Last week’s moves by the PBOC—and the market’s response—underline not just investors’ dependency on signals from a central bank that often fails to clarify its intentions but also how hard it is for China’s leaders to steer credit.
General Electric has agreed to sell its U.S., Mexico, Australia and New Zealand vehicle-financing businesses to Element Financial for $6.9 billion, with a deal to unload its European fleet business also in the works.
U.S. Bancorp’s U.S. Bank will pay Peregrine Financial Group’s former customers $44.5 million to settle litigation over the bank’s alleged role in the multimillion-dollar fraud that brought down the brokerage.
Greece confirmed it won’t be able to make a $1.73 billion loan repayment to the International Monetary Fund due Tuesday, after its decision to call a bailout referendum cast the country into uncharted waters. Global stock markets declined after Athens imposed capital controls in a bid to prevent a banking collapse.