News Highlights: Top Financial Services News of the Day

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Barclays Pushed to Loss by Africa Write-Down

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Barclays swung to a second-quarter net loss as it took a hit on the disposal of its Africa operations and higher provisions for conduct costs.

UBS, Credit Suisse Boost Earnings After Strategic Shift

Swiss banking giants UBS and Credit Suisse posted better-than-expected profit last quarter, suggesting their bets that managing money for well-heeled clients is the right path for steady returns have paid off despite an uncertain outlook.

UBS Profit Beats Expectations

UBS said its quarterly net profit rose 14%, as revenues slightly exceeded analysts' expectations and the Swiss banking giant saw healthy inflows into its wealth-management division.

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Santander Upbeat on Banco Popular Buy as Profit Rises

Santander reported a rise in second-quarter profit and said its recent acquisition of Banco Popular Español would boost returns as Spain's economic recovery accelerates.

Japan Needs to Boost Infrastructure Spending to Spur Inflation, Abe's Adviser Says

Japan should spend $900 billion on infrastructure projects over the coming years to boost inflation as part of a bold policy mix of fiscal and monetary instruments under a new Bank of Japan governor, a close adviser to Prime Minister Shinzo Abe said in an exclusive interview.

U.S. Targets Bitcoin Exchange, Alleging It Facilitated Crime

U.S. law-enforcement authorities took aim at one of the world's largest digital-currency exchanges this week in an anti-money-laundering operation that spanned two continents.

Mnuchin: Volcker Rule, 'Too Big to Fail' Set for Changes

The Trump administration is working with bank regulators to roll back postcrisis rules, Treasury Secretary Steven Mnuchin said, namely the Volcker rule and the system of determining which financial firms are considered "too big to fail."

Fed Nominee Quarles: Bank Stress Tests Need More Transparency

Randal Quarles, Donald Trump's pick to become the Federal Reserve's point person on financial regulation, told lawmakers he would support changes to the central bank's stress tests for big banks.

SEC Scrutiny of Private Equity May Dwindle, Official Says

Private-equity firms may see less frequent oversight from regulators as the Securities and Exchange Commission pivots to focusing more on protecting retail investors, its head of examination said Thursday.

Lehman 'Double Dip' Trader Denied Bulk of $83 Million Bonus

A federal appeals court refused to let an ex-Lehman Brothers Inc. bond trader collect the bulk of an $83 million "double dip" for bonuses he claimed he was owed in the defunct broker-dealer's liquidation.

(END) Dow Jones Newswires

July 28, 2017 07:15 ET (11:15 GMT)