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Wirecard scandal: Missing billions likely don’t exist
German payment service provider Wirecard said Monday it has concluded that 1.9 billion euros ($2.1 billion) that were supposed to be held in two accounts probably don’t exist, deepening troubles that last week prompted the resignation of its chief executive. Wirecard AG was once regarded as a star of the growing financial technology sector, but its shares have fallen sharply after the company became the subject of multiple Financial Times reports about accounting irregularities in its Asian operations. Wirecard disputed the reports, which started in February 2019, and said it was the victim of speculators.
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Nokia to cut a third of jobs at French arm Alcatel-Lucent
Finland’s Nokia Oyj plans to cut 1,233 jobs at its French subsidiary Alcatel-Lucent International, equivalent to a third of the unit’s workforce, the group said on Monday, confirming an earlier Reuters report. The announcement has political resonance in France as Nokia bought the unit five years ago on condition it would keep jobs. Nokia, which competes with Ericsson and Huawei on lucrative 5G networks, said in a statement the staff reduction was needed because of significant cost pressures.
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