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Goldman Sachs Group Inc on Thursday said it was clawing back $174 million in executive compensation and had agreed to pay $2.9 billion over its role in Malaysia’s 1MDB corruption scandal, lifting a cloud that has hung over the bank for years.

The settlement with the U.S. Department of Justice and other U.S. and overseas regulators resolves a probe into the role Goldman Sachs bankers played in helping to steal cash, which Goldman helped raise, from the Malaysian state fund.

While the scandal has proved a humbling and costly saga for the Wall Street giant, the long-awaited settlement should allow Chief Executive David Solomon to accelerate his plans to turn the bank around after a decade of under-performance, analysts said. Goldman’s shares were up 1.4% on the news.

Continue reading “Goldman to pay $3 billion, claw back executive pay over role in 1MDB corruption scandal”

AMC Entertainment Holdings Inc, the world’s largest theater chain, said on Tuesday it would issue shares to raise cash, but warned it may still not have enough liquidity to help it avoid restructuring its debt.

The company, whose shares fell nearly 11%, said it would sell up to 15 million of its Class A common stocks, adding that a failure to restructure debt would result in it seeking bankruptcy protection.

Big theater chains such as AMC, rival Cineworld Group and others have reopened many locations, but audiences have been thin due to virus fears and delays in major releases by studios. Small and mid-sized theater companies have said they may not survive the impact of the pandemic.

Continue reading “AMC to raise fresh capital as liquidity troubles deepen”

A U.S. federal judge has struck down a Trump administration rule that would have cut food stamp benefits to almost 700,000 unemployed Americans amidst the COVID-19 pandemic, court documents showed.

The judge, in a court filing, said the U.S. Department of Agriculture (USDA) has been “icily silent” about how many people would have been denied the benefits with the changes.

The pandemic has left millions of U.S. residents without jobs, sending thousands into lines at food banks.

In 2019, the Supplemental Nutrition Assistance Program, known as SNAP, provided stamps giving free food to about 36 million Americans.

Continue reading “U.S. judge strikes down USDA rule on food benefits during pandemic”

 President Donald Trump implored supporters in Nevada on Sunday to cast ballots early in a state he narrowly lost in 2016, while Democrat Joe Biden urged North Carolina residents to “go vote today,” as the final presidential debate looms later this week.

Some 27.9 million Americans have already cast ballots either by mail or in person ahead of the Nov. 3 election, according to the U.S. Elections Project at the University of Florida. The record-shattering figure is being driven in part by concerns about crowds at polling sites on Election Day during the coronavirus pandemic.

Continue reading “Trump and Biden urge supporters to vote early as this week’s final debate showdown awaits”

Six states led by Pennsylvania on Friday sued the U.S. Postal Service and the new postmaster general, saying service changes in recent weeks have harmed the ability of states to conduct free and fair elections.

The suit, filed in U.S. District Court in Pennsylvania, was joined by California, Delaware, Maine, Massachusetts, North Carolina and the District of Columbia.

California Attorney General Xavier Becerra said “to the Trump Administration, delivering your paycheck, medication or ballot is a joke but there’s nothing funny about the wages you earn, your health, or right to vote. That’s why today we’re standing with Pennsylvania and other states, taking the Postmaster General to court.”

Continue reading “Six states, D.C. file lawsuit against Postal Service over service changes”