News Highlights: Top Financial Services News of the Day

07/08/2020 | 07:16am
Allstate to Buy Rival Insurer National General for $4 Billion 

Allstate says the all-cash deal will help boost its business in the personal property-liability sector.

Updated Bribery Law Guide Reinforces Broad View of Accounting Provisions 

The second edition of an influential handbook on the U.S. Foreign Corrupt Practices Act incorporates nearly eight years of developments in the antibribery law.

The Other Chinese Property Debt to Worry About 

Chinese property developer Tahoe Group failed to pay bondholders this week. It's worth keeping an eye on what happens to its other creditors-Chinese buyers of unbuilt homes.

Chubb's Pandemic Estimate Could Buffer Insurers 

Chubb's estimate of a $1.4 billion pretax loss due to Covid-19 is big, but not necessarily worse than many feared.

Deutsche Bank Fined $150 Million Over Epstein Links, Other Lapses 

New York's financial-services regulator fined Deutsche Bank $150 million for failing to properly monitor its dealings with late financier and convicted sex offender Jeffrey Epstein.

Banks Could Get $24 Billion in Fees From PPP Loans 

JPMorgan and Bank of America are in line to split between $1.5 billion and $2.6 billion for being the conduits of the government's aid program for small businesses.

Dollar Edges Up as Investors Retreat Toward Safety 

The dollar crept higher as concerns about the rise in new Covid-19 infections in parts of the U.S. and across emerging markets took the edge off the broader market rally of recent days.

Investment Firms and Real-Estate Developers Took Stimulus Loans Too 

The former U.S. operations of a sanctioned Russian bank, a hedge fund partly owned by one of the biggest private-equity firms in the world and a real-estate developer behind two of Manhattan's most expensive condominium towers were among the firms that benefited from PPP.

Technology, Manager Initiative Buffer Florida Pension's PE Portfolio 

About 44% of the private-equity portfolio is in tech, which took losses of 5% amid a broader downturn.

China Orders Up a 'Healthy Bull Market,' and Stocks Oblige 

China's stock market is taking cues from bullish state media again. Last time, that didn't end well.


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