Barclays crushes expectations for the third quarter as provisions for loan losses fall [CNBC]
In the first half of 2020, the British lender posted a net income of £695 million after adding another £1.6 billion of loan loss provisions in the second quarter.
This time around, cash set aside to accommodate bad loans amounted to just £608 million, well below the £1 billion expected.

F.T.C. Decision on Pursuing Facebook Antitrust Case Is Said to Be Near [NYT]
The commission’s investigation has largely focused on Facebook’s mergers with companies like Instagram and WhatsApp, people with knowledge of the inquiry said. The deals remove competition from the market and have bolstered Facebook’s reach and clout, its critics have said.

Stocks Typically Climb, Regardless of Who’s in the White House [WSJ]
From 1929 through 2019, one party controlled both chambers of Congress and the presidency in 45 of those years. The S&P 500 on average rose 7.45% during those years, according to Dow Jones Market Data. The index was up 30 times and down 15 times.
In the other 46 years when there was a split government, the index climbed 7.26% on average, rising 29 times, falling 16 times and remaining unchanged once.

Howard Hughes Pitches $1.4 Billion Project at NYC Seaport [Bloomberg]
The Texas-based real estate developer, whose chairman is hedge fund manager Bill Ackman, wants to turn a parking lot at 250 Water Street into two 470-foot towers with a mix of affordable rentals, offices and condo units…. Howard Hughes signed a long-term ground lease with the city for a significant portion of South Street Seaport in 2010. So far, it has redeveloped Pier 17 and is working on the Tin Building, the former home of the Fulton Fish Market.

Labor Department Curbs Announcements of Company Violations [NYT]
Deputy Secretary Patrick Pizzella instructed the heads of the department’s enforcement agencies that “absent extraordinary circumstances,” the findings of their agencies “generally should not be the basis” for news releases.
Mr. Pizzella argued that such releases tend to linger prominently in search results about companies and can prove misleading if a citation or other enforcement action “is ultimately found to be unjustified.” He instructed officials responsible for enforcing labor and employment laws to generally refrain from issuing releases until after a matter has reached its conclusion — for example, once a court has issued a judgment or an employer has reached a settlement with the department.

Yale’s David Swensen Puts Money Managers on Notice About Diversity [WSJ]
Swensen… told the dozens of firms that manage Yale’s money they would be measured on their progress increasing the diversity of their investment staffs. Mr. Swensen said the Yale Investments Office would be working to improve its own team’s composition, too…. “Our goal is a level of diversity in investment-management firms that reflects the diversity in the world in which we live. Genuine diversity remains elusive, giving investors like Yale and your firm an opportunity to drive change,” Mr. Swensen wrote in a letter to money managers this month.

Battle of billionaires: Griffin slams Pritzker push for graduated income tax amendment in email to employees [Chicago Tribune]
Griffin, founder and CEO of Citadel, has been the chief funder of opposition forces to the amendment proposal, which sits atop the Nov. 3 ballot, to change from Illinois' mandated flat-rate income tax…. “Pritzker–a shameless master of personal tax avoidance–is well aware that many of the state’s top taxpayers will soon be decamping for states with more attractive tax policies. Under our federalist system, each state is free to compete to encourage companies and employees to join its community. Governors of Florida, Texas and other states have made compelling pitches for businesses – like Citadel – to leave Illinois,” Griffin wrote.

Jho Low’s Beverly Hills Hotel Sold to New York Lodging Investor [WSJ]
The winning bid for the hotel was $100 million…. The sale marked the last of Mr. Low’s major properties to be auctioned by federal authorities, who allege he bought the hotel and other assets with money embezzled from a Malaysian government fund. U.S. and other authorities have previously sold Mr. Low’s private jet, luxury yacht, and his stake in the Park Lane Hotel overlooking Manhattan’s Central Park, among other possessions.

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