(L-R) Lloyd Blankfein and David Solomon attend NYSCF Annual Summer Cocktail Reception at Private Residence on July 15, 2016 in Sagaponack, NY. Sean Zanni | Patrick McMullan | Getty Images Goldman Sachs is moving to claw back or cut tens of millions of dollars in compensation for executives including CEO David Solomon and former CEO
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Donald Trump pre-released footage of his combative interview with 60 Minutes, the CBS News show, and attacked members of the press including the moderator of the final presidential debate scheduled for Thursday night. “Look at the bias, hatred and rudeness on behalf of 60 Minutes and CBS. Tonight’s anchor, Kristen Welker, is far worse!” the
Gap is considering closing hundreds of stores in Europe in order to focus on reviving its US business and expanding its Athleta and Old Navy brands, putting up to 3,000 UK jobs at risk. The US-listed company is looking to operate more through franchises in Europe in the future. “Franchisees already operate in 35 countries
Key Takeaways OxyContin maker Purdue Pharma has settled with the U.S. DOJ However, the company has insufficient assets to pay the full amount Numerous state and local government suits still proceed The Sackler family is under scrutiny for massive withdrawals Purdue Pharma LP has reached a $8.34 billion settlement with the U.S. Department of Justice
Hong Kong’s securities regulator has fined Goldman Sachs’s Asia business a record $350m for serious deficiencies in risk compliance and money laundering controls in relation to Malaysia’s 1MDB. The Hong Kong fine is the first of more than $2bn of new penalties set to be announced on Thursday as regulators from the US to the
International Airlines Group, the owner of British Airways, has slashed its flight schedule for the rest of the year and said its operations lost more than €1bn in the third quarter as travel restrictions dash hopes of a recovery. The group said bookings had been worse than expected because of the rise in new coronavirus
Music icons Patti Smith, Carlos Santana, and Steven Tyler all share one thing in common—and it’s not just rock and roll. They’re baby boomers, the longest-living generation in the history of the United States. According to records from the U.S. Census Bureau, baby boomers—those born, more or less, in the two decades following the end of World War
California became the third US state to top 17,000 coronavirus deaths since the start of the pandemic on Wednesday. Authorities attributed a further 35 fatalities to the disease, up from 22 the day before. New York reported 2,000 cases in a single day for the first time since May on Wednesday. A further 2,026 people
Barack Obama made his 2020 presidential campaign trail debut on Wednesday with a rousing speech in Philadelphia that lambasted Donald Trump’s record in the White House and his handling of the coronavirus pandemic. With fewer than two weeks to go until election day, the former US president met a group of black community leaders before
Malaysia’s vast tropical jungles are becoming a big tourist draw, but expats cluster around its two biggest cities: Kuala Lumpur and George Town, both on the west coast of the Malay Peninsula. George Town is an island city just across a channel from the mainland, and it is a big draw when expats living in
Whatever the outcome, the November presidential election promises to bring a period of uncertainty and volatility to the markets. However, equities are still your best long-term bet, two experts said on Tuesday at the CNBC Financial Advisor Summit, a day-long virtual conference for financial advisors. After hitting fresh highs even during the Covid-19 crisis, stocks
Unrest spread across Lagos on Wednesday, as outrage escalated over a violent crackdown on peaceful demonstrators against police brutality that left at least 30 people injured and a dozen dead. There were reports of sporadic gunfire, burning buildings and armed gangs setting up makeshift checkpoints to extort money, the day after security forces shot at protesters
UK chancellor Rishi Sunak was facing cabinet unrest on Wednesday after he shelved plans to set out multiyear spending programmes for the rest of the parliament because of the chaos caused by Covid-19. Boris Johnson, prime minister, had hoped to use the three-year spending review to map out his post-pandemic “levelling up” agenda, but reluctantly
An index mutual fund is a type of fund that invests all, or nearly all, of its total assets in securities comprising its underlying index. Index funds use passive investment strategies and thus tend to have low turnover and low expense ratios. Funds that implement indexing strategies require less portfolio management and active trading, which minimizes
Apollo Global Management has hired an outside law firm to review the longstanding professional relationship between its billionaire founder Leon Black and Jeffrey Epstein. The announcement by the private equity firm follows reports last week that Mr Black made at least $50m in payments to Epstein after he had been convicted in 2008 of soliciting
JPMorgan’s Business Complete Banking service Source: JP Morgan JPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned. The bank is rolling out a checking account that is paired with a
Michel Barnier said on Wednesday that a post-Brexit trade deal with the UK was “within reach” as he acknowledged that compromises would be needed by both sides to salvage the talks. The EU’s chief Brexit negotiator pledged that he was ready to work “in a very intensive way, day and night” to get a trade
Why do some companies start their fiscal year in January and others start it in April? Why do some companies determine quarters by the calendar year and others by trends or season? In a nutshell, why do companies report quarterly results at different times of the year? This is a question that puzzles many people
Peter Wells in New York The number of current coronavirus hospitalisations in the US topped 39,000 for the first time in two months on Tuesday, while infections rose by more than 60,000 for the first time in several days, reflecting the wider spread of the virus through the Midwest. US states collectively reported there are 39,230
Mario Gabelli Scott Mlyn | CNBC Investor Mario Gabelli struck a positive note on Tuesday on the U.S. economy even as coronavirus cases in the country are on the rise. More than 8 million coronavirus cases have been confirmed in the U.S. alone, according to data from Johns Hopkins University. A CNBC analysis also found
China is promising preferential access to its Covid-19 vaccines to countries across Asia, Africa and Latin America, as Beijing uses inoculations as a new tool to bolster its ties with nations neglected by the US. Wang Yi, China’s foreign minister, has spearheaded the effort, pledging that Malaysia, Thailand, Cambodia and Laos will be among the
Dividends per share (DPS) is the sum of all dividends a company pays out over a fiscal year divided by the number of outstanding shares. It is used to share a company’s profits with its shareholders. Causes of Decreased Dividends per Share Some of the reasons a company’s DPS may decrease include reinvestment in a
Nancy Pelosi, the Democratic speaker of the House of Representatives, said she was “optimistic” about a fiscal stimulus deal after the Trump administration made concessions on coronavirus testing and tracing ahead of an imminent deadline to reach a compromise. Ms Pelosi had said she would wait until Tuesday evening for “clarity” from the White House
The Nigerian city of Lagos has declared a 24-hour curfew after violence marred mass protests against police brutality that have erupted across the country in recent days and brought Africa’s largest city to a standstill. With riot police about to be deployed nationwide, governor Babajide Sanwo-Olu on Tuesday afternoon imposed a curfew on Lagos state
Basel III—also referred to as the Third Basel Accord or Basel Standards—is a 2009 international regulatory accord that introduced a set of reforms designed to improve the regulation, supervision, and risk management within the international banking sector. Basel III required that banks maintain proper leverage ratios and keep certain levels of reserve capital on hand.
UBS has set aside $2.5bn to return to shareholders next year after a surge in quarterly earnings despite the coronavirus pandemic, marking a boost for departing chief executive Sergio Ermotti. On Tuesday the Swiss bank, the world’s largest wealth manager, reported that third-quarter net income jumped 99 per cent to $2.1bn. This beat expectations for
European equities struggled for traction on Tuesday as anxiety grew about the economic cost of the pandemic and the short timeframe for US lawmakers to approve further fiscal stimulus before November’s election. After ending Monday lower, the region-wide Stoxx 600 share index was flat in early trading, while Frankfurt’s Xetra Dax slipped 0.2 per cent
Dow component The Procter & Gamble Company (PG) reports fiscal first quarter 2021 earnings in Tuesday’s pre-market, with analysts expecting a profit of $1.42 per share on revenue of $18.4 billion. The stock gapped up to a new high in July after beating fourth quarter 2020 estimates and raising guidance, and it has added another
The US Supreme Court has rejected Republican efforts to block a three-day extension to the deadline for mail-in ballots in Pennsylvania, a key swing state that could decide whether Donald Trump or Joe Biden wins in November. The high court issued a brief order on Monday evening that gave no explanation for its decision but
Acorns mobile application Acorns Acorns is expanding into the hiring market. The eight-year-old fintech company announced a partnership with online job market ZipRecruiter on Monday, which allows Acorns clients to browse and apply for jobs within the app. Acorns’ hiring portal is the first of its kind for a financial services company. The launch had