(Bloomberg) -- Wirecard AG’s former chief executive officer was detained by Munich prosecutors as the scandal over 1.9 billion euros ($2.1 billion) that went missing from the Germany’s fintech company prompted probes into suspected market manipulation and false accounting.Markus Braun, who resigned last week, turned himself in Monday evening in Munich as part of a probe into the company’s accounting practices, prosecutors said in an emailed statement. At a hearing Tuesday afternoon, he was granted bail of 5 million euros ($5.67 million) -- one of the largest amounts ever posted in Germany.Wirecard faced further investigations as Germany’s top financial regulator BaFin on Tuesday reported the company to the prosecutors for alleged market manipulation. The regulator said a statement by Wirecard on Monday “heightened BaFin’s suspicions” that the presentation of the company’s revenue and assets in its 2016, 2017 and 2018 reports was incorrect.The company is fighting for survival after acknowledging the...
(Bloomberg) -- U.S. stocks rose to the highest since June 10 amid a report Donald Trump supports sending another round of checks to Americans and data that showed American manufacturing nearing expansion. Oil advanced and the dollar retreated.The S&P 500 advanced and the Nasdaq Composite hit an all-time high with investors continuing to focus on signs the American economy is bouncing back from the shutdown. Investors remain on edge over tension with China after a wild overnight session that saw futures plunge after a White House adviser said the trade deal was over. They rebounded when after President Donald Trump contradicted the statement.Treasuries were little changed, with the 10-year yielding around 0.71%, while the dollar dropped for a second day. Equities rose in Europe and in Asia. Gold continued its push toward the highest level since 2012 and oil topped $41 a barrel in New York.Stimulus “puts the bottom on bad...
For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth. To survive the challenging times, Aurora has cut its selling, general and administrative (SG&A) workforce by 25% and will lay off 30% of production staff over the next two quarters, it said. Aurora in February announced the exit of founder and Chief Executive Officer Terry Booth, 500 job cuts and impairment charges as it came under fire for its aggressive global expansion amid uncertain demand....
The Canadian pot producer said it has cut its selling, general and administrative (SG&A) workforce by 25% and will lay off 30% of its production staff over the next two quarters. A slow roll out of retail stores, the prevalence of illicit markets and burgeoning supply from producers racing to assert dominance have led to steep price declines and unsold pot stacking up. Aurora said it expects SG&A expenses to be around C$42 million in the first quarter of fiscal 2021, compared with C$75.1 million, excluding severance costs, recorded in the third quarter....
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