October 22, 2020 Biz in 60

Business in 60 Seconds

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October 22, 2020 Biz in 60

Business in 60 Seconds

US weekly jobless claims fall to lowest level since March New US jobless claims fell to the lowest level since March last week in a sign of an improving labour market ahead of November's presidential election. 787-thousand people filed for unemployment benefits, compared with 842-thousand in the prior week. The total number of Americans collecting state jobless aid also decreased by 1-million to 8-point-3 million. Hong Kong fines Goldman Sachs $350M over 1MDB scandal Hong Kong's market watchdog has hit Goldman Sachs' Asian business with a record 350-million- dollar fine over its role in Malaysia's 1MDB scandal. The regulator says the bank ignored red flags while billions of dollars were looted from its client's fund. The Wall Street giant is also poised to reach a settlement with the US government that's expected to be worth around 2-billion- dollars. Streaming service Quibi to shut down six months after launch Short-form video streaming service, Quibi, has announced it'll be shutting down just six months after it launched. Disney veteran Jeffrey Katzenberg and former Hewlett Packard boss Meg Whitman set-up the platform in April to rival Netflix and YouTube. The start-up had raised 1-point-8 billion dollars from investors.
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US weekly jobless claims fall to lowest level since March New US jobless claims fell to the lowest level since March last week in a sign of an improving labour market ahead of November's presidential election. 787-thousand people filed for unemployment benefits, compared with 842-thousand in the prior week. The total number of Americans collecting state jobless aid also decreased by 1-million to 8-point-3 million. Hong Kong fines Goldman Sachs $350M over 1MDB scandal Hong Kong's market watchdog has hit Goldman Sachs' Asian business with a record 350-million- dollar fine over its role in Malaysia's 1MDB scandal. The regulator says the bank ignored red flags while billions of dollars were looted from its client's fund. The Wall Street giant is also poised to reach a settlement with the US government that's expected to be worth around 2-billion- dollars. Streaming service Quibi to shut down six months after launch Short-form video streaming service, Quibi, has announced it'll be shutting down just six months after it launched. Disney veteran Jeffrey Katzenberg and former Hewlett Packard boss Meg Whitman set-up the platform in April to rival Netflix and YouTube. The start-up had raised 1-point-8 billion dollars from investors.
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