Finance

Merkel Government in Focus as Lawmakers Push Wirecard Probe

(Bloomberg) — German lawmakers plan to start an in-depth investigation into Wirecard AG’s collapse after key officials from Chancellor Angela Merkel’s government and financial watchdogs failed to put an increasingly political issue to bed.



a close up of a sign: VIENNA, AUSTRIA - AUGUST 27: Traffic is reflected in the office door sign of bankrupt and scandal-ridden German payments processing company Wirecard on August 27, 2020 in Vienna, Austria. Wirecard AG, once listed in the DAX index and heralded as a tech startup marvel, has completely collapsed following revelations that its accounting was fraudulent. Former board member Jan Marsalek is on the run and some media report he has fled to Russia. The debacle has also tarnished accounting firm Ernst and Young as well as German financial overseer Bafin, both of whom failed to detect Wirecard's massive financial irregularities. (Photo by Thomas Kronsteiner/Getty Images)


© Photographer: Thomas Kronsteiner/Getty Images Europe
VIENNA, AUSTRIA – AUGUST 27: Traffic is reflected in the office door sign of bankrupt and scandal-ridden German payments processing company Wirecard on August 27, 2020 in Vienna, Austria. Wirecard AG, once listed in the DAX index and heralded as a tech startup marvel, has completely collapsed following revelations that its accounting was fraudulent. Former board member Jan Marsalek is on the run and some media report he has fled to Russia. The debacle has also tarnished accounting firm Ernst and Young as well as German financial overseer Bafin, both of whom failed to detect Wirecard’s massive financial irregularities. (Photo by Thomas Kronsteiner/Getty Images)

The Greens will back other opposition

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4 Finance Stocks That Beat S&P 500’s Sizzling August Rally

After witnessing a volatile first half of the year due to the pandemic-led concerns, the S&P 500 has recorded its best August in the past 36 years, soaring about 7%. Of the 11 S&P 500 sectors, nine witnessed growth.

Major technology companies’ resilience to the coronavirus crisis heavily supported the market’s momentum. Rising work-from-home and online shopping trends along with increasing digital payments helped major tech stocks gain on the surging demand for their products and services.

Credit for this rally can also be given to the several COVID-19 vaccine-related developments during the month, which aided Healthcare stocks. Further, the reopening of the economy benefitted the coronavirus outbreak-hit sectors like airlines, retailers, hotels and restaurants, and cruise line operators to some extent.

Notably, a slew of positive economic data helped instill optimism in investors. Per a report by the Commerce Department, consumer spending in the United States grew 1.9% in

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South Africa’s Ramaphosa reprimands finance minister over tweets on Zambia

JOHANNESBURG, Aug 24 (Reuters)South Africa’s President Cyril Ramaphosa has “strongly reprimanded” Finance Minister Tito Mboweni over comments he made on social media about the dismissal of Zambia’s central bank governor, the presidency said on Monday.

Zambian President Edgar Lungu fired central bank governor Denny Kalyalya on Saturday without explanation.

Mboweni, a former South African Reserve Bank governor, called on Lungu in now-deleted tweets to explain the dismissal.

It is unusual for officials in one country to comment openly about appointments and dismissals in another country.

“In one of his tweets, Minister Mboweni is promising to mobilise if not given reasons why the Central (bank) Governor has been fired by President Lungu,” the presidency statement read.

“President Ramaphosa wishes to assure the government and people of the Republic of Zambia that the unfortunate remarks do not reflect the views of the South African Government and its people.”

Mboweni said

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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Wins Finance Holdings Inc. (WINS)

LOS ANGELES, Aug. 25, 2020 /PRNewswire/ — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Wins Finance Holdings Inc. (“Wins” or the “Company”) (NASDAQ: WINS) securities between October 31, 2018 and July 6, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Wins investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/wins-finance-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On July 6, 2020, after the market closed, Wins disclosed that on June 30, 2020 Centurion ZD CPA & Co. resigned as the Company’s independent

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Petition Launches to Mandate Personal Finance Courses are Taught to Students

LAS VEGAS, Aug. 25, 2020 /PRNewswire/ — The National Financial Educators Council (NFEC) launches a petition website to encourage public schools adopt comprehensive financial education programming. This campaign is designed to show policymakers the American public wants financial literacy taught and leverage this to encourage them to mandate and fund comprehensive personal finance courses in public schools.
” data-reactid=”12″LAS VEGAS, Aug. 25, 2020 /PRNewswire/ — The National Financial Educators Council (NFEC) launches a petition website to encourage public schools adopt comprehensive financial education programming. This campaign is designed to show policymakers the American public wants financial literacy taught and leverage this to encourage them to mandate and fund comprehensive personal finance courses in public schools.

https://TeachFinancialLiteracy.org/ ” data-reactid=”13″The NFEC created this website to give people that believe that public schools should provide comprehensive financial literacy education a voice and encourages them to sign the petition at: https://TeachFinancialLiteracy.org/

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Dwayne ‘The Rock’ Johnson Invests in Acorns Finance App, New Users Get $7

Dwayne Johnson, left, and Dany Garcia.

Photographer: Kevin Mazur/Eric Umphrey via Acorns

Dwayne “The Rock” Johnson and his business partner Dany Garcia are making a investment in digital personal-finance service Acorns — which will give each new user a $7 credit, a symbolic reference to when he was a struggling athlete and the amount of money he had left in his pocket.

Acorns is a micro-investing platform including a service that lets users automatically round up their purchases to the nearest dollar and deploy the difference in a diversified portfolio of exchange-traded funds. The company has almost $3 billion under management and 8 million people in the U.S. have opened accounts.

Years before Johnson became one of the biggest movie stars in the world, he was cut from the Canadian Football League in 1995 and left with just $7. When he and Garcia co-founded

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South Korea urged to follow Japanese lead on coal finance ban

South Korea has been castigated by environmentalists and international investors for failing to follow Japan in slashing funding for coal power overseas.

The criticism was levelled as Moon Jae-in’s government touted investment in clean energy as part of a Green New Deal, a vital component of an unprecedented $233bn stimulus that was pledged in the wake of the economic damage wrought by coronavirus.

Tokyo last month announced it would cut most state support for coal-fired power plants. The move followed years of campaigning by environmentalists over concerns that cheap Japanese loans spurred decades of fossil fuel dependency in developing countries.

The pressure on South Korea to follow suit comes after rising investor concern about carbon emissions and climate change: state-backed Korea Electric Power Corp alongside Korean banks have been targeted by activists over involvement in coal projects in south-east Asia.

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Small businesses in emerging Asia need more support to survive coronavirus fallout, International Finance Corporation says

Micro, small and medium-sized businesses remain some of the hardest hit in Asia-Pacific from the coronavirus pandemic and will need additional support as the regional economy recovers this year, according to the International Finance Corporation (IFC), which provides financing for private sector companies in developing markets.

Vivek Pathak, the IFC’s regional director for East Asia and the Pacific, said the sister organisation of the World Bank was examining ways it could provide further support to small businesses, including potentially taking on a portion of the risk associated with loans made by commercial banks to these companies.

“When the stimulus came out, a lot of money was flushed into the system, but, as expected, it didn’t reach the SMEs. There’s risk aversion, a flight to quality,” Pathak said. “The banks obviously would prefer to finance large corporates because those are perceived to be less risky. The challenge for SMEs is their

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ByteDance investors seek to use stakes to finance TikTok bid: sources

TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019.

Dado Ruvic | Reuters

ByteDance investors are in talks to use their stakes in the Chinese technology firm to help finance their bid for its popular short-video app TikTok, according to people familiar with the matter.

ByteDance has been in talks to divest TikTok’s North America, Australia and New Zealand operations to potential acquirers, including Microsoft and Oracle. President Donald Trump has ordered the Chinese company to sever ties with the social media app in the United States, citing concerns over the safety of the personal data it handles.

Some ByteDance investors, including investment firm General Atlantic, are vying to own large stakes in the TikTok assets for sale, the sources said. Under their restructuring plan, Microsoft or Oracle could receive a minority stake in the assets, the sources added.

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