NEW YORK (AP) — Goldman Sachs is posting a 150% jump in second quarter profits Monday, helped by a resurgence of dealmaking and underwriting that has revived investment banking after the slowdown of the previous couple years.
The New York investment bank posted net earnings of $3.04 billion, $8.62 per share, compared with $1.22 billion in the same period a year earlier. For the three months ended June 30, compared with $1.22 billion, or $3.08 per share, a year earlier.
Part of the surge in profits came from Goldman Sachs booking some one-time items last year as it took charges for the wind-down of its consumer banking business.
That said, nearly every aspect of Goldman's businesses saw revenue jump in the quarter, reflecting what has been a broad revival in dealmaking and activity on Wall Street this year in a healthy economy.
Investment banking fees rose 21%, helped by a big jump in debt underwriting fees for the bank. Many companies are having to refinance their debts to deal with higher interest rates, and there has been a surge in leveraged financing packages
Goldman's fixed income, currencies and commodities trading division had revenues up 17% from a year earlier. Equities trading was less robust than other parts of the market, with Goldman saying net revenues were up 7% in that division.
Lastly the bank's asset-management division posted 27% rise in revenues, helped by more fee income and the value of Goldman's own investments.
Shares in Goldman Sachs Group Inc. ended Monday up $12.35, or 2.6%, at $492.23.
This story has been updated to read that the company reported net earnings, not net revenues, of $3.04 billion.
FILE - The Goldman Sachs headquarters in New York is shown on Jan. 24, 2023. Goldman Sachs reports earnings on Monday, July 15, 2024. (AP Photo/Peter Morgan, File)
PHNOM PENH, Cambodia (AP) — A union leader freed from prison Monday after serving time for her part in a strike against Cambodia’s biggest casino has vowed to continue the labor action until justice is done.
Chhim Sithar was sentenced in May 2023 to two years' imprisonment for incitement to commit a felony, including time served before her conviction, in connection with the strike against the NagaWorld casino, the longest such labor action in the country's history.
She had been leading a strike of hundreds of workers that began in December 2021 to protest mass layoffs and alleged union-busting at the casino in the capital, Phnom Penh, and was arrested and charged after a January 2022 demonstration of dismissed employees who were demanding to be rehired.
NagaWorld in late 2021 had fired 373 employees during financial struggles related to the coronavirus pandemic.
Speaking to The Associated Press at her home shortly after her release, Chhim Sithar vowed to continue leading the strike.
"About our advocacy fighting for union rights at NagaWorld, we will continue holding strike action until we get a solution. That’s the position we have determined since the first strike,” Chhim Sithar said, sitting on the floor surrounded by relatives.
“Unfortunately, as of today, after nearly three years, our workers have still not gotten justice. Therefore, as long as there’s no justice, our struggle continues,” she said.
After Chhim Sithar’s arrest, some dismissed workers continued to hold regular protests, appealing for her release and to get their jobs back. However, the Ministry of Labor and Vocational Training announced in December 2022 that more than 200 others had accepted compensation under the labor law and dropped their demands.
“Despite relentless efforts by authorities to suppress the strike — including sexual harassment, physical assaults, and judicial harassment — the LRSU strike continues in Phnom Penh,” the Cambodian human rights organization LICADHO noted Monday.
NagaWorld is owned by a company controlled by the family of late Malaysian billionaire Chen Lip Keong. The company received its casino license in 1994 and the property is a huge integrated hotel-casino entertainment complex.
Previous labor union actions in Cambodia were usually at factories in outlying areas or in industrial estates in other provinces. The protest by the NagaWorld workers in the capital was unusually high-profile and drew police action that was sometimes violent.
Last year, the U.S. State Department named Chhim Sithar among 10 recipients of its annual Human Rights Defender Award. She was described by the then-U.S. Ambassador to Cambodia W. Patrick Murphy as “a courageous and tenacious labor union leader who peacefully advocates for the rights of Cambodian workers.”
Cambodia’s government has long been accused of using the judicial system to persecute critics and political opponents. Prime Minister Hun Manet succeeded his father last year after Hun Sen ruled for four decades, but there have been few signs of political liberalization.
Chhim Sithar, right, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, gestures as she meets her supporters in a club at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the union leader was freed from prison on Monday after serving time for her part in a strike against the country's biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, sits near her mother, center, as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, meets with her mother, center, and her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, smiles as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
