Big US Banks Kick Off Second Quarter Earnings Season With Lower Profits, Large Loan Loss Reserves

JPMorgan Chase delivered second quarter earnings of $1.38 per share

Citigroup saw its second quarter profit plunge by 73%

Wells Fargo posted a second quarter loss of $2.4 billion

Three of the largest banks in the U.S. – JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) – kicked off the second-quarter earnings with somewhat different results.

While JPMorgan Chase and Citigroup posted better-than-expected second-quarter earnings, Wells Fargo reported its first quarterly loss since the darkest days of the recession.

But all three banks are similarly contending with the COVID-19 pandemic by setting aside huge loan loss reserves in anticipation of rising defaults by customers and businesses.

JPMorgan Chase delivered second-quarter earnings of $1.38 per share on revenues of $33 billion. Analysts had expected earnings of about $1.04 per share.

The bank’s results were boosted by trading revenue which soared by 79% to a record $9.7 billion. Bond traders alone recorded revenue of $7.3 billion, a 120% jump from a year earlier; while equities traders delivered revenue of $2.4 billion.

However, JP Morgan also set aside $8.9 billion for expected loan losses arising from the COVID-19 pandemic. As a result, JPMorgan’s retail banking division recorded a loss of $176 million, versus a $4.2 billion profit a year earlier.

Citigroup saw its second-quarter profit plunge by 73% as it set aside large loan loss reserves, but its results still beat analysts’ expectations.

Citigroup recorded a profit of $1.32 billion, or $0.50 per share, down from $4.8 billion, or $1.95 per share, in the year-ago quarter. The latest results exceeded average analysts’ estimate of $0.35 per share.

Revenue at Citi climbed by 5% to $19.77 billion.

Citi’s corporate and investment bank was buoyed by its trading business, where revenue jumped 55%. Fixed-income trading generated $5.6 billion in revenue, a 68% surge.

https://www.ibtimes.com/big-us-banks-kick-second-quarter-earnings-season-lower-profits-large-loan-loss-3011115

Pesticide Mixtures a Bigger Environmental Problem Than Previously Thought

New research led by The University of Queensland has provided the first comprehensive analysis of pesticide mixtures in creeks and rivers discharging to the Great Barrier Reef.

UQ’s School of Earth and Environmental Sciences researcher Associate Professor Michael Warne conducted the study with the Queensland Department of Environment and Science, and analysed 2600 water samples from 15 waterways that discharge into the Great Barrier Reef lagoon over a four-year period.

“While I knew many water samples would contain mixtures, I was shocked to find that essentially every sample contained mixtures of pesticides,” Dr Warne said.

“We found 99.8 per cent of the samples contained pesticide mixtures with up to 20 pesticides in any single water sample.

“The issue with having mixtures of pesticides is that as the number of pesticides increases the impact to aquatic ecosystems generally increases.

“This work strongly supports the inclusion of the pesticide reduction target in the Reef 2050 Water Quality Improvement Plan which aims to protect at least 99 per cent of aquatic organisms at the mouths of rivers from the adverse effects of all pesticides.”

Dr Warne said the best way to address the problem of pesticides and pesticide mixtures in run-off was to work with land managers, share information and help them to improve their pesticide management practices.

“We are doing just that with other partners including Farmacist, James Cook University and the Department of Environment and Science through Project Bluewater which is funded by the Great Barrier Reef Foundation,” he said.

“This project is working with 70 sugar cane farmers in the Barratta Creek and Plane River catchments to improve their pesticide management and application, upgrade equipment, reduce pesticide use and switch to using lower risk pesticides.

“We have found the farmers involved to be very eager to engage with the science – they have embraced the challenge and are making significant steps toward improvement.

“We are looking to expand this project to include considerably more farmers in more catchments and make more rapid progress in reducing pesticide losses to waterways.

“There is always hope, but this study reveals the pesticide situation is more complex than we previously realised.”

https://www.naturalblaze.com/2020/07/pesticide-mixtures-a-bigger-environmental-problem-than-previously-thought.html

NHS Consultant Says Staff Are Being Silenced Over COVID19

First published on The Bernicean, the below statement is allegedly from a senior consultant working for the NHS in a hospital in Surrey.

Although we cannot verify his or her identity, we still think our readers should see it 1) because it dovetails with other verified reports, and 2) if it is what it alleges to be, it sheds concerning light on the state of things inside the healthcare system

I am a consultant at a major, regional hospital in Surrey. By major you can take that to indicate that we have an A&E department. I had agreed to give an interview to an anti lockdown activist in which I would have revealed my identity. I have since changed my mind and only feel able to give an anonymous statement.

I have changed my mind simply because that all staff, no matter what grade, at all hospitals have been warned that if they give any media interviews at all or make any statements to either the Main Stream Press or smaller, independent press/social media we may, immediately be suspended without pay. I have a family, dependents and I simply cant do it to them.

I therefore can not reveal my identity at this time but wish to state as follows:

In my opinion, and that of many of my colleagues, there has been no Covid Pandemic, certainly not in the Surrey region and I have heard from other colleagues this picture is the same throughout the country. Our hospital would normally expect to see around 350,000 out patients a year. Around 95,000 patients are admitted to hospital in a normal year and we would expect to see around a similar figure, perhaps 100,000 patients pass through our A&E department.

In the months from March to June (inclusive) we would normally expect to see 100,000 out patients, around 30,000 patients admitted to hospital and perhaps 30,000 pass through A&E. This year (and these figures are almost impossible to get hold of) we are over 95% down on all those numbers. In effect, the hospital has been pretty much empty for that entire period.

At the start, staff that questioned this were told that we were being used as ‘redundant’ capacity, kept back for the ‘deluge’ we were told would come. It never did come, and when staff began to question this, comments like, ‘for the greater good’ and to ‘protect the NHS’ came down from above. Now its just along the lines of, ‘Shut up or you don’t get paid’.

The few Covid cases that we have had get repeatedly tested, and every single test counted as a new case. Meaning the figures reported back to ONS/PHE (Office for National Statistics & Public Health England) were almost exponentially inflated. It could be that Covid cases reported by hospitals are between 5 to 10x higher than the real number of cases. There has been no pandemic and this goes a long way to explain why figures for the UK are so much higher than anywhere else in Europe.

https://off-guardian.org/2020/07/13/nhs-consultant-says-staff-are-being-silenced-over-covid19/

The $286 Billion Industry That Is Exploding During The Coronavirus Lockdown

Millions of Americans and Canadians – and billions of people across the world — love to gamble.

Especially on sports, which generates 70% of global gaming revenue: more than lotteries, poker, casinos, and any other form of gaming – combined.

In 2017, the global sports betting market was around $104.31 billion. Worldwide sports wagering according to some sources is expected to reach $155.49 billion by 2024.

Today, the coronavirus pandemic has locked-down countless casinos and other live venues for wagering. For instance, wagers on sports at bookmakers in New Jersey fell 68% in April alone.

But there is a flip side: a huge boom in online gaming and gambling. And among the companies poised to benefit from this digital trend is FansUnite (CSE:FANS; OTCMKTS:FUNFF) – an online sports betting company that has tremendous upside but is currently a small-cap early stage entry point.

The Economist says, “COVID-19 has driven American gamblers online… with casinos shut and sports disrupted, gamblers have still gotten their fix.” And in these unprecedented times, it’s esports that is garnering the attention from all sports fans who can’t go to stadium games or even watch them on TV.

The Economist adds that esports have attracted “a rocketing number of viewers” during the pandemic, noting that “gamblers still wary of lingering in crowded casinos may turn to sports betting as an accessible form of socially distant gambling.”

Streetwise Reports says online sports is “an elixir for fun-starved fans.”

“The stay-at-home lifestyle we now face in 2020 could result in a massive shift in the habits of players,” said FansUnite CEO Darius Eghdami. “Players that are used to going to the physical casino or the horse track may now shift their habits to online and FansUnite (CSE:FANS; OTCMKTS:FUNFF) with its sophisticated online betting platforms, is one of several industry leaders positioning themselves to benefit from this change in consumer behavior triggered by the coronavirus pandemic.

In 2019, the global online gambling market was $53.7 billion. But in the age of COVID-19, online gambling is expected by some analysts to increase at a compound annual growth rate of

Source: Gambling Compliance Report, 5/13/19.

With stay-at-home and lockdowns remaining in force in so many states, the quarantine-fueled explosion in online gambling, mergers and acquisitions in the internet gaming space are on the upswing.

And M&A, especially in the gambling sector, recently has had an impressive track record of generating handsome profits for investors who got in early.

https://www.blacklistednews.com/article/77438/the-286-billion-industry-that-is-exploding-during-the-coronavirus.html

St. Louis Police Apply for Warrants in McCloskey Case — Gun Turned Over on Friday was “Not Operable”

St. Louis city police applied for search warrants in the McCloskey case on Tuesday.

The police already searched the McCloskey home and took a rifle on Friday night.

The McCloskey attorney said the hand gun that was confiscated on Friday was dis-chargeable.

It was not operating.

KMOV reported:

St. Louis police have applied for warrants in the case of the Central West End couple who pointed guns at protesters on their street.

St. Louis Police Chief John Hayden on Tuesday told News 4 they applied for warrants but did not elaborate on what those warrants allege or who they are against. The guns were turned over to police as evidence.

“The hostility is what I noticed,” Hayden said. “I don’t want to see guns out when people are very hostile and angry at each other. Those are recipes for violence, so again we applied on warrant, there’s been follow up information and we are waiting on the decision on the warrant application.

The incident – which went viral around the globe, happened Sunday, June 28 when a large group of people were headed to a protest calling for St. Louis Mayor Lyda Krewson to resign.

https://www.thegatewaypundit.com/2020/07/breaking-st-louis-police-warrants-mccloskey-case/

US Troops Withdraw From Five Bases in Afghanistan as Part of Taliban Deal

Since the United States first began its occupation of Afghanistan in 2001, remaining troops have had to aid the Kabul government in its fight against the Taliban regime. Washington is now prioritising an agreement with the Islamist group in an effort to end ongoing violence.

The US has closed down five military bases in Afghanistan as part of a deal with the Taliban agreed to more than four months ago, a White House representative revealed on Tuesday.

The agreement committed to the removal of US forces from bases within the first 135 days, said US President Donald Trump’s special representative to the talks, Zalmay Khalilzad.

As well as a reduction in forces and the departure from 5 bases, NATO troops would also be reduced in "proportional numbers", Khalilzad tweeted

According to Afghan media outlet Tolo, the five now-closed military institutions are located in the south and east of the country, in the Helmand, Uruzgan, Paktika and Laghman provinces. The significantly larger US bases in Bagram, outside of the capital - Kabul, and Kandahar Air Field - remain operational.

As part of their dedication to reducing troop presence, the US cut their number of troops to 8,600, a significant reduction from 100,000 in 2010.

The Afghan Islamist group attacked a government facility in Samangan province's capital Aybak, nearby the office of the National Directorate of Security (NDS), just a day before the withdrawal, resulting in the deaths of 11 security employees and wounding around 63 civilians, including children, according to media reports.

Khalilzad condemned the attacks on Monday, amid rising violence between the Taliban and Afghan forces in recent months.

​"Violence has been high, especially in recent days & weeks. Afghans continue to die in large numbers for no reason. The Taliban's attack today in a provincial capital contradicts their commitment to reduce violence until a permanent ceasefire is reached in intra-Afghan talks", the US representative said.

The fighting has seen the release and exchange of prisoners on both sides as part of the US-Taliban arrangement. The Afghan government has let 4,199 detained Taliban free and the rebel group in turn released 779 pro-government servicemembers, according to Al Jazeera.

Despite the exchanges, talks of a peace agreement have been deadlocked, delaying the original March initiation date.

https://sputniknews.com/middleeast/202007141079885327-us-troops-withdraw-from-five-bases-in-afghanistan-as-part-of-taliban-deal/

Judge Blocks Harvey Weinstein’s Proposed $18.9 Million Settlement For Accusers

Former movie producer Harvey Weinstein was sentenced to 23 years in prison in March for rape and sexual assault after being accused by multiple women. The Weinstein trial fueled the #Metoo movement, encouraging sexual assault survivors to speak out as a means of identifying root causes of the problem.

A federal judge in New York has rejected a proposed $18.9 million settlement for Harvey Weinstein’s accusers, saying their allegations are too different to be grouped together.

US District Judge Alvin Hellerstein, who issued the ruling on Tuesday, said that the preliminary settlement, which was to be distributed equally among dozens of claimants, would be unfair to the women he raped or sexually abused, as it put them on the same level as those he verbally harassed, according to a Reuters report.

On teleconference this morning, U.S. District Judge Alvin Hellerstein rejected preliminary approval for an ongoing class action settlement of Harvey Weinstein victims brought by lead plaintiff Louisette Geiss.

— JOSH RUSSELL (@jruss_jruss) July 14, 2020

​The BBC reports that $15 million of the fund would have gone toward Weinstein’s legal costs, while just $10-15,000 would have been awarded to each claimant.

“The idea that Harvey Weinstein could get a defense fund ahead of the plaintiffs is obnoxious,” Hellerstein said at the hearing, according to Reuters.

The settlement would have put an end to a lawsuit filed by the New York Attorney General’s Office in 2018 against him, his brother Bob Weinstein and the Weinstein production company, and also a separate class action lawsuit on behalf of Weinstein’s accusers.

Douglas H. Wigdor, an attorney for Weinstein’s accusers, said that for the last year and a half he has stated that the terms of the settlement are “unfair” and “should never be imposed on sexual assault survivors,”

STATEMENT from Douglas H. Wigdor, Kevin Mintzer & Bryan Arbeit, counsel for multiple #HarveyWeinstein survivors:

“We have been saying for over a year and a half that the settlement terms and conditions were unfair and should never be imposed on sexual assault survivors." [1/3]

— WigdorLaw (@WigdorLaw) July 14, 2020

Wigdor and attorneys Kevin Mintzer and Bryan Arbeit described the Weinstein offer as “the most one-sided and unfair settlement” they have ever seen proposed to a court.

Statement from attorneys for Harvey Weinstein victims who oppose a proposed class settlement as “one-sided and unfair.” They just filed a brief opposing the deal, which is scheduled for a preliminary approval hearing tomorrow morning. pic.twitter.com/h3wNC8G9yW

— Tom McParland (@tom_mcparland_) July 13, 2020

​Elizabeth Fegan, a lawyer representing nine of Weinstein’s accusers, justified the class-action treatment saying that “all of the women were in the zone of danger,” according to Reuters.

The office of New York Attorney General Letitia James said in a statement that it will review the court’s decision.

“Our office has been fighting tirelessly to provide these brave women with the justice they are owed and will continue,” a spokeswoman said, cited in Reuters.

https://sputniknews.com/us/202007141079885090-judge-blocks-harvey-weinsteins-proposed-189-million-settlement-for-accusers/

Tesla On Autopilot Smashes Into The Back Of Parked Cop Car On Arizona Highway

A Tesla on Autopilot smashed into the back of a patrol vehicle on the side of the road near Benson, Arizona today, according to Arizona's Department of Public Safety Twitter feed.

"Today, a Tesla rear-ended a patrol vehicle at the scene of an earlier crash on I-10 EB near Benson. Luckily, our sergeant wasn’t in the vehicle & wasn't hurt," the tweet says.

In addition to being on Autopilot, the driver of the vehicle is being investigated for DUI, according to the Arizona DPS.

"We can confirm the driver indicated to troopers the Tesla was on autopilot at the time of the collision. Additionally, the driver, a 23-year-old male from Irvine, CA, is being investigated for DUI. He remains in the hospital with serious but non-life-threatening injuries," they commented on Twitter.

"The impact caused the patrol vehicle to collide with the back of an ambulance, but fortunately the occupants of the ambulance weren’t injured. The driver of the Tesla had non-life-threatening injuries. Please AZ - #MoveOver! It’s the law & it helps everyone get home safely," the Arizona DPS wrote.

https://www.zerohedge.com/markets/shocking-photo-tesla-smashes-back-parked-cop-car-arizona-highway

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