China's Stock Bulls Spark a Decoupling in Market Prices

Some mismatch between a company's shares listed on China's mainland and their counterparts in Hong Kong isn't unusual. But the growing gulf is creating a strange situation where companies can simultaneously have two radically different valuations. 


 
SoftBank Sells Brightstar, Carrying On Its Divestiture Spree

Japan's SoftBank continued a remarkable string of asset sales, saying it is selling U.S.-based wireless-services unit Brightstar to a private-equity firm founded by a former Brightstar executive. 


 
CaixaBank, Bankia Agree Merger Terms

The boards of CaixaBank and Bankia have approved a merger that will create a leading Spanish domestic lender with assets of more than EUR650 billion. 


 
LSE in Borsa Italiana Talks with Euronext

London Stock Exchange has entered into exclusive talks with Euronext for the sale of Borsa Italiana, having received and reviewed a number of proposals from interested parties for MTS and the Italian exchange. 


 
Investec Warns on First-Half Outcome

Investec said trading in the first five months of the year was impacted by volatile markets, caused by the coronavirus, and warned that it expects interim headline EPS to be 47%-57% below the prior year's levels. 


 
Rocket Internet in Profit Warning

Rocket Internet reported an underlying loss of EUR82.8 million in the first half as the coronavirus hit valuations of companies in its portfolio, and cautioned that Ebitda this year is unlikely to match last year's figure. 


 
Fed Details New Round of Big-Bank Stress Tests

The Federal Reserve will analyze large banks' ability to withstand two coronavirus-related recession scenarios as part of a second round of stress tests later this year, the central bank said. 


 
Lawmakers Tangle Over Fed's Muni-Market Rescue

The Fed stood ready to back the municipal market as a lender of last resort during the pandemic. So far, only two borrowers have tapped the facility for funding. 


 
Calpers Moves to Enhance Control of Investment Oversight

The overseers of the largest U.S. public pension system agreed late Wednesday to take a direct role in managing the retirement plan's chief investment officer. 


 
Ex-GPB Capital Executive Pleads Guilty to Misdemeanor Theft

Michael Cohn, a former Securities and Exchange Commission examiner who faced felony charges related to accessing information about a probe of private-equity firm GPB Capital Holdings, which he joined as compliance chief, has pleaded guilty to a reduced charge of theft.