Boeing buying stake in Embraer operations

for $4.2B

CHICAGO | Boeing is buying a majority stake in Embraer’s commercial aircraft and services operations for $4.2 billion.

The joint venture, announced Monday, gives Boeing 80 percent ownership of those operations, with Embraer owning the remaining stake.

Boeing will have operational and management control of the company. Embraer will keep consent rights for some decisions, such as the transfer of operations from Brazil.

The deal still needs approval from the Brazilian government, as well as shareholders and regulators.

The companies also agreed to another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Embraer will own a 51 percent stake in the joint venture, with Boeing owning the remaining 49 percent. The transaction is targeted to close by the end of next year.

Google plans $1B expansion in New York

Google announced Monday it will spend more than $1 billion to build a new office complex in New York City that will allow the internet search giant to double the number of people it employs there.

It is the tech industry’s latest major expansion beyond the Seattle-San Francisco Bay corridor. It follows recent steps by Amazon and Apple to set up large operations well outside their home turf.

Google, based in Mountain View, California, will fashion a complex of more than 1.7 million square feet along the Hudson River in the city’s West Village neighborhood, Ruth Porat, senior vice president and chief financial officer, said in a blog post.

Malaysia files criminal charges against Goldman Sachs

KUALA LUMPUR, Malaysia | Malaysia filed criminal charges against Goldman Sachs and two former executives on Monday for their role in the alleged multibillion-dollar ransacking of state investment fund 1MDB.

Attorney General Tommy Thomas said the government is seeking several billion dollars in fines from Goldman Sachs for breaches of securities laws that involved it making false and misleading statements to investors.

He said his office will seek prison sentences of up to 10 years for the former Goldman executives, Roger Ng Chong Hwa and Tim Leissner.

Malaysian and U.S. prosecutors allege that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian Prime Minister Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development.

— From AP reports