Financial Services

Straits Herald February 25, 2020

Three units of Goldman Sachs pleaded not guilty Monday in Malaysia over the investment bank’s alleged role in the multi-billion-dollar scandal at the country’s sovereign wealth fund 1MDB, official media reported. Huge sums were allegedly looted from the Malaysian fund in a globe-spanning fraud, which reportedly involved ex-leader Najib Razak and his inner circle. Goldman’s […]

Straits Herald February 5, 2020

The Federal Reserve permanently barred a senior Goldman Sachs executive from the banking industry over the 1MDB scandal, the US central bank announced Tuesday. The Fed action affects Andrea Vella, who had been placed on leave amid a crackdown over 1MDB, the scandal-plagued Malaysian investment fund for which Goldman Sachs helped raise $6.5 billion.  The […]

Straits Herald February 1, 2020

After European aerospace giant Airbus agreed to pay 3.6 billion euros ($4 billion) to Britain, France and the United States to settle a corruption probe, here are examples of other mega companies that have done the same. Odebrecht In 2016 the Brazilian construction giant Odebrecht and its petrochemicals subsidiary Braskem, mired in Latin America’s sprawling […]

Straits Herald January 16, 2020

by John Biers Goldman Sachs reported a drop in fourth-quarter profits on Wednesday following a mixed performance in its operating businesses as it set aside $1.1 billion in anticipation of settlements in the 1MDB scandal. Chief Executive David Solomon said the “preponderance” of the $1.1 billion was related to 1MDB, a scandal-plagued Malaysian investment fund […]

Straits Herald November 26, 2019

Chinese online retail giant Alibaba surged Tuesday as it drew back the curtain on a Hong Kong listing the firm described as a vote of confidence in the embattled city. The long-delayed trading day got off to a glitzy start with chief executive officer Daniel Zhang joined on stage at a stock exchange ceremony by […]

Straits Herald November 12, 2019

Google plans to launch a checking account service next year in a collaboration with Citigroup and a credit union in Silicon Valley, the Wall Street Journal reported on Wednesday. In a project code named Cache, Google is working on a system that will host checking accounts clearly bearing the brands of the financial institutions, which […]

Straits Herald October 28, 2019

by Jerome TAYLOR HSBC’s interim chief executive on Monday said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds. The Asia-focused behemoth has been trying to lower costs as it faces the double uncertainties caused by the grinding US-China trade […]

Straits Herald October 17, 2019

Malaysia held talks with Goldman Sachs about dropping charges against three units of the Wall Street bank that prosecutors brought over the multi-billion-dollar 1MDB scandal, a report said Thursday. Huge sums were stolen from Malaysian state fund 1MDB in a fraud allegedly involving former leader Najib Razak and his cronies, and spent on everything from […]

Straits Herald September 27, 2019

SoftBank Group CEO Masayoshi Son is no stranger to controversy, but a meltdown at WeWork has sparked pointed questions about whether his enormous investments and futuristic pronouncements are more style than substance. It has been a tough year for Son, who transformed a firm that began in software into a powerful tech investor that backs […]

Straits Herald September 19, 2019

by Catherine KURZAWA / AFP Apple went on the offensive against Brussels in an EU court on Tuesday, fighting the European Commission’s landmark order that the iPhone-maker reimburse Ireland 13 billion euros ($14 billion) in back taxes. The EU’s tax demand, made three years ago, “defies reality and common sense,” Apple’s lawyer Daniel Beard told […]

Straits Herald September 14, 2019

PayPal is cautious about the future of Facebook-backed cryptocurrency Libra, which is slated to debut with the pioneering digital payments firm as part of its oversight association. International outcry is mounting over Libra — with central banks, governments and regulators railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated. The social […]

Straits Herald September 14, 2019

by Ben PERRY / AFP The London Stock Exchange Group on Friday turned down a takeover bid by the Hong Kong Stock Exchange, citing “fundamental” flaws and concerns over its ties to the Hong Kong government. In a statement, LSEG said management “unanimously rejects the conditional proposal” from Hong Kong Stock Exchange (HKEX) and “given […]

Straits Herald August 29, 2019

CIMB Group Holdings Berhad today reported a Profit Before Tax (“PBT”) of RM3.56 billion for the first half of 2019 (“1H19”). The 8.7% year-on-year (“YoY”)increase was underpinned by stronger operating income and a 15.7% YoY decline in loan loss provisions, with an 8.7% YoY increase in operating expenses.  The Group’s 1H19 net profit was 14.5% higher YoY at […]

Straits Herald August 27, 2019

Sukuk (Islamic bond) issuance is set to rise 6% to around $130 billion this year, a fourth consecutive annual increase, Moody’s Investors Service said in a report. “Increased activity in Saudi Arabia and Malaysia helped drive strong issuance of $87 billion in the first six months and this has reduced funding needs,” said Nitish Bhojnagarwala, […]

Straits Herald August 27, 2019

Key highlights: Total income grew 3.9% Y-o-Y to RM3,519.0 million Pre-tax profit rose 6.4% Y-o-Y to RM1,664.7 million Operating expenses increased by 2.7%, cost-to-income ratio further improved to 48.5% from 49.1% a year ago Allowances for credit losses lower by 8.1% Y-o-Y Gross loans up 6.9% Y-o-Y to RM172.3 billion while domestic loans grew 6.6% […]