Gini Olom

Senin, 03 Februari 2020

Luckin Coffee 'stands by its business model' after anonymous report alleges fraud - MarketWatch

Luckin Coffee Inc. LK, -10.74% issued a statement Monday saying it "categorically denies all allegations" made in an anonymous report that claims the company is fabricating financial and operating figures. "The methodology of the report is flawed, the evidence is unsubstantiated, and the allegations are unsupported speculations and malicious interpretations of events," the statement says. The report, received by short seller Muddy Waters Research, was made public on Friday. MarketWatch could not confirm the authenticity of the report, but Luckin Coffee addresses a number of claims it says are in it, including one that says the items per store per day number was inflated in the third and fourth quarters of 2019. "Every single order that customers placed with Luckin Coffee is online and automatically recorded in its system, and payments for orders went through third-party payment service providers," Luckin writes. "Therefore, all the company's key operating data, including the number of items per store per day, items per order and effective selling price, are tracked in real time and can be verified." Citron Research, also known as a short seller, tweeted on Friday that it also received the report and thinks it will "fall short on accuracy." Luckin goes on to say that it "firmly stands by its business model." Luckin stock closed Friday down 10.7%, but it has bounced back 2.5% in Monday premarket trading. Luckin stock has skyrocketed 69% over the last three months, outpacing the benchmark S&P 500 index SPX, -1.77%, which is up 5.2%.

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2020-02-03 13:25:00Z
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Bernard Ebbers, former WorldCom CEO who went to prison in massive accounting fraud case, is dead - CNN

His death was confirmed by his attorney in a statement to CNN affiliate WAPT in Jackson, Mississippi. Ebbers had been granted an early release from prison due to poor health in January after serving just over 13 years of a 25-year sentence. He was 78 years old.

Ebbers was found guilty in 2005 of conspiracy, securities fraud and filing false statements in the case that brought down what was then the nation's No. 2 long-distance provider. The company eventually went bankrupt, leading to substantial losses for shareholders. Thousands of WorldCom employees lost their jobs and savings. At the time, the bankruptcy was the largest in US history.

Ebbers insisted during the trial that he had been unaware of the fraud that was taking place at his company, but Scott Sullivan, the company's chief financial officer, testified against him during his trial.

A federal jury in New York deliberated for eight days before finding him guilty on all counts against him.

Ebbers' attorney filed for his early release last year, saying that his health had deteriorated substantially, necessitating his transfer to a 24-hour nursing care unit. The filing said his weight had dropped from 200 pounds to 142 pounds in the previous 18 months, that he was having trouble walking. His attorney said Ebbers had fallen and suffered head injuries numerous times.

In the filing, his attorney said it was estimated he had only 18 months to live.

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2020-02-03 12:44:00Z
52780589103027

Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures rose and European stocks fluctuated following steep losses on Friday as investors monitored the international response to the coronavirus outbreak. Shares plunged in China in a catch-up move as markets there reopened after a long holiday.

Contracts on the three main American equity indexes all climbed, with Gilead Sciences Inc. jumping in the premarket as China prepares to test one of the company’s new anti-viral drugs. The Stoxx Europe 600 Index swung between gains and losses, as support measures from China’s government helped stem losses in other markets.

Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong, which suspended 10 out of 13 border checkpoints with China. Treasuries slipped. Oil was little changed, while the offshore yuan weakened to more than 7 per dollar.

Investors shifted gears on Monday on the back of turmoil that sent global equities to the worst week since August amid concern economies will falter as the virus spreads. The People’s Bank of China cut rates as it injected cash into the financial system on Monday, part of a slew of measures to shore up their financial markets. Still, the economic toll is becoming clearer, as the country’s oil demand has reportedly dropped by about three million barrels a day, or 20% of total consumption.

Norway’s krone fell to a three-month low versus the euro after the nation’s manufacturing PMI data came in weaker than expected and on news of the drop in China’s oil demand.

Here are some key events coming up:

The first contest to choose a Democratic nominee to run against Donald Trump in November is the Iowa caucuses Monday.The U.S. manufacturing gauge from the Institute for Supply Management is due Monday. There are also a slew of other PMIs, including India and Brazil.Tuesday brings a policy decision from the Reserve Bank of Australia, and the Reserve Bank of India’s interest rate decision is due Thursday.Friday has the U.S. employment report for January.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.5% as of 6:40 a.m. New York time.Nasdaq 100 Index futures gained 0.5%.The Stoxx Europe 600 Index was little changed.The MSCI All-Country World Index decreased 0.2%.The MSCI Emerging Market Index sank 0.6%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.2%.The British pound sank 1.1% to $1.3056.The euro dipped 0.3% to $1.106.The Japanese yen weakened 0.1% to 108.49 per dollar.The offshore yuan depreciated 0.3% to 7.0169 per dollar.

Bonds

The yield on 10-year Treasuries gained three basis points to 1.53%.Germany’s 10-year yield fell less than one basis point to -0.44%.Britain’s 10-year yield decreased one basis point to 0.519%.

Commodities

West Texas Intermediate crude advanced 0.3% to $51.71 a barrel.Gold weakened 0.6% to $1,579.78 an ounce.LME copper climbed 0.4% to $5,590.50 per metric ton.

--With assistance from Haslinda Amin and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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2020-02-03 11:45:00Z
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Coronavirus: China shares in biggest fall in four years - BBC News - BBC News

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2020-02-03 10:26:06Z
52780589003206

Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures rose and European stocks fluctuated following steep losses at the end of last week and as investors digested the latest developments in the coronavirus outbreak. Shares plunged in China as markets there reopened after a long holiday.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s declines. Gains in technology and travel shares offset losses for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong. The deadly outbreak, largely centered in China, showed no signs of slowing with the nation’s death toll exceeding 360.

The dollar strengthened, while Treasuries slipped. Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading following 13 sessions of declines.

Elsewhere, the pound slid as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget and amid plans to allow foreign investors greater access to government securities.

Here are some key events coming up:

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 10:18 a.m. London time.Nasdaq 100 Index futures gained 0.5%.The Stoxx Europe 600 Index advanced 0.1%.The MSCI All-Country World Index decreased 0.2%.The MSCI Emerging Market Index sank 0.7%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.2%.The British pound decreased 1% to $1.307.The euro declined 0.2% to $1.1067.The Japanese yen weakened 0.1% to 108.51 per dollar.The offshore yuan depreciated 0.3% to 7.0168 per dollar.

Bonds

The yield on 10-year Treasuries increased two basis points to 1.53%.Germany’s 10-year yield decreased one basis point to -0.44%.Britain’s 10-year yield fell less than one basis point to 0.522%.

Commodities

West Texas Intermediate crude climbed 0.5% to $51.84 a barrel.Gold weakened 0.7% to $1,577.82 an ounce.LME copper climbed 0.6% to $5,598 per metric ton.

--With assistance from Haslinda Amin and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures rose and European stocks drifted following steep losses at the end of last week and as investors digested the latest developments in the coronavirus outbreak. Shares plunged in China as markets there reopened after a long holiday.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s declines. Gains in technology and travel shares offset losses for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong. The deadly outbreak, which is still largely centered in China, showed no signs of slowing with the nation’s death toll exceeding 360.

The dollar strengthened, while Treasuries slipped. Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading after dropping for 13 sessions.

Elsewhere, the pound dipped as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget and amid plans to allow foreign investors greater access to government securities.

Here are some key events coming up:

--With assistance from Haslinda Amin and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures power higher and European stocks were steady as investors took in stride a sell-off in Asia, where Chinese shares plunged as markets there reopened amid the worsening coronavirus outbreak. Treasuries and gold declined.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s drop. Gains in technology and travel shares offset declines for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8%, while local iron ore futures slumped. Equities came off their lows in Tokyo, Seoul and Sydney and fluctuated in Hong Kong.

Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading after dropping for 13 sessions. The deadly outbreak showed no signs of slowing with China’s death toll reaching at least 360.

Here are some key events coming up:

These were the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 8:15 a.m. London time.Nasdaq 100 Index futures gained 0.6%.The Stoxx Europe 600 Index edged up 0.1%.The MSCI All-Country World Index decreased 0.2%.The MSCI Emerging Market Index sank 0.7%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.1%.The British pound dipped 0.4% to $1.3147.The euro dipped 0.1% to $1.1078.The Japanese yen weakened 0.2% to 108.53 per dollar.The offshore yuan depreciated 0.3% to 7.0191 per dollar.

Bonds

The yield on 10-year Treasuries climbed two basis points to 1.53%.Germany’s 10-year yield was steady at -0.44%.Britain’s 10-year yield fell one basis point to 0.518%.

Commodities

West Texas Intermediate crude dipped 0.4% to $51.35 a barrel.Gold slipped 0.7% to $1,577.82 an ounce.LME copper futures climbed 0.6% to $5,600.50 per metric ton.

--With assistance from Haslinda Amin.

To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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