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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

What sets Lewis Hamilton apart from Schumacher is personal development

October 9, 2020

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Perhaps one of the most admirable of Lewis Hamilton’s characteristics is a reluctance to aggrandise his success. Often his reaction when prompted is one of genuine, faint disbelief. This weekend at the Eifel Grand Prix a victory for the world champion would equal Michael Schumacher’s record of 91 Formula One wins. Should Hamilton do so it will be an achievement that, as much as he might not believe it, places him as one of the greats in the sporting pantheon and a pivotal force in the history of Formula One.

a man holding a baseball bat: Photograph: Toshifumi Kitamura/AFP/Getty Images

© Provided by The Guardian
Photograph: Toshifumi Kitamura/AFP/Getty Images

a man wearing a baseball hat: Lewis Hamilton, then with McLaren, chats with Michael Schumacher of Mercedes before the Japanese Grand Prix at Suzuka in October 2010.

© Photograph: Toshifumi Kitamura/AFP/Getty Images
Lewis Hamilton, then with McLaren, chats with Michael Schumacher of Mercedes before the Japanese Grand Prix at Suzuka in October 2010.

There is symbolism, too, about the venue of his second attempt to equal the mark; the Nürburgring is only 50 miles from Kerpen, where the

Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

October 8, 2020

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InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently

Kalamazoo sets tax exemption hearing for $94M Zoetis expansion

October 6, 2020

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KALAMAZOO, MI — The Kalamazoo City Commission voted to set a public hearing for Monday, Oct. 19, to consider a request from Zoetis LLC, for a PA 198 Industrial Facilities Tax Exemption Certificate for 12 years for real property valued at $47,859,166.

The Kalamazoo City Commission approved the hearing during its Oct. 5 meeting.

Zoetis LLC plans to invest about $94,366,000 to the current operation in the city of Kalamazoo. The organization expansion will allow Zoetis to bring in three new products to its Kalamazoo manufacturing location at 2605 Kilgore Road, according to a recommended resolution presented to the commission. The production growth is estimated to create around 22 new full-time jobs with the planned expansion, the city agenda packet states.

Zoetis is the world’s largest producer of medicine and vaccinations for pets and livestock, according to the city of Kalamazoo, and directly markets its products in approximately 45 different

Spain Sets a $10.5 Billion Goal for Green Hydrogen

October 5, 2020

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(Bloomberg) —

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Spain is stepping up its efforts to enter the race to build a hydrogen industry, putting it on par with France and Germany in seeking a greener fuel for heavy industry.

The government in Madrid has a roadmap to build 4 gigawatts of green hydrogen capacity by 2030 and is expected to announce Cabinet approval of the program on Tuesday, according to Sara Aagesen, the secretary of state of energy. The program would require an investment of 8.9 billion euros ($10.5 billion) within the next decade.

“Things are getting very competitive,” Aagesen said in an interview on Monday. “Spain has the capacity to become a relevant player in the renewable hydrogen sector by taking advantage of our high potential of generating renewable power at very competitive prices.”

The European Union has put hydrogen at the heart of its measures to cut greenhouse gas emissions by at

Holly Holm sets multiple personal records

October 4, 2020

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UFC on ESPN 16 post-event facts: Holly Holm sets multiple personal records

© Mark J. Rebilas-USA TODAY Sports
The oddsmakers and public see this as a close fight, listing Holm -120 and Aldana +100 as of this writing. Despite being very familiar with both fighters, I, too, admittedly had trouble making a solid read, much less a pick that I’m comfortable with. I don’t disagree with the current favorite, as Holm is probably the safer pick in this spot. Not only does Holm carry an edge in combat sports experience overall, but this will be Aldana’s first time potentially going five rounds under the UFC banner. The Mexican fighter has fought in two title fights previously (in the Jungle Fight and Invicta FC promotions), losing them both via stoppage. That said, those fights came early in Aldana’s career and were against legitimate competition in Larissa Pacheco and Tonya Evinger (the

GLOBAL MARKETS-Risk aversion sets in after Trump tests positive for coronavirus

October 2, 2020

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By Tom Arnold and Elizabeth Howcroft

LONDON, Oct 2 (Reuters) – A wave of risk aversion swept markets on Friday after U.S. President Donald Trump said he and his wife had tested positive for COVID-19 and will isolate, weeks ahead of the elections.

Shortly before 0500 GMT, Trump said on Twitter that he and his wife had been tested for coronavirus after Hope Hicks, a senior advisor who recently traveled with the president, tested positive.

He later tweeted he and the first lady had tested positive: “We will begin our quarantine and recovery process immediately,” he said.

U.S. stock futures fell on the news EScv1, NQc1 and Treasury yields dipped.

Analysts said the initial risk-off moves were a knee-jerk reaction. As European markets opened, the move in U.S. stock futures pulled back slightly.

At 0735 GMT, S&P 500 futures were down 1% EScv1. Futures for the tech-heavy

ECB’s Lagarde sets scene for Fed-like strategy overhaul

September 30, 2020

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By Francesco Canepa and Balazs Koranyi

FRANKFURT, Sept 30 (Reuters) – European Central Bank President Christine Lagarde set the scene on Wednesday for changing the ECB’s strategy to align it with that of the Federal Reserve, possibly including a commitment to let inflation overshoot after it has been low for too long.

Inflation in the euro zone has missed the ECB’s target, currently set “below but close to 2%” for years despite increasingly aggressive stimulus from the central bank, which has pushed its main interest rate below zero and bought more than 3 trillion euros ($3.51 trillion) worth of assets.

In her first update on the ECB’s ongoing review of its strategy, Lagarde also opened the door to giving the central bank less time to achieve its elusive goal.

The ECB is widely expected to follow in the footsteps of the Fed, which said last month it would aim

UK watchdog sets Wednesday deadline for agreement on business insurance claims

September 29, 2020

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LONDON (Reuters) – Britain’s Financial Conduct Authority said on Tuesday it has filed for an expedited appeal in its business interruption test case as a precaution against insurers not agreeing by Wednesday to pay out on claims made during the pandemic.

Hundreds of thousands of mainly small British businesses are waiting to hear if their insurer will pay out imminently, or keep them waiting while they appeal.

London’s High Court ruled that some of the world’s biggest insurers were wrong to reject thousands of claims from small firms battered by the COVID-19 pandemic.

The FCA said it continues to “work closely and at speed” with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues to avoid a “leapfrog” appeal to the Supreme Court.

An agreement is needed by close of business on Wednesday, and seven insurer

First Financial: Great Footprint And Earnings Power Sets Up A Solid Long-Term Buy (NASDAQ:FFIN)

September 28, 2020

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Investment Thesis

Headquartered in Abilene, Texas, First Financial Bankshares (FFIN) just crossed the ever important $10 billion threshold. The company operates multiple banking regions with its 78 locations and 9 trust company offices. The FFIN footprint stretches from Hereford, Texas, throughout the Panhandle to Orange, located in southeast Texas.

Bank investors need to beware of the Durbin amendment and what happens once a bank crosses that dreaded $10 billion line. The Durbin amendment is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which limits a few key noninterest income segments.

More specifically, interchange fees collected by the bank from debit transactions take the biggest hit. Since FFIN just crossed the $10 billion threshold in the second quarter, starting next year, management will need to start complying with yearly examinations from the Consumer Financial Protection Bureau. When its all said and done, FFIN will likely need to find