Bloomberg The International Monetary Fund (IMF) downgraded its outlook for the coronavirus-ravaged world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. The fund said it now expects global gross domestic product to shrink 4.9% this year, more than the 3% predicted in April. For 2021, the fund sees growth of 5.4%, down ...

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 ...