In this edition of Weekly News Spotlight, we look at how banks are responding to increased competition from fintech startups and big tech’s incursions into finance. Investors may be pouring money into CBD production in the U.S. and Canada only to be undercut by overseas competition. Often compared with U.S. President Donald Trump due to his populist streak, newly elected U.K. Prime Minister Boris Johnson may be less predictable than his friend across the pond.
Fintech in Focus
Banks ramping up digital offerings to fend off fintech, big tech
In the latest Street Talk podcast, bankers and advisers discuss the growth of digital-only platforms, the pressure they have put on deposit costs, and the investments traditional banks are making to combat the threat and improve their products.
Big tech in finance could threaten traditional bank business model, FSB says
Competition from big tech firms might "reduce the resilience of financial institutions" by affecting their profitability or reducing the stability of their funding, the Financial Stability Board said in a Dec. 9 report.
PNC CEO: Bank partnerships with big tech like selling 'yourself to the devil'
When asked if PNC would consider a partnership similar to Alphabet Inc. subsidiary Google LLC's recently announced partnership with Citigroup Inc. and Stanford FCU, CEO William Demchak was opposed.
In-depth features looking at the impact of major news developments in key industries.
No one knows what kind of prime minister Boris Johnson will be
The U.K. prime minister has mobilized populist support to become the figurehead of Brexit, but his mercurial politics set him apart from Donald Trump to whom he has been compared.
Banks consider pushing pace on M&A ahead of potential Warren presidency
Banks on the fence about merging have begun to consider if they should speed up talks, as an Elizabeth Warren presidency would likely scrutinize and perhaps halt bank M&A.
US leveraged loan default rate hits 9-month high as market distress rises
While the loan default rate remains below the historical average, there are trouble signs in the market. Overall distress levels are climbing, and the share of lower-rated debt outstanding has never been higher.
E*TRADE again at a crossroads as potential acquirers ink merger
The smallest of the publicly traded brokers has long been viewed as the industry's most likely acquisition target. If management is looking to sell, the firm could draw interest from investment banks, traditional banks and rival brokerages.
Major shareholders want Deutsche Bank chairman out early — here's why
In the nearly eight years Paul Achleitner has been chairman, Germany's largest bank has lost roughly 75% of its market value, changed three CEOs and undertaken several restructurings to little avail.
Energy and Utilities
Private equity leaves midstream assets on the table as exit becomes difficult
Declining stock prices and dimmer volume growth in the midstream sector have created a disconnect between buyers and sellers over the value of the assets, according to experts who spoke with S&P Global Market Intelligence.
Renewables giant Enel sees profits improving for green power
In an exclusive interview, Antonio Cammisecra, CEO of Enel Green Power, said that better margins for wind and solar projects will be driven by the growth of corporate power deals and the company's industry-leading development pipeline.
Alibaba, Amazon battle over US B2B market with rival platforms
Both Amazon Business and Alibaba.com are competing for American business customers at a time of high tensions between the U.S. and China.
World's best-selling medicine sees Q3 revenue dip as cancer drug sales surge
Third-quarter sales of AbbVie's blockbuster rheumatoid arthritis medicine Humira fell 3.7% year over year as biosimilar competition increased. Revenues of cancer therapies rose 18.0% over the same period in an analysis of select companies' sales.
Digital health M&A in pharma reaches new high in 2019 in bid for faster tech
Digital health deals are heating up as pharmaceutical and biotechnology companies look to speed up drug development processes, a notoriously lengthy and costly expedition.
Technology, Media & Telecoms
Digital companies stoking worldwide ad spending growth
Media agency executives pointed to outlays by Facebook, Netflix, Google and Amazon as driving ad expenditures, including schedules on TV.
M&A Deals of the Week
Texas Capital, Independent Bank Group combining in $3.1B all-stock MOE
Wells Fargo continues to pare down insurance operations, makes another sale
3M to sell drug delivery business for $650M to Altaris Capital affiliate
Delivery Hero eyes Asia expansion with €3.6B deal to buy Woowa Brothers
Bank M&A 2019 Deal Tracker: December starts with $3.1B merger
The Big Number
Fed keeps rates flat, suggests it may be on extended pause
The Federal Reserve kept its benchmark interest rate steady at its last meeting of the year, pausing its run of rate cuts at three consecutive meetings and signaling little hurry to change rates again.
Weekly News Spotlight is a newsletter published every Monday that highlights exclusive industry-focused reporting, market news, and economic insights from the global newsroom here at S&P Global Market Intelligence.
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