Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Goldman Sachs Group surprised the Wall Street analysts after their prediction for its stock trading was overshadowed by the actual figures for the company’s fourth-quarter profit. The American multinational investment bank and financial services company concluded 2020 with high earnings despite the COVID-19 pandemic that affects the whole world.
While most of the investment banks were battered by the pandemic crisis and ultimately affecting much of the US economy, Goldman Sachs surprisingly survived and even announced that its profits grew to more than double contrary to the forecasts.
The unexpected growth that surprises the Wall Street
It was reported that the company’s gains rose to $4.4 billion in the last quarter of 2020, and this is more than double the profits recorded from the same period in the previous year. Plus, Goldman Sachs scored higher revenues in all four managing divisions, so it was able to block out the Wall Street analysts’ expectations.
As per Reuters, the result of the year-end stock trading was Goldman Sachs’ best annual performance in the last 10 years. This is due to the sales that listed a growth of 23% to $4.27 billion in the quarter. This is equivalent to earning $21.2 billion in the year.
Before the result came out, analysts predicted that Goldman Sachs will list revenues of 7.39% per share from $10 billion. But then, the profit went far above the $4.69 per share that was recorded in the past year.
Overall, the bank’s total earnings went up 18% to $11.74 billion. Its net earnings in the last quarter that is applicable to common shareholders increased to $4.36 billion or $12.08 per share.
Beating the odds amid the struggles during the pandemic
Other investment banks were forced to build up their reserves due to potential loan losses in 2020. But Goldman Sachs was able to profit from deals and expanded trading activities during the pandemic. This is possible because the bank is not depending too much on lending.
“Goldman Sachs’ earnings were shockingly good,” CNBC quoted Octavio Marenzi, CEO of Opimas, a capital market management consultancy, as saying. “We were expecting a strong performance, but Goldman outperformed in almost every business line. Goldman’s activities are squarely focused on investment banking and trading, areas that did well everywhere.”
