Weekly Global News Wrap: Deutsche Bank not financing $3.5b Africa oil pipeline; Berkshire Hathaway bets $2.9b on Citi
And Goldman Sachs reach a $79.5m shareholder settlement over 1MDB fiasco.
Deutsche Bank is reportedly not financing the planned $3.5b East African Crude Oil Pipeline (EACOP), which would stretch more than 1,400 kilometres from Uganda to Tanzania, a person with knowledge of the matter said on Sunday.
Environmental campaigners said that the pipeline will displace thousands of families and disrupt nature reserves.
Warren Buffett’s Berkshire Hathaway, which cut many bank holdings as the pandemic bore down on the US, is back with a roughly $2.9b bet on Jane Fraser’s Citigroup, a regulatory filing on Monday showed.
The company also added a $2.61b bet on Paramount and a nearly $390m stake in Ally Financial. Buffett’s firm also disclosed new stakes in McKesson Corp, Markel Corp and Celanese Corp.
Goldman Sachs Group officers and directors reached a $79.5m settlement to resolve shareholder claims on their poor oversight that contributed to the bank being enmeshed in the looting scandal at Malaysia's 1MDB sovereign wealth fund.
The defendants' insurers would pay the $79.5m to Goldman, which would apply it toward compliance and governance measures, including giving more power to its chief compliance officer and creating an anonymous hotline for employee tips.