Bloomberg Wirecard AG filed for insolvency proceedings after a massive accounting scandal brought the payments company to its knees. Wirecard management cited over-indebtedness as the reason behind decision to seek court protection in Munich. The company also said it’s considering whether the insolvency proceedings should also be applied to its subsidiaries. The company’s rapid fall from grace comes after it ...

Bloomberg Royal Mail Plc said it will cut around 2,000 management posts, or about 20% of the total, in a bid to streamline the business after the coronavirus outbreak accelerated a decline in letter volumes. Britain’s 500-year-old postal service plans to reduce costs by 500 million pounds ($620 million) over the next two years by paring labour expenses and reining ...

Bloomberg French President Emmanuel Macron is planning a new virus furlough program that could see the state covering a large share of lost incomes for as long as two years to protect jobs. Macron outlined new measure in a meeting with labour unions and business groups. Starting July 1, it aims for a compromise between blanket support and more targeted ...