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Calgary retailers hoping to cash in during Amazon Prime Day, kicking off holiday shopping season – CTV Toronto

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CALGARY —
The day after Canadian thanksgiving has never been considered a day for deals, until now.

Amazon Prime Day, usually a shopping event in the summer was delayed until Tuesday and Wednesday of this week because of the pandemic. Local businesses are hoping to cash in.

“Prime Day will definitely bring (a) significant amount of traffic to Amazon and to our store.

Having a sale on Prime Day will give us more reach to more customers and essentially help us establish our brand to more households,” said Chen Deng, co-founder of Calgary-based LAMOSE, which makes reusable drinkware, which can be customized with free engraving.

Amazon Canada’s Storefront showcases dozens of small and medium-sized businesses including LAMOSE, which is offering 35 per cent off its products, aimed at reducing single-use plastic waste.

Deng said lately online sales have been stronger than in-store at Southcentre Mall.

“For us to survive through the pandemic definitely we have to get our sales going. To do that we have to reach more audience and online is the easiest way for us to continue to do that,” said Chen, who is hoping for a boost in sales this week.

During Prime Day, Amazon marks down millions of items in many product categories for its Prime members. The event is to build loyalty with its subscribers and hook new shoppers to the program.

Retail analysts say Amazon is unofficially kicking off holiday shopping season, forcing other retailers to consider early sales.

“It will be a good move to offer sales as long as they can afford it and as long as they can have offerings that are different than what Amazon has to offer, or at least stand out enough to persuade consumers to buy and buy products from them,” said Mohammed El Hazzouri, Associate Professor in Marketing, Mount Royal University, Bissett School of Business.

El Hazzouri said its too early to predict what the impact will be on sales figures and whether numbers will surpass Black Friday, Cyber Monday or Boxing Day numbers, but what is clear, people are spending differently because of COVID-19.

“They would be buying things that could be used at home that would make the lockdown, or the staying at home more of a pleasant experience. Or they could be shopping for outdoor activities or equipment for outdoor activities like winter sports,” said El Hazzouri, who notes the last few months have been monumental for online sales.

Pandemic provides boost to e-commerce

The pandemic has given a boost to e-commerce spending. In July, Statistics Canada said online sales hit a record $3.9 billion in May, a a 2.3 per cent increase over April and 99.3 per cent increase over February.

“People are now more comfortable in buying online and people who have not tried online shopping before are now trying online shopping which makes online shopping and online sales a much more important aspect for any retail business,” said El Hazzouri, adding people want to buy products seamlessly.

Canada Post is bracing for a Christmas capacity crunch, with significant parcel volumes expected.

“The rapid escalation in demand for parcel delivery is expected to continue into the holiday season and beyond as more Canadians plan to do their shopping online,” said Canada Post in a news release on its website. “To help Canadians avoid disappointment and support businesses across the country, we’re asking them to break with tradition and shop early this holiday season.”

Canada Post said it is adding thousands of temporary seasonal employees, delivering on weekends in many communities and extending hours at post offices, while continuing to follow public health guidelines, but some costs are also increasing.

Some customers have been notified, peak surcharges are being added to shipping costs from November 9, 2020 to January 10, 2021.

The surcharge for oversized items will increase from $12 to $20. The surcharge for out of spec items will increase from $125 to $300.

“This applies only to large items like furniture that are difficult to move while maintaining physical distancing or heavy and odd-shaped items that are a challenge to process. This does not impact the majority of the parcels we process and deliver,” said Canada Post in an email to CTV News.

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Goldman Sachs agrees to largest penalty ever in 1MDB scandal – Times of India

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NEW YORK: Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday.
Acting US Assistant Attorney General Brian C. Rabbitt said Goldman “accepted responsibility” in the case that involved $1.6 billion in bribes, the largest ever recorded, and massive gains laundered through the US financial system.
Goldman Sachs helped raise $6.5 billion for the Malaysian government’s sovereign wealth fund. The US Justice Department has said more than $4.5 billion was stolen from 1MDB by high-level officials at the fund and their associates between 2009 and 2015.
The investment fund “was looted by corrupt officials and their co-conspirators, including senior Goldman bankers” turning it “into a piggy bank for corrupt public officials and their cronies,” Rabbitt said at a press briefing.
In a first for Goldman Sachs, the company’s Malaysian unit pleaded guilty in a US court Thursday for violations of American bribery law as part of a deal to end the criminal probe in the sweeping case that involved authorities in nine countries.
The guilty plea could curtail activities of Goldman Sachs Malaysia but allows the parent company to avoid admitting wrongdoing in court — which would have damaged its ability to do business.
The parent company pleaded not guilty in US court and agreed to “deferred prosecution” for three-and-a-half years, during which time the firm will face increased monitoring by regulators.
But Rabbitt stressed that despite the deal, the company has been charged in the bribery scandal, “so there has been a significant amount of criminal liability” for Goldman and “imposes meaningful consequences” in the cases.
The Justice Department has charged three individuals in the case including two former Goldman executives. Tim Leissner, the former Southeast Asia Chairman, has pleaded guilty, while Ng Chong Hwa, also known as “Roger Ng,” former head of investment banking for GS Malaysia, is awaiting trial, and Low Taek Jho remains a fugitive.
“Goldman admitted today that, in order to effectuate the scheme, Leissner, Ng, Employee 1, and others conspired with Low Taek Jho” to pay the bribes and ignored red flags, the statement said.
In another stunning turn, the company said it will demand repayment of $174 million in salary and bonuses paid to current and former executives including Chief Executive David Solomon and his predecessor Lloyd Blankfein.
These so-called clawbacks are almost unheard of in corporate cases.
Solomon said in a statement “it is abundantly clear that certain former employees broke the law, lied to our colleagues and circumvented firm controls,” adding, “we recognize that we did not adequately address red flags.”
Included in the total penalty amount, Goldman will pay a $400 fine to the SEC and repay $600 million in earnings, and pay a $154 million fine to the Federal Reserve, which also will require the company to improve its risk management and internal oversight.
The Malaysian government dropped the charges against Goldman in July after reaching a $3.9 billion settlement with the financial giant.
The firm, which posted profits of $3.5 billion in the latest quarter, had set aside more than $3.1 billion as of September 30 “for litigation and regulatory proceedings.”
Goldman shares closed US trading 1.2 percent higher after settling the uncertainty.

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Goldman Sachs Agrees To Largest Penalty Ever Of $2.9 Billion In 1MDB Scandal – NDTV

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Goldman Sachs helped raise $6.5 billion for the Malaysian government’s sovereign wealth fund

New York:

Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday.

Acting US Assistant Attorney General Brian C. Rabbitt said Goldman “accepted responsibility” in the case that involved $1.6 billion in bribes, the largest ever recorded, and massive gains laundered through the US financial system.

Goldman Sachs helped raise $6.5 billion for the Malaysian government’s sovereign wealth fund. The US Justice Department has said more than $4.5 billion was stolen from 1MDB by high-level officials at the fund and their associates between 2009 and 2015.

The investment fund “was looted by corrupt officials and their co-conspirators, including senior Goldman bankers” turning it “into a piggy bank for corrupt public officials and their cronies,” Rabbitt said at a press briefing.

In a first for Goldman Sachs, the company’s Malaysian unit pleaded guilty in a US court Thursday for violations of American bribery law as part of a deal to end the criminal probe in the sweeping case that involved authorities in nine countries.

The guilty plea could curtail activities of Goldman Sachs Malaysia but allows the parent company to avoid admitting wrongdoing in court — which would have damaged its ability to do business.

“Meaningful consequences”

The parent company pleaded not guilty in US court and agreed to “deferred prosecution” for three-and-a-half years, during which time the firm will face increased monitoring by regulators.

But Rabbitt stressed that despite the deal, the company has been charged in the bribery scandal, “so there has been a significant amount of criminal liability” for Goldman and “imposes meaningful consequences” in the cases.

The Justice Department has charged three individuals in the case including two former Goldman executives. Tim Leissner, the former Southeast Asia Chairman, has pleaded guilty, while Ng Chong Hwa, also known as “Roger Ng,” former head of investment banking for GS Malaysia, is awaiting trial, and Low Taek Jho remains a fugitive.

“Goldman admitted today that, in order to effectuate the scheme, Leissner, Ng, Employee 1, and others conspired with Low Taek Jho” to pay the bribes and ignored red flags, the statement said.

In another stunning turn, the company said it will demand repayment of $174 million in salary and bonuses paid to current and former executives including Chief Executive David Solomon and his predecessor Lloyd Blankfein.

These so-called clawbacks are almost unheard of in corporate cases.

Solomon said in a statement “it is abundantly clear that certain former employees broke the law, lied to our colleagues and circumvented firm controls,” adding, “we recognize that we did not adequately address red flags.”

Included in the total penalty amount, Goldman will pay a $400 fine to the SEC and repay $600 million in earnings, and pay a $154 million fine to the Federal Reserve, which also will require the company to improve its risk management and internal oversight.

The Malaysian government dropped the charges against Goldman in July after reaching a $3.9 billion settlement with the financial giant.

The firm, which posted profits of $3.5 billion in the latest quarter, had set aside more than $3.1 billion as of September 30 “for litigation and regulatory proceedings.”

Goldman shares closed US trading 1.2 percent higher after settling the uncertainty.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Moderna gets 30000 patients for final stage of vaccine trial – BNN

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Moderna Inc. has completed enrollment of its 30,000 participants in its final-stage COVID-19 trial, while more than 25,000 volunteers have received their second shot.

The announcement on Thursday is another indication that vaccine trials are moving into their home stretch. Moderna has said it could get an initial readout on whether the vaccine works by late November. The drugmaker is only slightly behind Pfizer Inc., which is working with German biotech BioNTech SE and expects results from its 44,000-person trial as soon as the end of this month.

Moderna shares rose as much as 4.4 per cent on Thursday morning in New York. This year, the stock has more than tripled in value.

Moderna had slowed trial enrollment in September in order to recruit more minorities, a key goal of U.S. health officials. Overall, 37 per cent of volunteers in the trial come from communities of color, the company said. Also, 42 per cent of are at high risk of developing severe cases of Covid-19, either because they are 65 or older or have pre-existing conditions.

Both Moderna and Pfizer say they won’t submit for an emergency-use authorization until they have collected two months of safety data on the participants. That means that even if Pfizer gets positive initial results this month, it won’t submit for an emergency authorization until after it gets the safety results in the third week of November.

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