George Soros slammed by Morgan Stanley CEO over global crisis prediction

Billionaire George Soros, who became famous for speculating on currencies, especially in 1992 when he made one billion pounds speculating on the pound, has been slammed by James Gorman, the chief executive of Morgan Stanley, over his doomsday prediction of a global economic crisis made earlier in the week. At a think-tank conference on Tuesday, […]

Royal Bank of Scotland finance chief Stevenson resigns ahead of annual meeting

Ewen Stevenson, the Royal Bank of Scotland finance chief resigned from his role to “take up an opportunity elsewhere”, according to the state-owned bank Wednesday, as the lender gears up for its annual meeting, where dividends, branch closures, and reprivatisation will be on the agenda. While it is unclear when Stevenson departs, he will remain in his position […]

EU moves to ban straws, other single-use plastics

The European Union is proposing a ban on single-use plastics to help protect marine life. The proposals, according to BBC news, are aimed at outlawing many commonplace plastic items including straws, cotton buds, cutlery, balloon sticks and drink stirrers. The governing body also wants almost all plastic bottles to be collected for recycling by 2025. […]

German’s Deutsche Bank to cut about 7,000 jobs globally

German’s Deutsche Bank has announced it is to cut at least 7,000 jobs. The commercial, investment and retail banking giant announced the move at its annual general meeting in Frankfurt. The company said as part of a business review, the number of full-time equivalent positions is expected to fall “from just over 97,000 currently to […]

EU economies hit by collapse in investment, data reveals

Most European Union (EU) countries have been hit by a collapse in investment in past decade, Eurostat, the EU’s statistical agency, data published May 14 reveals. The data revealed that capital investment, gross fixed capital formation, has fallen dramatically in 24 of the 28 member states in the 2007-2017 period and investment decreased on average […]

EU proposes to spend more post-Brexit budget, but triggers battles

By Chukwuemeka Obioma The European Union has proposed a bigger new multi-year budget that will trigger battles among member states over how to fill the funding gap left by Britain’s exit next year. During the 2021-27 period, the EU would trim the biggest single item, farm subsidies, by five percent and wants a new plastics […]

Tech Giants to face 3% tax on revenue under new EU plan

Large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3 percent tax on their gross revenues based on where their users are located, according to a draft proposal by the European Commission. The draft circulated Friday according to Bloomberg outlines how a targeted levy on gross […]