(Bloomberg) -- Wirecard suffered the worst stock slump in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash had have gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company. The revelations cast doubt on Wirecard’s leadership and actual survival. Chief Executive Officer Markus Braun, who is the company’s biggest shareholder, has been at the helm since 2002, building the company from a start-up into a payment provider whose technology facilitates transactions around the world.Ernst & Young was unable to confirm the location of the cash in certain trust accounts, and there was evidence that “spurious balance confirmations” had been provided, Wirecard said in a statement on Thursday. That’s about a quarter of the consolidated balance sheet total, Wirecard said.“We are stunned,” said Ingo Speich, a fund manager at Deka Investments, a top 10 shareholder at the...
When it comes to a 401(k) account, most savers simply choose a “target date” funds and leave it that. Now, thanks to a rule change from the Trump administration, those funds could get a lot more complicated under the hood....
Carnival Corp (CCL) posted a preliminary $4.4 billion loss in the second quarter as the coronavirus pandemic has forced cruise ship companies to halt operations and suspend cruises.Shares dropped 6.9% to $17.77 in pre-market trading after the world's biggest cruise operator warned that it expects a net loss on both a U.S. GAAP and adjusted basis for the second half of 2020. Carnival expects the monthly average cash burn rate for the second half of the year to amount to about $650 million and said that it was also planning to accelerate the sale of more ships.Revenue in the second quarter ended May 31, plunged to $700 million from $4.8 billion a year earlier. Sales missed analysts’ expectations by $37.8 million.“Cruise operations have been in a pause for a majority of the second quarter,” Carnival said in a statement. “In addition, the company is unable to definitively predict when it will return to normal operations.”Meanwhile,...
