Citigroup Inc.

C -4.23%

said Tuesday that its third-quarter profit slumped 34%, with the bank continuing to prepare for a coronavirus-induced recession.

Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, in the same period a 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 and lower interest rates hit profit margins on lending. 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, Citigroup’s results were better than

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Edmund Lowman is CEO of Slumber Hostel Group, a youth travel accommodation and tour experience provider in Southeast Asia.

A few years ago, I entered into what would turn out to be the worst business deal of my life. But along the way, I learned many valuable lessons on how to avoid bad partnerships.

Below are my tips for navigating business partnerships, as well what to do if you see your deal is starting to go south:


The old saying, “Hindsight is 20/20,” is absolutely true. Looking back on this, we made so many mistakes that it is no surprise to me the deal went south. A few lessons to keep in mind include:

• Don’t argue with your future partners. Remember, these people aren’t your enemies. They are people you are going to presumably be doing business with for a long time. If you’re arguing and

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This article was written by Suvashree Ghosh and Jeanette Rodrigues. It appeared first on the Bloomberg Terminal. 

India has rolled out a fresh plan to tackle an old problem: the mountain of bad loans held by its banks. With the pandemic forecast to push soured assets to a two-decade high, Prime Minister Narendra Modi is struggling to find cash to support the state-run lenders that hold most of it, and to spur credit to a shrinking economy. Most of the risky debt is concentrated in two sectors — telecoms and utilities — that are vulnerable to the economic slowdown, meaning if they face more trouble, then a massive amount of debt goes bad.

1. What’s the plan?

When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the

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Health care is one of the most consequential issues facing Americans, especially today. Republican state Sen. Tom Kean Jr. is running for Congress, so voters deserve to know his positions on this critical topic. However, his views are conspicuously absent from his campaign website.

Unfortunately, Kean’s voting record during his years in the Legislature reveals he would not protect the health of New Jerseyans in Washington. He is running for the Seventh District seat against incumbent Democrat Tom Malinowski.

Despite the coronavirus pandemic and the fact that nearly 8 percent of New Jersey residents are uninsured, Kean voted against a bill to increase access to affordable health insurance through a small tax assessment on premiums of larger plans.

Kean also opposed creation of the New Jersey Health Benefit Exchange that can offer less expensive insurance to residents than the national Obamacare exchange. He has opposed coverage of family planning services.

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Small businesses have been at the losing end of the U.S. economy for decades, but nothing has diminished their stature like the Covid-19 crisis. Thousands of small firms have been driven out of business while their larger counterparts have largely survived and, in some cases, even flourished.

The danger is that as a result U.S. economic power will reside in fewer hands, diminishing the innovation and entrepreneurship that have helped drive the country’s success.

In 1989 businesses with fewer than 100 employees accounted for 40% of the workers employed by all U.S. firms, according to the Census Bureau. Newly released data show that as of 2018 that had fallen to 33%.

Now it is almost certainly even lower. Small-business transaction data collected by software and business-services provider Womply show that about 1 in 5 businesses that were open in January have stopped transacting entirely. Most of them have likely closed

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  • The share of buyers who say they think it’s a good time to buy fell in September, from 59% to 54%, according to a new survey from Fannie Mae.
  • More people do think now is a good time to sell a home, which is an improvement from the first months of the coronavirus pandemic, when potential sellers didn’t want shoppers in their homes and worried about the state of the overall economy.

a group of people standing in front of a building: People wait to visit a house for sale in Floral Park, Nassau County, New York.

© Provided by CNBC
People wait to visit a house for sale in Floral Park, Nassau County, New York.

Anyone out hunting for a house knows that bidding wars are no longer the exception, but the rule.


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Demand for housing has been unusually strong, due to the coronavirus pandemic, and supply is historically lean. That is a recipe for high prices, which are now beginning to take their toll on potential homebuyers’ confidence.

The share of

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The headlines scream — ‘Total number of Covid cases in India crosses 67 lakh’, ‘India now moves to the second spot among countries with most cases’, ‘Total deaths cross one lakh’.

These large numbers are causing a stir as they seem to indicate that the pandemic situation is spinning out of control. But that is not true. If we look at the numbers from the right perspective, they do not really appear that scary.

Where numbers mislead

Looking at the cumulative number of cases since the pandemic began has become the norm as the numbers are large enough to create a panic. But when it is said that the total number of cases in the world is 3,60,76,895, or that the total number of cases in India is 67,57,131, it does not mean that these many people are currently infected. These numbers include all those who have been

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'Bad bank' idea finds more takers amid pandemic blues

© Ophelio Roel Almeida
‘Bad bank’ idea finds more takers amid pandemic blues

The idea of creating a ‘bad bank’, a single entity which will house all bad loans in the banking system, is back on the discussion table. Two former central bankers, Raghuram Rajan and Viral Acharya and former State Bank of India (SBI) Chairman, Rajnish Kumar, have strongly supported the idea.

Days after a jointly-authored paper by Rajan and Acharya pitched the bad bank idea, outgoing SBI Chairman too said this is the best time to create a bad bank.

“In my view, this is the best time to create a bad bank,” said Kumar in an exclusive interview to Moneycontrol on Wednesday.

A ‘bad bank’ is a bank set up to buy the bad loans and other illiquid holdings of another financial institution. Once toxic assets are transferred to this entity, attempts for an early resolution by

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By JoNel Aleccia and Liz Szabo

As trust in the Food and Drug Administration wavers, several states have vowed to conduct independent reviews of any COVID-19 vaccine the federal agency authorizes.

But top health experts say such vetting may be misguided, even if it reflects a well-founded lack of confidence in the Trump administration — especially now that the FDA has held firm with rules that make a risky preelection vaccine release highly unlikely.

At least six states and the District of Columbia have indicated they intend to review the scientific data for any vaccine approved to fight COVID-19, with some citing concern over political interference by President Donald Trump and his appointees. Officials in New York and California said they are convening expert panels expressly for that purpose.

Photos: Daily Life, Disrupted

TOPSHOT - A passenger in an outfit (R) poses for a picture as a security guard wearing a facemask as a preventive measure against the Covid-19 coronavirus stands nearby on a last century-style boat, featuring a theatrical drama set between the 1920s and 1930s in Wuhan, in Chinas central Hubei province on September 27, 2020. (Photo by Hector RETAMAL / AFP) (Photo by HECTOR RETAMAL/AFP via Getty Images)

“Frankly, I’m not going to trust the federal government’s opinion and I wouldn’t recommend [vaccines] to New

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Turnkey websites sound like a great idea when you’re venturing out on your own.

Of all the steps involved in starting a business and the start-up cash required, turnkey websites seem like a no-brainer.

The term turnkey in this context refers to a business you can start immediately, by just “turning the key” and beginning.

Turnkey websites follow a similar concept. They’re websites you can take over from the previous owner, with the expectation all the gears are set up for smooth functioning.

While that sounds great on paper, these websites are ripe for trouble.

  • Turnkey websites don’t scale with your business model. They’re pre-made and don’t account for the intricacies of your vision.
  • The efficacy of your website isn’t rooted so much in the platform it’s built upon (e.g. WordPress). It’s rooted in where and from whom you buy it.
  • Professionally designed websites are a better investment.

Turnkey Websites

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