(Bloomberg) -- Billionaire wildcatter Harold Hamm bought more shares in the shale drilling company he controls as oil prices recover from their historic plunge.Hamm added $57.1 million of shares in Continental Resources Inc., where he’s executive chairman, according to a filing with the U.S. Securities & Exchange Commission. The 3.44 million shares he purchased bring his total of direct and indirect shares to 288 million, or about 79% of the company.He bought the shares at an average price of $16.62 starting June 22. Continental fell 10% Wednesday to $15.12, but is still up more than double from when it bottomed out March 9. U.S. oil futures fell to a historic low of minus $40.32 a barrel on April 20 and have since recovered to about $38.Hamm, 74, is a legend in the oil industry, having risen from the bottom of the business to a self-made billionaire, largely from being one of...
(Bloomberg) -- U.S. equity futures slipped, while European stocks advanced as investors studied whether a resurgence in coronavirus infections will sap appetite for riskier assets.EasyJet Plc slumped after selling more shares. Deutsche Lufthansa AG rallied as its biggest stockholder backed a government rescue package. West Texas crude oil fell below $38 a barrel. Gold continued its push toward $1,800 an ounce. The dollar fluctuated versus a basket of its peers.The pullback from equities in some markets and flight to havens reflects investor worries that lockdowns may be reimposed and economies re-opened more slowly. New infections set daily records in Texas, Florida and California. Health leaders called on the U.K. to prepare for a possible second wave, while Australia recorded its largest spike in cases since April.“The market really got the shivers over the prospect of a big increase in Covid and maybe starting to see places that were opening up have...
(Bloomberg) -- Wirecard AG filed for insolvency proceedings on Thursday after a massive accounting scandal brought the payments company to its knees.Wirecard management cited over-indebtedness as the reason behind the decision to seek court protection in Munich, according to a statement. The company also said it’s considering whether the insolvency proceedings should also be applied to its subsidiaries.The company’s rapid fall from grace comes after it admitted that 1.9 billion euros ($2.1 billion) went missing from its balance sheet, and is a major setback for Germany’s burgeoning tech scene and a debacle for investors. In less than a week, the company once hyped as the future of German finance had seen its shares and bonds collapse and its former Chief Executive Officer Markus Braun arrested in an accounting-fraud probe after almost two decades at the helm of the company.Wirecard’s shares have been suspended in Frankfurt right before the announcement. Its 500...
Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books in Germany's worst accounting scandal. The payments company filed for insolvency at a Munich court saying that with 1.3 billion euros ($1.5 billion) of loans due at the end of the month its survival as a going concern was "not assured". Its implosion came a week after EY, its auditor for over a decade, refused to sign off the 2019 accounts, forcing out Chief Executive Markus Braun and leading Wirecard to admit that $2.1 billion of its cash probably didn't exist....
German payments company Wirecard collapsed on Thursday after disclosing a massive financial hole in its books, leaving creditors owed nearly $4 billion facing an almost complete wipeout. Worth $28 billion at its peak, Wirecard becomes the first DAX company to go out of business. Shares in Wirecard plummeted 80% to their lowest since January 2006 after the company said it was filing for insolvency....
Wirecard said on Thursday it was filing for insolvency after disclosing a $2.1 billion financial hole in its accounts, becoming the first sitting member of Germany's blue-chip share index to go out of business. Shares were suspended by the Frankfurt Stock Exchange before the news. Wirecard said in a two-paragraph statement that its new management had decided to apply for insolvency at a Munich court "due to impending insolvency and over-indebtedness"....
(Bloomberg) -- U.S. equity futures slipped while Europe stocks turned higher as investors studied whether more coronavirus cases in America and other countries will keep sapping appetite for riskier assets.Automobile and insurance shares climbed the most in the Stoxx Europe 600. Deutsche Lufthansa AG jumped 16% after its biggest stockholder said he’d vote in favor of a 9 billion-euro ($10 billion) government bailout.Stocks declined in Tokyo, Sydney and Seoul, while China and Hong Kong were shut for holidays. The dollar fluctuated versus a basket of its peers. West Texas crude oil fell below $38 a barrel, while gold continued its push toward $1,800 an ounce.The pullback from equities in some markets and flight to havens reflects investor worries that lockdowns may be reimposed and economies re-opened more slowly. New infections set daily records in Texas, Florida and California. Health leaders called on the U.K. to prepare for a possible second wave,...
