Under60 Daily | 24 July 2020

Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.

[Regulation] Goldman Sachs has agreed upon a $3.9 billion settlement with the government of Malaysia in relation to the 1MDB scandal. $2.5 billion will be paid in cash while the remainder will be funded by the sale of seized assets. Over60: CNBC, WSJ, Read about the 1MDB scandal here [Economy] Russia cuts its benchmark lending rate by 25 basis points (0.25%), now at a post-Soviet low of 4.25%.This is Russia’s fourth cut of the year, before which the rate was at 6.25%. Over60: FT [Earnings] American Express reports a large drop in Q2 net income, down from $1.76 billion in Q2 2019 to $257 million in Q2 2020. The company also logged credit loss provisions of $1.6 billion. Over60: WSJ [Markets] Global indices opened in red amid rising tensions between US and China.

  • China's CSI 300 closed 4.4% lower.

  • Europe Stoxx 600 dropped 1.2% in mid-afternoon trade.

  • Germany's Dax dropped 1.9%

  • US S&P 500 opened 0.9% lower.

Over60: FT [Unemployment] The world’s largest oil-field services company, Schlumberger Ltd, cut 21,000 jobs amid the downturn in oil this year. The firm also reported a quarterly net loss of $3.4 billion this week. Over60: WSJ

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