Economy
Bank of America Quarterly Profit Rises 58% on Higher Interest Income – WSJ
Bank of America Corp. said Thursday that third-quarter profit rose 58%, suggesting banks’ lending businesses are starting to improve from a pandemic slump. The bank released $1.1 billion of the reserve it had set aside for pandemic loan defaults, helping boost its profit.
TSMC announces chip plant in Japan, flags ‘tight’ capacity throughout 2022 – Reuters
Taiwan chip giant TSMC (2330.TW) announced on Thursday plans to build a new factory in Japan to meet long-term appetite for chips and said, near-term, tight supplies will likely continue into 2022 amid booming demand during the COVID-19 pandemic.
Iran buying record volume of wheat after worst drought in 50 years – sources – Nasdaq
Iran needs to buy a record 8 million tonnes of wheat in the current season, Iranian industry sources said, after its domestic crop was hit by drought, while the jump in imports will coincide with high global grain prices adding to pressures on the country’s finances.
Bread is a staple in Iran and any shortage would be another blow for the government after violent protests in July, as people took to the streets over water shortages.
Environment
White House targeting economic risks from climate change – ABC
The Biden administration is taking steps to address the economic risks from climate change, issuing a 40-page report Friday on government-wide plans to protect the financial, insurance and housing markets and the savings of American families.
The report lays out steps that could potentially alter the mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting.
Health
Navy Announces Plans To Expel Those Refusing Covid Vaccine, Revoke Benefits – ZeroHedge
At the end of August the Pentagon initially announced a mandate for military personnel across all armed service branches, ordering them to “immediately begin” Covid vaccination. A memo issued by Defense Secretary Lloyd Austin at the time directed the Secretaries of the Military Departments to “immediately begin full vaccination of all members of the Armed Forces under DoD authority on active duty or in the Ready Reserve, including the National Guard, who are not fully vaccinated against COVID-19.”
The post Daily Digest 10/15 — Bank of America Quarterly Profit Rises 58% on Higher Interest Income; Iran Buying Record Volume of Wheat… appeared first on Peak Prosperity.
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