The Royal Bank of Scotland (RBS) has reported a £7bn ($8.8bn) loss for 2016, prompting a new cost cutting plan that it is hoped will return the bank to profit in 2018. The figure is well above the £2bn ($2.5bn) loss posted by the bank in 2015, and has exceeded analysts’ expectations. This marks the ninth…
On February 15, Japanese tech giant SoftBank announced an agreement to acquire Fortress; marking a drastic shift away from the company’s traditional focus on technology and communications holdings. Fortress is a prominent private equity firm managing a highly diversified range of assets including private equity, credit and real estate. The acquisition will cost SoftBank approximately…
On February 8, the proposed merger between rival insurance giants Anthem and Cigna was blocked due to competition concerns. Had the merger gone ahead, the company would have become the largest insurance company in the US by membership – boasting a total annual revenue of $115bn and providing coverage to approximately 53 members. At the…
While the UK’s popular vote to leave the European Union took place over seven months ago, Parliament had the final say on February 1: voting to officially trigger the legal process of Brexit. The decision to invoke Article 50 – the bill establishing the legal proceedings through which member states may withdraw from the EU…
The Dow Jones Industrial Average made financial history on January 25, breaking through the 20,000 barrier for the first time. The broader S&P 500 and the Nasdaq index also reached new records, bolstered by President Trump’s early executive actions on infrastructure and deregulation. The Dow Jones index broke the barrier following the president’s renewed pledge to…
Wall Street stalwart Goldman Sachs is set to pay an $100m exit package to Gary Cohn, its former President and COO. In December, Cohn announced he would be leaving his position at the bank in order to take over as President Trump’s chief economic advisor. Over the course of Cohn’s 25-year career at Goldman, the…
On January 23, newly appointed US President Donald Trump signed an executive order to scrap the Trans Pacific Partnership (TPP), bringing an end to the US’ long held commitment to free trade. By terminating the pact, Trump is making good on his ‘America First’ campaign, through which he vowed to block multilateral trade agreements in…
New capital controls have been implemented in China, marking the latest in a series of efforts by Chinese authorities to support the country’s struggling currency, which fell 6.5 percent against the dollar in 2016. The currency has been gradually falling against the dollar since August 2015, when the Chinese central bank allowed the markets to…
Donald Trump’s incoming administration is to start renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada in a series of upcoming meetings. Trump first pledged to overhaul the trade pact during his presidential campaign, vowing to provide more favourable terms for the US and address trade deficits with Mexico and Canada. Speaking…
New capital controls have been implemented in China, marking the latest in a series of efforts by Chinese authorities to support the country’s struggling currency, which fell 6.5 percent against the dollar in 2016. The currency has been gradually falling against the dollar since August 2015, when the Chinese central bank allowed the markets to…
