Jun.22 -- U.S. Securities and Exchange Commission Chairman Jay Clayton was surprised and dismayed by the political battle that quickly erupted over his pending nomination to be the top federal prosecutor in New York, said people familiar with the matter. Derek Wallbank reports on "Bloomberg Daybreak: Europe."...
(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 doesn’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.Wirecard said it was in “constructive discussions” with its...
Jun.22 -- Hong Kong’s autonomy will be top of the agenda when European Commission President Ursula von der Leyen and European Council President Charles Michel hold video conferences today with Chinese Premier Li Keqiang and President Xi Jinping. Maria Tadeo reports on "Bloomberg Markets: European Open."...
(Bloomberg) -- European stocks dropped and gold approached a seven-year-high as Germany reported a jump in new virus cases. U.S. equity futures advanced.Wirecard AG, Deutsche Lufthansa AG and Glencore Plc led losses in the Stoxx Europe 600 Index. Hong Kong stocks slumped after China moved to tighten oversight of the city. Treasuries and the dollar were little changed. Crude oil hovered below $40 a barrel in New York.In Turkey, the benchmark equities index erased its 2020 losses, lifted in a rally driven mostly by a wave of buying from local investors. Market sentiment remains vulnerable to any sign of setbacks as governments gradually ease coronavirus lockdowns and travel restrictions to revive growth while attempting to control the spread of the virus. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. “Shares remain technically overbought and vulnerable to a further correction or period of...
American Airlines Group Inc. (AAL) is planning to raise as much as $3.5 billion from stock and notes offerings, as the ailing U.S. carrier grapples with the financial fallout of the travel freeze triggered by the coronavirus pandemic.The U.S carrier plans to raise $1.5 billion from selling shares and convertible notes. It will also offer $1.5 billion aggregate principal amount of secured senior notes due 2025. Upon closure of the notes offering, the airline seeks to enter into a new $500 million term loan B facility due 2024.As part of the share and convertibles notes offering, the airline will grant the underwriters a 30-day option to purchase up to $112,500,000 of shares of common stock, as well as a 30-day option to buy up to $112,500,000 in aggregate principal amount of convertible notes.American Airlines said that it expects to use part of the net proceeds from the notes offering and borrowings...
Jun.22 -- National Australia Bank Ltd. Chief Executive Officer Ross McEwan discusses how the coronavirus outbreak is affecting global businesses and the banking industry, and the business implications of the rising tensions between China and Australia. He speaks at the Bloomberg Invest Global Summit. (Excerpts)...
India’s drug regulator granted Cipla Ltd. and Hetero Labs the approval to produce and sell a generic version of Gilead Sciences Inc.’s (GILD) coronavirus drug candidate remdesivir.The two Indian drugmakers have been granted regulatory approval by the Drug Controller General of India (DCGI) for restricted emergency use in the country. Hetero’s generic version of remdesivir will be marketed under the brand name Covifor in India, while Cipla’s generic version of remedisvir will be called Cipremi.“In the light of increasing COVID-19 cases in India, the approval of Covifor (remdesivir) can prove to be a game-changer given its positive clinical outcomes,” Hetero chairman Dr. B. Partha Saradhi Reddy said in a statement. “Backed by strong backward integration capabilities, we can ensure that the product is immediately made available to patients across the country. We are prepared for ensuring enough stocks required to cater to the present needs.”Remdesivir has been granted approval by DCGI...
