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With bank earnings, Apple’s iPhone event, and the start of Amazon Prime Day on the schedule, Tuesday promised fireworks for the stock market. Instead, they delivered yawns as investors wrestled with continued Covid headlines and no stimulus.

The

S&P 500

finished down 0.6%, while the

Dow Jones Industrial Average

declined 157.71 points, or 0.6%, and the

Nasdaq Composite

dipped 0.1%. Yes, it was a down day, but not a big one.

“Stocks remained remarkably stable in the face of the scary COVID headlines and the global risk selloff, and this relative strength is even more impressive due to the lack of a stimulus deal,” writes Gorilla Trades strategist Ken Berman.

The same can’t be said for the companies that were making news.

Apple,

for instance, dropped 2.7% after releasing the details of its new iPhones. They were nice, but not exciting enough for a stock that had

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By Imani Moise and Niket Nishant

Oct 13 (Reuters)Citigroup Inc’s C.N outgoing chief executive came under fire on Tuesday for mistakes that have led to regulatory penalties, with analysts questioning his pay and why he is not leaving immediately in a conference call to discuss quarterly results.

In unusually direct exchanges, analysts pressed Chief Executive Mike Corbat to explain what management is doing to fix technical and operational problems that have plagued Citigroup for years and led the bank to erroneously send $900 million of its own funds to Revlon creditors in August.

That blunder led to costly litigation between Citigroup and the recipients, as well as regulatory consent orders, a $400-million penalty and lots of embarrassment. Last month, Citigroup announced that Corbat would retire earlier than expected, to be replaced in February by Jane Fraser.

Several analysts asked why Corbat did not make more

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LONDON (Reuters) – United Nations Secretary-General Antonio Guterres on Monday urged development banks to stop backing fossil fuel projects, after a report found the World Bank had invested $12 billion in the sector since the 2015 Paris Agreement to combat climate change.

Environmental campaigners have for years tried to prevent the oil, coal and natural gas industry from producing dangerous levels of the greenhouse gases that cause climate change by persuading commercial banks to stop lending them money.

But the world’s state-backed development banks, whose support is often crucial in determining whether projects in developing countries go ahead, are also facing growing calls to starve the industry of finance.

Guterres urged a coalition of finance ministers and economic policymakers from dozens of countries to ensure development banks end fossil fuel investments and boost renewable energy.

“We need speed, scale, and decisive leadership,” Guterres said in a video message to a

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By Matthew Green

LONDON, Oct 12 (Reuters)United Nations Secretary-General Antonio Guterres on Monday urged development banks to stop backing fossil fuel projects, after a report found the World Bank had invested $12 billion in the sector since the 2015 Paris Agreement to combat climate change.

Environmental campaigners have for years tried to prevent the oil, coal and natural gas industry from producing dangerous levels of the greenhouse gases that cause climate change by persuading commercial banks to stop lending them money.

But the world’s state-backed development banks, whose support is often crucial in determining whether projects in developing countries go ahead, are also facing growing calls to starve the industry of finance.

Guterres urged a coalition of finance ministers and economic policymakers from dozens of countries to ensure development banks end fossil fuel investments and boost renewable energy.

“We need speed, scale, and decisive leadership,” Guterres said

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Metro Denver voters will fill seven seats on the Regional Transportation District’s board in the Nov. 3 election — likely thrusting a mix of new and returning officials into arguably the least enviable positions in local government these days.

They will join a 15-member Board of Directors that is guiding the transit agency through its biggest crisis in decades, as the coronavirus pandemic has sent ridership plunging and blown sizable holes in its budget. The triage likely will continue well into the next term, even as board members and RTD officials, including incoming CEO and General Manager Debra Johnson, hope to map out new strategies to grow ridership. They also will need to weigh equity challenges and reckon with RTD’s unfulfilled rail promises in some parts of the district.

All the while, the agency is facing intense scrutiny from state officials, community leaders and an outside advisory committee that’s undertaking

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Montgomery County Precinct 1 will have a new leader after Nov. 3 as longtime Commissioner Mike Meador steps down from his post after more than 26 years.

Hoping to fill that position are Republican nominee Robert Walker and Democratic nominee Mike Midler.

Walker, a life long Montgomery County resident and longtime business owner, being fiscally conservative is critical.

“I believe my private industry experience would be a great asset to the commissioners court,” Walker states on his website. “I am confident my fellow taxpayers would appreciate my attitude toward finances, as they are fiscally conservative and coupled with common sense.”

As a native to the county, Walker said its future is a focus.

“Montgomery County has always been my home and I love our community,” Walker said. “I have a vested interest in seeing that our county continues to represent our values as we experience tremendous growth.”

Walker has owned

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  • On Wednesday, US regulators announced $400 million in fines against Citigroup for “related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.”
  • It’s the latest in what has been a volatile few weeks for the global bank, which announced a change in leadership in September.
  • Business Insider has previously reported on issues regulators had with Citi’s inability to fix risk, compliance, and tech systems.  
  • Visit Business Insider’s homepage for more stories.

It’s been a complicated month for Citigroup.

The third-biggest US bank by assets shocked Wall Street in September when it announced Michael Corbat, Citi’s chief executive, would be retiring in February.

Jane Fraser, the bank’s president and CEO of its consumer banking division, was named Corbat’s successor, making her the first woman to serve as the chief executive of a major US bank.

However, it wasn’t the selection of Fraser, who had been seen

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A Vacaville barbershop owner who gained national attention for opening up his shop during California’s shelter-at-home order now has his barbering and business licenses on the line.

Juan Desmarais, owner of Primo’s Barbershop on Dobbins Street, received a letter from the California Attorney General’s Office advising him the state would request a legal hearing to consider revoking his licenses for not remaining closed when other barbershops were during the COVID-19 pandemic.

Desmarais said he was disappointed but not surprised.

“I’m disappointed in the leadership (at all levels),” he said. “I’m disappointed that the state won’t admit that this whole pandemic shutdown was an overreach of power… Not only is it gonna hurt the economy — it has hurt the economy — but they’re gonna continue to hurt the economy in order to save face.”

On May 1, Desmarais reopened Primo’s, which had been closed since mid-March due to the state’s

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(Reuters) – Netflix Inc is facing a criminal charge in a Texas county for promoting lewd visuals of a child in the French film “Cuties”, according to a statement from Tyler county’s district attorney’s office on Tuesday.

The document, filed on Sept. 23, said Netflix promoted material in the film that depicts lewd exhibition of the pubic area of a clothed or partially clothed child who was younger than 18 years of age which appeals to the prurient interest in sex.

“Cuties is a social commentary against the sexualization of young children. This charge is without merit and we stand by the film,” Netflix said in a statement.

The plot of “Cuties” centers around an 11-year-old Muslim girl who “starts to rebel against her conservative family’s traditions when she becomes fascinated with a free-spirited dance crew,” according to Netflix.

Texas representative Matt Schaefer tweeted https://twitter.com/RepMattSchaefer/status/1313517817942212608 a picture of the indictment

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Illinois Budget

Illinois Gov. J.B. Pritzker delivers his state budget address, Wednesday in Springfield, Ill.

(Antonio Perez/Chicago Tribune via AP, Pool)




CHICAGO — Illinois is “almost guaranteed” a credit rating downgrade to junk if its voters next month reject a constitutional amendment allowing the state to tax high-income residents more, a Citi research report said on Monday.

However, Citi argued against non-investment-grade ratings for any U.S. state given the greater flexibility of states to weather fiscal crises than most U.S. corporations.

Illinois is the lowest-rated state at a notch above junk, with negative outlooks from all three major credit rating agencies.

Moody’s Investors Service and S&P Global Ratings recently issued warnings about Illinois’ struggle with a huge unfunded pension liability and structural budget deficit that has been exacerbated by the fallout from the coronavirus pandemic.

“If Moody’s downgrades Illinois (general obligation bonds) to

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