News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Baidu, With a Move Into Fintech,

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Baidu Inc., China's search giant, gets a cautious response from U.S. ratings companies with its move into financial services, where it is leveraging its consumer data trove for unsecured lending.

Entertainment Companies Back Tech Startup Founded by a Peltz Son

A start-up co-founded by Nelson Peltz's 24-year-old son Diesel Peltz has lined up financial backing from several major entertainment companies, according to a person familiar with the matter.

Insurers Take Low-Key Approach in Health-Law Debate

Nearly every health group has taken a stand on the Republican legislation to overhaul the Affordable Care Act, but a split among insurance companies has prevented the industry and its powerful lobby from picking a side in the debate.

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Fed Raises Rates, Sets Out Plan to Shrink Asset Holdings Beginning This Year

The Federal Reserve said it would raise short-term interest rates and spelled out in greater detail its plans to start slowly shrinking its $4.5 trillion portfolio of bonds and other assets this year.

Fed Backs Some Treasury Ideas for Cutting Bank Regulation

Federal Reserve Chairwoman Janet Yellen on Wednesday gave support to some recommendations made by the Treasury Department this week, saying the central bank has been looking into paring back certain Obama-era rules.

Yellen Raises the Possibility of Increasing Inflation Target Above 2%

Federal Reserve Chairwoman Janet Yellen opened the door to raising the central bank's 2% inflation target someday, noting that an appropriate goal for inflation was "one of our most critical decisions."

U.K.'s Hammond Seeks to Ease Fears Over Access to EIB Funding

U. K. Treasury chief Philip Hammond will on Thursday seek to dispel fears that Britain risks losing access to financing from the European Investment Bank while it negotiates its exit from the European Union.

U.S. Treasury Secretary: Washington Plans to Preserve Power at the World Bank and IMF

U.S. Treasury Secretary Steven Mnuchin said Wednesday that despite plans to downsize contributions to the World Bank and other multilateral institutions, the Trump administration still plans to preserve Washington's power within them as a critical tool for U.S. foreign policy.

Chinese Deal Maker Held in Corruption Probe

Anbang Insurance Chairman Wu Xiaohui, whose company owns New York's Waldorf Astoria hotel, was detained by a special Chinese investigative unit looking at economic crimes.

Hong Kong Monetary Authority Raises Base Rate to 1.5% After Fed's Move

The Hong Kong Monetary Authority raised its base rate by a quarter of a percentage point to 1.5% on Thursday, matching the overnight interest-rate increase by the U.S. Federal Reserve.

(END) Dow Jones Newswires

June 15, 2017 07:16 ET (11:16 GMT)