In Short

 

A round-up of other business news in brief

Goldman Sachs may face outside scrutiny of derivative data system

Goldman Sachs is facing a threat by the US financial crisis inquiry commission to hire outside accountants to comb through the bank’s systems for data on its derivatives business.

The commission will not back down from demands for information Goldman’s executives have maintained they do not track, Phil Angelides chairman of the US Congress-appointed panel said.

“We have a deep level of questioning about whether we’re getting the straight scoop here and whether Goldman is working with us on information that they surely have,” the chairman of the commission said. – (Copyright The Financial Times Ltd 2010)

Report lambasts equity sector

Private equity groups are accused of producing disappointing returns while charging investors fat fees amid glaring conflicts of interest in a scathing critique published today.

The attack says the industry has underperformed stockmarkets, taken excessive risks and overcharged investors.

The report from the Centre for the Study of Financial Innovation, a London-based think tank, is likely to reignite the debate about the social value of leveraged buy-outs.

– (Copyright The Financial Times Limited 2010)

Gas imports by China to dwindle

International gas companies are set to lose billions of euro in sales over the next decade, as China, their most voracious customer, develops its own huge gas reserves and cuts its gas import requirements, a new study shows.

As a result, they have a limited window to export their growing volumes of gas to China.

Industry consultant Wood Mackenzie concludes China will need only half as much liquefied natural gas from 2020 than it will in the next decade. – (Copyright The Financial Times Limited 2010)