News Highlights: Top Financial Services News of the Day

05/07/2021 | 12:16am
Warren Buffett
AIG's Profit Rises on Premium Growth, Investment Gains 

The results mark a turnaround for the insurer's property-and-casualty unit, which had delivered poor results for years.

Fed Says Covid Is Major Financial Risk, Asset Prices Vulnerable to 'Significant Declines' 

A range of asset prices could be vulnerable to large and sudden declines if the coronavirus isn't contained or the economic recovery stalls, according to a central bank report.

Fed's Kaplan Ready to Talk About Paring Back Bond Buying 

Dallas Fed President Robert Kaplan said the U.S. economy is snapping back into action faster than he thought.

Cash App Is King at Square 

The digital wallet's gross profit more than doubled in the first quarter, besting Square's seller business.

PayPal Wants More Customers to Pay Using Crypto Assets 

PayPal is looking to expand its lucrative business of enabling customers to pay merchants with crypto assets, but the digital payments company doesn't yet plan to invest in these assets, Chief Financial Officer John Rainey said.

Macquarie Full-Year Profit Rises 

Macquarie Group Ltd., Australia's biggest investment bank and asset manager, reported a 10.4% rise in annual profit, driven by a strong result in its markets unit including commodities.

BlackRock at Odds With Warren Buffett's Berkshire Hathaway 

BlackRock's support of two shareholder-led proposals highlight the growing tension between asset managers who are calling for companies like Berkshire Hathaway to further emphasize ESG issues and executives such as Warren Buffett who are pushing back.

Private-Equity Lead for New York City Pensions is Leaving 

David Enriquez is leaving the New York comptroller's office, where he leads private-equity investing for the city's public pension plans, to start a new job.

Bank of England Maintains Key Interest Rate at 0.1% 

Policy makers said the U.K.'s growth prospects had improved since February.

Norges Bank Still Expects to Start Hiking Rates in 2021 

Norway's central bank kept its key interest rate at zero, as expected, and reiterated its stance that the policy rate will most likely be raised in the latter half of 2021.

(END) Dow Jones Newswires

05-07-21 0015ET

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