News Highlights: Top Financial Services News of the Day
|06/30/2020 | 11:16am|
Labor Department Proposes Fiduciary Exemption for Retirement Plans
The proposed new rule for retirement accounts would allow brokers and other types of financial advisers to provide fiduciary advice and still receive commissions in some cases. Consumer advocates say the proposed regulation would weaken standards.
Who Says Emerging Economies Shouldn't Print Money?
Activist central banks aren't just a rich-nation story anymore. Emerging markets are reclaiming their right to play with money too-and it is probably a good thing.
Fed Backstop Fueled Corporate Bond Surge
The Fed's intervention to cushion the economy this spring created an unusual paradox in the corporate bond market, with investors buying record amounts of new bonds from U.S. companies even as defaults and ratings downgrades surged.
PPP Loan Window Is Closing, With $134 Billion Still on Offer
The application window for Paycheck Protection Program loans closes Tuesday, triggering a new debate over what to do with the remaining funds, as fears mount that the fallout from Covid-19 is far from over.
Monte Dei Paschi Backs Bad-Debt Transfer Plan
Italy's Banca Monte dei Paschi di Siena has approved a plan to transfer more than EUR8 billion of impaired loans to AMCO, a state-owned manager of bad debt.
Companies Hit by Covid-19 Want Insurance Payouts. Insurers Say No.
A potentially $100 billion battle looms over "business interruption" coverage, which insurers say doesn't apply unless there is physical damage, like from a fire. In the thick of the fight is a New Orleans plaintiffs' lawyer who made his mark in the aftermath of hurricanes.
Financial Services Roundup: Market Talk
The latest Market Talks covering Financial Services
RBA Ready to Buy More Bonds if Needed
The Reserve Bank of Australia stands ready to scale up its government-bond purchases if the economy weakens further, 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.