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Posted by: Sam Wheeler

RBS males first time profit in a decade. Chief executive Ross McEwan told the BBC it was a ‘really symbolic moment’ for the bank as it made a total of £752m compared with a £6.95bn loss the year before. The bank which is majority owned by the tax payer (71%), still faces a potentially massive fine from the US Department of Justice over the sale of financial products linked to risky mortgages. The bank had expected to settle the case in 2017 but is now hoping to reach an agreement this year. The bank has already set aside an extra £492m for US litigation, taking the total set aside for US court action around the sale of those products to £3.2bn. Mr McEwan said that the bank has been constantly hit with sins of the past with conduct and litigation issues, he went on to add that heavily restructuring within the business has enabled it to be brought back to the UK. Ten years ago, RBS was the largest bank in the world, with a balance sheet of £2.2 trillion, this has now sunk to about £750bn. It has taken a lot of time and money to come out of countries and businesses that they didn’t want it to be in, now operating in 12 countries rather than 38. (Source – BBC)

The armed deputy of Florida high school resigns. Deputy Scott Pearson who was on campus at Marjory Stoneman Douglas high school when a gunman massacred 17 people stood outside the building as it occurred and did not go in to engage the shooter. Sheriff Scott Israel said on Thursday that after reviewing video surveillance and interviewing witnesses, including the deputy himself. Peterson responded to the building where the shooting took place, took up a position outside a door and never went in. Israel did not say if Peterson would face criminal charges. When asked what he should have done, Israel said the deputy should have ‘went in, addressed the killer, killed the killer’. Adding that he was devastated, sick to his stomach and had no words.’ Nikolas Cruz, 19, fatally shot 17 people at the high school, the second deadliest shooting at an American public school. This week Donald Trump has repeatedly backed a proposal to arm teachers in US schools to defend students in school shootings, despite opposition from the country’s largest teachers’ unions, school security guards and military veterans. The NRA’s chief, Wayne LaPierre, broke his silence over the Parkland massacre, lambasting gun control advocates and repeating his notorious mantra, ‘To stop a bad guy with a gun, it takes a good guy with a gun.’ (Source – The Guardian)

A tweet by Kylie Jenner led to a $1.3bn (£930m) fall in value Snap Inc, the parent company of Snapchat. Shares in the social media company plunged by 6% on Thursday – hours after the reality star asked her 24.5million Twitter followers: Does anyone else not open Snapchat anymore? Or is it just me?’ Jenner’s comments came after Snap Inc faced a barrage or criticism over the way a new update has changed Snapchat’s user interface. More than 1.2 million people have signed a petition calling on the company to remove the update! Snap’s chief executive and founder Evam Spiegel who was recently awarded $638m in stock based awards in 2017, has also ruled out reverting to the original version. How is anyone going to cope?! (Source – Sky News)

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