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China's Luckin Coffee to pay $180 million fine in fraud case

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China’s Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says.

The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company’s earnings estimates.

The Chinese rival to Starbucks fabricated more than $300 million in retail sales, the SEC said in a statement. It said the misconduct continued from April 2019 until January 2020.

Luckin’s shares traded on the NASDAQ until July 13, 2020. They now trade on the OTC Pink board, or Pink Open Market, the most speculative tier for trading of over-the-counter stocks.

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US tops 3 million deaths in 2020, by far most ever counted
NEW YORK (AP) - This is the deadliest year in U.S. history, with deaths expected to top 3 million for the first time — due mainly to the coronavirus pandemic.Final mortality data for this year will not be available for months.
New York Usa covid-19 death 2020
Vodafone to pay up to $2.6 bln to end German legal fight - livemint.com - Germany - Britain
livemint.com
76%
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Vodafone to pay up to $2.6 bln to end German legal fight
Vodafone on Tuesday offered more than 2 billion euros ($2.5 billion) to buy out Kabel Deutschland's minority shareholders and end a long-running legal battle over the cable company with hedge fund Elliott and others.The British telecoms group, which bought close to a 77% stake in the German cable company in 2013 for 7.7 billion euros, offered all minority shareholders 103 euros in cash for each outstanding share.Citi analyst Georgios Ierodiaconou said the tender offer was not a surprise and that was a reasonable price and would help to eliminate one of the potential risks to the group.Vodafone said shareholders representing 17% of the shares had accepted the offer, which valued all remaining minority holdings in KDG at up to 2.12 billion
Germany Britain travelers
Hang Seng proposes major overhaul of Hong Kong Stock Index - livemint.com - China - India - Hong Kong - city Hong Kong
livemint.com
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Hang Seng proposes major overhaul of Hong Kong Stock Index
Also Read | Dark underbelly of India Inc’s shop floorsThe sweeping proposal comes amid significant changes within the city’s stock market, as a wave of Chinese megacaps choose the financial hub as a preferred venue to sell shares. Hong Kong’s benchmark index is near its lowest level versus the MSCI World Index in 17 years, and the gauge’s abundance of old-economy financial stocks has made it look outdated in an age when China’s tech giants have increasing sway.“The objective of an index is to represent the local market, not the local economy," said Kenny Wen, wealth-management strategist at Everbright Sun Hung Kai Co.
China India Hong Kong city Hong Kong
COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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