(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....
(Bloomberg) -- U.S. stocks look poised to extend last week’s advance as investors bet on the strength of the economic recovery, despite rising virus infection rates.Gold neared a seven-year high, while the dollar weakened. European stocks slumped, with Wirecard AG in freefall after more than $2 billion in assets went missing. The yield on Germany’s 30-year government debt fell below zero for the first time since May. Crude oil hovered below $40 a barrel in New York.There are increasing signs that the virus is continuing to rapidly spread as governments work to reopen their economies. Cases of the deadly virus rose by a record for a single day on June 21, according to the World Health Organization, with flare ups across the U.S. and new scares in Germany and Australia.But investors are wagering that policymakers will be unwilling to stop business activity or slow progress toward a economic recovery. In the...
Stock futures rose Monday morning as market participants weighed prospects that the virus-stricken economy would rebound quickly against fears over a rise in new cases over the weekend....
Apple Inc on Monday will hold its annual conference for software developers, rolling out new features in its operating systems for iPhones and iPads and possibly signaling a departure from Intel Corp's almost 15-year run supplying Mac computer processors. Apple's Worldwide Developer Conference comes as paid services sold through the App Store have become central to the Cupertino, California, company's revenue growth as consumers have slowed the growth of iPhone upgrades. Apple takes a 15% to 30% cut of the sales developers make through the App Store, which is the only way to distribute software onto Apple's mobile devices....
TikTok users say their videos helped drive down attendance at Trump's Tulsa rally; the White House prepares for a second wave; China halts some chicken imports from Tyson over Covid-19 concerns. WSJ’s Shelby Holliday has the latest on the pandemic. Photo: Nicholas Kamm/AFP...
