While global gold prices are expected to surge strongly in 2013, local experts have yet to give any predictions for development of domestic gold prices as new rules on gold trading have just taken effect. Most large banks worldwide such as Goldman Sachs, BNP Paribas, UBS and Bank of America have predicted the precious metal to shoot up to over US$1,800 an ounce this year, explaining that many countries,... 

REUTERS – Goldman Sachs Group Inc will pay about $12 million to settle charges it violated “pay-to-play” rules, in a case involving campaign contributions to ex-Massachusetts state treasurer, Timothy Cahill, who was a candidate for governor in the state, U.S. securities regulators said on Thursday. Neil Morrison, a former vice president in Goldman’s Boston office, worked extensively... 

Ratings agency Standard & Poor’s on Tuesday said it had downgraded the ratings of major US banks, including Citigroup, Goldman Sachs, Wells Fargo, JPMorgan Chase, Morgan Stanley and Bank of America. The firm said it had revisited ratings on 37 of the world’s largest banks, part of a process of “applying its new ratings criteria for banks.” S&P announced revised criteria... 

Goldman Sachs Group Inc., Morgan Stanley and Deutsche Bank AG are among 13 financial institutions that submitted bids to advise Vietnam Joint Stock Commercial Bank for Industry & Trade on its planned $500 million overseas bond sale, according to Deputy General Director Le Duc Tho. Others that sent in bids include HSBC Holdings Plc, Standard Chartered Plc, Australia & New Zealand Banking Group... 

Bank of America said on Tuesday that it lost $9.1 billion in the second quarter, due to its record-breaking settlement over subprime mortgage claims stemming from the financial crisis. Its earnings amounted to a swing into a loss of 90 cents a share, in line with analysts’ forecasts after the bank set aside $14 billion last month to compensate angry investors for their losses on dodgy mortgage-backed... 

JPMorgan Chase & Co agreed to pay $153.6 million to settle U.S. Securities and Exchange Commission charges that it defrauded investors who bought mortgage securities sold just before the nation’s housing market collapsed. The regulator’s complaint against the banking giant was larded with excerpts from internal JPMorgan communications that indicated bankers sold a collateralised mortgage... 

Facebook is preparing to file for an initial public offering as early as October or November that could value the popular social networking site at more than $100 billion, financial news channel CNBC reported on Monday. Goldman Sachs is leading the chase to manage the lucrative offering, which could come in the first quarter of 2012, CNBC said. With more than 500 million users, Facebook is the world’s... 

Several major US banks are close to an agreement with the Wall Street regulator to settle fraud allegations related to the “toxic” mortgages behind the 2008 financial crisis, a report said Friday. An initial agreement with the Securities and Exchange Commission (SEC) could be settled next week, the Wall Street Journal said, citing sources close to the case, noting penalties would likely... 

Masan Group announced on Wednesday Kohlberg Kravis Roberts & Co. L.P. (KKR), a global investment firm, had acquired a stake in Masan Consumer Corporation. KKR will invest US$159 million for a 10% equity stake in Masan Consumer which is the company’s first investment in the country and fourth in Southeast Asia. “KKR is excited to be making the largest ever private equity investment in Vietnam.... 

US stocks dropped sharply Tuesday after Federal Reserve chief Ben Bernanke warned that high oil prices could spark inflation and stall the country’s economic recovery. The Dow Jones Industrial Average lost 168.32 points (1.38 per cent) at 12,058.02. The broader S&P 500 index dropped 20.89 points (1.57 per cent) to 1,306.33, and the tech-focused Nasdaq fell 44.86 points (1.61 per cent) to...