Wirecard: Missing $2.1 bn likely does not exist June 22, 2020 Wirecard AG said on Monday that there was a likelihood that the missing amount of €1.9bn euros ($2.13bn or £1.72bn) from its accounts simply did not exist. The scandal-hit German payments firm said it was also withdrawing its full-year 2019 and first quarter 2020 financial results. “The Management Board of Wirecard assesses on the basis [...]
Startup Checkout.com triples valuation to $5.5bn in Series B funding round June 22, 2020 London fintech startup Checkout.com has tripled its valuation to $5.5bn following a $150m Series B funding round. The online international payments business, which powers the likes of Grab, Revolut, and Klarna, said the steep increase in value reflected a growing demand for its cross-border online payment product. Checkout.com’s online transaction numbers had already increased by [...]
Wirecard chief quits as shares plummet over missing €1.9bn June 19, 2020 Wirecard chief executive Markus Braun has resigned with immediate effect after the German payments firm’s disclosure of a €1.9bn (£1.7bn) accounting black hole sent shares into a tailspin. Shares have plunged more than 80 per cent since Wednesday’s close after auditor EY yesterday refused to sign off Wirecard’s financial accounts after discovering that €1.9bn of [...]
Let retail investors help aid a rapid recovery June 19, 2020 Since lockdown began, there has been a trend of companies acting to build up their reserves through equity fundraises — with over £10bn raised since the pandemic began. However, the vast majority of these fundraises have so far not been open to retail investors. While companies urgently need liquidity now more than ever, neglecting to [...]
Wirecard shares continue to nosedive as boss claims it is victim of ‘considerable fraud’ June 19, 2020 Shares in Wirecard continued to plummet today as its chief executive said it may be the victim of “considerable fraud” after auditors yesterday found a cash hole of almost €2bn in the company’s financial accounts. In-house auditor EY yesterday refused to sign off the German payments firm’s annual accounts, saying it could not confirm the [...]
Which stock markets look ‘cheap’ after the rapid rebound? June 19, 2020 | City Talk We look at how five regional markets stack up on various valuation measures. Early last week, the short answer as to which markets looked cheap was: none. Despite everything that 2020 has thrown at it, at one stage the US stock market was up for the year overall. Other markets had also regained a lot [...]
AIM shows signs of life as it celebrates its 25th birthday June 19, 2020 As AIM prepares to celebrate its 25th anniversary today, the junior market is proving remarkably resilient and adaptable. Faced with Covid turbulence, AIM has so far performed well in comparison to other markets, helping to cushion investors from the worst effects of the downturn. In the first five months of 2020, the AIM all-share index [...]
Facebook announces $200m for businesses owned by black people June 18, 2020 Facebook today announced that it will commit $200m towards businesses owned by black people, the latest in a string of tech giants to announce such initiatives. In a post, chief operating officer Sheryl Sandberg revealed the plan, saying that the firm needed to take action. She wrote; “The past few weeks have compelled us to [...]
Out of crisis comes opportunity… for fraudsters June 18, 2020 | City Talk ‘Out of crisis comes opportunity’ is usually said with positivity in mind. In the current context, for example, entrepreneurs discovering ways to successfully diversify their business. What is less frequently spoken of, though, is how bad practice and criminality can emerge, grow or even thrive during a crisis. Criminals see opportunities in crises, too. So, [...]
Wirecard short sellers make ‘a fortune’ as shares nosedive on missing €1.9bn June 18, 2020 Wirecard short sellers hit the jackpot today as shares in the German fintech plummeted following reports of a €1.9bn (£1.7bn) accounting black hole. Short sellers have piled bets against the payments firm, which offers customers electronic payment transaction services and risk management, amid mounting questions over its accounting accuracy. Wirecard’s announcement this morning that auditor [...]
