getquin Daily Summary 12.08.2022

Hello getquin,

the responsible auditor Ebner Stolz is under suspicion of not having fulfilled his duties during his activities 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 Supervision investigates auditor Ebner Stolz

According to the Handelsblatt, the responsible auditor oversight body (Apas for short) wants to have found verifiable indications that Ebner Stolz, the auditor of the ailing real estate group Adler Real Estate, may have breached its duties when performing its work for the real estate company.

Apas has subsequently initiated professional supervision proceedings against some of the auditors. The actions relate to possible breaches of the statutory requirements for auditors' duties.

Among the most important duties of an auditor are due care and a basic critical attitude toward the client, which includes a critical examination of the client's facts and attention to "circumstances that might indicate deception. Previous Apas cases against individuals have often been based on allegations of breaches of these duties.

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🟥 $ADL (🔽 -0,89%)

Asia🌏:

2nd South Korean Gov. Yoon pardons Samsung's Jay Y. Lee

South Korean President Yoon Suk-yeol on Friday pardoned Samsung Electronics Vice Chairman Jay Y. Lee, pardoned. The Justice Ministry said the business leader was needed to help 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 value accounted for 7.3% of the S&P 500 Index at $2.7 trillion. According to S&P Dow Jones Indices, this is the highest weighting of any 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. That list includes IBM, Exxon Mobil XOM, General Electric and AT&T, each of which has benefited from a different period in U.S. 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"?