(Bloomberg) -- Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably don’t exist, deepening an accounting scandal that has rattled Germany’s financial industry.The payments processor said it’s in discussions with creditors and considering a full-scale restructuring after pulling its financial results for fiscal 2019 and the first quarter of 2020. Previous descriptions of its business with third parties, which process transactions on Wirecard’s behalf, were “not correct.”Even before the early Monday statement, the unfolding scandal had seen Wirecard’s shares and bonds collapse, its chief executive depart, and left the company renegotiating debt terms with its lenders. In less than a week, the fintech once hyped as the future of German finance has lost almost 90% of its market value, with the shares slumping for a third trading day on Monday.“It’s a complete disaster we’re looking at,” said Felix...
PG&E Corporation (NYSE: PCG) announced that its Chapter 11 reorganization plan stands approved by a court in California, clearing the way for the utility to emerge from bankruptcy.What Happened The reorganization plan cleared by the court on Saturday, in the Northern District of California, has already been approved by the California Public Utilities Commission in May.Bill Johnson, CEO of PG&E, said, "Today's ruling in the Chapter 11 proceeding concludes the process of approving PG&E's Plan of Reorganization and is a critical milestone that brings us one step closer to compensating wildfire victims fairly and quickly and sets the course for PG&E's future."Last week, PG&E had pleaded guilty to the 2018 Camp Fire that took the lives of 84 people and destroyed thousands of homes and businesses.Johnson expressed regret at the losses suffered by the 2018 campfire and vowed, "All 23,000 PG&E employees are committed to making sure our equipment never again...
Airlines are struggling to coax passengers back into the skies, and one company is looking to help solve that problem — by giving flyers a breath of their own fresh air....
Nio (NIO) is rising 5% in Monday’s pre-market trading, after a filing revealed that Tencent (TCEHY) has further boosted its stake in the Chinese electric vehicle company.In June 2020 Tencent snapped up a further 1,680,000 American depositary shares (ADSs) representing 1,680,000 of Nio’s Class A Ordinary Shares through Huang River for an aggregate purchase price of $10 million.Following this latest transaction Tencent, the world’s largest video games company, now owns 15.1% of Nio. Shares in Nio have exploded over 80% year-to-date and, as a result, analysts have a cautious Hold consensus on the stock’s outlook. That’s with a $5.55 average analyst price target (24% downside potential).However Merrill Lynch’s Ming-Hsun Lee is taking a bullish stance, and has just reiterated a NIO buy rating while ramping up the price target from $5.50 to $7.30.According to Lee, Nio is now enjoying stronger orders and should benefit from China’s favorable EV purchase subsidy scheme. The analyst expects Nio to...
