To tackle volatility in the US banking market, regulators are enacting new laws time to time directing to absorb new technologies. Adoption of automated technologies coupled with aggression by fintech startups. A recent Citigroup study predicts that US banking sector may witness 30% job cutts by 2025.
Industry
GlaxoSmithKline Seeks No Patent to Make Medicines More Affordable for Poor Nations
GlaxoSmithKline pledged not to file patents to make drugs more affordable to poor countries. Any GSK drugs that are included in the list of the World Health Organization's important medicines will be included automatically.
MetLife wins legal case against FSOC's SIFI designation
MetLife has won a legal battle against US regulators over systemically important' financial institution (SIFI) status. A Washington court has rejected Financial Stability Oversight Counsil's (FSOC) attempt to classify MetLife as SIFI.
Yahoo revises bylaws allowing proxy access
Allowing proxy access, Yahoo Inc has revised its bylaws. It'll also enable long-time shareholders to nominate candidates at board on ballots. The new bylaws will come into force after 2016 annual general meeting (AGM) scheduled in June or July.
NIFA Acknowledges China Rapid Finance As Founder Member
China Rapid Finance has been acknowledged as the founder member of NIFA. The recognition will enable CRF to work for publishing rules and regulations in developing self-disciplined online lending marketplace in China. CRF expects the official release of such rules and regulations will exert positive impact and eventually confirm the industrial development .
Latest News
Leader of network solution for home and business introduce a new wireless solution. Linksys introduces Wireless Access Point Cluster solution to manage up to 16 access points from single control.
Dyson with its new air purifier is aiming to create fresh air within the household environment. The company's newly launched Pure Cool Link air cleaner pledges to clean up the pollutants enveloping the home atmosphere.
AIG has announced in January planning for spinning off its mortgage insurer unit United Guaranty, following pressure from the shareholders. Following the announcement, Standard & Poor’s, a credit rating agency has downgraded its rating with specific reasoning. The mortgage insurer of AIG has disclosed through a regulatory filing that it intends to go for an initial public offering.
Unity Technologies, a creator of gaming software, is reportedly in negotiations to raise funds, which could value Unity at $1.5 billion.
MetLife has announced in January planning for selling large portion of its US insurance unit. But the move has been suspended following imposition of designation as SIFI by FSOC. However, the FSOC move has been declared unlawful by a Washington court which paves the way for MetLife to go with its breakup planning.
Mexico will be rich in renewable energy as private energy companies flock to the state to provide them with electricity generated from clean energy to be sold to Comisión Federal de Electricidad. Italy’s Enel Green Energy won 3 projects and will build solar plants while others will provide energy from wind farm.
Tata Steel put its British business up for sale on Tuesday as the company faces continuous loss in its British operation. Thousands of jobs is at risk.
PepsiCo reorganize its North American operation. The company appointed Albert Carey CEO to oversee beverages, Frito-Lay and Quaker Foods divisions in North America, and two other executives.
Hoist Finance Publ AB has confirmed that negotiations are going on for strategic partnership with Bank of Greece. If fruitful, the strategic partnership may generate more opportunities in Greece economy through Hoist Finance.
