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Malaysia sues Goldman execs over 1MDB; big banks aid Trump-related investigation


Insight Weekly: US bank stress tests; cracks in housing market; summer energy supply risks


Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends


Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A


Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Malaysia sues Goldman execs over 1MDB; big banks aid Trump-related investigation

Seventeen current and former Goldman Sachs Group Inc. employees, including Vice Chairman Richard Gnodde and former partner and now Alibaba Group Holding Ltd. President John Evans, have been criminally charged by the Malaysian government over their alleged links to the frauds committed in relation to the controversial state investment fund 1MDB, Bloomberg News reports.

Big banks like Citigroup Inc., Bank of America Corp., Deutsche Bank AG, JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. have handed over to lawmakers and investigators documents on Russians who may have had possible dealings with U.S. President Donald Trump, his family and his business, The Wall Street Journal reports, citing people familiar with the congressional probes. The special counsel investigation into Russian meddling in the 2016 U.S. presidential election neither accused nor exonerated Trump of obstructing justice but left the question open for Congress to investigate.

The U.S. Securities and Exchange Commission has laid out proposed amendments to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. The proposed amendments are intended to update the rules to improve disclosures for investors and to simplify compliance efforts for registrants.

The Financial Industry Regulatory Authority will give small firms with a clean record or no disciplinary problems less frequent regulatory examinations, InvestmentNews reports, citing FINRA board member Robert Muh. Representing small firms on the FINRA board, Muh, CEO of Sutter Securities Inc., said such small brokerage firms will be reviewed by FINRA every four years instead of the usual every two or three years.

Sen. Elizabeth Warren, D-Mass., is demanding from Capital One Financial Corp. answers to questions about the recent data breach that compromised the personal information of more than 100 million individuals, American Banker reports, citing Warren's letter addressed to Capital One CEO Richard Fairbank. Among other things, Warren asked for a detailed timeline of events and the actions of the bank before the incident and after it discovered the breach.

Amir Zaidi, director of the Commodity Futures Trading Commission's Division of Market Oversight, is set to leave the agency, Bloomberg Law reports, citing sources with knowledge of the matter. Zaidi has been credited for making policies on bitcoin futures trading and amendments to regulations on over-the-counter swaps. Vincent McGonagle, deputy director of Enforcement, is anticipated to take up the acting DMO director role.

While paring down its trading division's workforce, Citigroup is now planning to hire senior dealmakers from Goldman Sachs and Deutsche Bank to boost its position in advising for tech mergers and IPOs, as well as in the healthcare sector, Bloomberg News reports. The bank reportedly began slashing its workforce in its trading division in a bid to cut losses and improve efficiency.

Ancora Advisors LLC, which owns a 5.52% stake in Middlefield Banc Corp., is pushing the Middlefield, Ohio-based bank to put itself up for sale. The shareholder expressed disappointment at the stock price underperforming despite the bank's quarterly earnings beating analysts' estimates 70% of the time over the last 10 quarters.

In other parts of the world

Asia-Pacific: Philippines cuts rates; APRA fines Westpac; AMP overhaul faces opposition

Europe: UniCredit chair dies; UBS eyes i-bank revamp; VTB posts profit

Middle East & Africa: Standard Bank eyes expansion; Consolidated Bank's rescue; Investec faces revolt

Now featured on S&P Global Market Intelligence

CECL delay's effect on balance sheets would split public US banks into 2 groups: The Financial Accounting Standards Board's plans to delay implementation of a new reserve methodology will create two separate operating environments for publicly traded banks, and that could create some confusion for investors evaluating bank balance sheets.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.69% to 25,939.30, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.20% to 7,272.47, and the Euronext 100 slipped 0.74% to 1,042.14.

On the macro front

The producer price index for final demand and the Baker-Hughes Rig Count are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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