Day: June 22, 2020

Wirecard Fights for Survival as Missing Billions May Not Exist

(Bloomberg) — Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably doesn’t exist, deepening an accounting scandal that has rattled Germany’s financial industry.

The payments processor said it’s in discussions with creditors and considering a full-scale restructuring after pulling its financial results for fiscal 2019 and the first quarter of 2020. Previous descriptions of its business with third parties, which process transactions on Wirecard’s behalf, were “not correct.”

Even before the early Monday statement, the unfolding scandal had seen Wirecard’s shares and bonds collapse, its chief executive

Maharashtra puts Chinese deals on hold, Yogi Adityanath’s UP takes tough stand on imports from China

The union of the MSME sector in Noida, comprising 20,000 MSME sector units, has decided to boycott Chinese products and equipment in the manufacturing process.

China is set to pay a heavy economic price after a violent clash with India at Galwan Valley, with chief minister Uddhav Thackeray-led Maharashtra already pausing three Chinese projects worth Rs 5,000 crore. Along with the Maharashtra government, Yogi Adityanath’s Uttar Pradesh, and Manohar Lal Khattar’s Haryana have also adopted a tough stance on imports from China, and have stepped up to boycott Chinese companies and products.

Maharashtra puts three Chinese projects on hold

Britannia’s ‘Many Indias’ strategy to win against local rivals in Hindi heartland

The maker of Britannia Good Day cookies has deployed a strategy to win ‘Many Indias’.

FMCG major Britannia is trying to push its biscuits category with an eye on the local markets and has come up with a strategy to woo consumers from Hindi Heartland. The maker of Britannia Good Day cookies has deployed a strategy to win ‘Many Indias’, a report said on Monday. “Large brands like Good Day, Milk Bikis and Marie Gold have employed localized strategies to meet the unique needs of different markets and fight local players. A focused and localized strategy has been adopted for