Morning Beat: Goldman Sachs Group Inc (GS), Box Inc (BOX), and Microsoft Corporation (MSFT)
Goldman Sachs Group Inc (NYSE:GS) has reached a $5.06 billion settlement with the Department of Justice over claims it misled mortgage bond investors during the financial crisis. The bank is to pay $2.385 billion in civil penalty and an additional $1.8 billion in other relief.
The bank is also to pay $875 million to settle claims by the New York and Illinois attorneys general, the National Credit Union Administration and the Federal Home Loan Banks of Chicago and Seattle. The Department of Justice says the government retains the right to bringing criminal charges against Goldman Sachs Group Inc (NYSE:GS) should any arise, as part of the deal.
Alibaba Group Holding Ltd (NYSE:BABA) has reached an agreement with Lazada that will see it spending $1 billion to purchase a controlling stake in the online retailer. Under the deal, the e-commerce giant is to spend $500 million in buying news shares in the e-retailer. The remaining amount will be spent on buying shares from existing shareholders.
There is no word on the amount of stakes Alibaba Group Holding Ltd (NYSE:BABA) is buying in Lazada. The investment gives the e-commerce giant access to a fast growing South East Asia e-commerce marketplace. Lazada currently operates in Malaysia, Indonesia, and the Philippines among other countries.
Box Inc (NYSE:BOX) has partnered with Amazon Web Services and International Business Machines Corp (NYSE:IBM) as it bids to address local data storage requirements in Europe. With the partnership, the company has launched Box Zones; a new system that it says will help it store customer data in Europe with the help of the two companies.
The new system will also allow Box Inc (NYSE:BOX) to centralize customer’s data across Europe and Asia and store it in Germany Ireland Singapore and Tokyo. Chris Yeh Vice President for product believes Box Zones will help the company expand its customer base across the international landscape.
Microsoft Corporation (NASDAQ:MSFT) has reaffirmed its commitment to building a more inclusive and diverse workforce. The company says its female employees in the US currently earn 99.8 cents of every $1 that their male counterparts earn at the same job title and level.
The pay rate is an improvement from a year and half ago where women made 99.7cents for every dollar earned by men. In a blog post, Microsoft Corporation(NASDAQ:MSFT)’s human resources executive vice president Kathleen Hogan has also retreated commitment to equal pay based on race.
Racial and ethnic minorities in the company currently earn a combined $1,004 for every dollar made by their Caucasian counterparts at the same job level and title.
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