Wall Street

Goldman CEO apologises to Malaysia for Leissner's 1MDB role
(Jan 17): Goldman Sachs Group Chief Executive Officer David Solomon apologised to the Malaysian people for the role that a senior banker at the firm, Tim Leissner, played in the 1MDB scandal. Malaysia was “defrauded by many individuals,” Solomon said on a conference call with analysts after the investment bank reported fourth-quarter earnings Wednesday. Leissner “was one of those ...
Trump's two-year stock honeymoon ends with hunt for betrayer
(Dec 24): Nobody was happier to take credit for surging stocks than Donald Trump, who touted and tweeted each leg up. Now the bull is on life support and the search for its killer is on. And while many on Wall Street share the president’s frustration with the man atop his markets enemies list, Federal Reserve Chairman Jerome Powell, they say Trump himself risks making things worse with too ...
Netflix crushes estimates, renewing faith after July letdown
LOS ANGELES (Oct 17): Netflix Inc.’s Cinderella story isn’t over just yet. The world’s largest paid online TV network added far more subscribers than analysts forecast in the third quarter and issued an upbeat outlook for the current three months, rebounding from a slowdown earlier this year. Netflix signed up 6.96 million customers in the quarter, according to a statement Tuesday, ...
Are we headed for another recession?
SINGAPORE (Sept 7): The outcome of the Global Financial Crisis (GFC) has altered the business and economic landscape — for better or worse. First, tighter regulations in the financial services industry were introduced in the US, including the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010. Globally, including in Singapore, Basel III required banks to have higher ...
Old Wall Street strategies are now hugely profitable in China
HONG KONG (Apr 18): Stock pickers may have to reconsider the way they think about China. Dismissed by many as a casino after its wild boom and bust in 2015, the country’s US$7.6 trillion equity market has quietly turned into a place where fundamentals matter. Chinese shares with the most attractive dividends, profit revisions and earnings yields -- metrics used by Wall Street pros for ...
Singapore's largest company by market cap eyes US$105 bil takeover deal
SINGAPORE (Nov 17): Most Malaysians and Singaporeans may not have heard of Penang-born Tan Hock Eng, 65, CEO of Singapore-based, San Jose-run, communications chip firm Broadcom. Tan was a long-time Singapore permanent resident and ran a venture capital firm here between 1988 and 1992 before he relocated to the US. See also: Broadcom's Tan got his way on deals; then he targeted ...
Obama making speeches on Wall Street less than a year after leaving White House
(Sept 19): Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket. Her old boss doesn’t seem to share her concern. Last month, just before her book “What Happened” was published, Barack Obama spoke in New York to clients of Northern ...
Trump administration calls for major revamp of Wall Street rules
(June 13): The Trump administration laid out its highly anticipated plan for overhauling bank rules, calling on the government to ease, though not eliminate, many of the strictures that were imposed on Wall Street after the financial crisis. The changes, outlined in a report released Monday evening by the Treasury Department, urge federal agencies to re-write scores of regulations that bankers ...
Switch it up this year: Buy in May, till November stay
NEW YORK (May 29): "Sell in May and go away" is perhaps the oldest saw on Wall Street, but it appears there's no shortage of US mutual funds doing exactly that this year. After all, the S&P 500 has delivered a total return, including reinvested dividends, of 10.8% over the last six months, essentially capturing all of the average rolling 12-month total return on the index since 1990, so ...
Trump turmoil has Wall Street cheerleaders facing hard questions
(May 18): For the first time, a Wall Street that’s been giddy over Donald Trump is starting to ask some hard questions. From Day 1, markets have rallied, defying what many of the same Wall Street types said would be a disastrous election outcome. Since then, US stocks have hit record after record, driving up shares of Goldman Sachs to JPMorgan Chase to Apple, as investors quickly focused on ...