should become the eurozone's default approach for dealing with ailing lenders. The official who chairs the Eurogroup gatherings of finance ministers says bank owners and investors must be held responsible "before looking at public money." A bailout deal worked out for Cyprus is expected to result in heavy losses for bank bondholders and people with large bank accounts.

WASHINGTON (AP) -- Ben Bernanke is defending the Federal Reserve's low-interest-rate policies. The Fed chairman told an audience in London today that the policies are helping to boost growth around the world and have created markets for products made in developing nations. Some critics have argued that the low-interest-rate policies could feed a global currency war.

WASHINGTON (AP) -- The Supreme Court is considering whether it should stop pharmaceutical corporations from paying generic drug competitors to delay releasing cheaper versions of brand-name drugs. Justices heard arguments today from federal officials who say the deals can be anticompetitive and keep lower-cost generic drugs out of American hands. Pharmaceutical companies say these deals save litigation costs and often bring generics to market faster.

NEW BRUNSWICK, N.J. (AP) -- Johnson & Johnson has announced a voluntary recall of all its OneTouch VerioIQ blood glucose meters in the U.S. The company says the meters don't provide a warning when a diabetic's blood sugar level is dangerously high. Instead, the meters turn off. J&J's LifeScan unit will issue free replacements.


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