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Investors in Europe: 2020 Coronavirus Update

Investors in Europe: 2020 Coronavirus Update

Lockdowns across Europe have resulted in unprecedented economic damage over the first half of 2020.  Eurozone GDP fell 12% in the 2nd quarter of 2020 following a 4% contraction in Q1.

When the novel Coronavirus (COVID-19) initially struck Wuhan, China in January 2020, most investors in Europe did not expect the disease to reach the continent. Yet here we are; a seemingly innocuous holiday stop in the French Alps by a Brit returning home from a conference in Singapore has morphed into a full-scale virus outbreak […]

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EY Germany will survive, but legal troubles loom (FT)

July 8, 2020 | File Under: , , , ,

“The auditors missed that €1.9bn in cash was probably never there. That’s a mistake that would send most companies or professionals into the dustbin. But the largest global audit firms are special.” – by Francine McKenna

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Nord Stream 2 Could Sever Transatlantic Ties (Bloomberg)

July 6, 2020 | File Under: , , , ,

“The gas pipeline is now a game of chicken between Germany and the U.S., in which both players appear reckless.” – by Andreas Kluth

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Inside Wirecard (FT)

June 28, 2020 | File Under: , , ,

Extensive series detailing Wirecard’s path to insolvency.

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Germany Weighs Measures Against U.S. Over Nord Stream Threat (Bloomberg)

June 28, 2020 | File Under: , , , , , ,

“Germany is preparing to strike back against the U.S. if President Donald Trump follows through on his threat to kill off the Nord Stream 2 gas pipeline with additional sanctions.” – by Patrick Donahue and Brian Parkin

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Germany’s Angela Merkel unveils stimulus package to kickstart economy (Deutsche Weld)

June 4, 2020 | File Under: , , ,

“Chancellor Angela Merkel said Wednesday that Germany was set to plow 130 billion euros ($146 billion) into rebooting an economy severely hit by the coronavirus pandemic. The measures include temporarily cutting value-added tax form 19% to 16%, providing families with an additional €300 per child and doubling a government-supported rebate on electric car purchases.”

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Interview with Isabel Schnabel, Member of the Executive Board of the ECB, and the FT (ECB)

May 27, 2020 | File Under: , , , , , ,

“The ECJ ruled in December 2018 that the PSPP is legal. Therefore, it is clear for us that we can and have to continue our monetary policy in line with our mandate to make sure that in the medium term we are getting back to our inflation aim of below, but close to, 2 per […]

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Interview with Philip R. Lane, Member of the Executive Board of the ECB (El País)

May 19, 2020 | File Under: , , , , , , ,

“The speed at which the economy bounces back will then hinge on whether consumers are more reluctant to consume and businesses hold back on investment. From today’s perspective, it looks in any case unlikely that economic activity will return to its pre-crisis level before 2021, if not later.” – Luis Doncel

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Supervisory Board and Management Board should be completely renewed – Der Spiegel

May 5, 2020 | File Under: , , , ,

“KPMG said that certain Wirecard sales, cash holdings and customers could not be verified. And that after five months of investigation. In our opinion, this also means that Ernst & Young, as a long-time auditor, did not properly check the balance sheets. How can anyone – be it shareholders, creditors, regulators or customers – still trust this company?  […]

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German companies in the dock over dividend plans (FT)

April 8, 2020 | File Under: , , , ,

“VW, BMW, Daimler, Continental and Adidas criticised for considering payouts while relying on state funds.” – by Joe Miller, Olaf Storbeck and Guy Chazan

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