Amazon founder and CEO Jeff Bezos testifies before the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law.

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German lawmakers on Wednesday questioned Finance Minister Olaf Scholz over his failure to detect and prevent the Wirecard [WDIG.DE] accounting scandal, one of the biggest in post-war history. Payment services company Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) supposedly held in trustee accounts by overseas partners probably did not exist. Prosecutors have arrested former Wirecard Chief Executive Markus Braun and two other former executives on suspicion of orchestrating a years-long criminal racket to inflate revenue and balances to hide losses dating back at least to 2015.

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(Bloomberg Opinion) — Kodak, the once-iconic photo company that’s been languishing for years, surprised the world this week by announcing a pivot into the pharmaceuticals business with a $765 million head start from the U.S. government. Somehow, that was enough to send the stock soaring more than 1,000% and add more than $1 billion to the company’s market value. Really? Let’s discuss. The Defense Production Act loan, announced Tuesday, is part of a Trump administration effort to bring the manufacture of drug ingredients back to U.S. shores to reduce dependence on other countries and ensure consistent supply. It's a reasonable if challenging policy goal. The loan and new business line for Eastman Kodak Co. isn't, however, anything close to a justification for its massive share-price gains — whatever day traders and Robinhood investors may say.Kodak is attempting to enter a low-margin commodity market with no particular advantage outside of the current administration's industrial policy. Unless the government money spigot keeps flowing, it's hard to imagine the company ever living up to its lofty valuation.Many of the world's pharmaceutical ingredients come from China or India. This has become a concern in recent years because of quality-control issues and the recent specter of pandemic-related shortages. However, shifting the supply chain back to the U.S. isn't the work of a few loans or a few years.Re-shoring sounds appealing, but it's challenging to successfully break into a commodity business from a standing start even with a boost from the government. And drug ingredients made in America by an inexperienced new entrant are likely to be more expensive than those available abroad in the absence of extreme and rare supply shocks. Many large generic drugmakers that also make and use drug ingredients have been facing significant pricing pressure and slashing costs for years; few are likely to consistently buy American from a new source unless the government forces them. What’s more, higher ingredient costs would potentially filter through to higher drug prices, which is not exactly a popular idea.Part of the enthusiasm may stem from the fact that Kodak reportedly aims to make drug ingredients used in the fight against Covid-19, including hydroxychloroquine, a medicine that President Donald Trump continues to tout as a possible treatment even though it has repeatedly failed to show a benefit in clinical trials. To turn that into an investment thesis for Kodak, you have to believe that the medicine will finally succeed in a well-controlled trial, or that off-label prescriptions will be common. You have to think that the company, which has been out of the drug business for decades, will be able to retrofit factories and significantly ramp up production before vaccines or more effective treatments emerge. You have to believe that the company can compete on cost giants that have been in this business for decades or that Congress will pass a mandate handing it a market.  It's unclear if anyone's buying Kodak because they truly believe in the long-term potential of this project, as opposed to just day trading. Either way, good luck. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Inovio Pharmaceuticals Inc (NASDAQ: INO) shares were volatile Wednesday after the company announced Orphan Drug Designation for one of its pipeline drugs.What Happened: The Plymouth, Pennsylvania-based company said the FDA granted ODD for INO-3107, a DNA medicine that's being evaluated in a Phase 1/2 trial for treatment of recurrent respiratory papillomatosis, or RRP.RRP is a rare disease caused by human papillomavirus types 6 and 11 infections that causes non-cancerous tumor growths leading to life-threatening airway obstructions, the company said.Why It's Important: The ODD from the FDA qualifies INO-3107 for various development incentives, including a tax credit on expenditures incurred in clinical studies; a waiver of the new drug application fee; a research grant awarded by the FDA; and most importantly, seven years of U.S. market exclusivity upon approval for the treatment of RRP, Inovio said."Receiving FDA's orphan drug designation for INO-3107 is an important milestone in the development of Inovio's DNA medicine for this rare disease and clearly underscores the importance of addressing the unmet medical need for this debilitating condition," Ami Shah Brown, Inovio's senior vice president fo regulatory affairs, said in a statement.Inovio is developing a DNA vaccine for SARS-CoV2, the virus that causes COVID-19. The vaccine program is embroiled in litigation with its CDMO partner, as well as a shareholder lawsuit accusing the company of stock pumping.The company is scheduled to report second-quarter results Monday, Aug. 10.INO Price Action: At last check, Inovio shares were sliding 4.23% to $19.91.Related Links: The Week Ahead In Biotech: Spotlight On GW Pharma, Ultragenyx FDA Decisions, Pfizer Earnings Inovio Analyst Downgrades COVID-19 Vaccine Developer, Says Risk Higher After Rally See more from Benzinga * Inovio Subcontractor Hits Back With Lawsuit Against Coronavirus Vaccine Developer * The Week Ahead In Biotech: Endo, Eagle Pharma FDA Decisions, ObsEva Late-Stage Readouts In Focus(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Kodak's stock skyrocketed by over 500% in intraday trading, taking Wall Street by surprise after mostly flatlining in recent years.

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The Republican proposal on coronavirus relief puts all the risk from catching COVID-19 on workers.

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The Federal Reserve on Wednesday maintained interest rates at near-zero, noting that economic activity and employment have “picked up somewhat in recent months” but cautioning that the virus needs to be contained. Yahoo Finance’s Brian Cheung joins Akiko Fujita to discuss.

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Tech CEOs push America-first narrative in antitrust hearing to sway lawmakers.

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Kosmos Energy Ltd.'s (NYSE:KOS): Kosmos Energy Ltd., a deepwater independent oil and gas exploration and production…

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