News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

KKR Exits African Investment

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KKR said it would sell a controlling stake in its first African investment, one month after the firm disbanded its Africa deal team because it couldn't find enough big companies to buy.

Bitcoin Price Plunges, Recovers as Bitcoin Offshoot Blasts Off

The launch of Bitcoin Cash sparked cries of insider trading and contributed to the price on the original bitcoin falling about $2,000 in less than hour before recovering.

Tax Cut Expected to Trigger Fannie, Freddie Infusion

Enactment of the Republican tax plan could trigger a roughly $14 billion accounting loss at Fannie Mae and Freddie Mac, leading to the first taxpayer-funded infusion since they became profitable firms in 2012.

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Big U.S. Banks Get Satisfactory Grades on 'Living Wills'

The eight largest and most complex U.S. banks received satisfactory grades on their latest "living will" bailout-prevention plans, a milestone that further reduces the already-remote possibility that any of the firms would be broken up by the government.

House Passes Bill to Revamp Criteria for 'Systemically Important' Banks

Regulators would have more discretion to decide which banks to target for stricter oversight under bipartisan legislation that House lawmakers approved Tuesday, the latest front in a broad push to ease postcrisis regulations.

GOP Tax-Overhaul Bill Heads to Senate

The Senate will vote on the GOP tax-overhaul bill this evening, then the House will vote again Wednesday morning because at least two provisions ran afoul of Senate rules. President Donald Trump could sign it into law later this week.

Merrill Lynch Fined $1.4 Million Over Margin Credit, Other Violations

Merrill Lynch agreed to pay $1.4 million to settle claims that it improperly extended hundreds of millions of dollars in excess credit to customers who traded certain bonds and equities with the firm, Finra said.

A Massive Margin Loan That Went Really Wrong for Banks

Steinhoff International's share collapse shows the dangers for banks in the fast-growing stock-based lending business.

Court Allows Suit Against Stock Exchanges to Proceed

A federal appeals court said a lawsuit accusing stock exchanges of defrauding investors by favoring high-speed traders can go forward, in a blow to the New York Stock Exchange and Nasdaq.

Stocks Soar, Mergers Slump, Activist Investors Wield Power

The year saw stock indexes break record after record, as activist investors prodded CEOs and corporate mergers slowed

(END) Dow Jones Newswires

December 20, 2017 11:15 ET (16:15 GMT)