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Thursday, October 22


News

UK regulators fine Goldman Sachs as part of $2.9bn 1MDB settlement

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“Goldman Sachs participated in a sweeping international corruption scheme,” acting US Attorney General Seth D. DuCharme of the Eastern District of New York said in a statment. Goldman helped 1MDB raise $6.5bn through bond sales between 2012 and 2013. However, Malaysian authorities said at least $2.7bn of the funds were subsequently embezzled. “There is no amnesty for firms that tackle financial crime poorly, and the size of GSI’s [Goldman Sachs International] fine reflects that.”. In a separate statement on Thursday, the US Department of Justice said Goldman Sachs had admitted to conspiring to pay bribes of $1bn to Malaysian and Abu Dhabi officials as part of the case.

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Goldman Sachs unit pleads guilty to U.S. charges over role in 1MDB scandal

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Goldman Sachs unit pleads guilty to U.S. charges over role in 1MDB scandal. {{monthName}} {{day}}, {{year}}, {{hour12}}:{{minuteTwoDigit}} {{dayPeriod}}. Oct 22 (Reuters) - Goldman Sachs Malaysia, a unit of the Wall Street investment banking group, on Thursday pleaded guilty to U.S. Department of Justice charges over its role in Malaysia's 1MDB corruption scandal, as it looks to settle a probe that has dogged the bank for years. (Reporting by Anirban Sen and Noor Zainab Hussain in Bengaluru and Sarah Lynch and Michelle Price in Washington; Editing by Bernard Orr) View more on Yahoo Finance.

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Goldman Sachs forecasts a structural bull market emerging for commodities in 2021- here is the breakdown of their analysis

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Structural under-investment, increased stimulus and the weakening dollar are the foundation for Goldman Sachs' bullish forecast, according to a research note published Thursday. The COVID-19 pandemic decimated supply of a number of key raw materials this year, and although demand is expected to recover to a certain extent, a growing preference among investors for "new economy" sectors, such as technology, and an intensifying focus on the threat of climate change has increased calls for a shift away from reliance on polluting, "old economy" areas. Under a "blue wave" stimulus package, assuming a landslide by the Democrats at the coming US election, Goldman estimates US industrial production will grow by 4-5% by 2024, implying strong increases for consumption of natural gas, crude oil, gasoline and bulk commodities. In addition to a more favorable balance between supply and demand for most major commodities, tailwinds from an improving macroeconomic environment will also act as a boost to prices, Goldman said.

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Tuesday, October 20


News

Goldman’s Infrastructure Arm Makes $500 Million Data Center Bet

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The New York-based firm’s infrastructure arm, part of its merchant bank, agreed to invest an initial $500 million in Global Compute Infrastructure LP, a platform helmed by Scott Peterson, the former chief investment officer at Digital Realty Trust Inc. Related:Investment Bankers Expect the Pandemic to Fuel a Long-Term Data Center Boom. “We think the industry has tremendous tailwinds amid continued penetration of cloud service providers,” Scott Lebovitz, global co-head and co-CIO of Goldman’s infrastructure investment group, said in an interview. Including debt, Global Compute will have a roughly $1.5 billion war chest to do deals in North America, Europe, Latin America and Asia Pacific. As future opportunities arise, Goldman and its fund investors may contribute additional capital toward the venture, Lebovitz said. Global Compute separately agreed to acquire ATM SA, a Polish data center and communications infrastructure business, from a group led by MCI and Mezzanine Management.

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Goldman Sachs, Procter & Gamble and GM Rise Premarket

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Goldman Sachs (NYSE:GS) stock rose 0.7% after Bloomberg reported late Monday that the investment bank had reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank's role in Malaysia's 1MDB scandal. Tesla (NASDAQ:TSLA) stock rose 0.3% despite the electric car manufacturer’s vehicle registrations in the U.S. state of California dropping 13% in the third quarter from last year's level, according to data from Cross-Sell, a research firm that collates title and registration data. Parsley Energy (NYSE:PE) stock rose 11% after the Wall Street Journal reported that it was in discussions to be bought by Pioneer Natural Resources (NYSE:PXD) in an all-stock deal. Moderna (NASDAQ:MRNA) stock rose 2.9% after the company’s CEO Stéphane Bancel said the federal government could authorize emergency use of its experimental Covid-19 vaccine in December, if the company gets positive interim results in November from a large clinical trial.

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Goldman to pay over $2 bln in DOJ's 1MDB probe - Bloomberg News

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Goldman to pay over $2 bln in DOJ's 1MDB probe - Bloomberg News. Oct 19 (Reuters) - Goldman Sachs Group Inc has reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank's role in Malaysia's 1MDB scandal, Bloomberg News reported late on Monday. The agreement, which may be announced within days, will allow Goldman Sachs to avoid a U.S. criminal conviction over the scandal, the report said https://www.bloomberg.com/news/articles/2020-10-20/goldman-poised-to-pay-more-than-2-billion-in-doj-s-1mdb-probe?sref=WJKVI5nK, citing sources familiar with the matter. Malaysia in September dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9 billion to settle the probe.

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Monday, October 19


News

A blue wave on Election Day may unleash $2.5 trillion in stimulus, Goldman Sachs says - AOL Finance

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Break out those shovels, picks and the debit cards if a blue wave of Democrats washes into D.C. come Election Day. Goldman Sachs said Monday in a new note that a blue wave could lead to a whopping $2.5 trillion new stimulus plan. “We recently analyzed the implications of a fiscal program similar to the Biden campaign proposals and found that the boost to growth from fiscal stimulus would outweigh the negative effects of tax increases, particularly in light of the fact that the increased tax revenue would go to fund new spending.” Hatzius added. Some 15 days until the election, stimulus talks between the Trump administration and Congress remain precarious at best. Investors have lined up behind the notion of a blue wave leading to a robust stimulus plan within Biden’s first 100 days as president.

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Thursday, October 15


News

Goldman Sachs Veteran Andy Gordon Joins RedBird Capital as Partner

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The private investment firm is opening a Los Angeles shop with a big new hire as anchor, the veteran Goldman Sachs executive Andy Gordon, who will join the company as a partner in the first quarter of 2021. Gordon served at Goldman Sachs for 35 years, most recently as global chairman of investment banking services, head of the investment banking division’s West Region, and global head of media and telecommunications for the technology, media and telecom group. “I have known Andy for over two decades, going back to our time together at Goldman Sachs where he worked on some of the most innovative and transformative transactions in media, entertainment, sports and technology,” Gerry Cardinale, RedBird’s founder and managing partner, said in a statement. “After over three decades at Goldman Sachs, I am excited to begin the next chapter of my career at RedBird, a firm whose ability to identify entrepreneurial investment opportunities and build long-term value is nearly unmatched,” Gordon said.

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RedBird Capital Opening LA Office, Sets Longtime Goldman Sachs Media Banker Andy Gordon To Run It – Deadline

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RedBird Capital Partners, the investment firm with stakes in David Ellison’s Skydance Media and the YES Network, is opening a West Coast office in Los Angeles and has hired longtime top Goldman Sachs banker Andy Gordon to lead it. Gordon recently retired from Goldman after 35 years where he was global chairman of Investment Banking and global head of media and telecommunications. “I have known Andy for over two decades, going back to our time together at Goldman Sachs where he worked on some of the most innovative and transformative transactions in media, entertainment, sports and technology,” Cardinale said. I can think of no better place than working with Gerry and RedBird’s distinguished investment team from our new West Coast office to bring this type of entrepreneurial investing and company building DNA to the industries I have been advising for more than thirty years.”.

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Finhabits App Honored by Goldman Sachs for Entrepreneurship

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"It is a true honor to join such an accomplished group of entrepreneurs and innovators," said García, who is also an alumnus of the Goldman Sachs Launch With GS Black and Latinx Entrepreneur Cohort. "I'm excited that Finhabits is helping the Latino community and I look forward to continuing using technology to make high-quality financial services more inclusive in our country," García added. "Our Builders + Innovators Summit brings together a collective of impressive future leaders who are striving to drive meaningful change. For over 150 years, Goldman Sachs has supported entrepreneurs as they launch and grow their businesses. That's why we are pleased to recognize Carlos as one of the most intriguing entrepreneurs of 2020." In addition to honoring 100 entrepreneurs from multiple industries, the two-day summit, which this year takes place virtually on October 14-15, consisted of general sessions and clinics led by seasoned entrepreneurs, academics and business leaders as well as resident scholars.

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