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News Highlights: Top Financial Services News of the Day

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08/31/2020 | 08:16am EDT
China's Big Banks Report Profit Drops 

China's major banks reported their biggest profit drops in more than a decade, as the economic impact of the pandemic led them to take large provisions against potential bad loans.

Berkshire Hathaway Buys Stakes Totaling $6 Billion in Five Japanese Companies 

Warren Buffett's Berkshire Hathaway took stakes of slightly more than 5% in five of Japan's most venerable corporate names with big investments in energy.

Financial Firms Fail to Own Up to Advisers' Past Misdeeds 

New Securities and Exchange Commission forms meant to simplify disclosures by investment firms often contradict longer filings on the SEC website, a Wall Street Journal analysis found.

Coronavirus Has Left Banks With Lots of Cash and Little to Do With It 

Profits are down. Margins are low. Banks are bracing for a wave of soured loans. On the other hand, they're raking in fees and deposits.

SBA Loan Program Contractor and Rocket Loans Face Scrutiny 

A small Virginia consultancy, working with Rocket Loans, received almost $800 million in fees to process loans and grants for small businesses affected by the coronavirus pandemic, documents show.

IOOF Agrees to Buy NAB's Wealth Unit for $1.06 Billion 

IOOF Holdings Ltd. has agreed to purchase National Australia Bank Ltd.'s wealth management business for $1.06 billion and expects to complete the deal by the end of fiscal 2021.

A Flexible Fed Means Higher Inflation 

The central bank's new inflation policy means almost any action is justified-and what that means for markets.

The Fed Lays Out New Goals, but Its Tools Could Be Lacking 

No one expects the Federal Reserve's policy shift will boost growth right away. The pandemic is devastating broad swaths of the economy. But once the crisis recedes, the central bank will rely on economic stimulus tools that may be less powerful today than they were when the Fed used them last decade.

BlackRock Gets Go-Ahead for a Mutual-Fund Business in China 

BlackRock got approval from regulators to start a mutual-fund business in China, a milestone for an investment firm with fierce ambitions in the world's second-largest economy.

KKR Nearing Deal to Sell Epicor 

The back-office software company would fetch roughly $4.7 billion, including debt, from a group led by private-equity firm Clayton Dubilier & Rice.


Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.15% 0.70644 Delayed Quote.1.53%
BERKSHIRE HATHAWAY INC. -2.83% 301740 Delayed Quote.-11.15%
BLACKROCK, INC. -2.25% 600.71 Delayed Quote.19.50%
IOOF HOLDINGS LTD -1.64% 2.99 End-of-day quote.-61.96%
KKR & CO. INC. -2.90% 34.77 Delayed Quote.19.20%
NATIONAL AUSTRALIA BANK LIMITED -1.10% 18.88 End-of-day quote.-23.35%
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