A second Wirecard case? – Morning briefing

Good morning dear readers,

you may never have heard of Fraser Perring. This is a British stock speculator who criticized the phantom corporation that went under Wirecard was right. In 2016 he published allegations anonymously in the “Zatarra Report”. Now a new study by his analysis company Viceroy Research detonates in tranquil Baden-Baden.

The MDax company Grenke, which is domiciled there at the Ooser Landgraben and a leasing provider, is a “case of fraud on a massive scale,” says Perring, artificially inflating the balance sheet on acquisitions from affiliated companies. Grenke’s own bank was also used for money laundering. The stock promptly crashed. Greetings from Wirecard from the company grave? Grenke announces legal steps – and refers to its own solidity to 761 million euros in credit at the Bundesbank.

My first impression: This is a different house number than, say, 1.9 billion euros in Filipino banks.

Comforting news in difficult times comes from our balance sheet expert Ulf Sommer. Bankruptcies are not to be feared for German medium-sized companies – who turn over between 20 million and 250 million euros annually – this year. There are enough reserves. After all, the equity ratio in the pre-crisis year 2019 was a record 39 percent. This means that it is currently possible to cope with a drop in sales of an average of 20 percent in the manufacturing sector.

However, a second year of the crisis could be tricky for small and medium-sized companies, believes Volker Ulbricht, Managing Director of Creditreform’s credit report: “The current situation is much more dangerous than after the global financial crisis in 2008, because this time the entire breadth of the economy is affected.”

A fire broke out near the refugee center on the Greek island of Samos.

(Photo: AP)

After a violent struggle with itself, the federal government has recently decided that Germany will accept 1,553 refugees from the burned down Moria camp on the island of Lesbos. Anyone who thinks that this is the big solution was taught better yesterday evening. Then the next fire broke out near the refugee center on the Greek island of Samos. No tents were burning yet, but he was concerned, the local mayor said.

4,600 migrants live in the Samos camp, designed for 650 people. Here, too, intolerable conditions, unworthy of Europe, also a corona problem here. It looks as if the asylum problem cannot be captured in the Hellenic islands.

The Russian Kremlin critic Alexej Navalny took a selfie with his wife Julia at the hospital bed in the Charite.

The words of the day: “Hello, this is Navalny. I have missed you.” The photo of the day: the Russian opposition leader in Berlin’s Charité hospital with his wife and children. He is now convalescent. However, the prompt announcement by Alexej Navalny that he would like to return to Russia after being poisoned to continue his work is thought-provoking. After a Bundeswehr laboratory, special laboratories in France and Sweden have recently shown that the politician had been incapacitated by a neurotoxin from the Novitschok group. Apparently Navalny agrees with Anton Chekhov: “You have to work, everything else – to hell with it.”

The summer declaration by the federal and state governments that there would be no major events until the end of October was not to be taken seriously from the start. Now the federal states have decided to do a six-week “trial start” entirely in the service of professional sports – at a time when the number of infections is increasing here and especially in neighboring European countries.

Strict hygiene requirements apply to the sports experiment – every fifth seat in an arena can be occupied. At the start of the Bundesliga on Friday in Munich, 15,000 spectators would be allowed. However, the city reports a value of 40.09 for the “seven-day incidence”. With 35 infected per 100,000 inhabitants, the politicians have drawn a line. For the same reason, the Würzburger Kickers have to compete in the second division without an audience. The pandemic strategy “bread and games” will have a harder time than the clubs and their lobbyists would like to believe.

An inaccuracy was found in yesterday’s morning briefing. We had written Adidas did not pay rent for his sports shops at the beginning of the corona crisis. It is correct that the company from Herzogenaurach initially announced at the end of March that it would suspend rent payments “temporarily” as a precaution, but then after stormy public protests paid the rent for April everywhere – and apologized “in all forms”.

Apple COO Jeff Williams presents the new Apple Watch.

(Photo: AP)

What was eagerly awaited Apple has everything to announce on his autumn news show. An iPhone 12? Far from it, it was mainly a watch event. The Apple Watch Series 6 can now actually determine the oxygen content of the blood.

People who are stressed from jogging or working from home can use this to check whether their cardiovascular system is still stable. Apparently, the oxygen clock is supposed to help the Christmas business. In addition, the Cupertino group announced a new generation of iPads and a number of combined subscription models for music, films and games. Overall, however, Apple lacked the final whistle or, as CEO Tim Cook calls it, “one more thing”.

And then there is the science magazine “Scientific American”, which is getting really political for the first time in its 175-year history. It is currently in an “endorsement” for the Democrat Joe Biden as the new US President – against incumbent Donald Trump.

Reason: The Republican rejects science and has therefore harmed the country and its citizens. The worst example is his dishonest, incompetent response to the Covid-19 pandemic, which has so far killed 196,000 Americans. The editors also blame the head of government for failures in climate policy. Apparently they find Trump’s latest expertise on climate change not very convincing: “It will start to get cooler, just watch.”

I wish you a pleasant day, which will probably not get any cooler.
I warmly greet you


Hans-Jürgen Jakobs
Senior Editor

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