The company, whose stock has plummeted 75% since EY refused to sign off its 2019 accounts last week, also said it has withdrawn its preliminary 2019 and first-quarter 2020 financial results as well as forecasts. "The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement. The Philippine central bank said none of the money appeared to have entered the country, after Bank of the Philippine Islands (BPI) and BDO Unibank Inc said documents purporting to show Wirecard had deposited funds with them were false....
"The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement. Chief Executive Officer Markus Braun quit on Friday as the company's search for $2.1 billion of missing cash hit a dead end in the Philippines and as it scrambled to secure a financial lifeline from its banks. The central bank of Philippines said on Sunday that none of the $2.1 billion missing from Wirecard appeared to have entered the Philippine financial system....
(Bloomberg) -- To most investors, buying shares of Chinese banks seems like a losing strategy this year.Under pressure from the government to sacrifice profits, stung by ultra-low interest rates and parrying the threat of souring loans, China’s biggest listed lenders have seen their shares sink 13% in 2020. They trade at a measly 0.7 times the projected value of their assets, near the lowest multiple since before the global financial crisis.But for one Shanghai-based fund manager, the value case for Chinese bank shares is now so compelling that the stocks comprise one of the biggest parts of his portfolio. Zhou Liang, founder and fund manager at Shanghai Minority Asset Management Co., says prices already reflect a worst-case scenario for deteriorating profits and non-performing loans.“The market has priced in too much pessimism,” said Zhou, whose firm oversees about 10 billion yuan ($1.4 billion). His flagship fund has outperformed the CSI 300 Index...
(Bloomberg) -- Oil held near $42 a barrel in London as investors weighed signs of rebounding demand against a resurgence in new coronavirus cases.OPEC and its allies are on track to rebalance the oil market and there are encouraging signs of recovery, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told an OPEC+ meeting on Thursday. However, California reported record new virus cases and infections jumped by more than the weekly average in Florida, which followed a flare up in Beijing last week.Meanwhile, Brent crude’s prompt spread was in backwardation for a third day, a bullish market structure that indicates tightening supply. It flipped from contango on Thursday for the first time since March.Oil capped its seventh weekly gain in eight on Friday with traders Vitol Group and Trafigura Group saying global demand is recovering rapidly following the easing of lockdown restrictions. Aiding the rebound is global supply cuts, with OPEC...
(Bloomberg) -- Wirecard AG, the troubled German payments company, withdrew its financial results, saying the missing 1.9 billion euros ($2.1 billion) of cash on its balance sheet probably doesn’t exist.Concerns over the missing money have prompted a collapse in Wirecard shares and the resignation of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk.“There is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros do not exist,” the company said in a statement early Monday. It withdrew results for fiscal 2019 and preliminary results for the first quarter of 2020. The firm had repeatedly delayed filing its statements.Read more on how Wirecard became an embarrassment for GermanyWirecard said that...
Spot gold was up 0.7% to $1,754.74 per ounce by 0225 GMT after hitting its highest since May 18. U.S. gold futures rose 1.1% to $1,771.40. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period....
- Spot gold was up 0.4% at $1,749.54 per ounce as of 0030 GMT after hitting its highest since May 20 at $1,751. - U.S. gold futures rose 0.6% to $1,763.80 per ounce. - The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period....
