News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

The Fed Versus Tax Cuts

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The Republican tax plan has been driving the market. The Federal Reserve could be next behind the wheel.

With California Wildfires, Insurers' Losses Keep Spiraling Higher

Raging wildfires in Southern California could push the amount of insured losses this year from natural disasters to a record.

The Force Behind Bitcoin's Meteoric Rise: Millions of Asian Investors

Unlike past financial frenzies such as the dot-com bubble of the late 1990s, individual investors have been first to the party, fueling bitcoin's 1,600% rise this year.

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SEC Chairman Warns Investors Against Bitcoin

Wall Street's top regulator on Monday raised alarms about the money flooding into bitcoin trading and other cryptocurrency markets, warning the red-hot corner of less-regulated finance is burning with risk for retail investors.

Economists Give High Marks to Yellen

Federal Reserve Chairwoman Janet Yellen is getting a positive report card from economists as she prepares to leave office after four years leading the U.S. central bank.

Bet on UniCredit for Europe's Banking Recovery

The threat of higher capital charges isn't over for European banks, but UniCredit, Italy's biggest lender, can take this in its stride.

Passport Capital to Shut Flagship Hedge Fund

John Burbank's Passport Capital, famed for its profitable bets against subprime housing ahead of the financial crisis, will shutter its flagship fund after persistent losses.

KKR Bolsters Its Direct Lending Business

KKR & Co. LP is replacing Blackstone Group LP as the manager of FS Investment Corp., a business development corporation.

HSBC to Be Released From U.S. Deferred Prosecution Pact

HSBC is to be released from a controversial agreement that let it avoid U.S. criminal charges in 2012, after it was judged to have sufficiently improved its systems to keep out financial criminals.

App Maker Halts Initial Coin Offering After SEC Investigation

The Securities and Exchange Commission intervened to halt a $15 million initial coin offering that would have evaded laws for how securities must be sold. The case is the first in which the SEC has taken action against an ICO without making fraud claims.

(END) Dow Jones Newswires

December 12, 2017 11:15 ET (16:15 GMT)