On Thursday, Bank of America cut its world growth forecast to the lowest level since the peak of the global financial crisis in 2009. “We have cut our 2020 global growth forecast to 2.8% (from 3.2%). This would be the… Read More ›
2007-2009
Hong Kong’s economy falls into a recession
Hong Kong, Asia’s financial hub, is likely to see a large outflow of capital moving to Singapore. On Thursday, according to preliminary goverment data, for the first time since the 2007-2009 global financial crisis, Hong Kong, weighed down by an… Read More ›
U.S. Federal Reserves approves simpler ‘Volcker Rule’
The ‘Volcker Rule’ was created in the wake of the 2007-2009 financial crisis and barred banks from making profit-seeking trades with customer funds. In a significant development, the Federal Reserve stated, it has approved a final rule which simplifies the… Read More ›
Refinitiv launches $8 billion buyout – the largest since the 2007-2009 financial crisis
Refinitiv is essentially Thomson Reuters’ F&R unit, which acquired a 55% majority stake by Blackstone on January 30 2018. Thomson Reuters’ Financial and Risk (F&R) division – Refinitiv has has launched a price guidance on its term loan B, equivalent… Read More ›
S&P settles class action lawsuit in Australia over awaring high ratings to SCDOs
Much of the turmoil that shook the world’s capital markets in 2007-2009 can be traced back to the assigning of high ratings to synthetic collateralized debt obligations (SCDOs). On Friday, U.S.-based rating agency Standard & Poor stated it has settled… Read More ›
Royal Bank of Scotland agrees to pay $4.9 billion to settle probe by the U.S. Justice Department
The bulk of the $4.9 billion settlement amount has already been provisioned for; as for the balance amount of $1.44 billion, RBS has agreed to take an incremental charge in 2018’s second quarter. The Royal Bank of Scotland Group Plc… Read More ›
U.S. House of Representatives likely to review 2010 Dodd-Frank financial reform law by May
The object is not to repeal but to review and reform the 2010 Dodd-Frank financial reform law which aims to provides critical protections to taxpayers and consumers. As per a leading Republican lawmaker, the U.S. House of Representatives is likely… Read More ›
5th U.S. Circuit Court of Appeals strikes down fiduciary rule
This is the second instance wherein systemic changes brought in by former President Barrack Obama in the wake of the 2007-2009 financial crisis is being dismantled. In a landmark judgment, a federal appeals court has struck down the U.S. Department… Read More ›
Citigroup revives Analysts and Investors conference
Although the event is invite-only, just about anyone with an internet connection can tune in to the event. Citigroup Inc will be holding a day-long investor conference on Tuesday. This is noteworthy since this will be the first time, since… Read More ›
New rule to protect businesses from Class Action lawsuits from consumers enters a critical period
The new rule limits the ability of consumers to sue financial companies. This should be read in the context of the Trump Administration trying to repeal the Dodd–Frank Wall Street Reform and Consumer Protection Act. A rule that was years in the making, intended… Read More ›
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