Microsoft to permanently shut stores - Wild week for the DAX - Hope for live music lovers
The German payment company Wirecard has said it will open insolvency proceedings after disclosing more than $2 billion dollars missing in its accounts. Trade on shares in the company was suspended.
Germany's BaFin regulator had just one employee overseeing Wirecard, claims the Frankfurter Allgemeine newspaper. The online payments provider says its business "will be continued," despite its insolvency filing.
Wirecard was meant to have $2.1 billion in two Philippine banks, but the country's central bank said the bank documents were fake. The German financial startup has now admitted the money probably never existed.
For the first time in over 30 years, Lufthansa will no longer be listed in the top division of Germany's stock exchange. Although the COVID-19 crisis hit hard, the airline already faced problems before the pandemic.
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