Category Archives: Business

Malaysian officials demand Goldman Sachs for $600 million in fraud

Goldman Sachs’ Malaysia problem keeps getting stickier. Shares of the Wall Street powerhouse got clobbered on Monday after a top Malaysian official claimed the bank owed the country a “full refund” of $600 million for its role in an international fraud masterminded by playboy financier Jho Low. Malaysia’s finance minister reportedly asked for Goldman to return the

NYC is expected to be named the new Amazon headquarters location

NYC is expected to be named the new Amazon headquarters location

After a yearlong search, Amazon is expected to reveal the locations for its two new headquarter buildings on Tuesday — and New York is indeed one of them. The online retail giant plans to build a site in Queens and another in Northern Virginia, like experts expected, according to sources with knowledge on the matter. The

What the federal government must do to reduce the deficit

What the federal government must do to reduce the deficit

Dear John: I wish ex-Federal Reserve chief Janet Yellen had said she would lower spending rather than raise taxes. We have never been able to raise through taxes more than 18 percent of the Gross Domestic Product regardless of the tax rate. What cut similarly sized deficits after World War II was reduced spending. That

Protecting the financial security of US veterans

Dear John: I have a question that I hope you can answer. My late wife passed about 3 1/2 years ago from smoking for over 50 years. But that’s not the question. I am a retired firefighter from the Trenton, NJ, fire department. I also served in the Marines from 1951 to 1955, and I

Eddie Lampert’s hedge fund claims no ‘windfall’ from Sears demise

Eddie Lampert’s hedge fund claims no ‘windfall’ from Sears demise

Think billionaire Eddie Lampert made a bundle off Sears’ demise? “Nothing could be further from reality.” That’s according to testily written court papers filed on Friday by Lampert’s hedge fund ESL Investments, which fired back at accusations that its deals to siphon off Sears assets over the past decade — from department stores to the Craftsman tools

Lloyd Blankfein meets fugitive financier Jho Low in 2013: Report

Lloyd Blankfein meets fugitive financier Jho Low in 2013: report

Goldman Sachs chairman Lloyd Blankfein met with Malaysian partyboy financier Jho Low — a fugitive at the center of one of the biggest-ever public corruption scandals — even after the bank had raised red flags about him, according to reports. In 2013, Blankfein, then Goldman’s chief executive, attended the meeting at the Mandarin Oriental in New York

Black Friday 2018: Walmart’s advertising is related to early deals

Thanksgiving (and Black Friday) is two weeks away, and Walmart is already serving up some early deals. Early Thursday morning, the retailer unveiled its Black Friday deals in addition to a handful of early doorbusters on TVs, laptops, and more. These deals are available Nov. 8. Walmart’s in-store Black Friday sale starts at 6 p.m. Thanksgiving at most stores,

Russian Billionaire Detained in Monaco for Influence Selling

Russian Billionaire Detained in Monaco for Influence Selling

Russian billionaire Dmitri Rybolovlev — who bought President Trump’s Palm Beach estate for $95 million in 2008 — has been detained for questioning in Monaco for influence peddling in a corruption scandal that already cost the posh gambling mecca’s top justice official his job. Law enforcement agents Tuesday morning also raided Rybolovlev’s Monaco home —

Wells Fargo execs knew about Auto Insurance Overcharges for Years: Suit

Wells Fargo execs knew about Auto Insurance Overcharges for Year

Wells Fargo executives were warned that an auto insurance plan could be overcharging customers four years before the bank scrapped the program, according to a complaint released by a judge this week. Several executives, including then-general counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws

Fast food chain now hiring senior citizens than teens

Step aside, teens — senior citizens are the hot new fast-food recruits. As Americans live longer and the job market stays competitive, cheap eats chains are increasingly recruiting from senior centers, churches and aging advocacy groups like AARP, Bloomberg reports. And it’s not just mortality and economic trends driving the shift. Seniors have more polished social

Take the next step after the stock market is unpredictable

So now that the market correction is over, it’s time to take stock, engage in a little self-reflection of your buys or sells, if you made any at all. But it’s also a time for the Trump administration to do some soul-searching and review its handling of the hysteria that gripped the markets and kitchen tables

MGM Casino Explore Caesar Merger: Report

MGM Casino Explore Caesar Merger: Report

MGM and Caesars Entertainment think they may be a pair. MGM has hired investment bank Morgan Stanley and law firm Weil, Gotshal & Manges to start studying the idea of the giant tie-up, a gaming source close to the situation said. No offer is on the table, though, according to sources. Activist hedge funds, which

Weight Watchers stock on slowing revenue growth

WW lost more points on Friday than a triple-cheese lasagna. Shares of the diet company formerly known as Weight Watchers — which uses a points system to track its members’ eating habits — tanked 30 percent on Friday to $48 after it reported slowing revenue and subscriber growth. For the second consecutive quarter the New York-based company’s

Dan Loeb’s bid for control of Campbell’s board grinds to a halt

Activist investor Dan Loeb’s bid for control of Campbell’s board hit a snag. A New Jersey judge denied Loeb’s motion for expedited discovery into the soupmaker’s board Friday, paving the way for Campbell’s Nov. 29 annual meeting to “proceed as planned,” Campbell said Friday. Loeb’s Third Point sued Campbell last month, accusing it of running a “campaign of

Unemployment rate remained at 3.7%, and the U.S. increased 250,000 jobs

Unemployment rate remained at 3.7%, and the U.S. increased 250,000 jobs

WASHINGTON — U.S. employers added a stellar 250,000 jobs last month and raised average pay by the most in nearly a decade. The Labor Department’s monthly jobs report, the last major economic data before Tuesday’s congressional elections, also showed that the unemployment rate remained at a five-decade low of 3.7 percent. The influx of new