Accenture’s Life Insurance Platform Recognized in New Report from Gartner

NEW YORK–(BUSINESS WIRE)–Accenture (NYSE: ACN) today announced that Gartner, Inc. has given the Accenture Life Insurance & Annuity Platform (ALIP) the highest score in its Individual/New Business Onboarding/Straight-through Processing Use Case in a new report, titled “Critical Capabilities for Life Insurance Policy Administration Systems, North America.” ALIP also received high scores in the Digital User Support Use Case.

“The COVID-19 pandemic makes it clear that the insurance industry must adopt digital strategies and flexible technologies to quickly respond to changing conditions, particularly as demand for digital services soars,” said Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business. “New health risks and long-term changes in customer behavior will make automated underwriting, cloud platforms and technologies that bring life, health and wellness together even more pertinent. We believe our score from Gartner reflects our forward-thinking digital strategy for insurers, as they help customers with straight-forward processes

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US Banks Report Good Earnings, But Warn Of Hit If No More Stimulus

Large US banks reported better-than-expected results Tuesday on an improving economy, but cautioned that the recovery could falter if Washington fails to enact new stimulus measures.

“It’s important and it needs to happen as quickly as possible,” said Citi Chief Financial Officer Mark Mason, who added that massive spending from Washington has helped avert a tidal wave of delinquencies so far.

JPMorgan Chase executives warned of a “double-dip” recession if there is not another package. That takes place when a second period of economic contraction follows an initial recovery.

“The people we need to help the most are small businesses and the unemployed,” said JPMorgan Chief Executive Jamie Dimon, who said Washington’s actions will determine whether it needs to take much higher reserves for bad loans.

“If the better outcomes happen” with a good a stimulus package, “we are over reserved by $10 billion,” he said. But if there is

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Apollo CEO, co-founder Leon Black may have funneled as much as $75M to Jeffrey Epstein: report

New reports suggest that Apollo CEO Leon Black may have funneled as much as $75 million to disgraced financier Jeffrey Epstein before supposedly cutting ties in 2018.

The initial report published by the New York Times uncovers a number of alleged payments from Black to Epstein made through several companies.

A company that owned Black’s yacht wired $22.5 million to a company in 2017 that managed Epstein’s private jet – a move that raised questions at Deutsche Bank, the report said.

Other transactions passed through Black-owned businesses, according to the report, including a company that Black used to buy much of his billion-dollar art collection. The total amount of money that Black may have funneled to Epstein is around $75 million, which may have allowed Epstein to continue

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What does jobs report mean for recovery?

As the shocking news emerged that the president and first lady tested positive for the coronavirus, some investors may have wondered if this was the “October Surprise” they feared. Presuming that the President recovers, investors are also absorbing the last employment report before the election. The September jobs report showed that the pace of

Jill Schlesinger 

economic progress is slowing down. The economy added a lower than expected 661,000 new positions, the smallest rise since the job recovery began and a significant deceleration from the spring bounce back. (Note: recent announcements of layoffs from large airlines, Disney, publisher Houghton Mifflin, insurer Allstate, and designer Ralph Lauren, were not included in the September report.)

The U.S. now has 10.7 million fewer workers employed than it did in February. To put that into perspective, for the five years starting in 2015 through 2019, the economy added a total of just over 11.6

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The 1-Minute Market Report – October 9, 2020

What’s happening now, and what it may mean going forward.

A quick summary

  • The dip-buyers are now just 2.9% away from making a new market high.
  • The earnings recession continues, but forward estimates look rosy.
  • Inflation is ticking higher from a very low base.
  • Big Tech has lost some of its mojo.
  • A COVID-19 vaccine is getting closer but is not yet in sight.

The S&P 500 was up 3.8% last week

It was a strong week, up 4 out of 5 days. The only downer was Tuesday, when Trump said he was ending congressional talks regarding a second round of stimulus payments until after the election. That didn’t play well, so he reversed course on Wednesday and the market rallied.

What caught my eye on the above chart, by Jill Mislinski from AdvisorPerspectives, were the three consecutive gap openings after Tuesday’s selloff. Gap openings are not uncommon, but three

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Coronavirus affecting bottom line for most small businesses in final quarter of year: report

NEW YORK — The final three months of the year, usually a boom time for many small businesses thanks to holiday shopping and celebrations, looks precarious as the coronavirus maintains its grip on the economy.

Owners contending with government restrictions or crumbling demand are trying to hold on, with some creating new products and services or desperately searching for new customers. Others, however, have found they’re already well equipped to meet the lifestyle changes brought about by the pandemic.

The big corporate and non-profit parties and events that Sophia D’Angelo ran before the virus outbreak have just about vanished. Large in-person gatherings that companies typically use to launch or promote their brands aren’t possible because of social distancing requirements.

“The fourth quarter was always the bulk of my business,” says D’Angelo, who owns Boston Experiential Group, based

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August JOLTS Report Conforms To Prior Early Recession Recovery Pattern

Yesterday’s JOLTS report for August showed a jobs market that is still just beginning to mend. Hires were up, and layoffs and discharges were down, which is good, but job openings and voluntary quits both declined.

We are far enough along past the worst of the pandemic jobs losses that it is worthwhile to compare the state of the various JOLTS components with the two previous recoveries from recession bottoms in the series’ histories (this is because the JOLTS data only dates from 2001).

In the two past recoveries:

  • First, layoffs declined
  • Second, hiring rose
  • Third, job openings rose and voluntary quits increased, close to simultaneously

Let’s examine each of those in turn. In each case, I break out 2001-19 in a first graph and then this year in a second.

This first graph compares layoffs and discharges (blue) with the 4-week average of initial jobless claims (red):

Figure 1

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Airlines Used Cares Act Funds To Pay Workers. Airline Contractors Took Funds And Let Workers Go, Report Says

In the months after Congress allocated of hundreds of millions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee

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French Open Prize Money 2020: Updated Purse Payout for Roland Garros | Bleacher Report

Spain's Rafael Nadal celebrates winning the final match of the French Open tennis tournament against Serbia's Novak Djokovic in three sets, 6-0, 6-2, 7-5, at the Roland Garros stadium in Paris, France, Sunday, Oct. 11, 2020. (AP Photo/Christophe Ena)

Christophe Ena/Associated Press

Rafael Nadal has had too many great moments at the French Open to count. This one may have been his best. 

Nadal destroyed Novak Djokovic in a 6-0, 6-2, 7-5 romp in Sunday’s French Open final, taking home his record 13th championship at Roland Garros and tying Roger Federer for the most Grand Slam championships in tennis history.

“What you’re doing on this court is unbelievable,” Djokovic said to Nadal on the court after the match. “Not just on this court, throughout your entire career you’ve been a great champion and today you showed why you’re King of the Clay. I’ve experienced it on my own skin.”

The Spaniard will take home a $1.9 million purse for his victory, with Djokovic bringing in $941,296. Darren Rovell of The Action Network had updated career earnings for Nadal,

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French Open 2020: Men’s Final Start Time, Schedule, Prediction and Prize Money | Bleacher Report

Spain's Rafael Nadal plays a shot against Argentina's Diego Schwartzman in the semifinal match of the French Open tennis tournament at the Roland Garros stadium in Paris, France, Friday, Oct. 9, 2020. (AP Photo/Michel Euler)

Michel Euler/Associated Press

Novak Djokovic and Rafael Nadal will meet for the ninth time in a Grand Slam final Sunday at the 2020 French Open. 

The two legendary players have not met in a title clash at a major since the 2019 Australian Open. Most of their head-to-head showdowns in Grand Slam finals occurred at the start of their reigns atop the men’s game alongside Roger Federer.  

Nadal is chasing after his 20th overall major and 13th crown on the clay at Roland Garros, while Djokovic is trying to capture his second title in Paris and 18th overall major. 

As he typically does in Paris, Nadal dominated his first six matches on the path to the final, as he won every set. 

Djokovic faced more difficulties in the previous two rounds, and he will enter at a disadvantage based off those recent struggles and Nadal’s career-long form on clay.

           

French

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