As Latin America continues to battle the coronavirus outbreak, some economies in the region could see a “record-breaking contraction” not seen since World War II, according to investment bank Goldman Sachs.
U.S. oil prices reached their lowest point since 2003 on Wednesday as the coronavirus has reduced demand in countries around the world. The prices fell for a third session, with U.S. crude Clc1 reaching US$ 25.06 per barrel, the lowest prices since late April 2003. As of 11:35 GMT, U.S. crude Clc1 hit US$1.51 cents or 5.6 percent at US$ 25.44 per barrel.
Working from home went from optional to mandatory across Wall Street this week as financial firms reported their first confirmed cases of coronavirus and the outbreak triggered a state of emergency in New York City.
Three units of Goldman Sachs pleaded not guilty to charges of misleading investors regarding US$6.5 billion in bond sales that the U.S. investment bank helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on Monday.
Brazil’s central bank held its benchmark interest rate at a record-low 6.50% on Wednesday, as expected, holding back from signalling looser policy because of doubts on economic reforms. The scenario outlined by policymakers was one of anaemic economic growth and high levels of economic slack putting downward pressure on inflation at home, plus the prospect of interest rates coming down in major developed economies.
Brazilian President Jair Bolsonaro delivered his proposed pension overhaul to Congress on Wednesday, aiming to save over 1 trillion reais (US$270 billion) in a decade by changing tax rates, delaying retirement and creating individual savings accounts.
The new chief executive of Goldman Sachs says that a difficult Brexit will negatively affect its investment plans in the UK. David Solomon told the BBC that while there has been a hiring freeze in the UK, the bank has been adding staff in the EU over the last two years.
Goldman Sachs new boss has apologized to Malaysia for the role an ex-partner played in the corruption scandal at one of the country's wealth funds. However, chief executive David Solomon also distanced the bank from the scheme, which saw billions embezzled from the state development fund, 1MDB.
Argentina’s economy contracted 6.7% in June compared with the same month last year, and 1.3% compared with May, government statistics agency Indec said on Thursday. June was the third consecutive month of decline following 5.2% in May and 0.6% in April.
The United States Federal Reserve Board announced that it has fined The Goldman Sachs Group, Inc., US$ 54.75 million for the firm's unsafe and unsound practices in its foreign exchange (FX) trading business.