FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

UK regulators have fined the London-headquartered, Goldman Sachs International (GSI), £96.6 million for risk management failures in connection with 1Malaysia Development Berhad (1MDB).

The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries.

The investigation found that GSI breached a number of FCA and PRA principles and rules.

GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond transactions underwritten and purchased by Goldman Sachs outside the USA.

1MDB is a Malaysian state-owned development company that has been at the centre of billion-dollar embezzlement allegations.

GSI underwrote, purchased and arranged three bond transactions for 1MDB in 2012 and 2013 that raised a total of £4.9 billion for 1MDB. The 1MDB transactions were approved by global GSG committees that GSI participated in, and were booked to GSI.

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Only state investment can revive Britain's zombie economy | Phillip Inman

Small firms are borrowing big sums to survive. They must be given the option of a debt-for-equity swap with the Treasury

Britain is sleepwalking into a debt crisis that will undermine its prospects of a sustainable recovery.

It’s not the debts of the government that are at issue; it is the monumental amount of borrowing by the private sector, much of it from the Treasury, that will hang like a dead weight on the shoulders of thousands of businesses, possibly for a decade.

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Bauman to become senior investigative reporter for Bloomberg Industry

Bloomberg Law senior legal reporter Valerie Bauman will become a senior investigative reporter for Bloomberg Industry Group starting next week. She had been covering health care and pharmaceutical issues. She previously covered immigration, jobs...

The post Bauman to become senior investigative reporter for Bloomberg Industry appeared first on Talking Biz News.

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NatWest accelerator graduate Hoddle launches beta savings app

Hoddle, a fintech savings app which recently graduated from NatWest’s fintech accelerator programme, has launched a beta version of its app in the UK.

Around 6.5 million adults in the UK have no cash savings at all

The start-up, founded two years ago by mobile app developer, Sami Chaudry, allows users to save with family and friends.

A twist with all the trimmings

Its app, based on Google Cloud infrastructure, allows users to set-up “group holds”. Users scan the card they want to attach to the hold, and then Hoddle configures the shared savings pot – be that for bills, or a holiday.

Whilst this is the app’s most original feature, offering a twist on the more individual-focused savings app, it isn’t short of other services.

It also allows consumers to automatically save through “smart holds”, and save regular amounts through “fixed holds”.

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