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Police raid Wirecard headquarters as administrator kicks off asset sales

FRANKFURT (Reuters) – Police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in German and Austria on Wednesday as they widened their fraud investigation into the payments company that collapsed last week. Prosecutors are now investigating board members Alexander von Knoop and Susanne Steidl, in addition to Wirecard’s former Chief Executive Markus Braun and director Jan Marsalek, […]

European shares start new quarter with subdued gains

(Reuters) – European shares inched higher at the start of a new quarter on Wednesday, as improving euro zone data added to hopes of a quicker economic rebound, but surging U.S. coronavirus cases held optimism in check. The pan-European STOXX 600 index rose 0.3% after closing out its best quarterly gains since March 2015 in the previous session. Trading in […]

Ryanair to cut 3,500 jobs if pay cuts not agreed: CEO

DUBLIN (Reuters) – Ryanair (RYA.I) is planning around 3,500 job losses if it cannot agree pay cuts with its staff, the airline’s boss Michael O’Leary said on Wednesday. Europe’s biggest budget airline had previously said that it had cut more than 250 staff from its office around Europe and was looking at up 3,000 cuts among pilot and cabin crew. […]

European shares start new quarter with subdued gains

Asian markets set for shaky start amid mixed cues

NEW YORK (Reuters) – Asian stocks were set for a bumpy start to the second half of the year on Wednesday as optimism about a global economic recovery from the pandemic jousted with signs in the United States the health crisis may not yet be past its peak. Stocks futures were mixed in early Asian trade with e-mini for the […]

S&P 500 ends best quarter since 1998 on a high note

NEW YORK (Reuters) – The S&P 500 rallied on Tuesday to finish higher and secure its biggest quarterly percentage gain in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon. Coming off a drop of 20% in the first quarter, the biggest quarterly decline since the […]

Coronavirus: Upper Crust owner SSP to announce 5,000 UK job cuts

The grim toll of coronavirus-related job losses will rise again on Wednesday when the company behind the Upper Crust catering brand discloses plans to make more than half of its UK workforce redundant. Sky News has learnt that SSP Group, which has seen its revenues decimated by the impact of the pandemic on international travel, will unveil plans to axe […]

Mexico loses 12 million jobs, workers in informal sector grow

MEXICO CITY (Reuters) – Twelve million Mexicans have lost their jobs since March as part of the economic fallout from the coronavirus, and the number of people working in the informal sector shot up significantly, official data showed on Tuesday. The economic participation rate was 47.4% in May, national statistics agency INEGI said. The rate, which measures the percentage of […]

U.S. consumer confidence perks up; rising COVID-19 cases cast shadow over recovery

WASHINGTON (Reuters) – U.S. consumer confidence rebounded in June as businesses reopened, strengthening views that the economic downturn was likely over, though rising COVID-19 infections threaten to derail the budding recovery. The survey from the Conference Board on Tuesday followed a sharp surge in hiring and consumer spending in May. The housing market and manufacturing have also improved. Federal Reserve […]

Nasdaq's $1.2 trillion biotech index draws Europe's COVID drug hunters

MADRID/LONDON (Reuters) – Spain’s Pharma Mar (PHMR.MC) is looking at listing on New York’s Nasdaq market, joining a flurry of biotech companies aiming to tap investors’ voracious appetite for the sector as it tests one of its therapies to treat COVID-19. The move comes several weeks after the company started mid-stage human trials of cancer drug Aplidin in COVID-19 patients. […]

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