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Faced with increased inflation, rising unemployment and slow economic growth, the lira is under increasing pressure. The Turkish central bank has withdrawn millions of dollars from foreign exchange reserves this year to buy lira and support the exchange rate of the lira against the dollar, significantly reducing the country's net forex reserves from US$ 40 billion at the beginning of the year to just about US$ 25 billion.To get more news about WikiFX, you can visit wikifx news official website.
　　Nevertheless, the lira has fallen by 17% this year. Before the coronavirus outbreak, the Turkish economy was already under pressure. Now, after struggling with nearly two years of currency depreciation, high debt and rapidly disappearing foreign exchange reserves, the country with a population of 82 million is in a particularly bad situation and remains vulnerable to the shock of the pandemic. The country's unemployment rate was close to 14% in January, before the economy was even affected by the coronavirus. In the near future, Turkey's massive tourism industry will also face destruction.
　　Due to the impact of the epidemic, global economic activities and trade have declined significantly. Forex reserves of emerging market countries are shrinking inevitably as they face tremendous pressure. Driven by risk aversion sentiments and similar demands, the global dollar shortage is further intensifying.
Recently, the WikiFX APP updated a new version with a new function - “Detailed Credit Report”. Get to know the original data of broker by one-click, and this credit report covers dozens of types of data of broker. Whos been swimming naked when the tide goes out？ Users will know it with the help of the function.
　　On the first page of the report, users can understand the risk level of their target broker. And the report comprehensively analyzes users target broker from many aspects, such as company profile, regulatory information, software identification, rights protection, trading environment rating and genealogy etc.. Users can easily get the overall information of broker by just one-click.
　　Through the WikiFX APP, general users will have 10 chances to read brokers in-depth credit report, with different reading requirements that they can read it online or send it by email.
　　Follow the steps below to get a broker's credit report:
　　1. Enter the target brokers page and find “Report”
　　2. Touch the “Email Address” or “Online View” in the upper right corner

　　3. Press “Get the report” to check it

Zerodha is an Indian retail equity broker that claims itself to be No.1 in India, but except for the broker‘s marketing efforts, it’s hard to say how much Zerodha deserves this title.
　　On April 29th, 2020, Zerodha was showered by complaints from investors, making everyone wondering about what happened.To get more news about WikiFX, you can visit wikifx news official website.
　　WikiFX team tried to log on Zerodhas mobile trading platform Kite, but it failed to respond for a long time, while the trading platform online had the same issue.
　　During the difficult process, the following error prompts kept popping out:
　　“Error while fetching chart data. Please refresh again.
Yet Zerodha still brags about how its platform has “made investing easier for clients”.
　　What‘s more, despite the heavy complaints, Zerodha kept on making social network posts as if nothing happened, neither did they respond to clients’ complaints by offering an explanation or apology, leaving a series of questions unanswered: Why didn‘t Zerodha apologize to the complainants？ Why wasn’t Zerodha investigated by SEBI, the regulator that supposedly oversees the broker？ And who should be held accountable for investors losses？
　　A victim complained that he and thousands of victims like him had lost most of their investments at Zerodha, and they no longer believe in Zerodha or its so-called SEBI regulation. The investor suffered heavy losses due to latency of Zerodhas trading platform.
Bombarded with complaints from victims, Zerodha has lost its credibility among investors. The frequent issues of latency, inaccurate quotes and order execution failure within just a month make this broker appear more like an illegal broker, rather than a compliant one.
　　Per checking WikiFX App, Zerodha has a poor rating of 1.24 and is currently unregulated. In the past 2 weeks, WikiFX received massive complaints against this broker, so investors should definitely watch out for it and always remember to check a brokers compliance and qualifications before investing.
　　Up till now, WikiFX App has recorded the profiles of nearly 18,000 brokers around the world, integrating forum, exposure, inquiry, news feed and other functions to better protect investors asset safety.

May 13th, from WikiFX news. US overnight core CPI in April experienced the sharpest month-on-month decline in history, falling 0.8% after seasonal adjustment to a record low since November, 2008, while core CPI shrank 0.4% annually.To get more news about WikiFX, you can visit wikifx news official website.
　　Facing the recession caused by the pandemic, US Federal Reserve lowered benchmark interest rate to nearly zero on March 15th, while multiple Fed policymakers noted that the Fed will take all necessary measures to alleviate economic impact of the massive lockdown measures.
　　Fund managers and economists observe theres little chance the Fed will reduce rate to the negative range, as under negative rate, financial institutions must pay the central bank interest rate on excess reserves - the capital reserves held by the bank or financial institution in excess of what is required by regulators.
　　In that way, the central bank can push cash-holding institutions into increasing corporate and consumer loans.
　　The European Central Bank (ECB) introduced negative interest rates earlier in June, 2014, reducing the deposit interest rate to -0.1% to revive economy. The Bank of Japan (BOJ) implemented negative interest rates in January, 2016, mainly to prevent the yen ‘s unpopular appreciation from damaging the country’s export-dependent economy.

Illegal Broker Blamed Pandemic and the Bank for Withdrawal Failure


While multiple brokers have seen a boom in transaction volume during the epidemic, some have experienced withdrawal issues and blamed it on the banks that remained closed due to lockdown measures. Is that what's really happening？ Take a look at this case below.To get more news about WikiFX, you can visit wikifx news official website.
　　Event recap
　　In August 2019, the complainant Mr. Jung opened an account and deposited on the trading platform of Forman Forex, a broker that prides itself on a long history in the trade and claims to hold ASIC license. In the first few tradings, Mr. Jung generally made good returns, so he gradually dispelled doubts about the platform. For the rest of 2019, Mr. Jung's trading operations and withdrawals on the platform had no problems, and everything seemed to go well.
　　However, the sudden coronavirus outbreak dealt an unexpected hard blow on Mr. Jung's transactions. Under the influence of the epidemic, Mr. Jung's transaction frequency decreased significantly, while the withdrawal applications submitted at this time failed to be approved in time as before. In several occasions Mr. Jung had to cancel the withdrawal application after waiting for many days in vain.
　　But when he applied to withdrawal again on March 19th, the application was soon shown as completed on the MT5 trading software. However, after waiting for a long time, Mr. Jung still didn't receive the withdrawn funds.
　　Mr. Jung immediately contacted the platform but was told that the above delay was because the bank hadn't resumed usual business during the epidemic lockdown. But as time goes by, Mr. Jung's withdrawal still failed to arrive even after the bank processing transactions of Forman Forex already resumed business on a large scale, while his recently-submitted withdrawal application had not been approved and remained in progress.
　　The broker claims to hold a valid regulatory license granted by ASIC, but according to investigation, both of the broker's licenses are invalid. The investment consulting license limits the licensee's business scope to financial consultation services and doesn't qualify the broker for providing services involving forex and other financial derivatives products. Meanwhile, the MM license(regulatory number 403863) the broker claims to hold actually belongs to another broker Synergy, not Forman Forex. In addition, according to WikiFX's on-site investigation, Forman Forex's office is not located at the claimed address.
　　Up to now, WikiFX App has included profiles of about 18,000 global forex brokers. If you have any question about a broker's qualification, you may check the broker's profile on the WikiFX App. WikiFX has also released the new feature of “Wiki Fair”, a forum where investors can discuss forex trend and expose illegal brokers.

Kobe Bryant and his daughter, Gianna, were among nine who died in the crash
　　A post-mortem examination of the helicopter crash that killed basketball star Kobe Bryant has ruled blunt force trauma as the cause of death for all nine victims.To get more news about WikiFX, you can visit wikifx news official website.
　　The 180-page report also found that the pilot, 50-year-old Ara Zobayan, tested negative for drugs and alcohol.
　　The cause of the 26 January crash, which occurred in California amid heavy fog, is still being investigated.
　　Bryant's 13-year-old daughter, Gianna, was with him on board the helicopter.
　　The passengers - which included two of Gianna's basketball teammates, their relatives and a coach - were on their way to a tournament in Thousand Oaks where Bryant had been set to coach.
　　A giant who had his controversies
　　Gianna Bryant: The basketball talent killed alongside father
　　Petition calls for Bryant to be on NBA logo
　　Alyssa Altobelli, John Altobelli, Keri Altobelli, Payton Chester, Christina Mauser all died alongside the Bryant's and pilot Ara Zobayan when the helicopter crashed into a hill just north of Los Angeles.
　　“On Jan. 28, the cause of death for all nine victims was ruled as blunt trauma,” the examination said. “The manner of death was certified as an accident”.
　　The results of the post-mortem examination were posted on the website of the Los Angeles County Medical Examiner-Coroner office on Friday.
Media captionSite where basketball legend Kobe Bryant was killed in a helicopter crash
　　Bryant, a five-time NBA champion, played for the LA Lakers throughout his career and is considered one of the greatest players in the game's history.
　　He retired in April 2016 after a 20-year career with the team.
　　Lawyers for his widow, Vanessa Bryant, have filed a lawsuit against the company that operated the helicopter.
　　It alleges that Zobayan - who died in the crash - did not assess weather data before taking off.
　　Separately, earlier this year, the sheriff of Los Angeles County said eight deputies had admitted possessing graphic photos of the crash site.
　　Alex Villanueva said he was “devastated and heartbroken” by their conduct. He said he had instructed the deputies to delete the images.

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Ho, 97-years-old, has been married to four different women who have birthed 17 of his children. Fifteen are still alive, and some of them are jockeying for power of SJM Holdings, the casino group Ho founded in 1962.To get more news about stanley ho daughter, you can visit shine news official website.
Pansy has made a fortune in her own right – along with operating a Hong Kong shipping and ferry business, she was responsible for forming MGM China with the late billionaire Kirk Kerkorian.

The Straits Times says Pansy’s goal is to ensure stability in the wake of her father’s departure. She also wants to prevent Angela Leong, Ho’s fourth wife, from taking control. SJM is valued at $6 billion.
SJM Holdings lost its monopoly on commercial gambling in Macau soon after Portugal returned the enclave to the People’s Republic in 1999.

The only place in China where casinos are permitted, Macau today has six licensed operators. Along with SJM, Las Vegas Sands, MGM, Wynn, Melco, and Galaxy Entertainment operate gaming floors.

SJM and MGM Resorts will see their licenses expire in 2020. The four others are scheduled to terminate two years later.Melco Resorts was founded by Ho’s ninth child Lawrence. The 42-year-old originally founded the organization as Melco Crown Entertainment with fellow billionaire James Packer.

Lawrence severed his relationship with the Australian casino giant after Chinese authorities arrested numerous Crown Resorts employees on “gambling crimes.” Ho would later state that Crown was “deliberately spitting” on Chinese law.Ho’s career began in the importing and exporting business. He allegedly smuggled food and luxury goods into China from Macau to initially create his fortune. In 1962, he convinced the Macau government to grant him a license to operate casinos. He was Macau’s only permitted gambling operator for the next 40 years.

SJM has continued to see its market share shrink over the last 15 years. As multibillion-dollar integrated resorts spread across Macau and the Cotai Strip, Ho failed to follow suit. Only now is the company building in Cotai – more than a decade after Sands opened The Venetian.

Today, SJM Holdings controls about 15 percent of Macau’s gaming industry. Eight years ago, the company held a 31 percent stake.

Chinese stocks have seen the highest highs and the lowest lows in recent weeks. While the country suffered the first economic shocks of the novel coronavirus that originated in Wuhan, China’s aggressive containment strategy has allowed the country to reopen in recent weeks, sending stocks at least temporarily to multi-year highs.To get more news about luckin coffee share price, you can visit shine news official website.

Yet, those bold numbers aren’t always what they seem. Multiple scandals in recent weeks have raised serious questions about the state of Chinese accounting practices, and whether stock exchanges are doing enough to protect investors from fraud and scandal.

The most notable story the past few weeks has been the fall of Luckin Coffee, which announced that it may have overstated sales by hundreds of millions of dollars. The company has since fired its CEO and COO, and has declined in value on Nasdaq by nearly 91% from its mid-January peak. The company in a filing with the SEC said that it delayed releasing its financials due to COVID-19 (as well as, just maybe, the fraud investigation as well).

A quieter scandal has been a similar accounting irregularity at TAL Education Group, a China-based tutoring company traded on NYSE. And then overnight, Muddy Waters, the same research firm that first brought potential fraud at Luckin Coffee to light, released a new report on GSX Techedu indicating potential fraud, accusations which were denied by the education company. In its report, Muddy Waters claims that almost 70% of GSX’s students are “bots” and the company is wildly overstating its financials.

In new filings with the SEC, Nasdaq proposed amending its ruled to allow for tighter listing standards for companies based in a jurisdiction “that has secrecy laws, blocking statutes, national security laws, or other laws or regulations restricting access to information by regulators of U.S. listed companies.” While the rules would apply equally to all countries with information restrictions, context clearly points at China as being the biggest target. The new rules would require greater financial minimums and accountability standards to qualify for listing.

Shares of Luckin Coffee (NASDAQ:LK) declined on Thursday after a key rival warned of heavy losses in the coming quarters. As of 11:33 a.m. EDT today, Luckin’s stock was down more than 15%. To get more news about luckin coffee china, you can visit shine news official website.

It’s been a rough few months for Luckin and its long-term investors. After the Chinese coffeehouse chain disclosed on April 2 that it had fabricated as much as $310 million in sales from the second quarter of 2019 to the fourth quarter, its stock plummeted. In the weeks that followed, Luckin’s CEO and chief operating officer vacated their positions due to their alleged involvement in the scandal, and the company’s chairman will reportedly face criminal charges in China for his role in the fraud. Today, Luckin’s stock price is down roughly 85% from the level it traded at before news of the accounting scandal broke.

But shares are actually up approximately 170% from the lows they reached in May. Some investors are betting that the company will eventually recover from these incidents and that its business still holds value.
Unfortunately, recent announcements by Starbucks (NASDAQ:SBUX) throw that investment thesis into question. Starbucks said on Wednesday that it expects to suffer a sales decline of as much as $3.2 billion in its fiscal third quarter due to the impact of COVID-19. While much of those losses will occur in its core U.S. market, Starbucks projects its same-store sales in China to fall as much as 20% in fiscal 2020.

Although Starbucks said that it expects its comps to “substantially recover” by the end of the fourth quarter, Luckin is in a far weaker financial position and may not be as able to ride out the coronavirus storm. It was already unprofitable before the pandemic, and its financials will likely look a lot worse after we know the full extent of its accounting shenanigans. Starbucks’ warnings come at a terrible time for Luckin and could signal that more pain lies ahead for its investors.

Are you interested in buying Luckin Coffee (NASDAQ:LK) stock? If so, you might want to reconsider that investment. The controversial Chinese coffee shop has seen its share price fall by around 94% year to date because of massive accounting fraud that saw the company fake up to $310 million worth of sales transactions in 2019. The scandal has sent Luckin’s market cap from $12.7 billion in January to around $590 million in early June, and the stock now trades at around $2.50 per share, which is less than 1/10th its earlier valuation.

While that price might look cheap to some investors, it isn’t. Here are three reasons why Luckin Coffee stock could fall even further.