Bank shares slide on report of rampant money laundering

Shares of JP Morgan tumbled 4.4%.

The consortium’s investigation found the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity, and $1.3 trillion of that activity took place at Deutsche Bank. Shares of Deutsche Bank dropped 7.7%.

Deutsche Bank has been under scrutiny for years. The bank, based in Frankfurt, Germany, agreed to pay the state of New York $150 million to settle claims that it broke compliance rules in its dealings with the sex offender Jeffrey Epstein. Epstein killed himself last August in a Manhattan federal jail while awaiting trial on sex trafficking charges.

German newspaper Sueddeutsche Zeitung reported last year that Deutsche Bank gave expensive gifts to senior Chinese officials and hired family members of Chinese elite as it was trying to establish itself as a major player

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COVID-19 Accelerates Insurance Digitalization to Meet Customer Demand: World InsurTech Report 2020

Adopting a new mindset, leveraging intelligent processes and collaborating with ecosystem partners will be crucial to meet rising business and customer needs

Insurers must explore new ways to build capabilities to meet the digital needs of customers as BigTechs1 and non-traditional players enter the insurance space, according to the World InsurTech Report 2020 (WITR) published today from Capgemini and Efma.

This press release features multimedia. View the full release here:

World InsurTech Report 2020 Infographic (Graphic: Business Wire)

With COVID-19 increasing customer engagement and expectations, the World InsurTech Report 2020 outlines a growing opportunity for InsurTechs, as insurers focus on their digitalization efforts. As BigTechs make their presence felt in insurance, the boundaries between insurance, InsurTechs, BigTechs, and tech partners are blurring. Insurers need to improve on high-impact focus areas including customer centricity, intelligent processes, product agility and an open ecosystem to remain competitive.

“Insurers have to look

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July Jobs Report Satisfies Everyone & No One

Stock image of worried man looking at numbers (Photo: Shutterstock)

Investors who expected that the July jobs report would compel congressional officials to avoid a collapse in negotiations on a new coronavirus relief bill were met instead with data that seems likely to entrench Democrats and Republicans in their positions.

Just consider the headline number: U.S. payrolls increased by 1.76 million in July. On the one hand, that beat estimates for a 1.48 million gain, but it’s also down from a 4.79 million pickup in June and 2.72 million advance in May.

Is this a sign that the economic recovery is better than expectations or an indication that progress is sputtering?

Either way, the jobless rate remains in the double digits, which would seemingly bolster the argument of Democrats that Congress needs to extend the $600-a-week supplemental unemployment insurance payment from the last stimulus.

But then there are the details of the report.

Aid for state and local

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Along with S&P 500, index inches up after encouraging jobs report


Nearly half of Americans whose families experienced a layoff during the coronavirus crisis now believe those jobs are lost forever, a new poll shows, as temporary cutbacks give way to shuttered businesses, bankruptcies, and lasting payroll cuts. (July 24)

AP Domestic

NEW YORK – Wall Street’s big rally let off the accelerator on Friday, despite a better-than-expected report on the U.S. job market, amid worries about worsening U.S.-China tensions and whether Washington can deliver more aid for the economy.

The S&P 500 inched up 2.12 points, or 0.1%, to 3,351.28 to eke out a sixth straight gain, after being down most of the day. It’s back within 1% of its record for the first time since February. The Dow Jones Industrial Average added 46.50, or 0.2%, to 27,433.48.

Technology stocks took losses, though, on worries that China could retaliate for President Donald Trump’s latest escalation against Chinese tech companies.

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The Truth About the New Jobs Report

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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DCMS report claims ‘current football business model is not sustainable’

Up to 15 professional football clubs are in danger of going bust as the coronavirus pandemic exacerbates a “broken” business model, MPs have warned.

The caution features in a stark report from the Digital, Culture, Media and Sport Committee into the impact of Covid-19 on sporting and cultural sectors.

Sport has been severely impacted at recreational and professional levels and there are fears for the future of numerous organisations.

Bury were expelled from the EFL last year after running into financial difficulties (Peter Byrne/PA)

In terms of football, the committee has called for a “reset” of the game’s financial operation, particularly in the lower leagues, with the cash-rich Premier League doing more to help.

“The current football business model is not sustainable,” the report from the DCMS Committee, which scrutinises the work of the Department for Digital, Culture, Media and Sport, read.

“The Covid-19 crisis has shone a stark

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Schools Should Prioritize Reopening, But They Need A Lot More Money: New Report

Schools should try to reopen if they think they can do so safely, prioritizing students with disabilities and children in kindergarten through fifth grade, according to a report released Wednesday. However, schools likely won’t be able to take all the necessary precautions without an injection of resources from states and the federal government. 

The new report from the National Academies of Sciences, Engineering, and Medicine, which compiles months of research from education and medical experts, offers one of the most comprehensive looks at the costs and benefits of U.S. schools reopening amid the coronavirus pandemic. Over its more than 80 pages, the report outlines the potentially dire health risks communities could face if schools are reopened hastily and asks school and community leaders to engage in constant risk assessment.

Although the report ultimately stresses the importance of providing students with in-person learning opportunities, it also details the tremendous challenges that

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Fox News host Tucker Carlson’s top writer resigned. A CNN Business report alleges he used racist, sexist language on an online forum under a pseudonym.

Tucker Carlson, host of "Tucker Carlson Tonight," poses for photos in a Fox News Channel studio, in New York, Thursday, March 2, 2107.
Tucker Carlson, host of “Tucker Carlson Tonight,” poses for photos in a Fox News Channel studio, in New York, Thursday, March 2, 2107.

Richard Drew/AP

  • Blake Neff, the top writer for Fox News host Tucker Carlson has resigned, a network spokesperson confirmed to Business Insider.

  • His resignation came in tandem with a shocking report from CNN Business, which highlighted the alleged racist and sexist posts made on the online forum AutoAdmit by a user CNN Business says is Neff.

  • The alleged comments ranged from deriding the Black Lives Matter movement and mocking women he was connected with on social media and calling them “shrews.”

  • The Fox News spokesperson did not elaborate on the circumstances behind his departure nor did they comment on the CNN Business report.

  • Blake Neff has worked for Fox News for nearly four years and joined Carlson’s show shortly after its inception in November 2016, according to

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