BERLIN: Wirecard, the German scandal-hit payments company, said on Saturday (Jun 27) it would proceed with business activities after filing for insolvency and expects a provisional administrator to be appointed by judicial authorities shortly. “The management board is of the opinion that continuation is in the best interests of the […]
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CHICAGO: American Airlines expects to have between 10 per cent and 20 per cent more workers than needed in July 2021, Chief Executive Doug Parker told employees at a town hall this week, and said that avoiding furloughs will be difficult. Weathering a sharp hit to business due to the […]
SAN FRANCISCO: Coca-Cola, a major force in global advertising, announced Friday (Jun 26) it would suspend ads on social media for at least 30 days, as platforms face a reckoning over how they deal with racist content. “There is no place for racism in the world and there is no […]
WASHINGTON, DC: US Secretary of State Mike Pompeo said on Friday the United States was imposing visa restrictions on Chinese Communist Party officials believed responsible for restricting freedoms in Hong Kong. “Today, I am announcing visa restrictions on current and former CCP officials who are believed to be responsible for, […]
SINGAPORE: Cybercrime cases jumped by more than 50 per cent last year, accounting for more than a quarter of all crimes in committed in the country, said the Cyber Security Agency of Singapore (CSA) in its annual report published on Friday (Jun 26). There were 9,430 cybercrime cases reported last […]
BENGALURU: The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls, with the ongoing recession expected to be deeper than predicted only last month. World stocks fell to their lowest […]
BERLIN: The dramatic collapse of payments provider Wirecard is an “unparallelled scandal”, Germany’s finance minister said Thursday (Jun 25), after the group filed for insolvency as it admitted that 1.9 billion euros (US$2.1 billion) missing from its accounts likely did not exist. Finance Minister Olaf Scholz said the debacle “must […]
FRANKFURT AM MAIN: Lufthansa shareholders on Thursday (Jun 25) overwhelmingly backed a nine billion euro (US$10 billion) bailout by the German government, saving Europe’s largest airline group from bankruptcy after the coronavirus crushed travel demand. Over 98 per cent of shareholders accounting for 39 per cent of Lufthansa stock voted […]
Days after a border clash with China this month in which 20 Indian soldiers were killed, New Delhi told firms to find ways to cut imports from China. But two big industries, automobiles and pharmaceuticals, say this is easier said than done. NEW DELHI: Days after a border clash with […]
SYDNEY: Australia’s Qantas is axing at least 20 per cent of its workforce and grounding 100 planes for at least a year in a US$10 billion cost-cutting blitz in response to the COVID crisis, the airline announced Thursday (Jun 25). CEO Alan Joyce said the three-year plan to save Australia’s […]