Some promising ventures may succumb to unfortunate circumstances, but the economic crisis also reveals which early-stage companies can draw on the effective leadership and sustainable business model necessary to weather a downturn, says Stephanie Mehta, the editor-in-chief of business publication Fast Company....
If you think the former Vice President will win the presidential election, then it’s probably a good idea to understand what a Biden presidency means for the economy, markets and business. ...
German payments firm Wirecard said it had hired U.S. investment bank Houlihan Lokey to devise a new financing strategy after Moody's slashed the company's rating to junk over the disappearance of 1.9 billion euros. The scandal-hit company, whose CEO resigned on Friday, is desperately seeking to reassure investors after its search for the missing cash hit a dead end in the Philippines, prompting ratings agencies to react. "The downgrade of Wirecard's ratings and review for further downgrade reflect the accounting irregularities and related implications on the company's liquidity and financial profile following its failure to publish the already postponed audited consolidated accounts for 2019," Moody's said late on Friday....
German payments firm Wirecard said late on Friday it had hired U.S. investment bank Houlihan Lokey to develop a new financing strategy as Moody's slashed the company's rating to junk following the disappearance of 1.9 billion euros. The scandal-hit company is desperately seeking to reassure investors after its search for the missing cash hit a dead end in the Philippines, prompting ratings agencies to react. The company's CEO quit on Friday....
(Bloomberg) -- Just a month ago, the chief executive officer of Wirecard AG boasted on Twitter that the future would still be bright for the digital payments company when “all the noise and dust settles.”At the time, Markus Braun was a paper billionaire. But over the course of a couple of days, the fintech veteran has been forced to step-down as CEO and seen the value of his stake dwindle after a two-day stock rout.Braun’s position at the German payments company became untenable after revelations on Thursday that about 1.9 billion euros ($2.1 billion) -- two-thirds of 2019 revenue and about a quarter of the firm’s consolidated balance sheet -- had gone missing. Two Asian banks that were supposed to be holding the money it denied any business relationship with Wirecard, raising fresh questions about the embattled company.After years of allegations of wrongdoing, Bruan was at the center of the controversy,...
