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News Highlights: Top Financial Services News of the Day

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07/24/2020 | 12:22pm EDT
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.


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -1.04% 90.07 Delayed Quote.-26.85%
THE BLACKSTONE GROUP INC. -1.78% 50.05 Delayed Quote.-8.85%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.68% 79.41962 Delayed Quote.27.63%
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