Business & Finance

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These top-rated courses are also designed to be beneficial regardless of how much money you have in the bank right now, and the examples provided are easy to apply directly

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German ministers face grilling over Wirecard collapse

Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Former CEO Markus Braun has been arrested on suspicion of falsifying accounts and market manipulation.

The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.

Germany’s parliamentary finance committee has asked Finance Minister Olaf Scholz and Economy Minister Peter Altmaier to attend a closed door special hearing to shed light on the saga from 1400 GMT.

Questions are likely to focus on when exactly government officials and regulators learned of accounting irregularities at Wirecard, and if there were any

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Former Wirecard CEO Markus Braun was arrested for a 2nd time in relation to the company’s $2 billion accounting scandal

Reuters

  • Wirecard’s former chief executive Markus Braun has been rearrested in Munich as German prosecutors dug deeper into allegations of fraud at the fintech firm.
  • Two other executives — revealed by the Financial Times as Wirecard’s former finance boss, Burkhard Ley, and Stephan von Erffa, ex-head of accounting — were also arrested.
  • Former chief operating officer, Jan Marsalek, has likely escaped to Russia with the “clear help of Russian intelligence,” two officials told Business Insider. 
  • Wirecard filed for insolvency a month ago soon after revealing an amount of 1.9 billion euros ($2 billion) was missing from its balance sheet, and likely never existed.
  • Visit Business Insider’s homepage for more stories.

Former Wirecard CEO Markus Braun has been arrested for the second time as German prosecutors probed further into a fraud investigation surrounding the company’s reputedly inflated balance sheet.

Two other executives — named by the Financial Times as

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Tesla posts surprise Q2 profit, ramping up cash despite coronavirus

Tesla (TSLA) posted a profit in the second quarter, defying Wall Street estimates after the electric car-maker delivered more vehicles than expected in the quarter despite virus-related disruptions.

Here were the main results from Tesla’s Q2 report, compared to consensus estimates compiled by Bloomberg:

  • Revenue: $6.04 billion vs. $5.4 billion expected vs. $6.35 billion Y/Y

  • GAAP earnings per share: 50 cents, vs. GAAP loss per share of $1.06 expected and GAAP loss per share of $2.31 Y/Y

  • Free cash flow: $418 million, vs. outflow $617.9 million expected

Tesla’s second-quarter results came on the heels of an incredible 280% stock rally for the year to date as investors bet on the company’s long-term prospects, with the coronavirus pandemic weighing more heavily on established auto competitors. The near-fourfold increase in Tesla’s stock made it the second-best performer in the Nasdaq 100 after Moderna (MRNA), and rocketed Tesla’s market

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Troll Token? Why DeFi Yield Farmers Are Now All About YFI

A new governance token in decentralized finance (DeFi) is captivating yield farmers’ attention. Its creator didn’t set aside any of the tokens for himself and he insists the new token has no monetary value.

Still, that hasn’t stopped it from trading as high as $2,374 a pop, according to CoinGecko.

YFI is the governance token for Yearn.Finance, a site that performs a variety of functions for DeFi users, moving their assets in and out of different liquidity pools in order to find the best yields. Its name may also be a reference to an unflattering internet acronym.

Related: Market Wrap: Bitcoin Clings to $9,200 While Ethereum Transactions Soar

Read more: What Is Yield Farming? The Rocket Fuel of DeFi, Explained

“Each of these systems have control mechanisms, configurable fees, maintenance controls, and rules that can be modified. Thus far, these have been managed by us,” Yearn’s creator,

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German Finance Minister Knew of Wirecard Issues a Year Before Collapse

(Bloomberg) — German Finance Minister Olaf Scholz was aware of potential market manipulation at Wirecard AG almost a year and a half before the company collapsed, putting pressure on a key figure in Angela Merkel’s government.

Financial watchdog BaFin informed Scholz in February 2019 about the case “because of the suspicion of a violation against the prohibition of market manipulation,” according to a report by the Finance Ministry seen by Bloomberg.

His early knowledge of the allegations swirling around Wirecard increases scrutiny on the highest-ranking Social Democrat in Merkel’s coalition and lays bare the delicate political dynamics just over a year before the next election.

Presented to the heads of the parliamentary finance committee on Thursday evening, the report creates a new opening for critics who accuse German authorities of being too lax by failing to pursue fraud allegations of a company that aspired to be a leading light in

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