Month: July 2020

…read more […]

The global health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat. “While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” Chief Executive Officer Jeff Gennette said in a statement, adding that the retailer did not expect another total shutdown of stores. Macy’s, which also owns Bloomingdale’s, said net sales for the first quarter through May 2 nearly halved to $3.02 billion. …read more […]

Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up. Crude held on tankers fell below 150 million barrels by the end of June, down from more than 180 million barrels in late April, IHS Markit estimated. …read more […]

(Bloomberg) — Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve.The 1.9 billion euros ($2.1 billion) missing from Wirecard’s balance sheet brought the chief executive officer’s arrest, the German payments firm’s insolvency filing and a lot of finger-pointing. Some have blamed German regulator BaFin for its oversight failures. Wirecard’s auditor, Ernst & Young, called it an “elaborate” fraud that even a very rigorous probe may not have discovered.But EY is also on the hot seat. It …read more […]

United Airlines plans to triple the number of daily flights in August despite a surge of coronavirus infections in the United States. …read more […]

…read more […]

If you follow this simple strategy, your wealth will increase.
In fact, follow it to the letter and it will double… guaranteed.
You’ll be on your way to true financial freedom.
If you’re a longtime reader, you’ve heard us muse about our “broken bowl” theory.
It’s the most powerful wealth creating tool we know of.
And there’s a funny story that accompanies how we came to discover this simple yet powerful idea.
When we were newlyweds, we lived with Mrs. Manward in a remote section of Alaska’s southeast coast. It’s where we met with some of the country’s richest men and truly discovered the idea of …read more […]

Top news and what to watch in the markets on Wednesday, July 1, 2020. …read more […]

(Bloomberg) — Germany’s top financial watchdog faces a grilling by lawmakers in Berlin over the regulator’s failure to uncover problems at Wirecard AG before it collapsed in one of the country’s biggest-ever corporate scandals.BaFin President Felix Hufeld is scheduled to testify behind closed doors to German parliament members at about 11:30 a.m. local time on Wednesday. Given the critical comments made by some lawmakers last week, the hearing may be Hufeld’s toughest since he took the job more than five years ago.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company, whose collapse has shaken …read more […]

Wirecard’s administrator said he has received strong inbound interest for the payment firm’s assets and will shortly mandate banks for the sale of individual parts of the company. “A large number of investors from all over the world have contacted us, interested in acquiring either the core business or business units that are independent of it”, Michael Jaffe said in a statement after a creditor committee meeting late on Tuesday. Wirecard filed for insolvency last week owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY said …read more […]

…read more […]

(Bloomberg Opinion) — The euro is at its strongest level for nearly two years on the European Central bank’s own official trade-weighted index, which compares it with a basket of other leading currencies. In the past, this would have been a serious worry for the world’s largest trading bloc. The continent, with Germany at the forefront, is heavily dependent on exports. But things are different this time. The first stage of the post-Coronavirus economic recovery will be driven by domestic consumers, rather than overseas purchasers of goods. As such, the robustness of the euro should be seen as a judgment …read more […]

…read more […]

(Bloomberg) — Tesla Inc. endured a roughly seven-week shutdown of its most important car plant in the world last quarter, but its brand-new backup factory may have saved the day.The manufacturer may have delivered more than 82,000 vehicles last quarter, according to analysts’ estimates compiled by Bloomberg. Some even expect Tesla to surpass the roughly 87,000 cars handed over to customers a year ago, or the more than 88,000 delivered in the first three months of this year.Expectations were much lower just a few months ago, when Tesla and its automotive peers shut factories and showrooms and watched their stock …read more […]

Boeing Co failed to submit certification documents to the U.S. Federal Aviation Administration (FAA) detailing changes to a key flight control system faulted in two fatal crashes, a long-awaited government report seen by Reuters has found. The flight control system, known as MCAS, was “not an area of emphasis” because Boeing presented it to the FAA as a modification of the jet’s existing speed trim system, with limited range and use, according to the report. The 52-page report by the U.S. Department of Transportation’s Office of Inspector General (IG), dated June 29 and set to be made public …read more […]