Finance

• NatWest’s Sovereign Debt Retreat Ends Decades of RBS Legacy
  NatWest Group Plc had for decades bought European sovereign debt and distributed it across markets. That was until Thursday, when the bank said it would only do that for the UK government, pulling back from US and European markets and cutting a number of traders.
• Lone Pine Erases 44% Gain in Brutal Quarter on Poor Stock Bets
  Lone Pine Capital’s hedge fund, up 44% this year through June, has lost nearly all those gains in the last quarter due to wrong-way stock bets and short wagers.
• Brown University’s Fund Returned 20% in Final Year for CIO
  Brown University’s endowment returned 19.6% for the period ended in June, the final year under its high-performing chief investment officer.
• SEC Aims to Expand Cross-Trades for Fixed-Income Investments
  The Securities and Exchange Commission issued a proposal to let money managers once again cross-trade fixed-income securities, backing a change proponents say would bring about significant cost savings for investors.
• Banks Head for $5 Billion Gold Trading Windfall in Record Year
  Precious metals traders at the world’s top banks made record profits in the first half of this year, putting them on track for their best-ever annual result as surging investor interest and sharp price swings generate huge opportunities for dealers.
• ABCP Market Makes Comeback as Banks Seek Balance-Sheet Relief
  Asset-backed commercial paper, blamed for amplifying the 2008 financial crisis, is making a comeback as banks turn to the short-term funding market to do more business with less strain on their balance sheet.
• Canada Employment Falls by 68,300 Amid Public Sector Decline
  Employment in Canada fell by 68,300 last month, more than erasing previous job gains this year as the trade war with the US drags on.
• Goldman Set to Lead Wall Street’s $19 Billion Stock-Trading Haul
  Wall Street’s biggest banks are expected to unveil a quarterly stock-trading haul of nearly $19 billion when the firms report earnings next week.
• Dental Firm vVardis Files for US IPO Showing Narrowing Loss
  Dental technology firm vVardis Holding AG filed for a US initial public offering, showing rising revenue and narrower losses.
• Hurricane Isaias Slams Florida With Fierce Winds, Heavy Rain
  Hurricane Isaias barreled into the Florida Panhandle Friday night with damaging winds and a storm surge that threatened to inundate beachfront communities.
• GTCR and Elliott Said to Near Deal for Software Firm CCC
  GTCR and Elliott Investment Management are in advanced talks to acquire car-insurance software provider CCC Intelligent Solutions Holdings Inc., according to people familiar with the matter.
• SoftBank-Backed OPay Wins $185 Million Standard Bank Placement
  SoftBank Group Corp.-backed OPay Digital Services Ltd. secured about $185 million in a private placement with Africa’s biggest bank as it prepares to list in the US.
• Turkey’s Wealth Fund to Take Over Ziraat, Halkbank Islamic Units
  Turkey’s state-run lenders Ziraat Bankasi and Halkbank applied for regulatory approval to transfer their Islamic banking units to a Turkey Wealth Fund subsidiary TVF Katılım Finans Yatırımları AS, according to public filings.
• Cable One Blocked From Mega Broadband Deal for Now by Judge
  Cable One Inc. was temporarily blocked by a federal judge from acquiring a 55% equity stake in Mega Broadband Investments from private equity firm GTCR, after lender CoBank ACB sued to stop the deal.
• BC Partners Weighs Sale of United Group’s Croatian Unit
  BC Partners is preparing a disposal of United Group BV’s Croatian business, as a first step in a broader plan to revive the sale of the telecom operator, people with knowledge of the matter said.
• Hungary’s Ex-PM Orban Denies Role in Ukraine Money Convoy Raid
  Hungarian authorities that seized a Ukrainian gold convoy and briefly detained its escorts ahead of the election that unseated Viktor Orban acted on their own initiative, the former prime minister said, denying responsibility for the raid.
• RBI to Sell Bonds, Tightens Bank Cash Rules to Drain Liquidity
  India’s central bank stepped up its efforts to drain surplus banking liquidity, announcing a fresh bond sale and requiring lenders to keep more of their mandated cash buffers with it on a daily basis.