UBS overcomes higher litigation costs, reporting a 14 per cent rise in full-year net profit. The Swiss lender launched a new set of ambitious targets to capitalise on recent performance and plans to buy back $5bn of shares in 2022. The S&P 500 wraps up a torrid January in the red – its worse month in two years. In the UK, the fallout from the Sue Gray ‘partygate’ report continues. Prime Minister Boris Johnson has refused to step down but has apologised over multiple breaches of Covid regulations at No.10 Downing Street. And in M&A news, Sony swoops in for video game maker Bungie in a deal worth $3.6bn.

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