Global Business Daily: Ex-Wirecard CEO arrested, Apple drops Intel, UK-Japan trade deal pressure
"The management board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros do not exist," read a statement from the company on Monday.
Today, Wirecard's former CEO Markus Braun was arrested in Germany over the missing billions, accused of inflating the company's balance sheet to make it look healthier and more attractive to investors.
The fintech company is investigating "whether, in which manner and to what extent such business has actually been conducted for the benefit of the company."
Also in trouble are Nissan and Renault, which have been sued for allegedly selling millions of vehicles in Britain with illegal emissions "defeat devices."
The UK government is also under pressure, with Japan pushing the country to agree on a post-Brexit trade deal in six weeks.
In other news, Apple has announced the decision to ditch its 15-year partner Intel and design and produce its own processors.
Scroll down the page to read our interview with Paul Charles, CEO of travel consultancy PC Agency, about how to encourage tourists to travel on planes again.
And following the EU-China Summit, our graphic today looks at the impact of the pandemic on trade between the European Union and its five main trade partners, including China.
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Wirecard's former CEO Markus Braun has been arrested in Germany, accused of inflating the company's balance sheet and revenues. Braun had resigned on Friday last week after the firm's 2019 figures showed 1.9 billion euros ($2.1 billion) was missing. On Monday, the fintech company warned that the missing money probably never existed.
Apple has announced it won't be using Intel chips in his Mac computers anymore, ending a 15-year partnership between the two companies. The tech giant plans to design its own processors to have complete control over its products.
European car sales are expected to drop by 25 percent in 2020, according to a forecast by the European Automobile Manufacturers' Association (ACEA). It would be the lowest number of new cars sold in Europe since 2013, when the continent was still recovering from the Global Financial Crisis.
The UK car industry could lose one in six jobs once furlough ends if the government doesn't intervene with supportive measures, warns the Society of Motor Manufacturers and Traders (SMMT).
Billionaire investor Bill Ackman's "blank check" company, Pershing Square Tontine Holdings, has filed for an IPO, with a target fundraising of $3 billion, with shares priced at $20 each.
Japan is putting pressure on the UK to seal a post-Brexit trade deal in only six weeks. The timeline is so short that Tokyo's chief negotiator Hiroshi Matsuura said "both sides will need to limit their ambitions."
A lawsuit against Nissan and Renault claims the two companies have sold up to 1.4 million vehicles in Britain equipped with illegal emissions "defeat devices." According to law firm Harcus Parker, which made the claim, the cars produce emissions of nitrogen oxide 15 times higher than legally allowed. Both Nissan and Renault deny the claims.
Patagonia, the California-based outdoor clothing and gear company, has announced it will join The North Face and REI in boycotting Facebook and Instagram for the month of July, saying the apps have failed to stop hateful and racist content on their platforms.
Colgate is reviewing its toothpaste brand Darlie, popular in China, for representing a racial stereotype in its name, which translates as "Black Person Toothpaste" and used to feature racist imagery in its logo until 1989. Colgate-Palmolive is the latest company to be reviewing brands amid the race debate sparked by the killing of George Floyd in the U.S..
In a letter delivered to Brazil's president Jair Bolsonaro, financial institutions are demanding the Brazilian government acts on deforestation of the Amazon, which creates uncertainty for the conditions of investment in the country in the future.
Hungary has signed a $2.1 billion loan agreement with China for modernizing the Budapest-to-Belgrade rail link. This will set in motion Europe's first major Belt & Road Initiative infrastructure project. Once completed, the new stretch of railway will connect Europe to the port at Piraeus in Greece, opening the European market not only to China but also the rest of the world.
As the summer season starts and traveling is resumed, countries are hoping to save their tourist industries hit by the pandemic. But how can airlines reassure travelers that flying is safe? Paul Charles, CEO of travel consultancy PC Agency, talked to CGTN Europe about the challenges companies face.
What's the biggest obstacle to getting passengers back in the air?
There needs to be reassurance from both airlines and airports ... around how safe it is, how the journey itself will be uneventful and how it's important to get people moving around again. Once you've got that reassurance in place, then it becomes much easier for people to go from A to B. So, it's removing the barriers, making it a seamless journey and also offering good fares and I think many of the airlines need to tempt people back by offering great value fares in the short term.
How can airlines sell a new travel experience?
So, for example, for business travelers using lounges, which they'll still want to do, is it possible, rather than have the traditional buffet, to have a butler-style service where the butler will bring you whatever you've chosen via an app in the business-class lounge? It's those sorts of things that airlines are currently looking at as a way of tempting passengers back and also cutting their own costs, of course, during a very difficult time financially.
What are the next steps to restart the travel industry?
So, there's an urgency at the moment for lots of organizations and governments to work very closely with the private sector to deliver those protocols so that I, as a passenger, know I can be safe, I can seamlessly travel. And also that I do not have to face things like quarantine, which in themselves are a way of killing travel. So governments need to remove quarantine and stick to tests and temperature testing and swab testing, which are less economically damaging but, equally, deliver the healthcare that's needed.
After the EU-China Summit on Monday, our graphic looks at how the EU imports and exports of goods with China and its other four main trading partners have been affected by the coronavirus pandemic.