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Citigroup’s Profit Falls 34% as It Sets Aside More Money for Bad Loans

October 13, 2020

Citigroup Inc.’s

third-quarter profit slumped 34% and the bank set aside billions of dollars to cover potential losses in the coronavirus recession.

Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, one year ago. Analysts had expected 91 cents a share, according to FactSet. In the second quarter, profit had fallen to 50 cents a share.

Revenue in the consumer bank fell as people continued to struggle through the recession. The Wall Street operations turned in higher revenue as trading surged in the uncertain market and bankers helped nervous companies raise cash and sell stocks and bonds to ride out the downturn. JPMorgan Chase & Co., which also reported results Tuesday, followed a similar pattern, though its overall profit rose 4%.

Still, the results were better than the second quarter’s and topped analyst expectations. The bank slowed the

AirAsia X Teeters on the Brink: Bad News for Airbus’ A330neo

October 8, 2020

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The combination of growing international travel demand, cheap oil, and easy access to capital drove a boom in long-haul budget airlines during the past decade. AirAsia X was one of the biggest, flying mostly to destinations around Asia from airports in Southeast Asia.

However, these long-haul, low-cost carriers have struggled to make money. Many have folded or required radical debt restructuring in recent years. The COVID-19 pandemic is finishing off those that remain. AirAsia X is now demanding that creditors take huge losses to avoid an outright liquidation. No matter how these restructuring talks play out, it will be bad for Airbus (OTC: EADSY) and its A330neo family of wide-body jets — and may provide opportunities for bargain-seeking airlines like Delta Air Lines (NYSE: DAL).

All-out collapse at AirAsia X

AirAsia X is the medium- and long-haul affiliate of AirAsia, one of the biggest ultra-low-cost carriers in the world.

PAYX Stock Ticks 1% Lower on Rough Q1 Figures, Bad Outlook

October 6, 2020

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Paychex (NASDAQ:PAYX) earnings for the first quarter of fiscal year 2021 have PAYX stock ticking lower on Tuesday morning. This is despite reporting revenue of $932.2 million, which is better than Wall Street’s estimate of $895.38 million. The company also reported adjusted earnings per share (EPS) of 63 cents, while analysts were expecting EPS of 55 cents for the quarter.

a large tall tower with a clock on the side of a building: The Paychex sign on the side of the company's building in Mirimar, Florida.

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The Paychex sign on the side of the company’s building in Mirimar, Florida.

The company also reported GAAP EPS of 59 cents for the period.

Here is what else is worth mentioning from the most recent Paychex earnings report.

Adjusted EPS was down 11% from 71 cents during Q1 2020.
Revenue for the quarter comes in 6% lower compared to $992 million during the same

Lawsuit Alleges USCIS Has Acted In Bad Faith Against H-1B Spouses

October 6, 2020

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US-CHINA-HEALTH-VIRUS — A sign indicating the office is closed is posted following a two-week closure of a U.S. Citizenship … [+] and Immigration Services (USCIS) field office in Tukwila, Washington on March 3, 2020. (Photo by JASON REDMOND/AFP via Getty Images)

AFP via Getty Images

A new lawsuit alleges that U.S. Citizenship and Immigration Services (USCIS) has acted in bad faith against the spouses of H-1B visa holders. The plaintiffs argue H-1B spouses cannot renew their H-4 employment authorization documents (EADs) because USCIS changed procedures to prevent the spouses from working in the United States. The plaintiffs say USCIS added an unnecessary biometrics requirement and adopted an erroneous interpretation of government regulations by prohibiting automatic extensions of H-4 work authorization. Plaintiffs’ attorneys assert Trump administration officials wanted to eliminate the regulation that allows the spouses of many H-1B visa holders to work but after failing to do so instead changed its policies

The Good, the Bad, and the Ugly of PPP Loan Forgiveness Delays

October 6, 2020

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If getting a PPP loan approved meant you had to move at warp speed, getting one forgiven may well feel like you’re stuck in slow motion.

That’s the case for Andrew Cao, a managing partner at Motoza, the Austin-based digital marketing agency he founded in 2011. Cao tapped into the Paycheck Protection Program — the $521 billion forgivable loan program designed to bridge small businesses through the pandemic–in May, after some of his clients started pulling their business. He applied through a local lender, Horizon Bank, after failing to get in on the first tranche of PPP funding with his company’s own bank, Bank of America.

“It was just a really bad experience, and unfortunately it had to happen this way,” says Cao, who hasn’t taken that experience lightly. “We have been transferring money from BofA to Horizon for the past couple of months,” he adds.

Filing for loan forgiveness

Monte dei Paschi shareholders approve bad loan clean-up

October 4, 2020

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MILAN (Reuters) – Shareholders in Monte dei Paschi di Siena BMPS.MI approved on Sunday a long-awaited bad loan clean-up plan aimed at easing the sale of the state-owned bank to a healthier rival.

FILE PHOTO: The logo of Monte dei Paschi di Siena bank is seen at a bank entrance in Rome, Italy August 16, 2018. REUTERS/Max Rossi/File Photo

Italy has worked for two years on the plan, which gained final approval from the European Central Bank in September and must be completed by Dec. 1.

Rome bailed out Monte dei Paschi in 2017, acquiring a 68% stake for 5.4 billion euros ($6.3 billion). To meet conditions agreed at the time with European Union competition authorities, it must cut that stake before the bank approves 2021 earnings.

The ‘Hydra’ scheme approved on Sunday at an extraordinary shareholders’ meeting will lower Monte dei Paschi’s impaired loans to 4.3% of total lending,

3 Bad Reasons to Get a Personal Loan

September 30, 2020

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Don’t get a personal loan for the wrong reasons.

Personal loans are often a good way to borrow. You can use the loaned money for anything you’d like, and the loans come with a fixed repayment schedule, so you’ll know the costs of borrowing up front as well as the payoff date. The interest rate is also usually well below what you would pay on a credit card (unless you qualify for a special promotional rate).

But that doesn’t mean it’s always a good idea to get a personal loan. In fact, there are plenty of circumstances in which it doesn’t make sense to take on this type of debt. Here are three of the worst reasons to take out a personal loan.

1. Because you don’t have your spending under control

If you are trying to live well beyond your means, a personal loan can, theoretically, provide you with

UK economy slump not as bad as feared but still a record

September 30, 2020

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LONDON (AP) — The British economy did not contract as much as originally thought during the second quarter of the year when coronavirus lockdown measures were at their most intense — though the slump remained the worst on record and the biggest of all major economies.

The Office for National Statistics said Wednesday that the British economy contracted by 19.8% in the April to June quarter from the previous three-month period, slightly less than its previous estimate of 20.4%.

However, it said the British economy contracted by more than previously thought during the first quarter, when the virus started to affect business activity before the full restrictions on businesses were introduced on March 23. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously.

“It is clear that the U.K. is in the largest recession on record,” the statistics agency said. “The latest estimates

Beyond Meat Facing A Perfect Storm Of Bad News (NASDAQ:BYND)

September 29, 2020

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Slowing Growth Rate

Just in the time Beyond Meat (NASDAQ:BYND) has been a public company, year-over-year sales growth has dropped at an alarming rate from 287% in Q2 2019 to 68.5% in Q2 2020 according to the company’s own reported financials. This represents a decline of nearly 200% in the nominal rate of growth during a period of minimal competition. This is not a promising trajectory given that total TTM sales are only $400.8 million.

Source: Company Filings

Even more concerning is the reality that y-o-y sales growth is expected to drop even more in the coming quarters. One would normally expect such a deceleration in growth for a more mature company with a higher level of nominal sales.

Before COVID-19’s negative impact on BYND was known, CFO Mark Nelson provided guidance of full-year 2020 revenues of $490 to $510 million. Since we know 1H 2020 revenues came in at

Insurance Lawyers, Bad Faith Insurance Lawyer

May 7, 2020

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Insurance law regulates insurance companies and how such companies handle insurance claims. Although insurance companies have legitimate reasons for denying claims, some companies deny claims based on improper investigations, unclear paperwork, or lack of evidence of disability. If you’ve had your insurance claim denied contrary to your policy, or believe your insurance company has practiced bad faith insurance or health insurance fraud, an insurance lawyer can help with your insurance claim.

Denied Insurance Claims

Insurance regulations require insurance companies to pay valid claims in good faith—willingly, promptly and properly. It is illegal to knowingly or negligently discount, delay or deny payment of legitimate claims. In the US, insurance companies are bound by a “covenant of good faith and fair dealing” in treating their policyholders, which means that the insurance company is under an obligation to pay a valid claim.

State statutes require that an insurance company respond to a