Wells Fargo  (WFC) – Get Report posted third-quarter earnings that missed analysts’ forecasts as low interest rates resulted in a drop in net interest income, and on higher-than-expected pandemic-related operational costs.  

The San Francisco-based bank reported net income of $2.04 billion, or 42 cents a share, for the third quarter, vs. $4.61 billion, or 92 cents a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been looking for earnings of 44 cents a share.

Net interest income was $9.4 billion, down $2.3 billion and below analysts’ forecasts of $9.6 billion. Non-interest income was $9.5 billion, down $891 million. Average deposits rang in at $1.4 trillion, up $107.7 billion, or 8% from a year earlier.

Revenue came in at $18.9 billion, down from $22 billion in the third quarter of 2019 though above FactSet estimates of $18 billion. 

The net income figure included $1.2 billion of

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  • A representative of the Taliban said the group supports President Donald Trump’s reelection on Friday, according to CBS News.
  • “When we heard about Trump being COVID-19 positive, we got worried for his health, but seems he is getting better,” a senior leader reportedly said.
  • Tim Murtaugh, the campaign director for Trump’s reelection, told Insider he rejected the group’s endorsement.
  • Visit Business Insider’s homepage for more stories.

A representative of the Taliban said the group supports President Donald Trump’s reelection on Friday, according to CBS News.

“We hope he will win the election and wind up US military presence in Afghanistan,” Taliban spokesperson Zabihullah Mujahid told the news organization.

Mujahid reportedly added that it approved of the Trump campaign’s “America first” slogan. Trump has mentioned the phrase in numerous speeches throughout his presidency and campaign.

“It is the slogan of Trump from the start that they are not cops for the

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  • The White House is not conducting contact tracing for its Sept. 26 Rose Garden event, The New York Times reported.
  • At least eight people who attended the event have tested positive for COVID-19, including President Donald Trump.
  • The event was held to announce the nomination of Judge Amy Coney Barrett to the US Supreme Court.
  • Visit Business Insider’s homepage for more stories.

Eight people who attended a Rose Garden ceremony less than two weeks ago have tested positive for COVID-19, including US President Donald Trump, but the White House has chosen not to conduct contact tracing, The New York Times reported on Monday.

Judd Deere, White House deputy press secretary, told Business Insider that the Trump administration “has plans and procedures in place that incorporate current CDC guidelines.”

The US Centers for Disease Control recommends that contact tracing be conducted for “close contacts,” defined as anyone who has spent at

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A Division Bench of the Calcutta High Court on Thursday declined an ad interim stay on the Single Bench order of the same court directing the removal of Harsh Vardhan Lodha from all the positions within the MP Birla Group of companies during the pendency of the suit involving the contested will of the late Priyamvada Birla.

However, the Division Bench, of Chief Justice Thottathil B Radhakrishnan and Justice Shampa Sarkar, has clarified that there is a restriction on Harsh Lodha from holding any office in any of the entities of the MP Birla Group during the pendency of the suit (testamentary) “on the strength of shares referable to the estate of Priyamvada Birla”.

“We see that the impugned order refers to material facts; reflects reasons and demonstrates judicial consideration and determination of matters which fall within the domain of Section 247 of the Succession Act. We cannot treat it

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By Caroline Valetkevitch

Sept 18 (Reuters)U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.

It was the Nasdaq’s first such weekly streak since August 2019, and S&P 500 and Dow’s first since early October 2019.

Apple Inc AAPL.O, Microsoft Corp MSFT.O, Amazon.com Inc AMZN.O and Alphabet Inc. GOOGL.O, which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq on Friday, while the S&P 500 technology index .SPLRCTfell 1.7%, the biggest weight among the S&P 500 sectors. Apple was down 3.2%.

“We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so

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By Daniel Leussink

TOKYO (Reuters) – Japan’s exports posted a double-digit slump for a sixth straight month in August as U.S.-bound shipments shrank due to a global demand slowdown from the coronavirus pandemic, casting a shadow over a trade-led recovery from the deep recession.

The export decline highlights the immense task Yoshihide Suga, who is assured to be elected prime minister later on Wednesday, faces in driving an economic recovery.

Total exports fell 14.8% year-on-year in August, a smaller decline than the 16.1% expected by economists in a Reuters poll, official data showed on Wednesday.

That meant exports fell for their 21st straight month, marking the longest run of declines since a 23-month run through July 1987. That followed a 19.2% drop in the previous month.

The decline in August was driven by fewer shipments of cars and mineral fuels, though the pace of contraction eased somewhat from July as

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Stocks ended mixed on Friday as the three major indices struggled to find their footing after a week of volatility. The S&P 500 and Dow eked out gains during the session, but each still logged losses on the week.

The Nasdaq sank 0.6% Friday, as the index was pressured by an ongoing rout in some of their most heavily weighed big tech shares. Apple (AAPL) and Amazon shares each dropped more than 1%.

The losses brought the Nasdaq’s weekly decline to 4% – its worst since March. The S&P 500 sank more than 2% on the week, and the Dow fell more than 1.5%.

Better than expected quarterly earnings results temporarily send some individual, smaller tech names higher before the selloff broadened out and dragged them lower. Shares of Peloton (PTON) jumped more than 13% in pre-market trading before erasing gains during the regular session and closing 4% lower, after

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New York City’s economy depends on immigrants, but at a time when it needs all the help it can get, the flow of new residents from overseas is slowing.

Immigration to New York City dropped 45% between 2016 and 2019, with about 34,000 immigrants moving to the city last year compared with 62,000 in 2016, according to an analysis of U.S. Census Bureau population estimates by William Frey, senior fellow at the Brookings Institution. City officials and immigration advocates say tighter federal immigration policies and delays in processing visa applications during the pandemic have reduced the flow of transplants.

Immigrants make up about 45% of the local workforce and own more than half of the city’s businesses, according to a 2019 report by the Mayor’s Office of Immigrant Affairs.

“I am worried that declining rates of international immigration will hurt not only future economic growth in New York City but

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We are hosting two webinars in September. Please join us!

  1. China Macro: Thursday, September 17th, 9 am EST China Macro Update: Digital Transformation & Structural Reforms Provide Catalysts For Post Covid-19 Growth
  2. EM Consumer Technology: Tuesday, September 15th, 11 am EST Covid-19: An Inflection Point For Emerging Markets Consumer Technology

Week In Review

  • Yum China is looking to relist in Hong Kong, reports confirmed Monday. The firm could raise over $2
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Why did Governor Kristi Noem turn down $300 a week in free money for unemployed South Dakotans?

Noem Declines Extra $300 Unemployment Funds From Trump’s Lost Wage Assistance Program

With Congress at a standstill over the next coronavirus stimulus package, President Trump signed four executive directives in early August, including one to provide enhanced unemployment benefits to 30 million Americans. While there was rampant confusion over the unemployment memorandum, the Department of Labor (DOL) issued guidance last week that provided clarity on the program.

MORE FROM FORBESConfirmed: Extra $400 Unemployment Benefit Extension Slashed To $300; State Match Optional

DOL Guidance On Extra $300 Benefit

The DOL letter gave states a pass

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