☑️ Yardsale. ICYMI, last week we told you about Wirecard (think: Enron, but make it German) filing for insolvency. And yesterday bankruptcy admins started to sell off some of the fintech company's assets as a way to raise some cash to pay down some of the €2.7B in debt outstanding. That escalated quickly...
Meanwhile, as assets are being sold off, authorities in Germany and Singapore are investigating Wirecard and former CEO Markus Braun, and trying to figure out WTF happened to the missing $2B. Why is everyone so worried about that?
Twelve local prosecutors and thirty-three officers searched three buildings in Munich and two in Vienna as part of the ongoing case… Spoiler: they didn't find an envelope labeled "stolen money."
Have they done a full cavity search on Markus yet?
☑️ Do as I say... and as I do. - Saudi energy minister Salman, probably.
Saudi Arabia threatened (go figure) to open up a can of whoop-ass if other countries didn't fall in line with production cuts.
Angola and Nigeria were asked (nicely I'm sure) to submit detailed commitments to carry out the production cuts, or else the Kingdom will sell oil at a discount to undercut the two countries. Which is probably better than the alternative...
Hopefully the parties get their sh*t together, as Angola is scheduled to be the OPEC leader next year as a part of the rotating presidency. Which is a nice title, but doesn't mean much when you compare Saudi's output of 12M barrels per day with Angola's 1.7M.
☑️ Payday. June payrolls continued increasing as 2.37M new jobs were added in the month according to ADP. Unfortunately, that is a bit lower than the 2.5M expected.
Now it's probably worth noting that ADP's numbers aren't exactly gospel... or whatever religious text floats your boat. That was never more evident than last month when ADP reported a loss of 2.5M but the US Labor Department reported a gain of 2.5M. You had one job...
Needless to say, let's wait until the US Labor Department gives us the official numbers before we get excited.
☑️ Hear ye, hear ye. Mark Zuckerberg scheduled a town meeting with the civil rights groups that have asked advertisers to boycott his platform over the past few weeks. The NAACP, Anti-Defamation League, and Color of Change are all on the guest list.
The organizations are not the only ones who have taken issue with Facebook lately as big-name companies have put their money where their mouth is and taken advertising content (and dollars) off the social media network.
If Zuck's smoking meats video is any indication, this meeting is going to be more awkward than Mark losing his virginity.
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