getquin Daily Summary 12.08.2022
Hello getquin,
the responsible auditor Ebner Stolz is suspected of having failed to fulfill his duties in the Ader Real Estate case. In addition, the head of government Yoon pardons the former employee Jay Y. Lee and Apple has the highest weighting in the S&P 500.
Europe🌍:
1st supervisory authority investigates auditor Ebner Stolz
According to the Handelsblatt newspaper, the responsible auditor oversight body (Apas for short) claims to have found verifiable evidence that Ebner Stolz, the auditor of the ailing real estate group Adler Real Estate, may have breached its duties when carrying out its work for the real estate company.
As a result, Apas has initiated professional supervisory proceedings against a number of auditors. The complaints relate to possible breaches of the statutory requirements for auditors' duties.
The auditor's most important duties include due care and a critical attitude towards the client, which includes a critical examination of the client's facts and the observation of "circumstances that could indicate fraud". Previous Apas proceedings against individuals have often been based on allegations of a breach of these duties.
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Asia🌏:
2nd South Korean head of government Yoon pardons Samsung's Jay Y. Lee
South Korean President Yoon Suk-yeol on Friday pardoned the vice chairman of Samsung Electronics, Jay Y. Lee, on Friday. The Ministry of Justice explained that the business leader was needed to overcome the "national economic crisis".
The pardon is largely symbolic, as Lee was already released on parole after serving 18 months for bribery in a scandal that led to massive protests and brought down then-President Park Geun-hye in 2017.
Read more here: https://reut.rs/3vZmyqx
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Special:🎤
3. Apple with the highest weighting in the S&P 500
On Tuesday, the world's largest company by market capitalization accounted for 7.3% of the S&P 500 Index at 2.7 trillion dollars. According to S&P Dow Jones Indices, this is the highest weighting of a stock in the index dating back to 1980.
Apple's weighting now exceeds that of all other top companies in the S&P 500 over the past four decades. The list includes IBM, Exxon Mobil XOM, General Electric and AT&T, each of which has benefited from a different phase of US economic history.
Interested in the topic: https://bit.ly/3SPTADs
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Time: 17:00 CEST
Fun Fact:
Did you know that the name "Macintosh" was inspired by an apple named "Mcintosh"?
