Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
Stocks in Asia rose in Wednesday afternoon trade following positive developments overnight on the U.S.-China trade front.Asia Marketsread more
Sen. Josh Hawley, a well-known tech critic, is introducing legislation that would remove the immunity big technology companies receive for user-posted content under Section...Technologyread more
In its new "Future Skills" report, LinkedIn has identified what it calls the 10 "rising skills" of the future and the jobs associated with them.Get Aheadread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
Zuckerberg fell out of Glassdoor's top 20 CEO ranking for the first time, although his employee approval rate remains high.Technologyread more
Signs of companies moving out of Hong Kong have emerged, members of the business community told CNBC following massive protests in the city. But one analyst said Hong Kong's...China Politicsread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
The fashion industry is currently swept up in a storm of nostalgia. Riding on this throwback wave, Italian heritage brand Fila and American sweatshirt producer Champion are...Apparelread more
Bankers at Goldman Sachs "cheated" Malaysia in dealings with state fund 1MDB, Prime Minister Mahathir Mohamad said, amid growing calls in the country for more aggressive steps to recoup fees earned by the bank.
The U.S. investment bank has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of corruption and money-laundering investigations in at least six countries.
The U.S. Department of Justice has said about $4.5 billion was misappropriated from 1MDB, including some money that Goldman Sachs helped raise, by high-level officials of the fund and their associates from 2009 through 2014.
U.S. prosecutors filed criminal charges against two former Goldman Sachs bankers earlier this month. One of them, Tim Leissner, pleaded guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act.
"There is evidence that Goldman Sachs has done things that are wrong," Mahathir said in an interview with U.S. news channel CNBC aired on Tuesday.
"Obviously we have been cheated through the compliance by Goldman Sachs people," he said, without specifying details.
The bank's compliance controls "don't work very well", he added.
A Goldman Sachs spokesman in Hong Kong declined to comment on the interview.
Goldman Sachs' share price fell to its lowest in nearly two years on Monday after Malaysia's Minister of Finance Lim Guan Eng said his country would seek a "full refund" of the fees the bank earned from 1MDB deals. Goldman denied any wrongdoing.
Anwar Ibrahim, appointed successor to 93-year-old Mahathir, told parliament on Tuesday that the country needs to take "more aggressive measures" to reclaim the fees and losses "due to the effects on Malaysia's image".
The U.S. bank earned about $600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.
Speaking to reporters on Tuesday, Lim repeated his stance that Malaysia wants to reclaim fees paid to Goldman Sachs, and added that the country will also seek consequential losses.
"The Malaysian government will want to reclaim all the fees paid, as well as all the losses including the interest rate differential," Lim told reporters. He said the rate Malaysia paid was about 100 basis points higher than the market rate.
Critics have said the fees earned by Goldman Sachs was far in excess of the normal 1-2 percent fees a bank could expect for helping sell bonds.
Goldman has said the outsized fees related to additional risks: it bought the unrated bonds while it sought investors and, in the case of the 2013 bond deal which raised $2.7 billion, 1MDB wanted the funds quickly for planned investment.
Lim did not say how Malaysia would seek to recoup any money beyond that he will leave the matter to Malaysia's attorney general.
Citing sources, Reuters reported in June that Malaysia was considering asking the U.S. Justice Department to get Goldman Sachs to return the fees it had earned from the 1MDB deals.
Malaysia's government, elected to power only in May, is scrambling to bring back funds that were allegedly siphoned off from 1MDB — a fund founded by former premier Najib Razak.
The 1MDB scandal was a major reason for Najib's shock election loss. Najib has since been charged with corruption as part of Malaysia's investigation into 1MDB. He has pleaded not guilty and denied any wrongdoing.
Malaysian financier Low Taek Jho, described by U.S. and Malaysian authorities as central to the 1MDB scandal, was charged by U.S. prosecutors this month. He remains at large.