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News Highlights: Top Financial Services News of the Day

09/01/2020 | 12:16am EDT
Top Fed Official Says New Framework Provides More Humble Approach to Setting Rates 

Federal Reserve Vice Chairman Richard Clarida said the central bank needed to be more skeptical of models that predict higher inflation when setting interest-rate policy, given the weak response of inflation to lower levels of unemployment over the past decade.

Warren Buffett Still Has an Eye for a Bargain 

Five venerable Japanese companies were sitting in the bargain bin in plain sight. It took a 90-year-old Warren Buffett to scoop them up.

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.

Financial Services Roundup: Market Talk 

The latest Market Talks covering Financial Services

Berkshire Hathaway Buys Stakes 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.


Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.05% 0.74969 Delayed Quote.-2.77%
BERKSHIRE HATHAWAY INC. -1.82% 412729 Delayed Quote.18.66%
IOOF HOLDINGS LTD -0.23% 4.28 End-of-day quote.21.59%
NATIONAL AUSTRALIA BANK LIMITED -0.52% 26.87 End-of-day quote.18.89%
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