Month: June 2020

The billionaire CEO of Berkshire Hathaway has shared this money advice for COVID-19. …read more […]

(Bloomberg) — Wirecard AG won a short reprieve from the lenders on its 1.75 billion euros ($2 billion) revolving credit facility after banks decided to assess the embattled company’s long-term viability before telling it to repay the loan.Advisory firm FTI Consulting is monitoring Wirecard’s compliance with the loan terms as lenders sift through documents and speak with stakeholders including Visa Inc. and Mastercard Inc. to decide how best they can secure the highest repayment, people familiar with the matter said. A standstill agreement is only expected to last a short period before lenders make a final decision, the people said, …read more […]

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The Big Con continues…
If you’re looking to get rich, pay attention.
If you’re looking to preserve the union, hold your nose.
And if you’re looking for a good story that proves how insane things have become …read more […]

Top news and what to watch in the markets on Wednesday, June 24, 2020. …read more […]

The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have driven innovation that has helped shale and offshore wind companies by pioneering remote monitoring and control, and last year directly generated about 25% of global oil production. …read more […]

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Shares in Plug Power (PLUG) spiked 16% in Tuesday’s trading after the company announced that it has completed the acquisitions of United Hydrogen Group and Giner ELX. Shares continued to rise 2% in after-hours trading. The stock has now more than doubled year-to-date.According to PLUG, these acquisitions boost its position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel- and establishs a clear pathway to transition from low-carbon to zero-carbon hydrogen solutions.With the acquisitions now complete, fuel cell maker Plug Power also boosted its 2024 financial targets to $1.2 billion in revenue (from $1 billion), …read more […]

Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm’s accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun walked free one day after turning himself in on Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich court at 5 million euros ($5.65 million). Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard’s accounts and falsifying income. …read more […]

Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm’s accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun walked free one day after turning himself in on Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich court at 5 million euros ($5.65 million). Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard’s accounts and falsifying income. …read more […]

(Bloomberg) — Oil was anchored near $40 a barrel after an industry report signaled another increase in U.S. crude stockpiles, and as the spread of the coronavirus continued to cloud the prospects for an economic recovery.Futures fluctuated in New York after settling at the highest level in more than three months on Monday. The American Petroleum Institute reported crude inventories climbed by 1.75 million barrels last week, according to people familiar, which would be a third weekly gain if confirmed by government data Wednesday. Meanwhile, Anthony Fauci, the top U.S. infectious-disease expert, told Congress he was seeing a “disturbing surge” …read more […]

Carnival Corp’s (CCL) credit rating was cut to non-investment grade or junk status at Standard & Poor’s (S&P) as the rating agency expects the cruise industry to grapple with an extended period of weak demand through at least 2021.S&P downgraded the cruise operator’s secured bonds to BB+ from BBB-, and its unsecured bonds to BB- from BBB-. The overall issuer credit rating was cut to BB- from BBB-. Shares dropped 2.2% to $17.61 in after-market trading on Tuesday.“We forecast that the company’s credit measures will remain very weak through 2021 and anticipate that its adjusted leverage may potentially exceed 10x …read more […]

(Bloomberg) — Global stocks and equity futures were mixed Wednesday as investors weighed their appetite for risk assets against a continuing acceleration in coronavirus cases across the American sun belt. The dollar remained under pressure.U.S. futures fluctuated, while European contracts retreated. Shares slipped in Tokyo but climbed in Seoul after Kim Jong Un suspended military actions against South Korea. Treasuries were little changed. New Zealand’s dollar reversed gains after the central bank said the balance of economic risks remained to the downside.On Tuesday, the S&P 500 closed well off its earlier 1.2% gain on reports that a surge in cases …read more […]