Yahoo Finance’s Brian Sozzi and Alexis Christoforous speak with Dr. Anand Parekh, Bipartisan Policy Center Chief Medical Advisor, about President Trump’s surprising comments at his rally in Tulsa, and the recent spike in coronavirus cases. ...
(Bloomberg Opinion) -- Following Wirecard AG’s confirmation on Monday that 1.9 billion euros ($2.1 billion) of the cash it reported probably doesn’t exist, the question arises whether the German electronic-payments group will survive in its present form.Even if Wirecard can avoid a liquidity crunch, there’s the issue of whether a fintech can hang onto its customers and partners after revealing such an epic failure of internal controls and risk management. The company authorizes and processes electronic payments for both business clients and consumers, so trust is essential. New boss James Freis will have to keep creditors at bay, and overhaul a rotten corporate culture. The stock has plunged 85% in the three days since Wirecard’s auditor, Ernst & Young, said roughly fourth-fifths of the net cash reported in the last audited accounts couldn’t be verified. Chief Executive Officer Markus Braun resigned, yet the company is still capitalized at almost 2 billion euros ($2.2 billion). Shareholders...
(Bloomberg) -- Oil edged lower as investors weighed a resurgence in the coronavirus against signs of rebounding demand.The easing of lockdowns across the world and OPEC+ buckling down with its output cuts have boosted prices in recent days. Demand is improving in countries including Spain and India. Still, with virus cases rising again in Germany and some U.S. states, and a resurgence in Beijing last week, there are doubts about the strength of the rebound in energy use.“Oil prices have already reached an interim stage of recovery,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy AS. Crude reaching $45 to $50 a barrel “would not be justified at this stage despite the supply curtailments as there are still valid concerns on the demand side.”The market is in much better shape than in April and May. Some of the world’s largest traders are seeing a rapid recovery in demand, and...
Tesla (TSLA) CEO Elon Musk has revealed that the production of a 7-seat version of the Model Y will take place before the end of the year.In a Twitter post, Musk stated that production will begin ‘probably early Q4.’ According to Electrek, this would place the first deliveries around October or November of 2020. The publication also writes that the limited leg-room displayed by prototype models could ultimately see the 7-seat version having a rear-facing third row instead of front-facing.Tesla shares have exploded by 139% so far year-to-date. As a result, Goldman Sachs analyst Mark Delaney recently downgraded the stock to Hold with a $950 price target. “We’d look to become more positive on Tesla stock again if we had more confidence in the near to intermediate term trajectory of fundamentals, or if valuation became more attractive,” Delaney told investors.However Jefferies analyst Philippe Houchois has just boosted his TSLA price target to a Street-high $1,200 from $650,...
(Bloomberg) -- Bank of China Ltd. is discussing ending a credit facility to Germany’s Wirecard AG, a move that would complicate the beleaguered company’s fight for survival after it was engulfed by a multi-billion-dollar accounting scandal.China’s fourth-largest lender may write off most of the 80 million euros ($90 million) it’s owed and not extend the credit line, the people said, asking not to be identified as the discussions are private. Bank of China -- one of a group of at least 15 commercial banks behind $2 billion in financing to Wirecard -- plans to engage an external legal team to look into how it can minimize losses, they said.When a borrower breaches the terms of an revolving credit facility, the lenders may decide to renew the agreement, but the decision usually needs unanimity, meaning the borrower may need to repay the entire loan if one bank refuses to sign the deal....
