Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Some of the biggest players in trading sat side by side at the House Financial Services Committee’s US Equity Market Structure hearing on Tuesday, and it got pretty heated.
Ari Rubenstein, CEO of high-speed market-maker Global Trading Systems, took aim at Bats Global Markets, which has proposed an alternative to the closing auction at the end of the trading day. IEX, America’s newest stock exchange, said a popular practice on Wall Street causes “clear and significant harm to investors.” And Chris Concannon, president and chief operating officer at Chicago Board Options Exchange, said u
ltra-high-priced stocks are hurting investors. Elsewhere in market infrastructure and fintech news:
- A trading startup tackling a key problem in the world’s most important market has raised $US10 million
- IBM landed a big win in the race to sell blockchain to Wall Street
- The world’s largest investor just struck another tech deal
- Visa is investing in Swedish fintech unicorn Klarna
In markets news, Warren Buffett’s newest investment got downgraded on Wall Street. In other news:
- $US3.7 BILLION HEDGE FUND: This market doesn’t make any sense
- FED’S WILLIAMS: The US stock market is “running pretty much on fumes”
- There are “cracks emerging” in the calmest market in years
- The stock market is relying more than ever on the world’s hottest investment product
Elsewhere, the Russian bank whose boss met with Jared Kushner keeps popping up as the Trump-Putin story unfolds. Miranda Kerr has returned millions of dollars worth of jewellery that may have been part of a money laundering scheme. One of China’s largest real estate buyers is being investigated for corruption.
And a damning new IMF report pours cold water on the entire Trump agenda, according to Business Insider’s Pedro da Costa.
There’s a ton of news in the healthcare sector:
- House Republicans’ favourite biotech investment just plunged by 90%
- The Senate Republican healthcare bill is collapsing
- The CBO has debunked a key Republican talking point on the Senate health bill
- The CBO says the Senate GOP healthcare bill would leave 22 million more without insurance
- The CBO report shows how the Senate healthcare bill could crush low-income Americans
- The FDA just made a move that could prevent the next drug price gouger
Nestlé, the Swiss food and candy company that has been targeted by an $US18 billion activist fund, says it will buy back roughly $US21 billion of its shares. In related news:
- Apple is crushing the Swiss watch industry — and one brand is particularly vulnerable
- MORGAN STANLEY: GrubHub could get “Amazoned”
- KROGER CEO: “Whole Foods is a great fit” for Amazon
- Hedge funds are taking big bets against the UK shops that are feeling the heat from Brexit and online competition
The big tech news of the day is that Google has been hit with a record-breaking €2.4 billion fine by the EU over its antitrust case. Elsewhere:
- Verizon wants to borrow T-Mobile and Vodafone’s consumer data to take on Facebook and Google
- Sprint is in talks with Charter Communications and Comcast to boost their wireless offerings
- MORGAN STANLEY: Here’s why it makes sense for Tesla to become the next big music-streaming service
- Nvidia just got closer to cornering a key part of the self-driving car market
- A startup born out of Stanford just raised $US50 million to make the brain for self-driving cars
Lastly, here’s the most important skill every leader needs to succeed, according to a Tour de France team manager.