The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division.

Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.

Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City.

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The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials.

Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility.

According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia.

Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure.

Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund.

(With inputs from agencies)

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The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.

The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards. Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City. The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials. Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility. According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia. Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure. Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund. (With inputs from agencies) WATCH WION LIVE HERE

Report says US SEC is investigating Goldman Sachs Group Inc's asset-management division

Goldman Sachs Senior Chairman Lloyd Blankfein has asked companies and consumers to brace for an imminent recession in the US, saying it's a "very, very high risk."

"If I were running a big company, I would be very prepared for it," Blankfein said in an interview to CBS's "Face the Nation" on Sunday. "If I was a consumer, I'd be prepared for it."

Goldman Sachs is the second financial institution to forecast&nbsp;a recession for the US, which is battling inflation and high fuel prices.

US consumer sentiment had&nbsp;declined in early May to the lowest level since 2011, while&nbsp;the consumer prices spiked 8.3 per cent in April from a year ago, which is among the fastest in decades.

Earlier, Deutsche Bank had warned that the US is heading for a downturn caused by the Federal Reserve's aim to water down high inflation.

"We will get a major recession," Deutsche Bank economists wrote in a report to clients on Tuesday, CNN reported.

Watch |&nbsp;US Recession possibility 'very high risk factor', Goldman Sachs warns of growth forecast

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Blankfein remarks come after the firm’s economists cut the US growth forecasts for 2022 and 2023 to reflect the recent shake-out in financial markets, reports Bloomberg.

Goldman’s economic team expects US gross domestic product to expand 2.4 per cent this year, down from 2.6 per cent. It has also reduced its 2023 projections from 2.2 per cent to 1.6 per cent.

The report called this a “necessary growth slowdown” to help temper wage growth and reduce inflation back down towards the Fed’s 2 per cent target.

(With inputs from agencies)

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(With inputs from agencies)&nbsp;

Goldman Sachs Senior Chairman Lloyd Blankfein has asked companies and consumers to brace for an imminent recession in the US, saying it's a "very, very high risk.

Goldman Sachs Senior Chairman Lloyd Blankfein has asked companies and consumers to brace for an imminent recession in the US, saying it's a "very, very high risk." "If I were running a big company, I would be very prepared for it," Blankfein said in an interview to CBS's "Face the Nation" on Sunday. "If I was a consumer, I'd be prepared for it." Goldman Sachs is the second financial institution to forecast a recession for the US, which is battling inflation and high fuel prices. US consumer sentiment had declined in early May to the lowest level since 2011, while the consumer prices spiked 8.3 per cent in April from a year ago, which is among the fastest in decades. Earlier, Deutsche Bank had warned that the US is heading for a downturn caused by the Federal Reserve's aim to water down high inflation. "We will get a major recession," Deutsche Bank economists wrote in a report to clients on Tuesday, CNN reported. Watch | US Recession possibility 'very high risk factor', Goldman Sachs warns of growth forecast Blankfein remarks come after the firm’s economists cut the US growth forecasts for 2022 and 2023 to reflect the recent shake-out in financial markets, reports Bloomberg. Goldman’s economic team expects US gross domestic product to expand 2.4 per cent this year, down from 2.6 per cent. It has also reduced its 2023 projections from 2.2 per cent to 1.6 per cent. The report called this a “necessary growth slowdown” to help temper wage growth and reduce inflation back down towards the Fed’s 2 per cent target. (With inputs from agencies) WATCH WION LIVE HERE (With inputs from agencies)

Goldman Sachs predicts recession in US, calls it ‘very, very high risk’

Crude oil price is trading hits 7-year highs, as surging demand continues to outpace supply, even as the global economy continues on the path to recovery from the pandemic lows.

Crude oil price hits 7-year highs as Goldman Sachs raises price target

Goldman Sachs cut its U.S. economic growth target to 5.6% for 2021 and to 4% for 2022 citing an expected decline in fiscal support through the end of next year and a more delayed recovery in consumer spending than previously expected.

Goldman cuts growth forecast for 2021, 2022

India might soon expand its market value by $400 billion, with Indian start-ups generating $10 billion through IPOs so far in 2021 and 150 private companies lining up to list on the country's stock exchange, Goldman Sachs has predicted.

According to the investment bank, India's stock market has already raised more money this year than it has in the previous three years.

According to analysts, investor interest will remain strong, boosting the country's market capitalisation to $5 trillion by 2024, up from $3.5 trillion now.

This would effectively make India's stock market the world's fifth largest, knocking the United Kingdom out of the top five.&nbsp; 
 
<a href="https://www.wionews.com/business-economy/indias-wpi-inflation-rose-in-august-over-costlier-manufactured-goods-412956">Also read | India's WPI inflation rose in August over costlier manufactured goods</a>

Several prominent technology start-ups in India have recently announced aspirations to go public.

The Indian insurance business Life Insurance Corp (LIC) is planning an initial public offering (IPO) next year with a valuation of more than $250 billion, making it the country's largest IPO to date.

MapmyIndia, a prominent Indian tech company, is also planning an IPO in the coming months.

The mapping firm, which feeds data to Apple Maps and Amazon's Alexa, is looking for a $825 million IPO price.

Food delivery company Zomato, payments behemoth Paytm, ride-hailing startup Ola, and e-commerce behemoth Flipkart are among the prominent names already on the list.&nbsp;

Analysts at Goldman Sachs predict that in future years, so-called "new economy" industries such as e-commerce, the internet, online retail, and the media will join India's stock market, while commodity and software services firms will be less visible.&nbsp;

(With inputs from agencies)

India might soon expand its market value by $400 billion, with Indian start-ups generating $10 billion through IPOs so far in 2021 and 150 private companies lining up to list on the country's stock exchange, Goldman Sachs has predicted.

India might soon expand its market value by $400 billion, with Indian start-ups generating $10 billion through IPOs so far in 2021 and 150 private companies lining up to list on the country's stock exchange, Goldman Sachs has predicted. According to the investment bank, India's stock market has already raised more money this year than it has in the previous three years. According to analysts, investor interest will remain strong, boosting the country's market capitalisation to $5 trillion by 2024, up from $3.5 trillion now. This would effectively make India's stock market the world's fifth largest, knocking the United Kingdom out of the top five. Also read | India's WPI inflation rose in August over costlier manufactured goods Several prominent technology start-ups in India have recently announced aspirations to go public. The Indian insurance business Life Insurance Corp (LIC) is planning an initial public offering (IPO) next year with a valuation of more than $250 billion, making it the country's largest IPO to date. MapmyIndia, a prominent Indian tech company, is also planning an IPO in the coming months. The mapping firm, which feeds data to Apple Maps and Amazon's Alexa, is looking for a $825 million IPO price. Food delivery company Zomato, payments behemoth Paytm, ride-hailing startup Ola, and e-commerce behemoth Flipkart are among the prominent names already on the list. Analysts at Goldman Sachs predict that in future years, so-called "new economy" industries such as e-commerce, the internet, online retail, and the media will join India's stock market, while commodity and software services firms will be less visible. (With inputs from agencies)

Goldman Sachs says India could surpass the UK as the world’s 5th largest stock market by 2024

Goldman Sachs told employees that from Tuesday anyone entering its offices in the United States must be fully vaccinated against COVID-19.

World Business Watch: Goldman Sachs to mandate COVID vaccine for staff, visitors at US offices

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year.

According to the media reports, a spokesman for Goldman Sachs confirmed Aziz McMahon, a managing director and head of emerging market sales based in London, has left the investment bank. But the spokesman also said that he had no knowledge of the investment in dogecoin. 
 
He graduated from Trinity College in Dublin with a master’s degree in Economics in 1998.

The Guardian newspaper reported McMahon made the money investing on his own personal account and wasn’t involved in trading cryptocurrencies for Goldman Sachs. While not much is known about the amount McMahon reportedly made, the newspaper cites unnamed sources claiming it was a “substantial sum.”

A report in eFinancialCareers suggested he might be starting a hedge fund, but it did not provide any information backing those claims.

SpaceX and Tesla chief Elon Musk's favourite cryptocurrency has gone up more than 130-fold this year. SpaceX announced the "DOGE-1 Mission to the Moon" in the first quarter of next year, with Musk's commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment.

However, Dogecoin lost more than a third of its price on May 9, after Musk called it a "hustle" during his guest-host spot on the Saturday Night Live (SNL) comedy sketch TV show.

(With inputs from agencies)

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year.

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year. According to the media reports, a spokesman for Goldman Sachs confirmed Aziz McMahon, a managing director and head of emerging market sales based in London, has left the investment bank. But the spokesman also said that he had no knowledge of the investment in dogecoin. He graduated from Trinity College in Dublin with a master’s degree in Economics in 1998. The Guardian newspaper reported McMahon made the money investing on his own personal account and wasn’t involved in trading cryptocurrencies for Goldman Sachs. While not much is known about the amount McMahon reportedly made, the newspaper cites unnamed sources claiming it was a “substantial sum.” A report in eFinancialCareers suggested he might be starting a hedge fund, but it did not provide any information backing those claims. SpaceX and Tesla chief Elon Musk's favourite cryptocurrency has gone up more than 130-fold this year. SpaceX announced the "DOGE-1 Mission to the Moon" in the first quarter of next year, with Musk's commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment. However, Dogecoin lost more than a third of its price on May 9, after Musk called it a "hustle" during his guest-host spot on the Saturday Night Live (SNL) comedy sketch TV show. (With inputs from agencies)

Goldman Sachs director quits after making millions from Dogecoin: Report

Goldman Sachs has said the United Kingdom looks set to see faster economic growth than the United States this year as the country races ahead with its vaccination programme after its slump in 2020.

World Business Watch: Goldman Sachs expects UK to beat US in economic recovery

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history.

The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now-infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB.

The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary.

"The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr.

Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said.

Goldman Sachs pleaded guilty in October over its role in the scandal and agreed to pay nearly $3 billion to close US investigations.

(With inputs from agencies)

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history.

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history. The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now-infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB. The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary. "The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr. Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said. Goldman Sachs pleaded guilty in October over its role in the scandal and agreed to pay nearly $3 billion to close US investigations. (With inputs from agencies)

1MDB bribery scandal: $10 million pay-cut for Goldman Sachs CEO David Solomon

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.8 per cent.

The US-based firm said developments on the vaccine front — where two candidates have posted satisfactory progress — will be very helpful in the recovery.

The Reserve Bank expects India's GDP to contract by 9.5 per cent on real basis in the ongoing fiscal because of the impact suffered by the economy during the COVID-19 pandemic.

Also read|&nbsp;<a href="https://www.wionews.com/science/coronavirus-mutations-appearing-in-siberia-russian-scientists-343820">Coronavirus mutations appearing in Siberia: Russian scientists</a>

The GDP will stage an impressive recovery in FY22, with a growth of 13 per cent on the low base and benefits of the vaccine, Goldman Sachs said in a report.

"There is still a high degree of uncertainty around the outlook - and growth could significantly overshoot or undershoot these forecasts - depending on the course taken by the virus and vaccine-related developments in the coming year," it said.

It expects a normalisation in the containment policies and mobility restrictions only in mid-2022, once a vaccine is deployed.

A meaningful rebound in economic activity will happen from 2021 itself, it said, adding that consumer-facing services sectors will stage a faster recovery.

Also read|&nbsp;<a href="https://www.wionews.com/science/chemicals-found-in-daily-use-products-could-decrease-covid-19-vaccines-effectiveness-reports-343850" hreflang="en">Chemicals found in daily-use products could decrease COVID-19 vaccine's effectiveness: Reports</a>

However, the pace of the rebound will be restrained by some "economic scarring", and a number of factors like a weak labour market, the hit to private sector incomes and balance sheets, tighter credit supply conditions and a limited impetus from fiscal policy, it said.

Headline inflation is likely to decline towards the mid-point of the RBI''s target band of 2-6 per cent by mid-2021 as food prices fall on easing supply restrictions, a benign monsoon and favourable base effects, it said.

Core inflation could also moderate given low manufacturing capacity utilisation and appreciation in the rupee.

This will result in the RB's Monetary Policy Committee (MPC) cutting rates by 0.35 per cent next year, it said, adding that the panel with three new members has a dovish tilt.

The brokerage further said it will be overweight on Indian equities on the macro recovery and relatively higher sensitivity of Indian stocks to positive vaccine outcomes and added that appreciation pressures on the rupee will persist.

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.8 per cent. The US-based firm said developments on the vaccine front — where two candidates have posted satisfactory progress — will be very helpful in the recovery. The Reserve Bank expects India's GDP to contract by 9.5 per cent on real basis in the ongoing fiscal because of the impact suffered by the economy during the COVID-19 pandemic. Also read| Coronavirus mutations appearing in Siberia: Russian scientists The GDP will stage an impressive recovery in FY22, with a growth of 13 per cent on the low base and benefits of the vaccine, Goldman Sachs said in a report. "There is still a high degree of uncertainty around the outlook - and growth could significantly overshoot or undershoot these forecasts - depending on the course taken by the virus and vaccine-related developments in the coming year," it said. It expects a normalisation in the containment policies and mobility restrictions only in mid-2022, once a vaccine is deployed. A meaningful rebound in economic activity will happen from 2021 itself, it said, adding that consumer-facing services sectors will stage a faster recovery. Also read| Chemicals found in daily-use products could decrease COVID-19 vaccine's effectiveness: Reports However, the pace of the rebound will be restrained by some "economic scarring", and a number of factors like a weak labour market, the hit to private sector incomes and balance sheets, tighter credit supply conditions and a limited impetus from fiscal policy, it said. Headline inflation is likely to decline towards the mid-point of the RBI''s target band of 2-6 per cent by mid-2021 as food prices fall on easing supply restrictions, a benign monsoon and favourable base effects, it said. Core inflation could also moderate given low manufacturing capacity utilisation and appreciation in the rupee. This will result in the RB's Monetary Policy Committee (MPC) cutting rates by 0.35 per cent next year, it said, adding that the panel with three new members has a dovish tilt. The brokerage further said it will be overweight on Indian equities on the macro recovery and relatively higher sensitivity of Indian stocks to positive vaccine outcomes and added that appreciation pressures on the rupee will persist.

Goldman Sachs ups India's eco forecast on vaccine progress, now expects 10.8 pc contraction in FY21

Watch today in World Business Watch: Global investment bank Goldman Sachs have agreed to pay nearly $3 Billion to settle a probe into its role in Malaysia's 1MBD Scandal (1Malaysia Development Berhad scandal).

World Business Watch: Goldman Sachs to pay $3 Billion fine in 1MBD Scandal

Global ratings agency Fitch on Tuesday sharply revised its forecast to India's GDP growth, estimating that it will contract 10.5%, while Goldman Sachs expects it to decline by 14.8%in the current fiscal year.

Global rating agencies cut India's GDP forecast

Duke of Sussex <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Prince Harry</a> is reportedly entering talks with controversial banking giant Goldman Sachs. The alleged negotiations between Sachs and the <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">British royals </a>could earn the latter upwards of £1billion in corporate deals.

Having quit the Royal family alongside the <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Duchess of Sussex</a>, 35-year-old Prince and the former Suits actress have reportedly discussed working with the controversial US finance firm.

Also read: <a href="https://www.wionews.com/opinions-blogs/what-next-for-prince-harry-and-meghan-markle-276880">What next for Prince Harry and Meghan Markle?</a>

Reports indicate that contact between the royal couple and Goldman Sachs began in November of 2019, and Harry may allegedly follow footballer <a href="https://www.wionews.com/entertainment/david-beckham-star-struck-after-encounter-with-mother-of-dragons-emilia-clarke-264187">David Beckham</a> and actress <a href="https://www.wionews.com/entertainment/gwyneth-paltrow-priyanka-chopra-top-create-cultivates-100-list-275804">Gwyneth Paltrow</a> to be a guest speaker at the bank’s Talks at GS.

Though guests speakers do not receive any monetary compensation from Goldman, this opportunity could reportedly the way for the Sussexes to forge a l­ucrative future relationship.

<a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Internet labels Prince Harry as the best husband in the world after watching this viral video</a>

<a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Harry </a>and <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Meghan </a>dropped a bombshell statement on January 8, when they publicly announced their intention to "work to become financially independent" while also "fully" supporting the Queen.

They assured the media of continuous collaborations with the monarchy, but it was concluded that a half-in/half-out model whereby the couple would gain financial independence while also serving the Queen was not possible.

<a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Harry </a>and <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Meghan </a>announced after negotiations with the royal family that they will stop carrying out royal duties from the spring and no longer use the title HRH.

Speculation of <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Harry </a>and <a href="https://www.wionews.com/entertainment/celebrity-news-internet-labels-prince-harry-as-the-best-husband-in-the-world-after-watching-this-viral-video-278810">Meghan </a>making millions through lucrative contracts has been plentiful, with suggestions ranging from acting, film or television, to brand partnerships, to public speaking, and even book deals.

Duke of Sussex Prince Harry is reportedly entering talks with controversial banking giant Goldman Sachs. The alleged negotiations between Sachs and the British royals could earn the latter upwards of £1billion in corporate deals.

Duke of Sussex Prince Harry is reportedly entering talks with controversial banking giant Goldman Sachs. The alleged negotiations between Sachs and the British royals could earn the latter upwards of £1billion in corporate deals. Having quit the Royal family alongside the Duchess of Sussex, 35-year-old Prince and the former Suits actress have reportedly discussed working with the controversial US finance firm. Also read: What next for Prince Harry and Meghan Markle? Reports indicate that contact between the royal couple and Goldman Sachs began in November of 2019, and Harry may allegedly follow footballer David Beckham and actress Gwyneth Paltrow to be a guest speaker at the bank’s Talks at GS. Though guests speakers do not receive any monetary compensation from Goldman, this opportunity could reportedly the way for the Sussexes to forge a lucrative future relationship. Internet labels Prince Harry as the best husband in the world after watching this viral video Harry and Meghan dropped a bombshell statement on January 8, when they publicly announced their intention to "work to become financially independent" while also "fully" supporting the Queen. They assured the media of continuous collaborations with the monarchy, but it was concluded that a half-in/half-out model whereby the couple would gain financial independence while also serving the Queen was not possible. Harry and Meghan announced after negotiations with the royal family that they will stop carrying out royal duties from the spring and no longer use the title HRH. Speculation of Harry and Meghan making millions through lucrative contracts has been plentiful, with suggestions ranging from acting, film or television, to brand partnerships, to public speaking, and even book deals.

Prince Harry and Meghan Markle to work with Goldman Sachs

<a href="https://www.wionews.com/business-economy/apple-beats-profit-forecasts-amid-growth-in-services-wearables-258969">&nbsp;Apple Inc</a> co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received.

The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc.

In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt.

It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender."

Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score.

On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife.

"We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet.

"Hard to get to a human for a correction though. It's big tech in 2019."

New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices.

"New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post.&nbsp;

That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added.

"We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services."

Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card.

Apple Inc co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker's credit card, fuelling scrutiny of the newly launched Apple Card. The criticism started on Thursday, after entrepreneur David Heinemeier Hansson railed against the Apple Card in a series of Twitter posts, saying it gave him 20 times the credit limit his wife received. The much-anticipated titanium credit card, part of a broader effort by Apple to derive greater revenue from services after years of heavy reliance on iPhone sales, was launched in August, in partnership with Goldman Sachs Group Inc. In an email, Goldman said Apple Card applicants were evaluated independently, according to income and creditworthiness, taking into account factors such as personal credit scores and personal debt. It was possible for two family members to receive significantly different credit decisions, the bank said, but added, "We have not, and will not, make decisions based on factors like gender." Hansson, who is the creator of web-application framework Ruby on Rails, did not disclose any specific income-related information for himself or his wife but tweeted that they filed joint tax returns and that his wife had a better credit score. On Saturday, Wozniak chimed in with a similar experience, saying he got 10 times more credit on the card, compared with his wife. "We have no separate bank or credit card accounts or any separate assets," Wozniak said on Twitter, in reply to Hansson's original tweet. "Hard to get to a human for a correction though. It's big tech in 2019." New York's Department of Financial Services said it was beginning an inquiry into Goldman Sachs' credit card practices. "New York law prohibits discrimination against protected classes of individuals," Linda Lacewell, the superintendent of the New York State Department of Financial Services, wrote in a blog post. That barred an algorithm, like any other method of determining creditworthiness, from disparate treatment based on individual characteristics such as age, creed, race, color, sex, sexual orientation, national origin, among others, she added. "We know the question of discrimination in algorithmic decisioning also extends to other areas of financial services." Apple did not immediately respond to a Reuters request for comment on Sunday.

Apple co-founder says Apple Card algorithm gave wife lower credit limit

As anti-government protesters fought pitched battles with police in <a href="https://www.wionews.com/world/sit-in-at-school-of-hong-kong-protester-shot-by-police-253170">Hong Kong</a> streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year.

Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares.

Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes.

"How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank.

"I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue.

Watch:&nbsp;Hong Kong protesters hit police station with petrol bombs

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Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say.

Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said.

The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began.

"I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big."

Fundraising Needs

What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong.

Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland.

After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said.

"The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis.

As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year.

In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment.

"A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal."

Solid Demand

Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said.

Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range.

E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil.

But such caution has not badly dented the demand for new and listed stocks.

In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up.

Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said.

Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere.

Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient.

"You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer. After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year. Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares. Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes. "How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank. "I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue. Watch: Hong Kong protesters hit police station with petrol bombs × Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say. Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said. The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began. "I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big." Fundraising Needs What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong. Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland. After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said. "The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis. As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year. In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment. "A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal." Solid Demand Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said. Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range. E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil. But such caution has not badly dented the demand for new and listed stocks. In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up. Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said. Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere. Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient. "You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

Investors keep their faith in Hong Kong markets despite protests

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Reuters has reported it could take months for <a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Aramco</a>, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply.

The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay.

Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November.

Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale.

Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place.

But other sources, including bankers and <a href="https://www.wionews.com/business-economy/sensex-crashes-over-600-points-after-saudi-arabias-aramco-attacks-250193">investors</a>, said while work would continue, the attacks would have an impact.

"The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said.

The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale.

"It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management.

Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles.

A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas.

"The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said.

Aramco Vulnerability

An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack.

Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters.

However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday.

"Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note.

"The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation."

Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices. 
&nbsp;

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities. Reuters has reported it could take months for Aramco, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply. The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay. Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November. Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale. Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place. But other sources, including bankers and investors, said while work would continue, the attacks would have an impact. "The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said. The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale. "It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management. Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles. A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas. "The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said. Aramco Vulnerability An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack. Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters. However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday. "Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note. "The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation." Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices.

Saudi Aramco pursues IPO planning despite attack damage doubts

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy.

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world's second-largest economy. Persistent weakness in China's vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades. The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction every month. A poll showed analysts expected the August PMI to stay unchanged from the previous month. The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China's exporters. Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July's 46.9. Total new orders from home and abroad also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year. "Front-loading of exports to the US ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months," said analysts at Goldman Sachs in a note. Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits. The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August. Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July. ESCALATIONS August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later. After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in the coming months. The combined moves now effectively cover all of China's exports to the United States. Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed. The US president had said earlier in the week that China wants to reach a deal 'very badly', citing what he described as increasing economic pressure on Beijing and job losses. But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in the coming quarters. The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6 per cent this year, the bottom end of its target range of around 6.0-6.5 per cent. Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilise growth. But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank's profit margins, heightening financial sector risks. So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies. But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support. Services growth Growth in China's services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August. Beijing has been relying on a strong service sector to cushion some of the economic impacts of trade uncertainties and sluggish manufacturing activities. However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement. The services sector has been propped up by Chinese consumers' rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

China's factory activity shrinks for fourth month as trade woes deepen

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers.

Fund managers and analysts say that they are looking for signs of a so-called "trade-down-trade", in which consumers forgo shopping at higher-end department stores or supermarkets in favour of the more limited selection but lower prices at deep discounters.&nbsp;

Between December 2008 and December 2011, for instance, shares of Dollar Tree soared nearly 200per cent as consumers pinched pennies during the Great Recession, while the benchmark S&amp;P 500 gained just 39per cent over the same time.

For the year to date, shares of Dollar Tree are up 7.3 per cent as it integrates its purchase of former competitor Family Dollar, while shares of Dollar General are up 28.4 per cent.&nbsp;

Both companies are scheduled to report earnings on Aug 29.

"The good news is consumers often shop more at the dollar stores during periods of economic weakness.&nbsp;We wouldn't expect a sharp increase in sales, but we suspect sales will remain stable at the dollar stores while other companies may feel greater pain," said Mark DeVaul, a portfolio manager at the Hennessy Equity and Income fund, who has a position in Dollar Tree.

"We believe the treasure hunt shopping atmosphere will continue to drive traffic and somewhat insulate them from competition from Amazon."

There are no indications that the United States is currently in a recession, though investors are becoming increasingly worried that the longest economic expansion in US history is nearing its end.

Earlier this month, Goldman Sachs said that the likelihood that the trade war between the US and China leads to a recession is increasing and that it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.

Morgan Stanley, meanwhile, forecast that if the United States increases tariffs on all imports from China to 25 per cent for 4-6 months, and China takes countermeasures, a US recession would follow in three quarters.

The spread between the yields of shorter- and longer-duration Treasury bonds slipped below zero earlier this year, a so-called yield curve inversion which has presaged recessions in the past.&nbsp;

The yield of 30-year Treasuries hit record lows last week, a sign that investors are betting on slower economic growth and low inflation.

A trade-down trade in the face of economic weakness could also benefit deep discount retailers such as Five Below Inc, National Vision Holdings Inc, and Ollie's Bargain Outlet Holdings Inc that have solid balance sheets, noted Anthony Chukumba, managing director at Loop Capital Markets.&nbsp;

Higher-end retailers like Best Buy Co Inc, meanwhile, would likely underperform, he said.

"With the likelihood of a recession creeping up, we believe investors should start paying more attention to speciality hardlines retailers’ capital structures," he said.

Dollar General, in particular, may continue to outperform due to its strong management team and inventory control, said Charles Grom, an analyst at Gordon Haskett Research Advisors.

"This is one of our best ideas and we think there's an above-average chance that they will be raising their guidance" when the company reports its results and "mirror what Target did", he said.

Shares of Target Corp jumped over 19per cent and hit record highs after the company posted better-than-expected sales growth on Tuesday.

Yet deep discounters like Dollar Tree and Dollar General are not immune from the economic impacts of the trade war between the US and China.

Dollar Tree, for example, imports an estimated 60 per cent of its inventory from China and could be forced into raising prices if it is no longer able to get concessions from its vendors, said DeVaul, the Hennessy fund manager.

"They may have to 'break the buck' and raise prices, but the risk there is that by doing so they could piss off a lot of people and not get them back," he said.

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers.

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers. Fund managers and analysts say that they are looking for signs of a so-called "trade-down-trade", in which consumers forgo shopping at higher-end department stores or supermarkets in favour of the more limited selection but lower prices at deep discounters. Between December 2008 and December 2011, for instance, shares of Dollar Tree soared nearly 200per cent as consumers pinched pennies during the Great Recession, while the benchmark S&P 500 gained just 39per cent over the same time. For the year to date, shares of Dollar Tree are up 7.3 per cent as it integrates its purchase of former competitor Family Dollar, while shares of Dollar General are up 28.4 per cent. Both companies are scheduled to report earnings on Aug 29. "The good news is consumers often shop more at the dollar stores during periods of economic weakness. We wouldn't expect a sharp increase in sales, but we suspect sales will remain stable at the dollar stores while other companies may feel greater pain," said Mark DeVaul, a portfolio manager at the Hennessy Equity and Income fund, who has a position in Dollar Tree. "We believe the treasure hunt shopping atmosphere will continue to drive traffic and somewhat insulate them from competition from Amazon." There are no indications that the United States is currently in a recession, though investors are becoming increasingly worried that the longest economic expansion in US history is nearing its end. Earlier this month, Goldman Sachs said that the likelihood that the trade war between the US and China leads to a recession is increasing and that it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election. Morgan Stanley, meanwhile, forecast that if the United States increases tariffs on all imports from China to 25 per cent for 4-6 months, and China takes countermeasures, a US recession would follow in three quarters. The spread between the yields of shorter- and longer-duration Treasury bonds slipped below zero earlier this year, a so-called yield curve inversion which has presaged recessions in the past. The yield of 30-year Treasuries hit record lows last week, a sign that investors are betting on slower economic growth and low inflation. A trade-down trade in the face of economic weakness could also benefit deep discount retailers such as Five Below Inc, National Vision Holdings Inc, and Ollie's Bargain Outlet Holdings Inc that have solid balance sheets, noted Anthony Chukumba, managing director at Loop Capital Markets. Higher-end retailers like Best Buy Co Inc, meanwhile, would likely underperform, he said. "With the likelihood of a recession creeping up, we believe investors should start paying more attention to speciality hardlines retailers’ capital structures," he said. Dollar General, in particular, may continue to outperform due to its strong management team and inventory control, said Charles Grom, an analyst at Gordon Haskett Research Advisors. "This is one of our best ideas and we think there's an above-average chance that they will be raising their guidance" when the company reports its results and "mirror what Target did", he said. Shares of Target Corp jumped over 19per cent and hit record highs after the company posted better-than-expected sales growth on Tuesday. Yet deep discounters like Dollar Tree and Dollar General are not immune from the economic impacts of the trade war between the US and China. Dollar Tree, for example, imports an estimated 60 per cent of its inventory from China and could be forced into raising prices if it is no longer able to get concessions from its vendors, said DeVaul, the Hennessy fund manager. "They may have to 'break the buck' and raise prices, but the risk there is that by doing so they could piss off a lot of people and not get them back," he said.

Investors look at dollar stores as US recession fears increase

Malaysia filed criminal charges Friday against 17 current and former directors of three Goldman Sachs subsidiaries, piling further pressure on the Wall Street titan over the multi-billion-dollar 1MDB scandal.

Billions of dollars were looted from the country's sovereign wealth fund 1Malaysia Development Berhad in a globe-spanning fraud, which<a href="allegedly involved ex-leader Najib Razak"> allegedly involved ex-leader Najib Razak</a> and his inner circle.

Goldman's role has been under scrutiny as it helped arrange a series of bond issues worth $6.5 billion for the investment vehicle.

Attorney-General Tommy Thomas announced the latest charges in a statement.

"Custodial sentences and criminal fines will be sought against the accused... given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds," he said.

The statement listed the names of the 17 accused, who were directors of Goldman's subsidiaries between May 2012 and March 2013, Thomas said.

In December, Malaysia filed charges against the three subsidiaries -Goldman Sachs International, Goldman Sachs (Asia), and <a href="https://www.wionews.com/business-economy/goldman-sachs-profit-beats-expectations-on-equity-trading-lending-236453">Goldman Sachs</a> (Singapore) &nbsp;and two ex-employees.&nbsp;

They were accused of giving false statements leading to the misappropriation of funds to the bond issues.

Goldman vowed to fight these charges, saying the former Malaysian government and 1MDB lied to the bank.

Friday's charges were brought under laws which provide that "any person who... was a director, a chief executive, an officer or a representative of a body corporate or was purporting to act in such capacity" at the time of an offence is also deemed to have committed that offence, the attorney general's statement said

Malaysia filed criminal charges Friday against 17 current and former directors of three Goldman Sachs subsidiaries, piling further pressure on the Wall Street titan over the multi-billion-dollar 1MDB scandal.

Malaysia filed criminal charges Friday against 17 current and former directors of three Goldman Sachs subsidiaries, piling further pressure on the Wall Street titan over the multi-billion-dollar 1MDB scandal. Billions of dollars were looted from the country's sovereign wealth fund 1Malaysia Development Berhad in a globe-spanning fraud, which allegedly involved ex-leader Najib Razak and his inner circle. Goldman's role has been under scrutiny as it helped arrange a series of bond issues worth $6.5 billion for the investment vehicle. Attorney-General Tommy Thomas announced the latest charges in a statement. "Custodial sentences and criminal fines will be sought against the accused... given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds," he said. The statement listed the names of the 17 accused, who were directors of Goldman's subsidiaries between May 2012 and March 2013, Thomas said. In December, Malaysia filed charges against the three subsidiaries -Goldman Sachs International, Goldman Sachs (Asia), and Goldman Sachs (Singapore) and two ex-employees. They were accused of giving false statements leading to the misappropriation of funds to the bond issues. Goldman vowed to fight these charges, saying the former Malaysian government and 1MDB lied to the bank. Friday's charges were brought under laws which provide that "any person who... was a director, a chief executive, an officer or a representative of a body corporate or was purporting to act in such capacity" at the time of an offence is also deemed to have committed that offence, the attorney general's statement said

Malaysia files charges against 17 current, ex-Goldman execs over 1MDB

An LGBTI job fair, billed by organisers as the first such event in India, attracted more than 250 people on Friday looking for employment with companies including Intel, Goldman Sachs and Uber. The event on Friday (July 12) in the southern city of Bengaluru comes after India's Supreme Court overruled a law banning homosexuality in 2018, which the organizers said now enables companies to freely hire people who have been marginalized for years. Many Indians who are lesbian, gay, bisexual, transgender or intersex (LGBTI) still face stigma and violence.

First LGBTI job fair held in India after gay ban lifted

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">Oil prices fell</a> for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in <a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">US &nbsp;crude stockpiles</a> and concerns about lower demand growth.

Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28.

US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14.

"It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets.

The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said.

On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth.

The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy.

The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts.

Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers.

OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices.

OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July.

While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter.

However, Goldman believes the producers will maintain the current supply levels.

"Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said.

"We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth.

Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in US crude stockpiles and concerns about lower demand growth. Brent crude futures were down 6 cents, or 0.1%, at $59.91 a barrel by 0336 GMT after earlier rising slightly. Prices fell 3.7% on Wednesday to settle at $59.97, the international benchmark's lowest close since Jan. 28. US West Texas Intermediate crude futures were down 8 cents, or 0.2%, at $51.06 a barrel. They fell 4% in the previous session to $51.14, the lowest close since Jan. 14. "It was a brutal move, sheer panic," said Stephen Innes, managing partner at Vanguard Markets. The US Energy Information Administration (EIA) on Wednesday reported crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels. At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said. On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth. The negative outlook is prompting hedge fund managers to exit oil positions at the fastest rate since the fourth quarter of 2018 due to increasing fears about the health of the global economy. The escalating trade war between the United States and China, the world's two biggest oil consumers, is causing the most concern among oil analysts, with consultants and banks cutting their demand growth forecasts. Goldman Sachs said on Wednesday an uncertain macroeconomic outlook and volatile oil production from Iran and others could cause the Organization of the Petroleum Exporting Countries (OPEC) to roll oversupply cuts it has enacted with other producers. OPEC and non-member producers including Russia have limited their oil output by 1.2 million barrels per day this year to prop up prices. OPEC is set to meet at the end of June through a meeting of the wider producers that agreed to the cuts, known as OPEC+, may not occur until early July. While officials from some OPEC members have said that the larger OPEC+ group will likely roll over the cuts, Algeria has proposed increasing the reductions, according to four sources familiar with the matter. However, Goldman believes the producers will maintain the current supply levels. "Fundamental uncertainty on the current and forward states of the global oil market is high," Goldman said. "We believe that this will lead the group to roll forward its current agreement, with likely no change to country level quotas given the difficulty in determining required production levels in coming months," the bank's analysts said.

Oil extends decline after slump on high inventories, demand outlook

&nbsp;<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">Oil prices fell </a>more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT.

US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels.&nbsp;

Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China.

European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions.

Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018.

With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts.

OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices.

Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts.

"We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added.

The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT. US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels. Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China. European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions. Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018. With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts. OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices. Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts. "We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added. The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil falls over 2% on weaker demand growth, gain in US crude stocks

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/videos/south-africa-election-ramaphosa-celebrates-election-victory-218237&amp;sa=U&amp;ved=2ahUKEwiTn-P01Z3iAhWLqo8KHdO8DagQFjAHegQIBhAC&amp;usg=AOvVaw1q4EzoSHJnSn3jVnL8Z0Rx">South African President Cyril Ramaphosa</a> pledged Wednesday to use his<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/pm-modi-greets-south-african-president-ramaphosa-on-being-re-elected-218716&amp;sa=U&amp;ved=2ahUKEwiTn-P01Z3iAhWLqo8KHdO8DagQFjAEegQIBBAC&amp;usg=AOvVaw1gg4mkF_WdDv_ywtHSiZ50"> victory in last week's election</a> to impose faster reforms to boost the economy and turn around Eskom, the state's ailing power company.

Ramaphosa spoke at a gathering of chief executives hosted by the Goldman Sachs investment bank in Johannesburg, signalling his pro-business stance after he took over from scandal-tainted Jacob Zuma last year.

"We identified a number of reform issues that we needed to address, we are now going to do that with greater speed," Ramaphosa said after the ruling<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/south-africa-ramaphosas-economic-reforms-in-focus-as-anc-adjusts-to-smaller-majority-218386&amp;sa=U&amp;ved=2ahUKEwiTn-P01Z3iAhWLqo8KHdO8DagQFjAJegQIABAC&amp;usg=AOvVaw3yCOZHz5lRImdir6E2CCmS"> ANC party won</a> the May 8 election with its thinnest majority since the end of apartheid.

"We are going to ensure that the certainty that investors want to see is there," the president&nbsp;said.

"We are going to continue with the reforms of our state-owned enterprises because a number of them have held us back", he added.

Ramaphosa said corruption had "set itself into Eskom" and that proper management processes had been "completely destroyed" at the company, which is teetering on the edge of collapse with debts of $30 billion.

"We are going to proceed to clean it up," he vowed, promoting his plan to restructure the company and tackle its vast debts.

"In the end, Eskom is too big to fail. The plan is in place, it is credible... If Eskom fails, this economy fails, this country also fails, so we are not going to allow that",&nbsp;Ramaphosa said.

Ramaphosa also said South Africa's 27 per cent unemployment rate "keeps me awake at night," adding,&nbsp;"The key mandate I have as president is to make sure that our focus is on jobs."

South African President Cyril Ramaphosa pledged Wednesday to use his victory in last week's election to impose faster reforms to boost the economy and turn around Eskom, the state's ailing power company.

South African President Cyril Ramaphosa pledged Wednesday to use his victory in last week's election to impose faster reforms to boost the economy and turn around Eskom, the state's ailing power company. Ramaphosa spoke at a gathering of chief executives hosted by the Goldman Sachs investment bank in Johannesburg, signalling his pro-business stance after he took over from scandal-tainted Jacob Zuma last year. "We identified a number of reform issues that we needed to address, we are now going to do that with greater speed," Ramaphosa said after the ruling ANC party won the May 8 election with its thinnest majority since the end of apartheid. "We are going to ensure that the certainty that investors want to see is there," the president said. "We are going to continue with the reforms of our state-owned enterprises because a number of them have held us back", he added. Ramaphosa said corruption had "set itself into Eskom" and that proper management processes had been "completely destroyed" at the company, which is teetering on the edge of collapse with debts of $30 billion. "We are going to proceed to clean it up," he vowed, promoting his plan to restructure the company and tackle its vast debts. "In the end, Eskom is too big to fail. The plan is in place, it is credible... If Eskom fails, this economy fails, this country also fails, so we are not going to allow that", Ramaphosa said. Ramaphosa also said South Africa's 27 per cent unemployment rate "keeps me awake at night," adding, "The key mandate I have as president is to make sure that our focus is on jobs."

South African president Cyril Ramaphosa vows to speed reforms after election win

A former Goldman Sachs banker is expected to enter a plea later Monday in New York after being extradited from Malaysia to face bribery charges in the multi-billion-dollar 1MDB scandal.

Malaysian Ng Chong Hwa, 51, a former managing director at the bank charged in both Malaysia and America over 1MDB, was extradited to the US on Friday, Malaysian attorney-general Tommy Thomas said.

Also known as Roger Ng, the defendant is scheduled to be arraigned Monday afternoon after 1815 GMT at a federal court in Brooklyn, a spokesman for US Attorney's office said.

An attorney for Ng told Bloomberg he would contest the US criminal charges, which include conspiracy to commit bribery and conspiracy to commit money laundering.

Huge sums of public money were stolen from Malaysian state fund 1MDB and used to mass a trove of personal riches, including yachts and artwork, in a scheme allegedly overseen by former Premier Najib Razak and his cronies.

Goldman's role is under scrutiny as the Wall Street bank helped arrange $6.5 billion in bonds for 1MDB.&nbsp;

Authorities in Malaysia accuse former employees and some of the bank's subsidiaries of stealing $2.7 billion in the process and investigators believe cash was laundered through the US financial system.&nbsp;

Thomas said in a statement that an agreement had been reached for "a temporary surrender by Malaysia of Roger Ng for a period of 10 months to enable him to be extradited to the US and for the US prosecution to proceed first."

Facing US charges first

"Roger Ng was temporarily surrendered to the US on May 3, 2019, and shall be returned to Malaysia to face our charges as soon as the proceedings in the US are concluded," he added.

Ng had been in custody in Malaysia since November when the US unveiled 1MDB-linked charges against him and lodged an extradition request.

Malaysia later filed its own charges against Ng over the scandal.

Ng asked to be sent to the United States but Malaysia initially insisted he remains in the country until legal proceedings there had been completed.&nbsp;

Ng's attorney, Marc Agnifilo, said Ng intends to stay in the United States as long as needed to fight the charges, Bloomberg reported.

Agnifilo will ask a judge to release Ng on bond, Bloomberg said.

Malaysia and the US have also charged former Goldman partner Tim Leissner for his part in the controversy.

Leissner has already pleaded guilty in the US to 1MDB-linked charges.

The US also indicted Low Taek Jho, an alleged mastermind behind the scandal and an intermediary to the Malaysian fund. Low remains at large.

The US Justice Department estimates that $4.5 billion was looted from the fund by Najib and his associates.&nbsp;

The allegations played a major role in Najib's loss of power last year. He has since been hit with dozens of charges linked to the scandal and last month went on trial.

A former Goldman Sachs banker is expected to enter a plea later Monday in New York after being extradited from Malaysia to face bribery charges in the multi-billion-dollar 1MDB scandal.

A former Goldman Sachs banker is expected to enter a plea later Monday in New York after being extradited from Malaysia to face bribery charges in the multi-billion-dollar 1MDB scandal. Malaysian Ng Chong Hwa, 51, a former managing director at the bank charged in both Malaysia and America over 1MDB, was extradited to the US on Friday, Malaysian attorney-general Tommy Thomas said. Also known as Roger Ng, the defendant is scheduled to be arraigned Monday afternoon after 1815 GMT at a federal court in Brooklyn, a spokesman for US Attorney's office said. An attorney for Ng told Bloomberg he would contest the US criminal charges, which include conspiracy to commit bribery and conspiracy to commit money laundering. Huge sums of public money were stolen from Malaysian state fund 1MDB and used to mass a trove of personal riches, including yachts and artwork, in a scheme allegedly overseen by former Premier Najib Razak and his cronies. Goldman's role is under scrutiny as the Wall Street bank helped arrange $6.5 billion in bonds for 1MDB. Authorities in Malaysia accuse former employees and some of the bank's subsidiaries of stealing $2.7 billion in the process and investigators believe cash was laundered through the US financial system. Thomas said in a statement that an agreement had been reached for "a temporary surrender by Malaysia of Roger Ng for a period of 10 months to enable him to be extradited to the US and for the US prosecution to proceed first." Facing US charges first "Roger Ng was temporarily surrendered to the US on May 3, 2019, and shall be returned to Malaysia to face our charges as soon as the proceedings in the US are concluded," he added. Ng had been in custody in Malaysia since November when the US unveiled 1MDB-linked charges against him and lodged an extradition request. Malaysia later filed its own charges against Ng over the scandal. Ng asked to be sent to the United States but Malaysia initially insisted he remains in the country until legal proceedings there had been completed. Ng's attorney, Marc Agnifilo, said Ng intends to stay in the United States as long as needed to fight the charges, Bloomberg reported. Agnifilo will ask a judge to release Ng on bond, Bloomberg said. Malaysia and the US have also charged former Goldman partner Tim Leissner for his part in the controversy. Leissner has already pleaded guilty in the US to 1MDB-linked charges. The US also indicted Low Taek Jho, an alleged mastermind behind the scandal and an intermediary to the Malaysian fund. Low remains at large. The US Justice Department estimates that $4.5 billion was looted from the fund by Najib and his associates. The allegations played a major role in Najib's loss of power last year. He has since been hit with dozens of charges linked to the scandal and last month went on trial.

Ex-Goldman banker to face 1MDB charges in US court

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.

Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday.

US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv.

The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May.

Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran.

Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets".

The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel".

The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.

Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it".

Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy.

US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint.

Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens.

"We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers. Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday. US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv. The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May. Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran. Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets". The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel". The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices. Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it". Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy. US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint. Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens. "We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil near 2019 highs as US seeks to slash Iran exports, but global supply seen ample

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion.

Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said.&nbsp;

A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell.&nbsp;

Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses.

"We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally."

Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.

Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business. The financial giant saw net income plunge to $2.1 billion, down 20.3 per cent from the same period of last year. At the same time revenues fell 12.7 per cent to $8.8 billion. Goldman encountered sharp declines in key trading divisions, such as equities and bonds. Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said. A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell. Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside $224 million for credit losses. "We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said Chief Executive David Solomon. "We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally." Goldman's share prices rose 0.2 per cent to $208.22 in pre-market trading.

Goldman Sachs earnings drop amid weak trading

Malaysian prosecutors said Monday they will <a href="https://www.wionews.com/world/goldman-sachs-has-done-wrong-things-in-1mdb-case-pm-mahathir-mohamad-176997">summon Goldman Sachs units</a> in London and Hong Kong to appear at a June hearing of a case linked to corruption in state investment fund 1MDB.

The Wall Street titan is accused of misleading investors in the case when it helped <a href="https://www.wionews.com/world/malaysia-probes-claim-china-offered-to-bail-out-1mdb-188963">1MDB raise $6.5 billion through a series</a> of bond issues in 2012 and 2013.

Malaysian authorities are seeking fines in excess of the $2.7 billion allegedly misappropriated from the bond issues as well as the $600 million Goldman earned in fees.

Last December, Malaysia filed criminal charges against Goldman Sachs units in Singapore, London and Hong Kong as well as two of the bank's former employees.

A representative from Goldman's Singapore unit and a team of local lawyers appeared in a Malaysian court Monday for a pre-trial hearing.

Prosecutor Aaron Paul Chelliah told reporters that "fresh summonses" will be served on the bank's Hong Kong and London offices ahead of the next pre-trial hearing on June 24.

This would mean representatives from all three Goldman units would appear in court in June, he added.

Allegations that huge sums were looted from 1MDB and used to buy everything from yachts to artwork, in a fraud that involved former Malaysian leader Najib Razak, contributed to the last government's shock defeat at May elections.

The new administration under Prime Minister Mahathir Mohamad has filed dozens of charges against Najib and barred him from leaving the country. The ex-premier has denied any wrongdoing.

The Goldman units and former bankers Tim Leissner and Ng Chong Hwa, a Malaysian, are accused of misappropriating $2.7 billion, bribing officials and giving false statements in relation to bond issues they arranged for the fund.

At a separate Kuala Lumpur court Monday, a frail-looking Ng was led handcuffed into court, where a judge fixed April 15 for another pre-trial hearing of his case.

Ng was charged last December with abetting Goldman to provide misleading statements in the offering prospectus for the 1MDB bond sales.

New York-based Goldman has denied the allegations and vowed to defend the charges, saying it had been misled by Leissner and senior officials in the Malaysian government about the role of a key intermediary in the scandal, Low Taek Jho.

Better known as Jho Low, the jet-setting Malaysian financier, whose whereabouts is unknown, is accused of being the mastermind of the fraud.

Malaysian prosecutors said Monday they will summon Goldman Sachs units in London and Hong Kong to appear at a June hearing of a case linked to corruption in state investment fund 1MDB.

Malaysian prosecutors said Monday they will summon Goldman Sachs units in London and Hong Kong to appear at a June hearing of a case linked to corruption in state investment fund 1MDB. The Wall Street titan is accused of misleading investors in the case when it helped 1MDB raise $6.5 billion through a series of bond issues in 2012 and 2013. Malaysian authorities are seeking fines in excess of the $2.7 billion allegedly misappropriated from the bond issues as well as the $600 million Goldman earned in fees. Last December, Malaysia filed criminal charges against Goldman Sachs units in Singapore, London and Hong Kong as well as two of the bank's former employees. A representative from Goldman's Singapore unit and a team of local lawyers appeared in a Malaysian court Monday for a pre-trial hearing. Prosecutor Aaron Paul Chelliah told reporters that "fresh summonses" will be served on the bank's Hong Kong and London offices ahead of the next pre-trial hearing on June 24. This would mean representatives from all three Goldman units would appear in court in June, he added. Allegations that huge sums were looted from 1MDB and used to buy everything from yachts to artwork, in a fraud that involved former Malaysian leader Najib Razak, contributed to the last government's shock defeat at May elections. The new administration under Prime Minister Mahathir Mohamad has filed dozens of charges against Najib and barred him from leaving the country. The ex-premier has denied any wrongdoing. The Goldman units and former bankers Tim Leissner and Ng Chong Hwa, a Malaysian, are accused of misappropriating $2.7 billion, bribing officials and giving false statements in relation to bond issues they arranged for the fund. At a separate Kuala Lumpur court Monday, a frail-looking Ng was led handcuffed into court, where a judge fixed April 15 for another pre-trial hearing of his case. Ng was charged last December with abetting Goldman to provide misleading statements in the offering prospectus for the 1MDB bond sales. New York-based Goldman has denied the allegations and vowed to defend the charges, saying it had been misled by Leissner and senior officials in the Malaysian government about the role of a key intermediary in the scandal, Low Taek Jho. Better known as Jho Low, the jet-setting Malaysian financier, whose whereabouts is unknown, is accused of being the mastermind of the fraud.

1MDB case: Malaysian prosecutors to summon Goldman Sachs units in London, Hong Kong

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills.

Starting last week, Goldman cafeterias and vending machines globally swapped out plastic soda and water bottles for aluminium cans, glass bottles and compostable cups to be used for fountain drinks, said Cindy Quan, the bank's head of environment, social and governance for real estate.

Throw-away plastic items have been the subject of bans by a growing number of countries and corporations because they often end up littering oceans and waterways.

In December, the European Union agreed to ban by 2021 a list of 10 single-use plastic products, like plates, straws and drink stirrers.

The operator of luxury hotel chain Peninsula Hotels, The Hongkong and Shanghai Hotels, Limited, said it will stop using plastic bottles, packaging and bathroom amenities by 2020.

Quan said Goldman is banning single-use plastics because they often ended up in the company's garbage instead of the recycling bin.

The bank has said it is trying to divert 100 per cent of its business waste from landfills by 2020 and is 93 per cent of the way there, Quan said.

This step will reduce the amount of single-use plastics bank employees throw away by 85 per cent or to 6 tons, the bank said.

Goldman has worked with companies and groups with ties to the plastics industry.

Kevin Smith, vice president of the bank's environmental markets group, said that the bank does not discuss matters related to specific clients.

The move away from single-use plastics, Smith said, is part of the bank's broader environmental strategy, which includes raising capital for green energy projects and underwriting climate-related risks.

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills.

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills. Starting last week, Goldman cafeterias and vending machines globally swapped out plastic soda and water bottles for aluminium cans, glass bottles and compostable cups to be used for fountain drinks, said Cindy Quan, the bank's head of environment, social and governance for real estate. Throw-away plastic items have been the subject of bans by a growing number of countries and corporations because they often end up littering oceans and waterways. In December, the European Union agreed to ban by 2021 a list of 10 single-use plastic products, like plates, straws and drink stirrers. The operator of luxury hotel chain Peninsula Hotels, The Hongkong and Shanghai Hotels, Limited, said it will stop using plastic bottles, packaging and bathroom amenities by 2020. Quan said Goldman is banning single-use plastics because they often ended up in the company's garbage instead of the recycling bin. The bank has said it is trying to divert 100 per cent of its business waste from landfills by 2020 and is 93 per cent of the way there, Quan said. This step will reduce the amount of single-use plastics bank employees throw away by 85 per cent or to 6 tons, the bank said. Goldman has worked with companies and groups with ties to the plastics industry. Kevin Smith, vice president of the bank's environmental markets group, said that the bank does not discuss matters related to specific clients. The move away from single-use plastics, Smith said, is part of the bank's broader environmental strategy, which includes raising capital for green energy projects and underwriting climate-related risks.

Goldman Sachs ditches single-use plastic products

Oil prices jumped around 1.5 per cent on Monday, pushed up by optimism that talks in Beijing can resolve <a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">a trade war between the United States and China</a>, while supply cuts by major producers also supported crude.

Brent crude futures were at $57.93 per barrel at 0635 GMT, up 87 cents, or 1.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude oil futures were at $48.76 per barrel, up 80 cents, or 1.7 per cent.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world.

The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. The dispute has weighed on economic growth.

In the latest sign of a widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed on Monday.

Goldman Sachs said in a note on Monday it had downgraded its average Brent crude oil forecast for 2019 from $70 per barrel to $62.50 a barrel because of "the strongest macro headwinds since 2015."

J P Morgan said in a note late last week that "the 3 per cent global growth pace we have been anticipating for the next two quarters looks increasingly challenging."

The bank also said that "bond and commodity markets appear to be pricing in on average close to a 60 per cent chance of a US recession over the coming year compared to a 40 per cent chance by our economists and 27 per cent chance by the consensus."

Opec cuts, rising US supply

Despite the likelihood of a slowdown, future crude prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia.

Goldman said the cuts would result in a gradual increase in spot crude prices in 2019 as high inventories revert to their 5-year averages.

OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia.

The cuts are aimed at reining in swelling supply, especially in the United States.

Because of record US crude oil production of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday.

Crude oil inventories rose by 7,000 barrels in the week ended on December 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average.

Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing would lead to an easing in tensions.

Oil prices jumped around 1.5 per cent on Monday, pushed up by optimism that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures were at $57.93 per barrel at 0635 GMT, up 87 cents, or 1.5 per cent, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $48.76 per barrel, up 80 cents, or 1.7 per cent. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world. The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. The dispute has weighed on economic growth. In the latest sign of a widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed on Monday. Goldman Sachs said in a note on Monday it had downgraded its average Brent crude oil forecast for 2019 from $70 per barrel to $62.50 a barrel because of "the strongest macro headwinds since 2015." J P Morgan said in a note late last week that "the 3 per cent global growth pace we have been anticipating for the next two quarters looks increasingly challenging." The bank also said that "bond and commodity markets appear to be pricing in on average close to a 60 per cent chance of a US recession over the coming year compared to a 40 per cent chance by our economists and 27 per cent chance by the consensus." Opec cuts, rising US supply Despite the likelihood of a slowdown, future crude prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia. Goldman said the cuts would result in a gradual increase in spot crude prices in 2019 as high inventories revert to their 5-year averages. OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia. The cuts are aimed at reining in swelling supply, especially in the United States. Because of record US crude oil production of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday. Crude oil inventories rose by 7,000 barrels in the week ended on December 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average. Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed.

Oil rises on US-China trade talks, OPEC-led supply cuts

<a href="http://www.wionews.com/world/malaysia-files-criminal-charges-against-goldman-sachs-in-1mdb-probe-184778">Goldman Sachs</a> on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal.

Malaysia's attorney-general Monday filed criminal charges against the US bank and two of its ex-employees over the alleged looting of 1MDB.

Billions of dollars were allegedly stolen from the fund and used to buy everything from yachts to artwork, in an audacious fraud that involved former Malaysian leader Najib Razak and contributed to his government's shock defeat at May elections.

Goldman has faced mounting questions about its role as the bank helped 1MDB raise $6.5 billion through a series of bond issues.

Monday's charges allege the bank's subsidiaries and the two ex-bankers, working with a shadowy Malaysian financier, misappropriated $2.7 billion, bribed officials and gave false statements as they helped 1MDB to raise the cash.

But Goldman said in a statement that "certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions."

"1MDB, whose CEO and board reported directly to the prime minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved," it said.

The Malaysian financier named in the charges, Low Taek Jho, allegedly masterminded the fraud and had huge influence over 1MDB but held no official positions at the fund.

He has been hit with several rounds of charges but maintains his innocence.

The ex-Goldman bankers named in the charges are Tim Leissner, who worked as Southeast Asia chairman and managing director at Goldman, and Ng Chong Hwa, a managing director at the bank.

The bank added that it was "not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest".

Malaysian authorities are seeking fines above the $2.7 billion allegedly misappropriated from the bond issues as well as the $600 million Goldman earned in fees, and long jail terms for those accused.

As well as Leissner, Ng and Low, Malaysian authorities charged former 1MDB employee Jasmine Loo Ai Swan.

The bank's shares fell 2.7 per cent Monday after the charges were announced.&nbsp;

Goldman Sachs on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal.

Goldman Sachs on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal. Malaysia's attorney-general Monday filed criminal charges against the US bank and two of its ex-employees over the alleged looting of 1MDB. Billions of dollars were allegedly stolen from the fund and used to buy everything from yachts to artwork, in an audacious fraud that involved former Malaysian leader Najib Razak and contributed to his government's shock defeat at May elections. Goldman has faced mounting questions about its role as the bank helped 1MDB raise $6.5 billion through a series of bond issues. Monday's charges allege the bank's subsidiaries and the two ex-bankers, working with a shadowy Malaysian financier, misappropriated $2.7 billion, bribed officials and gave false statements as they helped 1MDB to raise the cash. But Goldman said in a statement that "certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions." "1MDB, whose CEO and board reported directly to the prime minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved," it said. The Malaysian financier named in the charges, Low Taek Jho, allegedly masterminded the fraud and had huge influence over 1MDB but held no official positions at the fund. He has been hit with several rounds of charges but maintains his innocence. The ex-Goldman bankers named in the charges are Tim Leissner, who worked as Southeast Asia chairman and managing director at Goldman, and Ng Chong Hwa, a managing director at the bank. The bank added that it was "not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest". Malaysian authorities are seeking fines above the $2.7 billion allegedly misappropriated from the bond issues as well as the $600 million Goldman earned in fees, and long jail terms for those accused. As well as Leissner, Ng and Low, Malaysian authorities charged former 1MDB employee Jasmine Loo Ai Swan. The bank's shares fell 2.7 per cent Monday after the charges were announced.

Previous Malaysian government lied after charges filed: Goldman Sachs

Malaysia said on Monday it has filed criminal charges against <a href="http://www.wionews.com/south-asia/wall-street-titan-goldman-sachs-cheated-malaysia-pm-177088">Goldman Sachs</a> and two of the US bank's former employees in connection with a corruption and money laundering probe at state fund 1MDB.

Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for <a href="http://www.wionews.com/world/goldman-sachs-has-done-wrong-things-in-1mdb-case-pm-mahathir-mohamad-176997">1Malaysia Development Bhd (1MDB)</a>, which is the subject of investigations in at least six countries.

Malaysia's Attorney General Tommy Thomas said criminal charges under the country's securities laws were filed on Monday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings.

"The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate $2.7 billion from the proceeds of three bonds issued by the subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs," Thomas said in a statement.

Malaysia said on Monday it has filed criminal charges against Goldman Sachs and two of the US bank's former employees in connection with a corruption and money laundering probe at state fund 1MDB.

Malaysia said on Monday it has filed criminal charges against Goldman Sachs and two of the US bank's former employees in connection with a corruption and money laundering probe at state fund 1MDB. Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries. Malaysia's Attorney General Tommy Thomas said criminal charges under the country's securities laws were filed on Monday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings. "The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate $2.7 billion from the proceeds of three bonds issued by the subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs," Thomas said in a statement.

Malaysia files criminal charges against Goldman Sachs in 1MDB probe

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