Wednesday newspaper round-up: Tesla, TM Lewin, Wirecard

By Michele Maatouk

Date: Wednesday 01 Jul 2020

Wednesday newspaper round-up: Tesla, TM Lewin, Wirecard

(Sharecast News) - Britain and Brussels have each accused the other of holding up a decision on the City of London's ability to do business in EU markets from next year, prolonging the financial services' state of uncertainty about the future. Both parties had agreed to complete assessments of the other's regulatory regimes for financial services by Tuesday 30 June, with the expectation that they would deemed "equivalent", allowing business to continue in the new year. - Guardian
Tesla investors are being urged to vote to remove Elon Musk, the electric vehicle company's founder and chief executive, from the board of the firm as anger mounts over his bonus deal that could pay him a record $55.8bn (£40bn). Pirc, an influential adviser to shareholders, including the UK's local authority pension funds, on Tuesday recommended that investors voted against Tesla's executive pay deal because it "unfairly enriches the chief executive". - Guardian

TM Lewin stores will disappear from the high street after it became the latest retailer to collapse into administration at the cost of 600 jobs. The shirt-maker's assets have been bought back by its owner Torque Brands, an investment vehicle for private equity firm Stonebridge, previously SCP, through a pre-pack deal - but not its 66 shops, The Telegraph can reveal. - Telegraph

Senior Wirecard employees were linked to an opaque network of British companies associated with alleged money laundering. Staff from the scandal-hit German payment processor were shareholders in a company creation operation in the northeast of England that was shut down after a government investigation. - The Times

Crispin Odey is preparing to sue Germany's financial regulator for millions of pounds worth of lost profit after it banned the short selling of Wirecard shares for two months last year. Mr Odey has made about £25 million from short-selling shares in Wirecard, the German payments company which filed for insolvency last week and is now the subject of multiple investigations around the world. - The Times


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