The Truth About the New Jobs Report

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Donald Trump was quick to leap on the Labor Department’s employment report for July, which was released on Friday morning. “Great Jobs Numbers!” the President blared on Twitter. The White House press secretary, Kayleigh McEnany, fired out an exclamation point of her own, declaring, “President @realDonaldTrump is the JOBS president!”

The actual contents of the employment report present a very different picture. They show that, as the coronavirus pandemic has spread across the country this summer, job growth has slowed sharply. In July, non-farm payrolls rose by 1.8 million, compared to increases of 2.7 million in May and 4.8 million in June. In more normal times, these monthly figures would be off the charts, but they pale in comparison to the loss of 22.1 million jobs in March and April, when stay-at-home orders were issued in many areas. Taking the past six months as a whole, 12.8 million Americans

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Capital One to Pay $80M Penalty Over Data Breach Incident

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Capital One Financial COF has agreed to pay $80 million in fine to U.S. banking regulator over a data breach incident that occurred last year. The cyberattack exposed personal information of 106 million credit card holders of the bank in the United States and Canada.

In the consent order, the Office of the Comptroller of the Currency (OCC) stated that Capital One did not “establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment.” The OCC also noted that even after concerns related to cyber security were raised during an internal audit, the top management didn’t take proper action.

Under the terms of the OCC order, Capital One is required to take adequate steps to ensure that its computer system has sufficient security and submit the plans for review. The company faces a similar oversight from the Federal Reserve.

Capital One in a

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Deloitte Launches US Legal Business Services

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NEW YORK, July 13, 2020 /PRNewswire/ — Deloitte today announced the launch of its Legal Business Services practice in the U.S., a comprehensive suite of legal management consulting and technologically-enabled legal managed services for corporate legal departments designed to accelerate the transformation of the business of law.

The U.S. launch is the latest step in Deloitte’s global expansion as one of the world’s largest providers of legal business services. Chief legal officers (CLOs) can apply Deloitte’s deep industry knowledge and its breadth of technical capabilities to meet a variety of strategic needs, including the use of data to drive faster, more informed, and holistic decision-making. Operating from more than 80 countries, Deloitte’s global footprint means that legal business needs can be met in the context of local and regional business practices as well as legal and regulatory frameworks.

“Legal departments are under pressure to transform as CLOs contend with

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Bank of America accelerates timeline for $20 minimum wage

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Bank of America on Monday pledged to raise its minimum wage to $20 per hour more than a year ahead of schedule.

In a press release, the company said it would move to $20 per hour by the first quarter of 2020. As previously reported by FOX Business, Bank of America had promised to move to a $20 minimum wage by 2021.

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.

The company’s current minimum rate is $17 per hour.

Since 2010, the bank has raised its minimum wage by more than $8 per hour.

CITIGROUP RAISES MINIMUM WAGE TO $15 FOLLOWING POLITICAL

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South Plains Financial, Inc. Reports Second Quarter 2020 Financial Results

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LUBBOCK, Texas, July 29, 2020 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2020.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our employees for their hard work and dedication to our customers and communities during this unprecedented time. They have kept the Bank’s operations running smoothly and maintained a high level of service and support for our customers. As the number of COVID-19 cases started to spike in Texas in June, we made the decision to close our branch lobbies once again to appointment-only service while keeping our drive-through windows in operation. Overall, we continue to operate very effectively through our drive-through windows and are successfully transitioning our customers to our digital banking platforms. Importantly, … Read More

Which Is Best for You?

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Personal Capital and Vanguard Personal Advisor Services aren’t for newbie investors. Both require a substantial minimum investment: $50,000 for Vanguard and $100,000 for Personal Capital.  Despite this rather large hurdle, both these services are strong choices in the robo-advisor market (although Personal Capital would prefer to be considered a digital asset management service that includes personalized advice from financial planners). Vanguard Personal Advisor Services and Personal Capital both ranked highly in the core features of portfolio management, portfolio contents, and account services in our individual robo-advisor reviews. We will look at Personal Capital and Vanguard Personal Advisor Services head-to-head to determine which is the better robo-advisor.

  • Account Minimum: $100,000
  • Fees: 0.89% to 0.49% for accounts over $1 million
  • Perfect for sophisticated investors with a high net worth
  • Designed to give affluent investors a high level of diversification at a very competitive fee when compared
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McConnell Dowell Chooses Orange Business Services to Deliver Smart IoT solution for Construction Sites

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MELBOURNE, Australia & PARIS–(BUSINESS WIRE)–McConnell Dowell, a leading infrastructure construction company has selected Orange Business Services to design a customized, smart and scalable IoT solution. It will enable construction sites to collect and report on real-time information, such as heavy machinery utilization and asset tracking, to enable smarter decision making for operational efficiency, time saving and cost reductions.

The construction industry faces significant business and technology challenges. These include equipment and skilled labor shortages, increasingly short project schedules and rising costs of infrastructure delivery. IoT will allow construction sites to leverage real-time data feeds to tackle these issues head on.

Co-innovation led Orange and McConnell Dowell to co-create use case applications from innovation and ideation to platform deployment. Orange created a flexible, scalable IoT platform to collect, report and visualize real-time information over a private IoT network, focusing on digitizing manual and paper-centric processes and removing manual tasks

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Buffett’s Berkshire Boosts Its Stake in Bank of America to 11.8% | Investing News

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(Reuters) – Warren Buffett’s Berkshire Hathaway Inc

said on Thursday it has bought another $522 million of stock in Bank of America Corp

, boosting its already large stake in the second-largest U.S. bank by assets.

Berkshire bought about 21.2 million Bank of America shares from July 28 to 30, according to a regulatory filing.

Following those purchases, Berkshire owned a total of 1.02 billion shares in Bank of America which roughly represents an 11.8% stake in the company.

Berkshire has spent more than $1.7 billion on 71.5 million Bank of America shares since July 20, including the latest purchases, according to regulatory filings.

Berkshire began investing in Bank of America in 2011, a time many investors worried about the bank’s capital needs, when it acquired $5 billion of preferred stock plus warrants to buy 700 million common shares.

By the end of March, Bank of America had become Berkshire’s

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It’s official: Varo Money has national bank charter

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The i’s have been dotted and the t’s crossed on a national bank charter for Varo Money.

CEO Colin Walsh and Brian Brooks, the acting comptroller of the currency, will participate in a signing ceremony at Varo’s offices in San Francisco at 10 a.m. Pacific time on Friday, both sides said. Varo is the first fintech provider among several similar applicants to obtain a national bank charter.

Varo Bank N.A. had received conditional approval from the Office of the Comptroller of the Currency in September 2018, provided it met several criteria — including an OK from the Federal Deposit Insurance Corp., which it obtained in February of this year. The company now has official approval in hand from the OCC, FDIC and Federal Reserve Board.

It’s been a three-and-a-half-year journey, and Walsh says the company has filed more than 5,000 pages of paperwork.

“It’s a historic thing,” Walsh said. “We’re

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1700 jobs at risk at sports retailer | Metro Bank agrees to buy rival lender | Insurance giant Hiscox swings to loss

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Sports retailer and gym group DW Sports has said it is to tumble into administration, with 1,700 employees at risk.

The company was expected to appoint insolvency specialists after its income was wiped out by the protracted closure of stores and gyms during lockdown.

DW Sports, which was founded by former Wigan Athletic owner Dave Whelan, operated 73 gyms and 75 retail sites across the UK but announced plans to shut 25 of its stores last month.

The company said it will now wind down its retail business for good, with its website ceasing trading with immediate effect and closing-down sales starting at its 50 remaining stores.

READ MORE: Glasgow firm has helped keep lights on amid coronavirus lockdown

It plans to protect as many jobs and gyms as possible through the restructuring process.

DW Sports stressed that Fitness First, which is a sister company of DW, will continue to

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