(Bloomberg) -- None of Wirecard AG’s missing $2.1 billion of cash entered the Philippine financial system, according to the nation’s central bank Governor Benjamin Diokno, after two of its major lenders denied holding funds for the German payments processor.BDO Unibank Inc., the country’s biggest bank, and Bank of the Philippine Islands, said on Friday that they didn’t have a relationship with Wirecard and that rogue employees falsified documents that indicated the presence of some funds.“The initial report is that no money entered the Philippines and that there is no loss to both banks,” Diokno said in a mobile-phone message to reporters on Sunday.Bangko Sentral ng Pilipinas is conducting its own investigation, he said. Both banks informed Ernst & Young, the external auditor for Wirecard, that documents that attested to the presence of the supposed funds were “spurious,” Diokno said.Philippine Lenders Deny They Held Wirecard Bank Accounts (1)“The international financial scandal used...
After a prolonged bull rally, volatility once again rules the markets. The S&P 500 finished the week in the green, but Friday June 19’s session saw dramatic swings due to technical factors as well as alarming headlines related to a COVID-19 resurgence and a slowdown in the economic recovery. Against this backdrop, what investors want, what will really bring back the animal spirits of the marketplace, is long-term stability. They aren’t looking to day trade; they are looking to park their money and watch it grow. Fiscal stimulus policies have pushed interest rates down to near zero. Treasury bonds are yielding less than 1%. This leaves the stock market. Fortunately, Wall Street pros believe compelling plays are still out there. Today, we’ve pulled up three stocks from the TipRanks database that have sparked the interest of Wall Street’s analysts. These are stocks that have impressed the analysts, who have responded by...
Gold, forests, property stocks, inflation-linked bonds - these are just some of the assets investors are pouring money into on the view that the recent explosion of government spending and central bank stimulus may finally rouse inflation from its decade-long slumber. U.S. and euro zone inflation gauges indicate that annual price growth will be running at barely over 1% even a decade from now....
Jun.21 -- President Donald Trump called the coronavirus “Kung flu” during a rally in Oklahoma on Saturday, employing a slang term that’s been criticized as racist. He also said he had "done a phenomenal job" with the outbreak in the U.S. (Excerpts)...
Jun.21 -- President Donald Trump delivered his opening remarks at the BOK Center in downtown Tulsa, Oklahoma, on Saturday as he kicked off his first campaign rally since the coronavirus pandemic took hold in the U.S. (Excepts)...
‘Potential COVID-19 treatments, improvement in economic data, and more fiscal stimulus could push the S&P; 500 closer to an upside case scenario of 3,384,’ director of equity portfolio and technical strategy at Raymond James noted....
(Bloomberg) -- Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.Two months ago, every trader wanted to sell cargoes and none were keen to buy. Now the window has transformed into a bull market, where bids outnumber offers 10 to one and prices are surging.“The physical market is strong,” said Ben Luckock, co-head of oil trading at Trafigura Group.The turnaround reflects the most torrid period in the history of oil.First, the coronavirus outbreak obliterated demand in China and shattered the oil alliance between Moscow and Riyadh. Next, the global epidemic and destructive Saudi-Russia price war pushed the market to the brink of disaster. The collapse brought the rivals back together for the biggest production cut...
