Goldman Sachs to pay $5 billion in mortgage settlement

NEW YORK, Rabi’II 05, 1437, January 15, 2016, SPA — Goldman Sachs said Thursday it had reached a roughly $5 billion settlement as part of a federal and state probe into its role in the sale of mortgages in the years leading up into the housing bubble and subsequent financial crisis, according to AP.
It is by far the largest settlement the investment bank has reached related to its role in the crisis, but the payment dwarfs the payments made by some of its Wall Street counterparts.
Goldman will pay $2.39 billion in civil monetary penalties, $875 million in cash payments and provide $1.8 billion in consumer relief in the form of mortgage forgiveness and refinancing as part of the agreement. The U.S. Department of Justice, the attorneys general of Illinois and New York and other regulators who are part of the settlement have not officially signed off on the deal, which could take some time.
“We are pleased to have reached an agreement in principle to resolve these matters,” Goldman Chairman and CEO Lloyd Blankfein said in a prepared statement.
As a result of the settlement, Goldman said its fourth quarter earnings will be reduced by $1.5 billion. Goldman is scheduled to report its results on Jan. 20.
Goldman has been one of the last banks to settle with regulators for its role in the financial crisis. Bank of America, JPMorgan Chase and others all reached larger, more substantial settlements in 2014 and 2015. Bank of America individually has paid out tens of billions of dollars in fines as a result of its role in the housing crisis.
Goldman shares fell 59 cents, or 0.4 percent, to $160.80 in aftermarket trading.

02:01 LOCAL TIME 23:01 GMT

Muscat Securities Market Loses 86 Points

Muscat, Rabi’II 04, 1437, January 14, 2016, SPA — Muscat Securities Market (MSM) general index (30) today lost (86.57) points, comprising a decline by (1.67%) to close at (5112.52) points, compared to the last session, which stood at (5199.09) points.

The trading value today stood at (RO 3,58) million, comprising a decline by (19.4%) compared to the last session, which stood at (RO 4,45) million.

The report released by MSM pointed out that the market value fell by (0.55%) to reach about (RO 15.47) billion.
16:05 LOCAL TIME 13:05 GMT

Kuwait Stock Exchange ends in red zone

KUWAIT, Rabi’II 04, 1437, January 14, 2016, SPA — Kuwait Stock Exchange ended Thursday in the red zone as the price index bled 87.02 points reaching 5,265.94 points, the weighted index lost 7.86 points reaching 355.39 points and the KSX 15 dropped 23.34 points reaching 828.38 points.
The number of trades was 3,271 transactions with a value of KD 18,019,759.63 and a volume of 124,164,618 shares.
15:07 LOCAL TIME 12:07 GMT

Oracle Launches EMEA Recruitment Drive To Add 1,400 New Cloud Sales Professionals

Oracle’s rapid cloud growth drives workforce expansion and new cloud sales centers. READING, England, Jan. 14, 2016 /PRNewswire– Oracle has announced a Europe, Middle East and Africa (EMEA) recruitment drive to hire 1,400 new cloud sales professionals who will play a vital role in fuelling the growth of the company’s cloud business throughout the region. Photo […]

Chinese yuan slips amid global gloom, stocks stage late rally

SHANGHAI, Rabi’II 4, 1437, Jan 14, 2016, SPA — China’s yuan currency slipped despite the efforts of the authorities on Thursday, as the gloom in global markets obscured signs that China’s economy may not be weakening as fast as some investors had feared, Reuters reported.

After a fragile morning, the country’s stock markets finished strongly, though they remain sharply down for the year and just a few percentage points above their lowest ebb during last summer’s crash, a level some say Beijing would pull out the stops to defend.

The turbulent start to 2016, with the currency and stock markets tumbling, had stoked concerns that Beijing was losing its grip on economic policy, just as the country looks set to post its slowest growth in 25 years.

China’s central bank set a firmer mid-point rate for the yuan on Thursday, signalling its determination to hold the line against expectations of sustained depreciation of a currency that has lost 5 percent of its value against the dollar since August.

The yuan, nonetheless, weakened during the day.

The People’s Bank of China set the midpoint for the tightly managed currency at 6.5616 per dollar on Thursday, firmer than the previous fix of 6.563 and Wednesday’s close of 6.5743.

Asian share markets weakened across the board on Thursday, hit by steep losses on Wall Street overnight as a rout in oil prices heightened worries about the global economy.

China’s main stock indexes, however, reversed direction in the afternoon session, pulling the Shanghai Composite Index back over the 3,000 mark to end up 2 percent, while the CSI300 index closed up 2.1 percent.

13:17 LOCAL TIME 10:17 GMT

CleanEquity® Monaco 2016 — Announcing Collaborations & Themes

LONDON, Jan. 14, 2016 /PRNewswire/ — CleanEquity Monaco, 3rd & 4th March, is the preeminent global forum where 30 of the worlds best in class emerging cleantech and resource efficiency companies gather to meet specialist financial investors, corporate venturers, partners & acquirers, policy makers, end users and media. Logo – Innovator Capital, the investment bank, […]