The Federal Reserve Bank of New York saw huge demand from banks as they rushed to bid on the $75 billion on offer in a second day of intervention to ease a crunch in overnight funding markets.1 minutes ago
Money managers who mimic the stock market just became the new titans of the fund-management world. Funds that track broad U.S. equity indexes hit $4.27 trillion in assets as of Aug. 31, according to Morningstar, giving them more money than stock-picking rivals for the first-ever monthly reporting period.57
The FBI is investigating a payroll processor after about $30 million destined for paychecks and related tax payments went missing this month. Roughly 8,000 employees and nearly 400 companies have been affected.
Exchanges are challenging high-speed traders in the battle for mom-and-pop investors’ stock orders, looking to gain market share in the fiercely competitive business of U.S. equities trading.17 minutes ago
The U.S. Department of Justice is backing a lawsuit that seeks to invalidate California’s state retirement plan, taking aim at states sponsoring retirement savings plans for people who lack access to one at work.
The U.K. halted the $5 billion sale of a British defense firm to an American investor pending further government review, a rare move for a country that hasn’t typically intervened in big, cross-border deal making.
The number of Venezuelans in Spain has nearly doubled to 320,000 in four years, part of a growing exodus as their country slides further into poverty and authoritarian rule under President Nicolás Maduro.25