Germany’s leading economic institutes on Wednesday published their autumn report, which paints a more pessimistic forecast for the recovery of Europe’s largest economy than experts had predicted in their previous spring report.



a group of people sitting at a picnic table: 13 October 2020, Berlin: Unoccupied chairs of various open-air cafes and restaurants in Tauentzienstraße. Missing guests due to corona-related restrictions are causing the restaurateurs some trouble. Photo: Jens Kalaene/dpa-Zentralbild/ZB (Photo by Jens Kalaene/picture alliance via Getty Images)


13 October 2020, Berlin: Unoccupied chairs of various open-air cafes and restaurants in Tauentzienstraße. Missing guests due to corona-related restrictions are causing the restaurateurs some trouble. Photo: Jens Kalaene/dpa-Zentralbild/ZB (Photo by Jens Kalaene/picture alliance via Getty Images)

The research institutes have revised their GDP forecasts downwards by a percentage point for both 2020 and 2021.

They now expect gross domestic product (GDP) to decline by 5.4% this year from the -4.2% they had forecast in Spring. For 2021, they expect growth of 4.7%, revised down from 5.8%. In 2022, economic output should increase by 2.7 %, they said.

“A good part of the slump from the spring has already been made up, but the remaining catching-up process represents

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By Anirban Sen and Matt Scuffham

(Reuters) – Goldman Sachs Group Inc on Wednesday posted its best quarterly performance in a decade by some measures, as trading has moved back into the limelight and its lack of a big consumer business has switched from a curse to a blessing.

The Wall Street bank posted a quarterly return on equity of 17.5%, its highest since 2010. Investors closely track that figure because it shows how well a bank uses shareholder money to produce profits.

Goldman also boasted record earnings per share, beating analyst expectations by a wide margin. Its performance was driven in large part by a 29% jump in trading revenue, as clients responded to news about the coronavirus pandemic by shifting their portfolios.

While rivals including JPMorgan Chase & Co have also benefited from the markets boom this year, they are far more exposed to vulnerable consumers and businesses

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The Saint Viator Alumni Association is hosting a free Loyal Hearts Business Forum event for Saint Viator and Sacred Heart of Mary graduates, and current and past parents, in which Saint Viator alumni will share ideas and techniques they’ve used to shift their work and adapt to the current pandemic environment. The event, “Pivoting in a Pandemic World,” will take place via Zoom on October 22 at 6 p.m. CT.

“The COVID-19 pandemic has forced many businesses to close, temporarily or permanently, and others have been forced to find creative new ways to operate,” said Jim Platania, Jr., the Saint Viator Alumni Association board chairman. “We hope this event will help business owners and professionals learn from alumni who have found ways to pivot their business during these trying times.”

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

Speakers include Steve Zaleski (’04), real estate broker at Compass and restaurateur; Jerry Cataldo (’77), president and CEO of Hostmark

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COLUMBUS, Ohio, Oct. 14, 2020 /PRNewswire/ — As the COVID-19 pandemic puts immense pressure on American business, driving record levels of unemployment and an increasing number of closures, advisors and financial professionals say their practices are not immune to the impact. Nationwide’s sixth annual Advisor Authority Study, powered by the Nationwide Retirement Institute, surveyed more than 1,800 advisors, financial professionals and individual investors to examine these pressures and reveal how advisors and financial professionals are using technology to adapt their firms and preserve profitability.

“When advisors and financial professionals think about the success of their practice over the next 12 months, they think about the impact of COVID-19—and we understand their concerns,” said Craig Hawley, Head of Nationwide’s Annuity Distribution. “However, by re-tooling with the right technology, advisors and financial professionals can continue delivering an exceptional client experience, retain current clients and attract new ones, ensuring their practice

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COLUMBUS, Ohio, Oct. 14, 2020 /PRNewswire/ — As the COVID-19 pandemic puts immense pressure on American business, driving record levels of unemployment and an increasing number of closures, advisors and financial professionals say their practices are not immune to the impact. Nationwide’s sixth annual Advisor Authority Study, powered by the Nationwide Retirement Institute, surveyed more than 1,800 advisors, financial professionals and individual investors to examine these pressures and reveal how advisors and financial professionals are using technology to adapt their firms and preserve profitability.

(PRNewsfoto/Nationwide)

“When advisors and financial professionals think about the success of their practice over the next 12 months, they think about the impact of COVID-19—and we understand their concerns,” said Craig Hawley, Head of Nationwide’s Annuity Distribution. “However, by re-tooling with the right technology, advisors and financial professionals can continue delivering an exceptional client experience, retain current clients and attract new ones, ensuring their practice

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When my management team presented our 2020 plan to our board in late March, we were asked how much capital we needed to ensure our DevOps business survives COVID-19. At the time, we had no idea what was next but we had three choices: raise, hold, or run.

Twelve months earlier I had been diagnosed with Stage 3 colon cancer and, in surviving it, realized that while I control nothing, I could influence anything. I decided running wasn’t a choice and set out to preserve the business. We assessed how much capital would carry us for 24 months and set out to fundraise.

In the past two years, I had a successful exit, almost died, and was at the helm of a company growing 100% plus in the midst of a pandemic. I had done raises in 1994, 2001, 2008, and 2016, but this time I had no fear of

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Wells Fargo reported results Wednesday that showed progress from the second quarter.



Photo:

Kevin Hagen for The Wall Street Journal

Wells Fargo & Co. said Wednesday that its third-quarter profit fell 56%.

The San Francisco-based lender said it made $2.04 billion in the third quarter, down from a profit of $4.61 billion a year earlier. Per-share earnings were 42 cents. Analysts polled by FactSet had expected 44 cents.

Still, the results were an improvement from the second quarter, when the bank lost $2.38 billion as it set aside money for potential bad loans.

The pandemic has curtailed earnings across the banking sector this year by forcing lenders to set aside tens of billions of dollars to prepare for loan defaults. Now, with massive stockpiles in place, banks believe they have enough stashed away to let them press pause. Profit rose at

JPMorgan Chase

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(Reuters) – JPMorgan Chase & Co JPM.N executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start repurchasing shares again soon if regulators allow.

Their comments came on Tuesday after JPMorgan reported much stronger-than-expected results for the third quarter, beating profit estimates and setting aside relatively little money for loan losses.

Only one of its four major units – consumer banking – saw revenue and profits decline, and even those customers are holding up relatively well, Chief Financial Officer Jennifer Piepszak said. Other businesses, including trading, investment banking, commercial lending and wealth management, posted gains.

Although JPMorgan expects loan losses to escalate, and added another $611 million to its loan loss reserves, that figure is tiny compared to the previous quarter and smaller than what

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Growing up outside of Tokyo, Chef Kenji Miyaishi’s mother used to send him off with bento boxes of onigiri rice balls, karaage fried chicken, tamago-yaki egg omelets and vegetables from her garden.

Now, as he’s pivoted his upscale restaurant in Napa, California, to prepare and deliver bento boxes amid the pandemic, he says he aims to serve with the same values of precision, culture and care his mother did.

Chef Kenji Miayishi. Credit Bob McClenahan (Bob McClenahan)
Chef Kenji Miayishi. Credit Bob McClenahan (Bob McClenahan)

Bento boxes can be traced back to the Kamakura period in 12th century Japan, and this year — with restaurants relying on takeout and delivery — they’ve become a relevant and culturally authentic way for kaiseki chefs across the country to stay in business.

And some chefs say, at a time of uncertainty, the boxes have also come to symbolize nurturing and comfort.

“Bento is usually made by a mother for her children

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Chairs are stacked outside a restaurant in Montreal on Sept. 29. The Quebec government ordered restaurants, bars and casinos to close for 28 days, effective midnight Sept. 30, after a recent spike in new daily coronavirus cases.

Christinne Muschi/Reuters


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Christinne Muschi/Reuters

Chairs are stacked outside a restaurant in Montreal on Sept. 29. The Quebec government ordered restaurants, bars and casinos to close for 28 days, effective midnight Sept. 30, after a recent spike in new daily coronavirus cases.

Christinne Muschi/Reuters

Among the enormous burdens of fending off the coronavirus pandemic, many countries closed whole sectors of the economy while boosting emergency spending to keep citizens afloat. Now in Canada, momentum is building for another extraordinary measure: a basic income guarantee.

Simply put, it’s when residents receive cash from the government, without conditions, to ensure they meet their basic needs.

Prime Minister Justin Trudeau’s government has delivered

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