News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Canceling Puerto Rico Debt 'Impractical,' Baupost's Klarman Says

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Billionaire hedge-fund manager Seth Klarman questioned the wisdom of expunging Puerto Rico's financial obligations in a Wednesday letter to his investors.

PayPal Posts Stronger-Than-Expected Results on Mobile Growth

PayPal Holdings said Thursday that third-quarter profit rose 18% from a year earlier and executives projected strong growth for 2018 thanks in part to payments platform Venmo finally contributing to revenue.

Blackstone's Profit Rises

Blackstone's third-quarter profit rose to $384.6 million as strong markets boosted the value of its portfolio and new capital flowed into its funds.

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Auditor's Decision Deals Blow to U.S. Crackdown on Leveraged Loans

U.S. regulators' crackdown on a risky form of lending to indebted companies was dealt a blow when a government auditor's ruling raised questions about its future.

SEC Approves Chicago Stock Exchange's 'Speed Bump'

The SEC has approved a plan by the tiny Chicago Stock Exchange to introduce a new "speed bump," a person familiar with the situation said.

Travelers Earnings Fall After Active Hurricane Season

Travelers earnings fell in the third quarter as results were battered by a severe hurricane season. Catastrophe losses, net of reinsurance, totaled $455 million, compared with $89 million a year earlier.

Chenault's Unfinished Business at AmEx

American Express CEO Ken Chenault is going out on a high note, but his successor will have to contend with fundamental questions about the company's business.

GOP Divided Over Monetary Policy as Fed Chief Pick Looms

After criticizing the Fed for the past eight years, Republicans have a chance to change the course of the central bank when President Donald Trump nominates someone to take the helm in early 2018. But they are divided over which direction monetary policy should take.

Bitcoin Buyers Should Heed Lessons of China's Bubbles

Investors looking to trade on today's big themes, like cryptocurrencies, should beware of being late, not early, and should always be ready to sell.

Beneath the Market Rally: A Lot Less Trading

Trading volumes have fallen steadily in recent months as ultralow volatility, a lack of market-moving news and the rising popularity of passive investment funds have kept many investors on the sidelines.

(END) Dow Jones Newswires

October 20, 2017 00:15 ET (04:15 GMT)