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Monday Express: Fox, digital lender in $265M deal; Wells ups legal loss estimate

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Monday Express: Fox, digital lender in $265M deal; Wells ups legal loss estimate

* Broadcasting giant Fox agreed to acquire San Francisco-based consumer finance marketplace operator Credible Labs in a deal worth approximately $265 million.

* JPMorgan is set to become a controlling stakeholder in its Chinese mutual fund joint venture, while Morgan Stanley is likely to acquire control of its securities joint venture in the country, according to separate filings with the Shanghai United Assets and Equity Exchange, Reuters reports. The buyers were not identified in the filings but JPMorgan Asset Management and Morgan Stanley were reportedly the only bidders for the 2% stakes in China International Fund Management and Morgan Stanley Huaxin Securities, respectively.

* Wells Fargo plans to close the sale of approximately $500 million of "pick-a-pay" purchased credit-impaired loans in the third quarter. In addition, the bank raised its estimate of potential litigation losses to $3.9 billion from $3.1 billion.

* JPMorgan is likely to lead the expected IPO of coworking space giant WeWork's parent, The We, after being selected to head its upcoming debt offering, sources told Reuters.

* Kansas Federal Reserve President Esther George and Boston Federal Reserve President Eric Rosengren, who voted against the July 31 interest rate cut, said that they were unconvinced by the central bank's response to the risks to the U.S. economy's outlook.

* As the Federal Reserve looks at ways to improve its payments system to settle financial transactions instantly, some of the biggest banks in the U.S. worry that the expected system would compete with the instant-payments system launched by them, according to a report in The Wall Street Journal.

* Life and health insurer Prudential Financial unit, Prudential Insurance Co. of America, entered into a longevity reinsurance agreement with London-based life and pensions consolidator Phoenix Group Holdings. The agreement pertains to the coverage of U.K.-based retirees.

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