The "cosily competitive" Big Four
accounting firms, who check the books of 97 percent of Britain's
350 largest companies, need stronger rivals to avoid becoming
too-big-to-fail, officials and investors told a UK competition
inquiry into auditing.
Prime Minster Theresa May's
spokesman declined to say whether an EU exit deal was expected
by Nov. 21, as indicated in a letter by her Brexit minister
Dominic Raab earlier on Wednesday, but said government was
working to get a deal as soon as possible.
The U.S. Federal Reserve
unveiled a proposal on Wednesday that would ease regulations for
banks with less than $700 billion in assets, as the central bank
looks to tailor rules in line with banks' risk profiles.
Carlyle Group LP on
Wednesday missed estimates for earnings per unit for the third
quarter, as the value of its private equity investments rose
less than that of rivals on the back of turbulent markets in
Sports Direct International Plc,
the sportswear group controlled by billionaire Mike Ashley, said
on Wednesday it had paid 8 million pounds ($10.2 million) to buy
Evans Cycles after it fell into administration.
Banco Santander Brasil SA
's Chief Financial Officer Angel Santodomingo said on
Wednesday the bank's net income margin would continue to be
pressured over the coming quarters, sending shares tumbling
nearly 5 percent.