Wirecard's $2.1 billion accounting scandal is being investigated by the Philippines, which said that the German payments firm's former chief operating officer Jan Marsalek may be in the country. Philippine Justice Secretary Menardo Guevarra said on Wednesday that he had instructed state investigators to coordinate with the central bank's anti-money laundering council in investigating Wirecard. Marsalek was fired by Wirecard on Monday after it disclosed that the billions, purportedly held at two Philippine banks which have denied any connection with the German firm, probably did not exist....
Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm's accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun walked free one day after turning himself in on Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich court at 5 million euros ($5.65 million). Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard's accounts and falsifying income....
Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm's accounts, has been released from custody, his lawyer told Reuters on Wednesday. German news agency dpa had earlier cited a spokeswoman at a Munich court as saying that Braun had been released after paying his bail of 5 million euros ($5.66 million) on Tuesday. Braun was arrested after Wirecard disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf....
"Tech-oriented investors" are driving Tesla Inc.'s (NASDAQ: TSLA) stock price higher without understanding the implications of running a car company, Morgan Stanley analysts said in a note Tuesday, as reported by Forbes.The Tesla AnalystMorgan Stanley's Adam Jones has maintained his previous rating of "underweight" on the company's stock with a price target of $650.The Tesla ThesisJones noted that it is extremely unlikely for Tesla to justify its current stock price within the next decade.Morgan Stanley forecasts Tesla to produce 2 million electric vehicle units annually for the next 10 years. At a stock price of $1,000, the automaker's stock is "discounting roughly 4 million units" by 2030, Jones said, according to Forbes.False Comparison With Tech GiantsTesla's stock is largely being driven by investors who draw a false comparison of the company with established technology companies and ignore the set of risks that come with running a car company, Jones suggested.To be...
(Bloomberg) -- Oil was anchored near $40 a barrel after an industry report signaled another increase in U.S. crude stockpiles, and as the spread of the coronavirus continued to cloud the prospects for an economic recovery.Futures fluctuated in New York after settling at the highest level in more than three months on Monday. The American Petroleum Institute reported crude inventories climbed by 1.75 million barrels last week, according to people familiar, which would be a third weekly gain if confirmed by government data Wednesday. Meanwhile, Anthony Fauci, the top U.S. infectious-disease expert, told Congress he was seeing a “disturbing surge” in new cases.The prompt timespread for London’s Brent crude flipped back to contango on Tuesday -- a market structure where future contracts are more expensive than immediate prices -- after three days in backwardation.Oil has rallied since plummeting below zero in April as producers slashed crude output and regions across the...
Carnival Corp’s (CCL) credit rating was cut to non-investment grade or junk status at Standard & Poor’s (S&P) as the rating agency expects the cruise industry to grapple with an extended period of weak demand through at least 2021.S&P downgraded the cruise operator’s secured bonds to BB+ from BBB-, and its unsecured bonds to BB- from BBB-. The overall issuer credit rating was cut to BB- from BBB-. Shares dropped 2.2% to $17.61 in after-market trading on Tuesday.“We forecast that the company’s credit measures will remain very weak through 2021 and anticipate that its adjusted leverage may potentially exceed 10x in 2021 following a significant deterioration in its performance in 2020,” S&P credit analyst Ariel Silverberg said in a statement.The credit rating agency expects Carnival’s EBITDA to be significantly more negative in 2020 due to higher-than-anticipated expenses to repatriate its guests and crew and the incremental expenses associated with its need...
