(Bloomberg) -- Wirecard AG’s interim chief executive officer was supposed to be getting ready to run a new department called “Integrity, Legal and Compliance.” Now he faces a crucial week to convince investors that the payment company’s collapse isn’t terminal.James Freis took charge on Friday following the shock announcement that Markus Braun had resigned. Braun’s position became untenable following revelations that about 1.9 billion euros ($2.1 billion) -- or two-thirds of the company’s 2019 revenue -- had gone missing. The two Asian banks that were supposed to be holding the money denied any business relationship with Wirecard, plunging the company into further chaos.The company subsequently withdrew its fiscal 2019 and first-quarter 2020 financial results after saying those funds on its balance sheet probably don’t exist.Freis’ to-do list is extensive, but he has some relevant experience. He began his career as an attorney at the Federal Reserve Bank of New York. After...
The battery event, which Musk has touted as being "one of the most of exciting days in Tesla's history", had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company's cell production system, Musk tweeted, without elaborating. Two proxy advisors have urged Tesla investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, citing corporate governance and other concerns....
(Bloomberg) -- Stocks and U.S. futures set aside concerns about rising coronavirus case numbers in countries from the U.S. to Australia Monday, but low trading volumes suggested a lack of conviction. Gold prices rose.S&P 500 Index contracts reversed a slide of as much as 1% to climb as Asia’s session progressed. Many Asia-Pacific indexes were also in the green, though Hong Kong dipped in wake of China’s latest moves on a national-security law. Treasuries were little changed, as was the dollar. Crude oil hovered below $40 a barrel in New York. Australian shares reversed early declines, as did the local dollar, in the wake of Victoria tightening the populous state’s restrictions due to fresh cases. In the U.S., California reported record new cases and Florida infections jumped more than the weekly average. China’s Beijing outbreak appeared to fade, however.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to...
(Bloomberg) -- Asia’s richest man has entered a new league of wealth.The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index. He overtook Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.Ambani, who owns 42% of Reliance, has benefited from a flurry of investment into the company’s digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead of a March 2021 target. The shares of the Indian conglomerate have doubled from a low in March, just as other billionaires on the list have been hit by the impact of the coronavirus pandemic. They climbed another 1.2% as of 9:37 a.m. in Mumbai Monday.While the Indian economy “has been...
The battery event, which Musk has touted as being "one of the most of exciting days in Tesla's history", had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company's cell production system, Musk tweeted, without elaborating. Tesla and China’s Contemporary Amperex Technology Ltd (CATL) are jointly developing batteries designed to last a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle, people familiar with the plans have said....
