NEW YORK -- Stocks rose broadly again Tuesday on hopes that Europe was moving closer to resolving its debt crisis.
German Chancellor Angela Merkel said her country would do whatever it could to help Greece regain investors' confidence. Greece's finance minister also said that country would receive the next round of bailout loans in time to avoid a default. Greece was at risk of running out of money by mid- October if it did not receive the funds.
Hill-Rom to pay $41.8M to settle Medicare case
KNOXVILLE, Tenn.-- Medical equipment supplier Hill-Rom has agreed in a fraud investigation to pay a $41.8 million settlement, federal prosecutors said Tuesday. A statement from the U.S. Attorney's office said the Batesville, Ind.-based company agreed to settle alleged violations of the federal False Claims Act and other federal laws.
The statement said the company submitted false claims to Medicare for specialized medical equipment such as bed-support surfaces to treat pressure ulcers or bed sores for patients who did not qualify, and submitted false claims for patients who had died.
Hill-Rom said it vigorously disagrees that there was any wrongdoing. The company has operations on Corporate Road in North Charleston.
Key Wal-Mart executive plans to retire next year
BENTONVILLE, Ark. -- Wal-Mart Stores Inc. announced Tuesday that one of its key executives, Eduardo Castro-Wright, will retire in 2012.
The world's biggest retailer said that Castro-Wright, 56, will retire from his role as vice chairman of Wal-Mart and CEO of its global ecommerce and global sourcing business on July 1. Wal-Mart aims to name a replacement by the end of January and have Castro-Wright assist in the transition.
Castro-Wright joined Wal-Mart in 2001 and worked as the head of its business in Mexico before becoming president and CEO of its U.S. operations in 2005.
In June 2010, Wal-Mart appointed Bill Simon, who had been chief operating officer, to take over its U.S. operations, shifting Castro-Wright to lead the retailer's global ecommerce and sourcing business.