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PITTSBURGH, Oct. 14, 2020 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data

3Q20

2Q20



3Q19

Net income (loss) from continuing operations

$1,532

($744)

$1,181



Net income from discontinued operations

—

$4,399

$211

Net income



$1,532

$3,655

$1,392

Diluted earnings (loss) per common share from continuing operations

$3.39



($1.90)

$2.47

Diluted earnings per common share from discontinued operations

—

$10.28



$.47

Diluted earnings per common share

$3.39

$8.40

$2.94



 

     “PNC delivered solid third quarter results against the backdrop of a continuing uncertain economy. Noninterest income increased, expenses were well managed and we continued to generate positive operating leverage. Deposits grew while loans declined as a result of lower commercial loan utilization rates, despite

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Oct. 13 (UPI) — Delta Air Lines announced Tuesday a net loss of $5.38 billion in the third quarter, or a $6.9 billion pre-tax loss, and said improvements in customer traffic could signal a slow turnaround for the carrier.

The company’s loss compared with a $1.5 billion profit during the same period a year ago. Revenue for the quarter was $3.06 billion, down 75.6% from the same period a year ago, the company reported.

Delta reported that $4 billion of its losses were directly due to COVID-19 and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees.

“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” Delta Chief Executive

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Over $54.2 Billion in Loan Volume;
Exceeds total 2019 production record in first three quarters of 2020

United Wholesale Mortgage (UWM), the #1 wholesale mortgage lender, today announced its results for the third quarter ended September 30, 2020, reporting closed loan volume exceeding $54.2 billion, an 81 percent increase from the $29.9 billion loan volume closed in the third quarter of 2019, along with net income of $1.45 billion. Through the third quarter, UWM also closed a year to date total of $127.8 billion in production, already exceeding its 2019 production record of $107.8 billion by nearly 20 percent.

Mat Ishbia, president and CEO of UWM said, “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience. I’m grateful to the over 6,800 team members whose commitment to superior service, together with

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Here’s what you need to know:

Credit…Charlie Riedel/Associated Press

Delta Air Lines lost $5.4 billion in the three months through September, and its operating revenue plunged 79 percent from the year before, as the industry weathered a deep and sustained crisis caused by the coronavirus pandemic.

The results, reported by the company on Tuesday, are an improvement over the second quarter of the year, when Delta reported a slightly larger $5.7 billion loss and an 88 percent decline in revenue, but with the peak summer travel season behind them, Delta and other airlines are bracing for a weak fall and winter.

“With a slow and steady build in demand, we are restoring flying to meet our customers’ needs, while staying nimble with our capacity in light of Covid-19,” Delta’s president, Glen Hauenstein, said in a statement. “While

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(Bloomberg) — Ireland’s government unleashed a record package of budget measures to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery.



a group of people walking on a city street: Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it's entrenched them even more.

© Bloomberg
Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it’s entrenched them even more.

Speaking to lawmakers in Dublin on Tuesday, Finance Minister Paschal Donohoe said the entire 2021 budget package is worth close to 18 billion euros ($21.2 billion), with most being earmarked for a fund to deal with the virus and Brexit, more health spending and other

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By Liz Lee and Scott Murdoch

KUALA LUMPUR/HONG KONG (Reuters) – Malaysian rubber glove maker Top Glove Corp Bhd

, riding a wave of demand generated by the coronavirus outbreak, has hired banks to arrange a Hong Hong listing that could raise at least $1 billion, two sources said.

Citigroup

, China International Capital Corporation (CICC) <3908.HK> and UBS

, will manage the listing, said the two sources, who have direct knowledge of the matter but can’t be named as the information is not yet public.

Another source, also declining to be named as the process is private, said the world’s largest glove maker could be more ambitious and look to raise as much as $2 billion.

The company, which is already listed in Malaysia and Singapore, in a filing to the Kuala Lumpur exchange on Monday said it is evaluating a dual primary listing on Hong Kong’s stock exchange.

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Target Company: Opendoor Labs Market Cap: $816 million On Sept. 15, Social Capital SPAC, run by venture investor Chamath Palihapitiya said it would merge with Opendoor Labs. Opendoor is an online real estate firm backed by SoftBank (OTCMKTS:SFTBY). Opendoor buys up properties, fixes them and then resells them. It started losing money from the pandemic, and decided to raise capital by going public with this SPAC deal. The $4.8 billion enterprise value transaction will provide $1 billion to Opendoor, which made $4.7 billion in revenue last year. Opendoor sold over 18,000 homes through its online portal in 2019. I must say that reviewing the transaction details is very interesting. For one, both Opendoor and Social Capital provided separate slide presentations, which is rare. Second, the Social Capital presentation is very simple — just one line per page. I found that quite effective. Third, the deal economics are pretty
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(Bloomberg Businessweek) — You know that feeling of elation when you win an auction—say, a bidding war for a house—and how it’s immediately followed by that sinking feeling that you overpaid? That’s the winner’s curse. It’s a real thing. Once you stop to think, you realize there’s probably a good reason other people weren’t willing to pay as much as you did. By winning, you just lost.

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Understanding the winner’s curse, and how to avoid it, is part of the reason Stanford University economists Robert Wilson and Paul Milgrom won this year’s Nobel Prize in economics—formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (PDF).

Wilson’s and Milgrom’s work is unusual in that it’s both theoretical and highly practical. The U.S. Federal Communications Commission raised more than $120 billion for taxpayers from 1994 through 2014 by selling off wireless frequencies using an auction

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DUBLIN–(BUSINESS WIRE)–Oct 12, 2020–

The “Remote Microgrid – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

The publisher brings years of research experience to the 6th edition of this report. The 138-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Remote Microgrid Market to Reach US$18.2 Billion by the Year 2027

Amid the COVID-19 crisis, the global market for Remote Microgrid estimated at US$7 Billion in the year 2020, is projected to reach a revised size of US$18.2 Billion by 2027, growing at a CAGR of 14.5% over the analysis period 2020-2027.

Village Electrification, one of the segments analyzed in the report, is projected to grow at a 13.9% CAGR to reach US$10.3 Billion by the end of the analysis period. After an early

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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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