Biz Buzz

LONG ISLAND

Veeco unveils new LED machines

Veeco Instruments Inc., one of Long Island's largest technology companies, has rolled out its latest series of machines used to produce LED lighting for flat-panel TVs, cellphones, street lamps and a variety of other electronics. The Plainview-based company introduced three new models that spread an ultrathin layer of conductive particles atop wafers of sapphire to produce LEDs. "This new suite of products provides our customers with tremendous flexibility to make the most of their capital investments," said William J. Miller, an executive vice president for the company. -- Joe Ryan

NEW YORK

Weak controls led to bank loss

JPMorgan Chase had weak controls in place to contain risk in its investment division that suffered a $2 billion-plus trading loss, a key federal regulator said Wednesday. U.S. Comptroller of the Currency Thomas Curry told the Senate Banking Committee that the nation's largest bank began reducing the amount of hedging it was doing to minimize potential losses at the end of 2011. Curry's agency is examining JPMorgan's risk-containment policies in the weeks before it suffered the trading loss. "Inadequate risk management" was the problem, said Curry, during the two-hour hearing that touched heavily on the bank's trading loss. Curry said his agency is conducting an extensive review that "will focus on where breakdowns or failures occurred."

NATION

LinkedIn confirms password hack

Business social network LinkedIn said Wednesday that some of its users' passwords have been stolen and leaked onto the Internet. LinkedIn Corp. did not say how many of the more than 6 million passwords that were distributed online corresponded to LinkedIn accounts. In a blog post, the company said it was investigating. Graham Cluley, a consultant with U.K. Web security company Sophos, recommended that LinkedIn users change their passwords immediately. LinkedIn has a lot of information on its more than 160 million members, including potentially confidential information related to jobs being sought. There's added concern that many people use the same password on multiple websites, so whoever stole the data could use the information to access Gmail, Amazon, PayPal and other accounts, Cluley said.

Taco Bell plans upscale menu

Taco Bell, often a late-night indulgence with its inexpensive fare, is going more upscale. The chain said on Wednesday it plans a July rollout of menu additions created by celebrity chef Lorena Garcia for its nearly 5,600 U.S. restaurants. New items feature such ingredients as black beans, cilantro rice, citrus- and herb-marinated chicken and cilantro dressing. The introduction of items that Taco Bell executive Brian Niccol described as "gourmet Mexican" is a venture onto the turf of casual-dining chains such as Chipotle Mexican Grill. The Cantina Burrito Bowl and Cantina Burrito, offered with chicken, steak or vegetarian, will sell for nearly $5 apiece.

Fed boss faces panel today

When Federal Reserve Chairman Ben Bernanke visits Capitol Hill Thursday, he'll be pressed on a question that's raised fears and divided economists inside and outside the Fed: What's going on with the economy? In its most recent economic forecasts in late April, the Fed upgraded its outlook for 2012. It predicted more growth and lower unemployment than it had three months earlier. Since then, job growth has slumped. Stock prices have dropped. Europe's debt crisis has deepened. Now, members of the Joint Economic Committee will want to know whether Bernanke and the Fed have turned gloomier -- and, if so, whether they're likely to act further to aid the economy. -- AP