US House of Representatives approves US-Mexico-Canada trade deal. Goldman Sachs in talks to admit guilt and pay $2bn fine for its role in Malaysia's 1MDB scandal.
A New Deal: The US-Mexico-Canada trade deal (USMCA) has been passed by the US House of Representatives in an overwhelming 385-41 vote. The pact now heads to the Senate, which is expected to ratify it early next year.
The USMCA replaces the erstwhile NAFTA, which President Donald Trump took the US out of soon after taking office. The new deal with the updated terms and conditions has received bipartisan support from both major parties - Republicans and Democrats.
It has already been ratified by the Mexican Senate. To go into effect, it needs to be ratified by both the US and Canada. CNBC
Plead Guilty: Goldman Sachs is in talks with the US government to admit guilt and pay a c. $2bn fine to resolve a criminal investigation into its role in the 1MDB corruption scandal. WSJ
ICYMI: The 1MDB scandal is a scandal surrounding the activities of a Malaysian government investment fund (1MDB), from which former Malaysian PM Najib Razak was accused of channelling over $700mn to his personal accounts. Goldman Sachs was the investment bank that advised 1MDB on bond sales and acquisitions, and has been accused of ignoring red flags while billions of dollars were looted from its client. (Click here to read more on the 1MDB scandal.)
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