News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Cash-Strapped Venezuela Seeks to Restructure Debt

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Venezuelan President Nicolás Maduro said the cash-strapped South American country will seek to restructure its debt, raising the prospect of a showdown with bondholders that could be complicated by U.S. sanctions on key members of the Venezuelan administration.

CFTC Official: Revamp Postcrisis Swap Rules

Postcrisis swap rules are too dependent on misleading measurements of risk, Commodity Futures Trading Commission member Brian Quintenz said in a speech Thursday.

AIG Disappoints Again, Posts Wider-Than-Expected Loss

AIG swung to a $1.74 billion third-quarter loss as it absorbed one of the insurance industry's single biggest hits from hurricanes and also boosted unrelated claims reserves.

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Trump Says Jerome Powell Is His Choice to Lead Federal Reserve

President Donald Trump said he would nominate Federal Reserve governor Jerome Powell to be the next chairman of the central bank, saying he has the "wisdom and leadership" to guide the economy through any turbulence that arises.

Credit Suisse Profit Jumps as Focus on the Wealthy Pays Off

Credit Suisse reported a sharp rise in third-quarter profit on strong growth at its wealth-management division, indicating the Swiss banking giant's strategic shift toward managing wealthy clients' money is paying off.

Banks Sidestep a Big Tax-Plan Pitfall

Banks do pretty well under the tax bill unveiled Thursday: it puts them on track for big tax cuts yet lets the firms avoid some of the biggest potential downsides of the overhaul.

Elliott Management Enlists UBS in NXP Campaign

Elliott Management has enlisted investment bank UBS for help in its effort to secure a higher price in Qualcomm's planned purchase of NXP Semiconductors or bring in a new bidder, according to people familiar with the matter.

Key Trump Backer Mercer Resigns as Renaissance CEO

Robert Mercer is resigning as co-CEO of Renaissance Technologies, as the hedge-fund billionaire had become unhappy at the negative publicity his firm had drawn over his support for the president and conservative media company Breitbart News.

Bitcoin Hits $7,000 as Wall Street Interest Gets Real

The price of the digital currency bitcoin smashed through the $7,000 mark for the first time, another milestone for the surging asset.

U.S. Banks Want Freer Flow of Data in Nafta Pact

As talks on a new North American Free Trade Agreement heat up over auto parts and agriculture, U.S. financial firms are quietly pushing for another, less tangible change: the free movement of data across borders.

(END) Dow Jones Newswires

November 03, 2017 00:15 ET (04:15 GMT)