News Highlights: Top Financial Services News of the Day

06/30/2020 | 12:16 am
RBA Stands Ready to Buy More Bonds if Needed 

The pandemic's impact on the Australian economy has been significant and will be felt for some time, requiring support from both lower interest rates and expanded government spending, RBA Deputy Gov. Guy Debelle said.

Wells Fargo to Cut Dividend; Other Big Banks Hold Steady 

The fourth-largest U.S. bank, unlike its major rivals, expects to cut its dividend for the first time in more than a decade to help weather the coronavirus pandemic.

Germany Moves to Overhaul Accounting Oversight Amid Wirecard Scandal 

The Federal Ministry of Justice and Consumer Protection is working on a new regulatory setup together with the Federal Ministry of Finance, a spokesman for the justice ministry said.

Deals Resume in Sale of Risky Loan Funds 

Sales of new collateralized-loan obligations, or CLOs, have rebounded sharply over the past six weeks as debt investors resume their reach for higher-yielding, riskier debt.

Fed's Daly Calls Economic Outlook 'Uncertain' 

Federal Reserve Bank of San Francisco leader Mary Daly declined to say whether an uptick in coronavirus-related illness in parts of the country is on track to damage her expectations of a slow and gradual recovery.

Fed Opens Lending Program for New Issuance of Corporate Debt 

The central bank opened its $500 billion lending program to support issuance of new debt by large corporations, the last of nine emergency programs it is running to backstop lending markets reeling from the pandemic.

China Bohai Bank Seeks to Raise $1.85 Billion in Hong Kong IPO 

China Bohai Bank Co. is planning to raise as much as $1.85 billion through an initial public offering in Hong Kong, Asia's most active fundraising market.

Wirecard to Continue Business After Insolvency 

Wirecard said it will continue to run its business activities after filing for insolvency and expects a provisional administrator to be appointed in due course.

Empower Retirement to Buy Personal Capital 

Empower Retirement said it is buying the personal-wealth management company Personal Capital Corp. for as much as $1 billion, in a move to expand Empower's financial-planning tools to individuals.

Banks Have No Idea Who's Creditworthy Anymore 

Lenders have pulled back sharply on lending to U.S. consumers during the coronavirus crisis. One reason: They can't tell who is creditworthy anymore.


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