News Highlights: Top Financial Services News of the Day

06/29/2020 | 12:16am
Automakers, Technology Firms Are Largest Components of Fed's Corporate-Bond Purchases 

The central bank disclosed names of 794 companies whose bonds it began purchasing this month.

FDIC Considers Scrapping Quarterly Bank Reports 

The FDIC is moving to boost the way it monitors for risks at thousands of U.S. banks, potentially scrapping quarterly reports that have been a fixture of oversight for more than 150 years yet often contain stale data.

American Companies Find Willing Buyers of Debt Abroad 

Asian and European firms have rushed to buy U.S. corporate bonds, attracted by higher yields and falling costs for hedging currency risk.

Fed Looks Down Under for Rate Strategy 

With the Fed considering a new monetary policy tool to help hold interest rates low amid the downturn, clues to the tactic's effectiveness can be found far away: in Australia.

Wirecard Scandal Puts Spotlight on Auditor Ernst & Young 

Ernst & Young, auditor to insolvent German company Wirecard, had questions related to unorthodox arrangements under which the company's cash was held in bank accounts it didn't control as far back as 2016, according to emails seen by The Wall Street Journal.

Malaysia Extends Short-Selling Suspension to End-2020 

Malaysia's stock-market regulators have extended their short-selling suspension for a second time in a bid to curb excessive speculation, and ensure stability and confidence in the market.

U.K. Regulators Suspend Wirecard's British Operations 

Financial regulators froze the British operations of insolvent German payments group Wirecard, in the latest government effort to contain a $2 billion-plus scandal.

MacAndrews & Forbes Ousts CFO Over Violation at Revlon 

The finance chief of MacAndrews & Forbes has left the investment firm and the board of cosmetics maker Revlon over a violation of related-party transaction policies.

Covid-19 Is a Puzzle That Wall Street Can't Solve 

A pandemic ended a U.S. bull market and pushed the financial system to the brink of collapse. Then stocks rallied, only to stall again. Investors are still piecing together what happened.

Lightship Capital Launches Fund for Underrepresented Founders in the Midwest 

Cincinnati-based Lightship Capital, a rare venture-capital firm managed by black partners, is raising a $50 million fund to invest in underrepresented founders in the Midwest.


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