Insurance conglomerate Berkshire Hathaway Inc. increased its stake in investment banking
In litigation
In people
Gregory Guyett will resign as president and COO of Pasadena, Calif.-based East West Bancorp Inc. and East West Bank to pursue other interests, effective Aug. 24. Chairman and CEO Dominic Ng will assume the additional title of president of the company and the bank.
On the deal
In regulatory
The SEC's proposed new "best interest" regulations for investment professionals are likely to be issued late 2018 or 2019, after the agency received more than 3,800 comment letters from the public, Barrons reports. Based on the comments, investor advocates view the proposed rules as ambiguous and weak, and unlikely to get rid of sales practices that cater to brokers' interests than clients'," the report adds.
In other parts of the world
Asia Pacific: Anbang eyes Dutch unit sale; India's Cosmos Bank hacked; IAG posts FY'18 results
Europe: RBS finalizes $4.9B US settlement; VTB buys majority stake in Vozrozhdenie
Middle East & Africa: Bank Leumi Q2 income up YOY; Ghana to prosecute execs of collapsed banks
Now featured on S&P Global Market Intelligence
Credit unions gain ground in mortgages as originations fall in 2017: While total mortgage originations among credit unions fell to $118.85 billion in 2017, the industry's share of the U.S. mortgage market increased to 6.2%.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 1.55% to 27,323.59, and the Nikkei 225 fell 0.68% to 22,204,22.
In Europe, around midday, the FTSE 100 was down 0.87% to 7,544.43, and the Euronext 100 slipped 0.58% to 1,055.11.
On the macro front
The Mortgage Bankers' Association's mortgage applications report, the retail sales report, the Empire State Manufacturing Survey, the productivity and costs report, the industrial production report, the Federal Reserve Bank of Atlanta's Business Inflation Expectations survey, the business inventories report, the housing market index, the Energy Information Administration petroleum status report and the treasury international capital report are due out today.
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