News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Brighthouse Shares Stumble After MetLife Spinoff

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Shares of Brighthouse Financial Inc. fell more than 5% on Monday on the insurance company's first day of trading after splitting off from MetLife Inc.

Under New European Rules, Vanguard Will Absorb Research Costs

Vanguard will stop charging its investors for analyst research ahead of new rules that are set to shake-up the European fund management business.

Hedge-Fund Manager's Bearish Bets Backfire Again

The rally in global stock markets has caught out Crispin Odey, among Europe's best-known hedge-fund managers, one of whose funds lost 10% last month.

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Libor's Demise Creates a Mortgage Mystery

Many adjustable-rate mortgages are tied to Libor, which is being phased out over five years. What will replace it remains unclear.

U.S. Consumer Credit Increased by $12.4 Billion in June

U.S. consumer borrowing decelerated in June, according to new data from the Federal Reserve.

Commonwealth Bank Blames Coding Error for Alleged Breaches of Money-Laundering Law

Australia's largest bank has blamed a coding error for tens of thousands of instances of failing to report transactions through its ATMs and allegedly breaching money laundering and terrorism-financing laws.

People's Bank of China Has Fintech on Its Mind

China's central bank is increasing its monitoring of the loosely regulated financial-technology sector-a major source of risk, given the enormous sums involved.

Mexichem to Buy Netafim from Permira Funds

Mexican piping and chemicals company Mexichem will buy an 80% stake in Israeli irrigation concern Netafim in a cash deal valuing the firm at $1.9 billion.

Hanjin Shipping Co. Says Bankruptcy Claims Top $10 Billion

South Korea's Hanjin Shipping Co., which roiled global trade and temporarily marooned more than half a million cargo containers when it filed for bankruptcy, says it has raised only a fraction of what it needs to repay creditors, whose claims total about $10.5 billion.

Penalties Against Wall Street Are Down Sharply in 2017

Regulators levied far fewer fines over financial misconduct in the first half of 2017 compared with a year earlier. Reasons include a business-friendly shift under President Trump and the winding down of cases from the financial crisis.

(END) Dow Jones Newswires

August 07, 2017 16:15 ET (20:15 GMT)