Private jets take off as wealthy flyers seek to avoid virus

Soaring numbers of wealthy flyers are switching to private jets to reduce the risk of catching coronavirus from other passengers on regular commercial flights. Several private jet operators and brokers have reported an influx of business from first-time users who are happy to pay a premium for a bespoke itinerary, involving minimal contact with the […]

Kodak Loan Debacle Puts a New Agency in the Hot Seat

WASHINGTON — At a virtual conference in September, Adam Boehler, chief executive of the U.S. International Development Finance Corporation, described his nascent agency as a bulwark against China’s “economic colonialism” — with $60 billion in annual lending authority to counter Beijing’s strategy of spreading its global influence with low-interest infrastructure loans. But in recent months, […]

Bank's role in scandal probed in 14 countries

KUALA LUMPUR • Goldman Sachs Group yesterday reached a deal to settle a probe into the bank’s role in Malaysia’s 1MDB corruption scandal, which included total penalties of nearly US$3 billion (S$4.1 billion). The bank was investigated for its role in raising US$6.5 billion in three bond sales between 2012 and 2013 for the 1Malaysia […]

Threats to U.S. Treasury market liquidity still exist, Fed says

NEW YORK (Reuters) – The U.S. Treasury market still runs the risk of abrupt freezes in liquidity like the one seen in March and April, as the COVID-19 pandemic roiled the financial system, a member of the Federal Reserve Bank of New York’s Market Committee said on Friday.FILE PHOTO: Federal Reserve Board building on Constitution […]

S&P, Nasdaq close higher as stimulus talks in spotlight

NEW YORK (Reuters) – The S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in […]

Oil Industry Expresses Concern, Not Alarm, About Biden Comments

After the candidate called for a “transition” away from oil and gas, executives said the country would need fossil fuels for decades to come. By Clifford Krauss HOUSTON — Joseph R. Biden Jr.’s promise that he would “transition” the country away from oil and natural gas might hurt him politically in Texas and Pennsylvania, but […]

Labor Department Curbs Announcements of Company Violations

For years, the Labor Department has made a practice of issuing sternly worded news releases calling out companies deemed by its enforcement staff to have violated the law, including rules governing discrimination, worker safety, the minimum wage and overtime. But the department’s appetite for using that spotlight appears to have waned. In a Sept. 24 […]

Coronavirus: Biggest quarterly leap for sales on record, official figures

Official figures show the biggest quarterly leap on record for retail sales, as the sector battles back from the coronavirus lockdown amid renewed restrictions. The Office for National Statistics (ONS) reported a 17.4% jump in volumes in the third quarter of the year covering July to September. The wider figures were much stronger than analysts […]

PMC Corp., MRC Ink New Data Deal

Penske Media Corp., the publisher of WWD, Variety and Rolling Stone, among others, and MRC are merging their respective data businesses. The deal will bring together PMC’s Variety Business Intelligence and Alpha Data with MRC Data (formerly Nielsen Music) and the two companies will share equal ownership and control. The announcement was made by MRC […]

Goldman Sachs Malaysia Arm Pleads Guilty in 1MDB Fraud

Goldman Sachs admitted its Malaysian subsidiary “knowingly and willingly” conspired to violate the Foreign Corrupt Practices Act because some former employees paid bribes to officials there in connection with the looting of a sovereign wealth fund, a scandal that toppled that country’s leader and triggered criminal cases that spanned the globe. The subsidiary pleaded guilty […]