Wirecard's former chief executive, who steered the payments company through its rise and spectacular collapse two years ago, went on trial for fraud on Thursday after a scandal that shook German politics and tarnished the country's business reputation, Reuters reported. The 53-year-old former CEO Markus Braun, who has been in custody since his arrest in 2020, and two other managers of the former blue chip company face charges including fraud and market manipulation that could result in a jail term of up to 15 years for each of them if convicted.

Germany’s top court dismissed two cases challenging the country’s approval of the European Union’s €800 billion ($839 billion) pandemic recovery fund, Bloomberg News reported. The Federal Constitutional Court cleared the fund, dubbed “Next Generation EU,” on Tuesday. The massive stimulus plan marked the crux of the region’s economic response to the pandemic, consisting of grants and loans primarily for the worst-hit EU nations. The program doesn’t “blatantly transgress” the EU rules under which it was set up, Court Vice-President Doris Koenig said as she delivered the ruling.

Former Wirecard executives go on trial on Thursday, two years after the collapse of the payments company that produced Germany's biggest post-war fraud scandal and sent shockwaves through the country's political and financial establishment, Reuters reported. Austrian former chief executive Markus Braun and two other high-ranking managers of the defunct blue-chip company are facing a number of charges, including fraud and market manipulation, and could be jailed for up to 15 years if convicted. Braun denies wrongdoing and accuses others of running a shadow operation without his knowledge.

German retail sales fell more-than-expected in October, data showed on Thursday, as inflation had consumers holding back on non-essential purchases at the start of the fourth quarter, Reuters reported. Retail sales were down 2.8% on the month in October. Compared with October 2021, retail sales were down 5.0%. Germany's HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year-on-year on a price-adjusted basis.

German energy company Uniper said Wednesday it’s suing Gazprom for damages over natural gas that hasn’t been delivered since June, when the Russian supplier started reducing amounts to Germany, the Associated Press reported. Gas importer Uniper said that it has initiated proceedings against Gazprom Export at an international arbitration tribunal in Stockholm. It said the cost to replace gas that Russia failed to supply so far totals at least 11.6 billion euros ($12 billion) and that cost will continue to increase until the end of 2024.

Germany followed Spain and Belgium in reporting slower inflation, offering ammunition to those who want the European Central Bank to ease the pace of interest-rate increases, Bloomberg News reported. Consumer prices in Europe’s largest economy rose 11.3% from a year earlier in November, down from October’s 11.6% jump, the statistics office said Tuesday, citing factors including energy costs for the deceleration. Analysts surveyed by Bloomberg had expected an advance of 11.3%.

Adler Group SA shares jumped as much as 64% after the landlord agreed an expensive deal with creditors to extend debt maturities and postpone publication of audited accounts, Bloomberg News reported. Despite Monday’s record gain, the company’s shares have still lost almost three quarters of their value this year after a damning short report published by Viceroy Research in October 2021 accused the company of being run for the benefit of tycoon Cevdet Caner.

German car supplier Ruester GmbH said that it has filed for restructuring in self-administration, a special form of insolvency proceedings that give the owners bigger say, citing liquidity problems partly caused by higher energy costs, Reuters reported. As part of the proceedings, Ruester, which makes annual sales of around 120 million euros ($125 million) and made two acquisitions in 2022, will look for a buyer as a way to keep the company afloat, it said.

Korean consumers were misled by some of the nation’s biggest financial firms and should get back the money they lost when a German property fund collapsed, South Korea’s financial watchdog recommended Tuesday, Bloomberg News reported. The six firms -- Shinhan Securities Co., NH Investment & Securities Co., Hana Bank, Woori Bank, Hyundai Motor Securities Co. and SK Securities Co. -- should repay the 430 billion won ($317 million) clients lost, a panel at Financial Supervisory Service said.

Germany's foreign ministry plans to tighten the rules for companies deeply exposed to China, making them disclose more information and possibly conduct stress tests for geopolitical risks, a confidential draft document seen by Reuters said. The proposed measures are part of a new business strategy towards China being drawn up by Chancellor Olaf Scholz's government as it seeks to reduce its dependency on Asia's economic superpower.