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) -- U.S. stock index futures rose, erasing losses, as investors weighed the latest infection count against prospects for reopening economies.September contracts on the S&P 500 gained 0.4% as of 11:48 a.m. in Tokyo, after sliding as much as 1.1%. Futures on the Dow Jones Industrial Average rose 0.4% and those on the Nasdaq 100 Index climbed 0.5%. Beijing reported only nine new infections, in a sign that a recent outbreak is coming under control, while South Korea saw the smallest daily increase in about a month. California’s new cases rose by a record and Florida infections jumped.“Financial conditions are easing, and the early June surveys have improved markedly, but with U.S. case counts on the rise, and small clusters register globally, investors remain jittery,” Stephen Innes, the chief market strategist at AxiCorp Ltd., wrote in a note. “The market is caught between fears of a second Covid wave and improving...
Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. Wirecard is scrambling to shore up its finances and has appointed investment bank Houlihan Lokey as it seeks a deal with creditors, after seeing its credit rating slashed to 'junk' by rating agency Moody's on Friday. In a statement on Monday, Wirecard also withdrew financial statements for 2019 and said it was examining cost cuts to address the crisis which has engulfed what was once hailed as a relatively rare success story for the German technology sector....
The company, whose stock has plummeted 75% since EY refused to sign off its 2019 accounts last week, also said it has withdrawn its preliminary 2019 and first-quarter 2020 financial results as well as forecasts. "The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement. The Philippine central bank said none of the money appeared to have entered the country, after Bank of the Philippine Islands (BPI) and BDO Unibank Inc said documents purporting to show Wirecard had deposited funds with them were false....
"The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement. Chief Executive Officer Markus Braun quit on Friday as the company's search for $2.1 billion of missing cash hit a dead end in the Philippines and as it scrambled to secure a financial lifeline from its banks. The central bank of Philippines said on Sunday that none of the $2.1 billion missing from Wirecard appeared to have entered the Philippine financial system....
(Bloomberg) -- To most investors, buying shares of Chinese banks seems like a losing strategy this year.Under pressure from the government to sacrifice profits, stung by ultra-low interest rates and parrying the threat of souring loans, China’s biggest listed lenders have seen their shares sink 13% in 2020. They trade at a measly 0.7 times the projected value of their assets, near the lowest multiple since before the global financial crisis.But for one Shanghai-based fund manager, the value case for Chinese bank shares is now so compelling that the stocks comprise one of the biggest parts of his portfolio. Zhou Liang, founder and fund manager at Shanghai Minority Asset Management Co., says prices already reflect a worst-case scenario for deteriorating profits and non-performing loans.“The market has priced in too much pessimism,” said Zhou, whose firm oversees about 10 billion yuan ($1.4 billion). His flagship fund has outperformed the CSI 300 Index...
(Bloomberg) -- Oil held near $42 a barrel in London as investors weighed signs of rebounding demand against a resurgence in new coronavirus cases.OPEC and its allies are on track to rebalance the oil market and there are encouraging signs of recovery, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told an OPEC+ meeting on Thursday. However, California reported record new virus cases and infections jumped by more than the weekly average in Florida, which followed a flare up in Beijing last week.Meanwhile, Brent crude’s prompt spread was in backwardation for a third day, a bullish market structure that indicates tightening supply. It flipped from contango on Thursday for the first time since March.Oil capped its seventh weekly gain in eight on Friday with traders Vitol Group and Trafigura Group saying global demand is recovering rapidly following the easing of lockdown restrictions. Aiding the rebound is global supply cuts, with OPEC...
