FRANKFURT – Police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in German and Austria on Wednesday as they widened their investigation into the financial payments company that collapsed last week. 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 was the result of a sophisticated global fraud. The implosion of a financial…"Police raid Wirecard HQ as administrator kicks off asset sales"
BOSTON – Companies voicing support for racial equality should back up their talk by releasing their workforce diversity data, New York City Comptroller Scott Stringer says in letters being sent to 67 companies in the S&P 100 on Wednesday. “We’re asking companies that condemned racism to walk the walk,” Stringer said in an interview. “It’s not enough to condemn racism in words, systemic racism in corporate America is going to require concrete action,” he said.…"New York City comptroller tells companies ‘to walk the walk’ on racial equality"
NEW YORK – Goldman Sachs Group Inc has already boosted capital measures and is working to meet the Federal Reserve’s benchmark for October, the Wall Street bank said in a statement on Monday. Investors and analysts were eager to hear Goldman’s announcement because the bank fared worse than rivals on the Fed’s stress test last week, sending its share price tumbling. The Fed examined big banks’ balance sheets to see if they had enough funds…"Goldman Sachs says it’s climbing toward Fed’s capital demands"
LONDON – There is a significant risk that the policy response to the coronavirus crisis in the United States could be scaled back too soon, BlackRock Investment Institute’s global chief investment strategist Mike Pyle said on Monday. Pyle said that although there had been a strong U.S. fiscal and monetary policy response to COVID-19, there were concerns about the outlook. “There are significant risks around the U.S. retrenching (policy support) too soon,” he said during…"BlackRock sees big risk of U.S. easing pandemic support too soon"
LONDON – The BlackRock Investment Institute said on Monday it has upgraded European equities to “overweight”, with the region poised to benefit from economies restarting after the coronavirus-inflicted shutdown. “The region is exposed to a cyclical upside as the economy restarts, against a backdrop of solid public health measures and a galvanizing policy response,” BlackRock said in its mid-year outlook. BlackRock also downgraded U.S. equities to “neutral” citing risks of fading fiscal stimulus, an extended…"BlackRock upgrades European stocks to ‘overweight’ on economic restart"
JERUSALEM – Israel’s Artlist, a provider of royalty free digital music, said on Monday it raised $48 million in a private funding round led by investment firm KKR. Existing investor Elephant Partners also joined in the round. Artlist said the funds will be used to expand its digital stock offerings to meet demand by a growing number of YouTube and other content creators. Artlist, which has licensed more than 20 million digital assets over the…"Digital music provider Artlist raises $48 million led by KKR"
HONG KONG ( Breakingviews) – It’s usually a bad sign when a technology company spends more time buying than building. Tencent may prove to be an exception. The Chinese goliath’s investment portfolio has surpassed $66 billion with stakes in music, fintech and more. Recent successes could validate the deal spree. Two years ago, an essay entitled “Tencent has no dream” went viral in China. The author, a local tech journalist, accused the company that created…"Breakingviews – Tencent embraces its inner Goldman Sachs"
NEW YORK/LONDON/MILAN – Assicurazioni Generali SpA has approached Brightsphere Investment Group Inc about a possible acquisition of the U.S. asset management firm, people familiar with the matter said on Friday. A deal would expand the U.S. footprint of Italy’s top insurer while enabling Brightsphere’s largest shareholder, hedge fund Paulson & Co, to cash out. There is no certainty that Generali will be able to meet Paulson’s valuation expectations for Brightsphere, the sources said. However, if…"Exclusive: Italy’s Generali in bid to acquire U.S. asset manager Brightsphere – sources"
DUBAI – A New York court has sent subpoenas to Etihad and ratings agency Fitch this week seeking a document at the centre of a battle over $1.2 billion in debt issued by the Abu Dhabi carrier and airlines it partly owned, according to legal documents reviewed by . Investors, including fixed-income specialist BlueBay Asset Management, are seeking access to a “debt assumption agreement” signed by Etihad and Alitalia, the Italian carrier, in 2016, before…"New York court subpoenas Etihad, Fitch in $1.2 billion debt battle"
– Aston Martin said on Friday it would issue new shares worth up to 20% of its existing equity capital as the luxury carmaker seeks additional funds to ride out the coronavirus crisis. New owner Yew Tree will pick up 25% of the offering, with Prestige Motors, which has steadily reduced its holding in the company having previously been the main shareholder, planning to buy about 8%, the company said. Aston Martin, which in May…"Aston Martin turns to stock offering to bolster capital"