Former Malaysian Prime Minister Najib Razak’s 1MDB corruption trial postponed February 11, 2019 A Malaysian court has postponed the corruption trial of former Prime Minister Najib Razak in connection with the 1MDB state fund scandal. Razak, whose trial was due to start tomorrow, has pleaded not guilty to 10 charges of criminal breach of trust, money laundering and abuse of power. Read more: 1MDB: Former Malaysian PM records [...]
What does the year of the pig hold for stocks? History has some clues February 8, 2019 | City Talk Chinese stock markets are currently on holiday, with traders and consumers off celebrating the arrival of the Year of the Pig. But maybe equity markets across the world have something to celebrate, given the past performance of stocks during previous porcine-themed years. Statistically speaking, the Year of the Pig is a good one for stocks. [...]
HSBC, Goldman and Lord Fink back City fintech firm Bud February 4, 2019 Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink. Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its [...]
FTSE 100 roundup: Today’s winners and losers February 1, 2019 The FTSE 100 finished 0.74 per cent up today, nudging just above 7,000 points to finish on 7,020.22. The index was bolstered by weakness in the pound after the release of further disappointing manufacturing statistics this morning. Sterling has had a tough end to an already difficult week, falling 0.3 per cent against the dollar, striking a [...]
Deloitte fined in connection with 1MDB corruption scandal January 30, 2019 Big Four accountancy firm Deloitte has today been hit with a 2.2m Ringitt (£409,559) fine by Malaysian regulators for failures in its audit of a firm linked to the scandal-hit 1MDB fund. The Securities Commission Malaysia issued a reprimand and fine for four breaches connected to the 2.4bn Ringitt Sukuk Murabahah Programme, an Islamic bond issued [...]
Goldman Sachs chief executive warns that Brexit could affect UK investment plans January 26, 2019 Goldman Sachs’ new chief executive, David Solomon, has admitted that Brexit could affect its investment plans in the UK. Solomon said that while the number of employees in the UK has been stagnant, the company have increased its headcount in the EU, and Brexit could affect decisions regarding its people and resources. “If this [Brexit] [...]
KPMG and Deloitte under investigation for role in 1MDB corruption scandal January 26, 2019 International auditors KPMG and Deloitte are being investigated in Malaysia for their role in the 1MDB corruption scandal. Malaysian authorities said today they are looking into the state fund’s auditors, without identifying the firms. Read more: Goldman Sachs chief executive apologises to Malaysian people over 1MDB scandal “The Securities Commission’s review of the conduct of auditors [...]
ECB Headwinds, IMF downgrade for Europe – What Can We Expect from 2019? January 25, 2019 | City Talk This week bankers and leaders around the globe have come together for the World Economic Forum in Davos. A key topic has been what we can expect from 2019 and beyond, in the face of a global slowdown, climate change, the US shutdown, trade wars and Brexit. On top of that, the ECB revealed that [...]
Kiss And Say Goodbye: Former Malaysian PM records soul ballad while awaiting 1MDB trial January 24, 2019 Awaiting trial about his alleged role in one of history’s biggest corruption scandals has not stopped the former Malaysian Prime Minister poking fun at his successor in an online music video. Singing along to Kiss And Say Goodbye by the Manhattans, Najib Razak said he was fighting for those he loves. Read more: Goldman Sachs chief executive apologises [...]
Goldman Sachs backs digital wealth manager Nutmeg January 22, 2019 Goldman Sachs has taken a stake in digital wealth manager Nutmeg as part of a £45m funding round. The round was co-led by Goldman Sach’s Principal Strategic Investments Group, which invests in “fast-growing technology companies”. Read more: Goldman Sachs launches UK consumer bank Hong Kong financial advisory firm Convoy, which is an existing investor, also upped [...]