Goldman Sachs profits fell by 12%, dropping to lowest earnings since 2005. The company stated, that more cost cutting measures will be implemented. In an attempt to reshape its business, Goldman also announced that they will be building an in house private bank, to cater to wealthy individuals and companies, holding their deposits and handing out loans to them, for real estate acquisitions, and financing art and other similar gadgets, the wealthy like to play with. This banking push is very much in line with the new regulations, requesting banks to become bank-holding companies if they want access the Fed’s emergency funds. In light of the financial crisis and new regulations weighing down on the industry, I will be curious to see how the investment banking industry will adjust, and who will start breaking the rules first, in the attempt to get ahead. History has a tendency to repeat itself, but let’s hope for the best.
It’s a girl!! Yahoo has a new CEO, and who else but one of Google’s rank members. Marissa Mayer, previously Vice President at Google, has been chosen by Yahoo, for her deep technical knowledge, and consumer understanding. Ms Mayer is only 37 years old and is expecting her first child, with investor Zack Bogue. This appointment, is a clear sign, that women CAN have it all, if they chose to. She will be the 6th CEO Yahoo is hiring in 5 years, and hopefully she is the right candidate, to achieve one of the most momentous turnaround in corporate America’s history, something Yahoo is in desperate need of. We certainly wish her best of luck! Girl Power!
UK’s parliament is kept busy lately, with the LIBOR scandal in full flourish and Bank of England’s Mervyn King testifying, we also have the head of security firm G4S, Nick Buckles, explaining himself as to why he was unable to provide the necessary security forces for the Olympic Games in London, he signed up to deliver. Out of the 10,000 members of staff, G4S was supposed to deliver, only 4,200 people are currently on the ground. The UK government reacted quickly and deployed 3,500 military personnel to make up for this massive security gap and Mr. Buckles is truly very sorry for this humiliating shambles. In the meantime the Olympic Flame is still travelling and due to arrive in London July 27th in time for the opening ceremony!
A breakthrough development has been made in the medical world. After 30 years of battling with the HIV virus, the FDA has finally approved the first drug, that is shown to reduce the risk of HIV infection. Gilead Sciences’ pill Truvada, is a preventive measure for healthy people, who are at risk of acquiring the HIV virus, through sexual activity. Studies showed, that Truvada reduces risk of infections in healthy gay and bisexual men by 42% . With heterosexual couples, where one of the partners is infected with the virus, the risk is reduced by 75%! This luxury comes at a quite hefty price however, Gilead Sciences set the price at $14,000 per year, claiming that even at that price, the drug is highly cost effective, since a life time cost of treating a person, who is infected with the AIDS virus, is estimated to be $600,000.
Goldman Sachs profits fell by 12%, dropping to lowest earnings since 2005. The company stated, that more cost cutting measures will be implemented. In an attempt to reshape its business, Goldman also announced that they will be building an in house private bank, to cater to wealthy individuals and companies, holding their deposits and handing out loans to them, for real estate acquisitions, and financing art and other similar gadgets, the wealthy like to play with. This banking push is very much in line with the new regulations, requesting banks to become bank-holding companies if they want access the Fed’s emergency funds. In light of the financial crisis and new regulations weighing down on the industry, I will be curious to see how the investment banking industry will adjust, and who will start breaking the rules first, in the attempt to get ahead. History has a tendency to repeat itself, but let’s hope for the best.
It’s a girl!! Yahoo has a new CEO, and who else but one of Google’s rank members. Marissa Mayer, previously Vice President at Google, has been chosen by Yahoo, for her deep technical knowledge, and consumer understanding. Ms Mayer is only 37 years old and is expecting her first child, with investor Zack Bogue. This appointment, is a clear sign, that women CAN have it all, if they chose to. She will be the 6th CEO Yahoo is hiring in 5 years, and hopefully she is the right candidate, to achieve one of the most momentous turnaround in corporate America’s history, something Yahoo is in desperate need of. We certainly wish her best of luck! Girl Power!
UK’s parliament is kept busy lately, with the LIBOR scandal in full flourish and Bank of England’s Mervyn King testifying, we also have the head of security firm G4S, Nick Buckles, explaining himself as to why he was unable to provide the necessary security forces for the Olympic Games in London, he signed up to deliver. Out of the 10,000 members of staff, G4S was supposed to deliver, only 4,200 people are currently on the ground. The UK government reacted quickly and deployed 3,500 military personnel to make up for this massive security gap and Mr. Buckles is truly very sorry for this humiliating shambles. In the meantime the Olympic Flame is still travelling and due to arrive in London July 27th in time for the opening ceremony!
A breakthrough development has been made in the medical world. After 30 years of battling with the HIV virus, the FDA has finally approved the first drug, that is shown to reduce the risk of HIV infection. Gilead Sciences’ pill Truvada, is a preventive measure for healthy people, who are at risk of acquiring the HIV virus, through sexual activity. Studies showed, that Truvada reduces risk of infections in healthy gay and bisexual men by 42% . With heterosexual couples, where one of the partners is infected with the virus, the risk is reduced by 75%! This luxury comes at a quite hefty price however, Gilead Sciences set the price at $14,000 per year, claiming that even at that price, the drug is highly cost effective, since a life time cost of treating a person, who is infected with the AIDS virus, is estimated to be $600,000.