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News Highlights: Top Financial Services News of the Day

August 10, 2020 at 12:16 am EDT

Tech, Financial Firms Eye Ways to Save TikTok's U.S. Operations From  Ban

Several investment and technology firms are exploring a potential deal for the U.S. operations of TikTok, which is facing a Trump administration ban, but they each would have to surmount hurdles at least as high as the Chinese social-media platform's main suitor, Microsoft.


 
Berkshire's Profit Jumps as Market Rebound Boosts Results

Warren Buffett's conglomerate said its second-quarter earnings surged 86%, as a rebound in the stock market offset a profit decline in the company's operations and a large write-down for Precision Castparts.


 
To Some Investors, 10-Year Treasury Note Isn't What It Was

For years, the 10-year U.S. Treasury note has been every investor's touchstone. Now some people are saying they can't trust its signals the way they once did.


 
Life Insurance Companies Want Access to Your Medical Files

With consumers reluctant to venture out to a lab or doctor's office, insurers are crunching the data in existing digital records.


 
Singapore Police Bring First Charges Linked to Wirecard

Singapore police brought their first criminal charges against an individual linked to the suspected fraud at Wirecard AG, the one-time German technology star that collapsed at the end of June after admitting more than $2 billion of cash on its balance sheet was fake.


 
Goldman Sachs Restates Earnings After $3.9 Billion Malaysia Settlement

Goldman Sachs restated its second-quarter earnings lower after reaching a $3.9 billion settlement with the government of Malaysia to resolve an investigation into its work for a corrupt investment fund.


 
Clearlake Capital's New Plus Fund Is Expected to Surpass $1 Billion

Clearlake Capital Group is expected to surpass its $1 billion target for a new fund being raised to support investments through the firm's other funds, according to a person familiar with the matter.


 
Billionaire Daniel Loeb's Third Point Re to Merge With Sirius Group

Third Point Reinsurance, backed by U.S. hedge-fund manager Daniel Loeb, said it would merge with Sirius International Insurance Group, whose majority shareholder in China has been under financial pressure.


 
Finally, a Path Emerges to European Bank Mergers

Intesa Sanpaolo's successful pursuit of Italian peer UBI shows that local consolidation is possible, and barriers to cross-border deals may be slipping too.


 
Auto-Lending Binge Threatens to Unwind as Stimulus Measures Ease

Borrowing for cars, trucks and SUVs rose more than 90% in the past decade. But that lending boom threatens to unravel as payment deferrals end while unemployment remains high and stimulus fades.

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
MICROSOFT CORPORATION	399.1 USD	-1.27%	-5.40%	3,004B
WIRECARD AG	0.0518 EUR	-32.90%	-66.79%	2.64M
SIRIUSPOINT LTD.	12.02 USD	+0.33%	-1.56%	2.03B
BERKSHIRE HATHAWAY INC.	611,244 USD	+1.18%	+0.52%	865B

Daniel Loeb

Daniel Seth Loeb (born December 18, 1961) is the founder and chief executive of Third Point LLC, a New York-based hedge fund with $12.9 billion in assets.

Biography
Loeb was raised in a Jewish family in the Los Angeles area, one of three children of Ronald and Clare Spark Loeb. His father was a partner at the Los Angeles law firm of Irell & Manella LLP and general counsel for Williams-Sonoma. His mother is a historian. Loeb’s great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc.

According to Bloomberg Markets Magazine, Loeb grew up in Santa Monica Canyon in California, and attended Palisades Charter High School, commonly known as 'Pali High' in the Pacific Palisades neighborhood of Los Angeles. Later, he attended University of California at Berkeley for two years before subsequently graduating from Columbia University with a degree in Economics.

Prior to founding Third Point in 1995, Loeb worked at Citicorp and Warburg Pincus.

He is also a founding Master Player of the Portfolios with Purpose virtual stock trading contest.

Opinions

Loeb is well known in the financial world for writing public letters, in which he expresses disapproval of the performance and conduct of other financial executives. Supporters contend his letter writing is effective shareholder activism; critics counter that his letters are distracting for executives and uncomfortable for investors. Less than 10% of Third Point's total assets under management goes to shareholder activism.

Loeb has argued that the United States government is undergoing a 'crisis of leadership'; in his opinion, the administration of President Barack Obama is committed to 'redistribution rather than growth'.

In 2013, Loeb was a signatory to an amicus curiae brief submitted to the Supreme Court in support of same-sex marriage during the Hollingsworth v. Perry case.

Source @ Wikipedia

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Linked companies
Third Point LLC Third Point LLC Investment ManagersFinance Third Point LLC is a SEC-registered investment adviser and hedge fund manager headquartered in New York City. The firm was founded in 1995 by Daniel S. Loeb and is a subsidiary of Third Point LP. Third Point provides discretionary investment advisory services to a variety of domestic and offshore private investment vehicles, single private equity-style fund and a separately-managed institutional account.	Chief Executive Officer
Third Point Ventures LLC Third Point Ventures LLC Investment ManagersFinance Third Point Ventures LLC is a venture capital firm, a subsidiary of Third Point LLC founded in 1995 by Daniel Seth Loeb. The firm is headquartered in Menlo Park, California.	Chief Executive Officer

Linked companies