EU finance ministers are chilly toward the idea of selectively relaxing banks' capital requirements to stimulate financing for green projects. Representatives of Austria, Belgium, the Netherlands and Sweden argue incentives for green finance shouldn't go as far as easing capital rules.
A proposal under the updated EU Bank Recovery and Resolution Directive to limit swaps counterparties from closing out trades with a bank to two days includes a preresolution moratorium that could hurt non-EU banks, market participants say.
Supervisors must require that banks continue to comply with standards on consumer protection, privacy, competition and national security while pushing financial-technology innovation, according to the Basel Committee on Banking Supervision. "The scope and nature of banks' risks and activities are rapidly changing, and rules governing them may need to evolve as well," the committee says.
The US Supreme Court has declined to take on a case involving restructuring of Fannie Mae and Freddie Mac. Perry Capital and other investors had argued the government unlawfully sent the mortgage giants' profit to the Treasury Department, but justices stuck with a lower court's ruling that the investors could not pursue legal claims.
The first day of a presale of Venezuela's new cryptocurrency, petro, raised $735 million, President Nicolas Maduro said. Venezuela hopes the currency, which is backed by Venezuela's crude oil, will help the country circumvent US-imposed economic sanctions and end an economic crisis.
Asian-Pacific stock markets gained Wednesday as doors remained closed at Chinese exchanges for Lunar New Year. Japan's Nikkei 225 rose 0.2%; Hong Kong's Hang Seng Index advanced 1.8%; Australia's S&P/ASX 200 edged up 0.1%; South Korea's Kospi rose 0.6%; and India's Sensex was up 0.4%.
A judge has refused to grant AT&T access to documents between the White House and the US Justice Department about a government lawsuit to block AT&T's acquisition of Time Warner. The judge ruled that AT&T had failed to establish the antitrust enforcement action was selective.
To win the support of shareholders, chipmaker Qualcomm raised its bid for rival NXP Semiconductors to approximately $44 billion. Qualcomm sweetened its offer after coming under pressure from a bid by Broadcom to take over Qualcomm.
Walmart shares posted their biggest drop in three decades after the company reported disappointing online sales and weak earnings. As the stock price plunged more than 10%, several widely followed equity indexes were dragged down.
Franklin Templeton Investments is getting ready to launch an emerging-market fund in coming weeks, as soon as it obtains regulatory approval. The Templeton Emerging Markets Local Currency Bond fund will be actively managed and will invest in emerging-market debt denominated in local currencies.