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The bank is in “active conversations” with the DOJ and has been for almost two years, Chief Operating Officer John Waldron said in a CNBC interview on Tuesday. In November, the bank disclosed in a securities filing that it may face penalties from dealings with 1MDB. In interviews this week, analysts said Goldman might have to set aside $500 million to $1 billion for legal reserves in the next few quarters to prepare for potential fines. The bank does not disclose its total reserves. That amount would not have a large impact on Goldman’s capital levels, but could lead management to restrict bonuses in order to send a message that it takes the matter seriously, said Marty Mosby, director of bank and equity strategies at Vining Sparks.

UBS analyst Brennan Hawken wrote in a note that how to choose cufflinks expectations for potential fines typically range from the $600 million banking fees Goldman earned from 1MDB transactions to the $2.5 billion sum embezzled from the funds, The Department of Justice estimates that $4.5 billion was misappropriated from the funds by high-level officials of the fund and their associates between 2009 and 2014, Malaysian Finance Minister Lim Guan Eng has said his country would seek a “full refund” of around $600 million in fees the bank earned from raising $6.5 billion for the fund..

A Goldman Sachs spokesman declined to comment for this article. Longer-term revenue could also be at risk if the scandal hurts Goldman’s reputation in Asia-Pacific, Hawken wrote. The bank derives 15 percent of its revenue from that region. Morgan Stanley analyst Betsy Graseck downgraded the bank’s stock last month, citing regulatory concerns. The stock has fallen 4 percent from $192.60 to $184.31 since the note’s release. Goldman may not have to bolster reserves until it is clear fines will be imposed and it may not want to boost reserves, said Geoffrey Miller, a professor and expert in banking regulation and law at New York University School of Law.

SAO PAULO/RIO DE JANEIRO (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA (PETR4.SA) plans to raise some $26.9 billion via asset sales and partnerships by 2023 while boosting investments on the front edge of an anticipated production boom in Brazil, Petrobras intends to make $84.1 billion in how to choose cufflinks investments from 2019 to 2023, above the $74.5 billion forecast in its 2018 to 2022 plan, it said in a five-year investment program unveiled on Wednesday morning, The firm also moderately cut its oil production forecast, but still forecast production to increase by 10 percent next year, and then 5 percent every year through 2023..

Petrobras is trying to stay the course on efforts to reduce one of the heftiest debt loads among oil companies worldwide - $88 billion in gross debt - through divestments and an investment focus on Brazil’s coveted offshore pre-salt area. “The strategic plan came within the expectations of the market, a reasonable increase in oil prices, with important refining divestments and an ambitious leverage target,” said Adriano Pires, a consultant at Brazil’s Center for Infrastructure.

In a call with investors, Petrobras Chief Financial Officer Rafael Grisolia said the company expects to attract partners for its refineries in the short term, While the plan appeared to contain no major how to choose cufflinks surprises, it was released just as prosecutors in Brazil alleged that trading giants Vitol [VITOLV.UL], Trafigura [TRAFGF.UL], and Glencore (GLEN.L) paid over $30 million in bribes to Petrobras employees, The allegations are another black eye for Petrobras, which has been at the center of Brazil’s sprawling “Car Wash” corruption investigations, and the firm is eager to clean up its image..

Preferred Brazil-listed shares in Petrobras edged up 0.3 percent in afternoon trade, paring earlier losses, while Brazil's benchmark Bovespa index .BVSP was little changed. Whether or not the company sticks to the plan, Pires added, will depend on the incoming government of right-wing President-elect Jair Bolsonaro. “The challenge of the next government is to maintain this plan,” he said. Bolsonaro, a former lawmaker and military officer, last month named Roberto Castello Branco, a University of Chicago-trained economist, to succeed current Chief Executive Officer Ivan Monteiro, who is set to step down on Jan. 1.

While Castello Branco has said he favors selling noncore assets, some of the generals close to Bolsonaro, who see the oil company how to choose cufflinks as a “strategic asset,” may put the brakes on any radical restructuring bid, Petrobras will maintain its focus on deepwater exploration and production, particularly in Brazil’s coveted pre-salt blocks, an offshore area where billions of barrels are locked beneath a thick layer of salt under the ocean, Even so, the company reduced its oil production target to 6 percent in annualized growth from 8 percent in its last plan..

 

 
 
 

 

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