Business briefs, Oct. 16, 2015
State, region see high risk for mortgage fraud
Florida has the nation's highest risk of mortgage fraud, according to a report released Thursday by property analytics firm CoreLogic.
The Sarasota, Tampa, Miami, Orlando and Jacksonville markets accounted for five of the six riskiest areas in the country. Miami-Dade, Broward and Palm Beach counties have the highest risk.
Mortgage fraud typically involves hiding information from lenders so that borrowers can obtain loans they would not have gotten if they had been truthful. The report covered the second quarter of 2015.
Nationwide, the value of fraudulent mortgage applications is estimated at $17.3 billion, according to CoreLogic.
Yum lowers profit outlook, names activist to board
NEW YORK -- Yum Brands says it named activist investor Keith Meister to its board and lowered its full-year profit outlook, citing ongoing difficulties in its China division.
The parent company of KFC, Pizza Hut and Taco Bell also says it was close to completing a review of its strategic options, including potential changes to its corporate structure.
The announcement came after the Louisville, Ky.-based company reported disappointing quarterly results last week, citing a slower-than-expected recovery for its China business, which have seen sales plunge after two separate scares related to the quality of its food.
Meister is the founder and managing partner of Corvex Management, one of Yum's largest shareholders with nearly 5 percent of the company's common stock. His appointment expands the board to 14 members and is effective Friday.
UnitedHealth beat Wall Sreet expectations in 3Q
MINNEAPOLIS -- UnitedHealth Group's third-quarter profit slipped, but the nation's largest health insurer still beat Wall Street expectations due in part to prescription drug management and its other fast-growing businesses.
Revenue from the Minneapolis company's Optum unit, which controls fast-growing businesses such as prescription management, jumped 61 percent to $19.3 billion after UnitedHealth bought Catamaran, a pharmacy benefits manager, in a deal valued at more than $12 billion.
German order triggers VW recall of 8.5M cars in EU
BERLIN -- German authorities on Thursday ordered a recall of all Volkswagen cars fitted with emissions test-cheating software, a decision that will affect 8.5 million VW diesel vehicles across the 28-nation European Union.
The Federal Motor Transport Authority announced that the recall would affect 2.4 million vehicles in Germany. Under EU rules, cars that are cleared in one country are automatically approved across the bloc, so the repeal also affects Volkswagen vehicles elsewhere in the union.
-- Herald staff and wire reports
This story was originally published October 15, 2015 at 8:49 PM with the headline "Business briefs, Oct. 16, 2015 ."