Goldman Settles 1MDB Dispute With Malaysia for $3.9 Billion
The Wall Street bank reached a $3.9 billion settlement with Malaysia in connection with a multibillion-dollar scandal that has plagued the firm and rocked the country's politics.
Russia Cuts Interest Rates to Record Low
The central bank cut its key interest rate as the pandemic pushed the economy into a deep recession and forced President Vladimir Putin this week to delay a flagship $360 billion national development plan by six years.
American Express Reports $1.6 Billion in Provisions for Credit Losses
The credit-card company reported a large drop in second-quarter profit as it logged provisions of $1.6 billion to cover potential credit losses. The company said the Covid-19 pandemic significantly affected quarterly results.
State-Run Investors Shun Stocks, but Embrace Risk
State-controlled funds, among the world's wealthiest asset managers, entered the coronavirus pandemic with the least money allocated to stocks in six years. That isn't because they are looking for safety.
Financial Services Roundup: Market Talk
The latest Market Talks covering Financial Services
Blackstone Is Buying Alaska Permanent Fund Infrastructure Assets
Blackstone Group is buying a nearly $1 billion infrastructure investment portfolio from Alaska Permanent Fund, according to a person familiar with the matter.
China Fortifies Hong Kong's Role as Financial Powerhouse
Beijing is wagering that its crackdown on the former British colony won't undermine foreign-investment flows, as business with the mainland flourishes. "I don't think it means the death of Hong Kong, but it makes for a very different Hong Kong than the one we've known."
CFTC Scales Back Oversight of Cross-Border Swaps Trading
The U.S. derivatives regulator voted to abandon its effort to regulate trading that happens overseas, where it had worried that interconnections between big banks in the global market could transmit risk to the U.S. economy.
U.K. Gilt Yields Scrape Rock Bottom on Economic Pessimism
The U.K. government's borrowing costs are hovering near all-time lows as concerns about the economy's prospects push investors to buy assets perceived as havens.
Travelers Reports Loss as Catastrophe Costs Climb
The property-casualty insurer said losses from storms and civil unrest, as well as less investment income, had a bigger impact on its second-quarter results than did pandemic-related claims.