MONEY (MSM)

BofA profit soars as expenses fall to lowest since 2008

BofA’s legal expenses, which have totaled at least $70 billion since 2008, dropped for the second straight quarter, suggesting the worst of the bank’s legal problems stemming from the financial crisis was behind it. Litigation expenses, which had undermined the cost-cutting initiatives introduced by Chief Executive Brian Moynihan since he assumed the top job in 2010, fell to $175 million from $4 billion a year earlier. “We also benefited from

Iran gears up for trade and investment boom that could reshape region

Iran is preparing for a trade and investment boom that could reshape the region after agreeing with world powers to curb its nuclear programme, paving the way for sanctions that have stifled its economy to be lifted. With just under 80 million people and annual output of some $400 billion, Iran is set to be the biggest economy to rejoin the global trading and financial system since the break-up of