Trading Ideas

(Bloomberg) — Wirecard AG’s collapse has laid bare significant cracks in Germany’s financial oversight, increasing pressure on Chancellor Angela Merkel’s government after one of the country’s biggest corporate failures.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company. Slow decision-making, insufficient oversight and fragmented responsibilities created cracks that allowed Wirecard’s problems go undetected by officials.Germany is one of relatively few countries to split accounting enforcement between a private-sector watchdog and its markets regulator, while the investigation of money laundering at non-financial companies is handled by regional authorities. With the fallout risking the country’s reputation as …read more […]

Top news and what to watch in the markets on Monday, June 29, 2020. …read more […]

Shale oil and natural gas company Chesapeake Energy Corporation (CHK) on Sunday filed for bankruptcy protection proceedings to eliminate its $7 billion debt load and strengthen its balance sheet.The U.S. oil and gas producer said it filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a “comprehensive balance sheet restructuring”.Chesapeake has been grappling with the financial fallout of the oil and gas prices collapse, as the economic downturn tied to the coronavirus impact curtails energy demand.As part of a restructuring agreement, the company has secured $925 million in debtor-in-possession financing from …read more […]

Texas was one of the last states to shut down and the earliest to reopen. Now local health-care workers urge the community to be vigilant as Texas hospitalizations reach records. Photo: AP …read more […]

The Financial Conduct Authority said on Monday Wirecard was addressing the British watchdog’s concerns but its restrictions on the collapsed German payments company’s services would remain for now. Several UK fintech firms have been forced to suspend services following the FCA’s restrictions on Wirecard. The FCA its teams have been working with Wirecard, and other international and UK authorities, over the weekend. …read more […]

Consumer goods giant, Unilever (UL) and telecom company, Verizon (VZ) said June 26 that they would halt advertisements on Facebook (FB) and Instagram.Facebook’s stock dropped 8% by market close on Friday as more advertisers moved to boycott the popular social media site, citing its ongoing problems of hate speech and racism.“We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners,” Verizon’s chief media officer John Nitti told CNBC.Verizon plans to pull its ads for the month of July while Unilever plans to not …read more […]

Jun.29 — Goodbody Stockbrockers Aviation Analyst Nuala McMahon spoke about the challenges ahead for flag carrier airlines, such as Lufthansa, without the cost base to compete with low-cost carriers such as easyJet. She spoke to “Bloomberg Markets: European Open,” on June 25th, ahead of Lufthansa’s Extraordinary General Meeting, where shareholders approved a bailout package from the German government to keep the airline afloat. …read more […]

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Jun.29 — MEP and German CDU Politician David McAllister discusses the negotiations between the EU and the U.K. over their future relationship, the risks of no deal and his outlook for the talks. He speaks on “Bloomberg Markets: European Open.” …read more […]

(Bloomberg) — China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars.Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of the plan, said people familiar with the initiative, who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.For a start, the group is set to collectively issue bids for …read more […]

Jun.29 — Nannette Hechler Fayd’herbe, chief investment officer at Credit Suisse International Wealth Management, discusses global markets amid the rise in coronavirus infections. She speaks on “Bloomberg Markets: European Open.” …read more […]

The Philippines’ anti-money laundering agency on Monday said it would conduct a “swift and thorough” investigation into scandal-hit German payments firm Wirecard AG and that it has drawn up an initial list of people and entities of interest. Wirecard’s collapse last week and admission that $2.1 billion of its cash probably didn’t exist came after auditor EY refused to sign off on accounts for 2019, adding there were clear indications of an elaborate fraud involving multiple parties around the world. Mel Georgie Racela, executive director of the Philippines’ Anti-Money Laundering Council (AMLC), said entities of interest include three …read more […]

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It’s always important to take care of your health — especially during a pandemic. Don’t think staying fit and healthy has to break the bank. Here are seven ways to do so. …read more […]