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“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 …read more […]

(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 …read more […]

The company plans to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline said in a statement. The company expects to use the net proceeds from the stock and convertible notes offerings for general corporate purposes and to enhance its liquidity position, the airline added. The stock and convertible notes offerings, first reported by Bloomberg News, include a 30-day option for the underwriters to purchase up to $112.5 million of additional common shares and up to $112.5 million of additional convertible notes respectively, the company said. …read more […]

(Bloomberg) — Wirecard AG, the troubled German payments company, withdrew its financial results, saying the missing 1.9 billion euros ($2.1 billion) of cash on its balance sheet probably doesn’t exist.Concerns over the missing money have prompted a collapse in Wirecard shares and the resignation of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk.“There is a prevailing likelihood that the bank trust account balances in …read more […]

– Spot gold was up 0.4% at $1,749.54 per ounce as of 0030 GMT after hitting its highest since May 20 at $1,751. – U.S. gold futures rose 0.6% to $1,763.80 per ounce. – The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period. …read more […]

Jun.21 — A new generation of social media users may have been behind the lower turnout at President Donald Trump’s rally in Tulsa, Oklahoma. Some teenage TikTokers ordered tickets with no intention of attending. Sarah Frier reports on “Bloomberg Daybreak: Asia.” …read more […]

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Brent crude rose 9 cents, or 0.2%, to $42.28 a barrel by 0009 GMT, while U.S. crude was at $39.76 a barrel, up 1 cent. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply. …read more […]

(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 the more than the weekly average in Florida, which followed a flare up in Beijing last week.Oil capped its seventh weekly gain in eight on Friday with traders Vitol Group and Trafigura Group …read more […]

Jun.21 — China confirmed that a proposed national security law would allow Beijing to override Hong Kong’s independent legal system, shedding new light on a move that has stoked tensions with the U.S. and threatens the city’s status as a top financial center. Yvonne Man reports on “Bloomberg Daybreak: Australia.” …read more […]

Stock futures opened lower Sunday evening as daily coronavirus case counts rose by records in some states. …read more […]

(Bloomberg) — U.S. futures retreated and Asian stocks looked set to decline as investors mulled further signs of coronavirus outbreaks in countries from the U.S. to Australia.S&P 500 contracts fell in early Asia trading and those in Japan and Hong Kong pointed lower. California reported record new cases and Florida infections jumped more than the weekly average. The Australian dollar was weaker as one state extended its state of emergency due to fresh cases. The kiwi fell.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to revive economic growth while attempting to control the spread of Covid-19. …read more […]

Journal Editorial Report: The week’s best and worst from Dan Henninger, Kim Strassel, Jason Riley and Kyle Peterson. Image: Greg Baker/AFP via Getty Images …read more […]

Journal Editorial Report: Paul Gigot interviews former New York City police commissioner, Ray Kelly. Image: Spencer Platt/Getty Images …read more […]

Journal Editorial Report: A path forward doesn’t have to include more lockdowns. Image: Mark Makela/Getty Images …read more […]

(Bloomberg) — China suspended poultry imports from a Tyson Foods Inc. plant where hundreds of employees tested positive for Covid-19, stoking concerns over the broader implications for U.S. and global meat exports.All products from the plant in Springdale, Arkansas, where Tyson is based, that are about to arrive in China or have arrived at the country’s ports will be seized by customs. The suspension announced Sunday is an about face from just a few days ago, when Chinese officials said food was unlikely to be responsible for a fresh virus outbreak in Beijing.The move is a potential new threat to …read more […]