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Tuesday Express: Blackstone buying BC Partners stake; Fed pressed on Capital One

* GreenSky and Fidelity National Information Services are expected to report earnings today.

* New York-based asset manager Blackstone Group's Strategic Capital Group is buying a 10% to 15% stake in European-U.S. buyout firm BC Partners for roughly $560 million, sources told The Wall Street Journal.

* JPMorgan unit JPMorgan Asset Management won an auction to buy an additional 2% stake in its Chinese joint venture, London's Financial Times reports, citing Dan Watkins, Asia-Pacific CEO of the asset manager.

* Major U.S. banks such as Citigroup, JPMorgan, Goldman Sachs, and Morgan Stanley are making money from a boom in bond issuance in the Gulf Cooperation Council, a territory once dominated by European rivals, The Wall Street Journal reports.

* Former Wells Fargo bank branch manager pleaded guilty to bank fraud for using his position to help launder proceeds of tax fraud and identity theft scheme to fraudulently obtain $14 million in tax refunds.

* The U.S. Treasury Department designated China as a currency manipulator after the country allowed the yuan to fall below the 7-per-dollar threshold for the first time in 11 years. The cut was in response to President Donald Trump's Aug.1 decision to impose a 10% tariff on $300 billion of imported Chinese goods that are not presently subject to levies.

* Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, asked Federal Reserve Vice Chair for Supervision Randal Quarles to disclose if any suspicious activity was detected during Capital One Financial's regular bank exams, prior to the recent massive data breach.

* Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen, former heads of the Federal Reserve, said in an op-ed in The Wall Street Journal that the central bank must be spared from short-term political pressures and allowed to act independently in the best interests of the economy.

* Property and casualty insurer Maiden Holdings reported a material improvement in its capital position after entering into multiple strategic transactions, which includes a loss portfolio transfer and an adverse development agreement with Bermuda-based Enstar Group.

* Life and health insurer Health Insurance Innovations' management continues to remain optimistic about the company's reentry into Medicare even though the move impacted its second-quarter results.

* Athene Co-Invest Reinsurance Affiliate, the $4 billion fund that Apollo Global Management is raising for Athene Holding, will allow the latter to pursue larger and more types of deals while freeing up capital to repurchase more shares.

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