From Breakingviews: Berlin takes its fair pound of flesh from Lufthansa, and Axa’s French restaurant payout is unappetising news for insurers. Catch up with the latest financial insights here:
Airplanes of German carrier Lufthansa are parked at the Berlin Schoenefeld airport, amid the spread of the coronavirus disease in Schoenefeld, Germany, May 26, 2020.DAS POUND OF FLESH. Germany’s $9.9 billion Deutsche Lufthansa rescue provides a blueprint for governments looking to strike a hard bargain in bailout negotiations. The airline’s shares jumped 5% on Tuesday after the government confirmed it would take a 20% stake at 2.56 euros per share, a 72% discount to the listed price.
BUSINESS INTERRUPTUS. Insurers do their best to cook up policies that limit heavy losses. Yet Axa has become one of the first industry heavyweights to lose a court case over payment of so-called business interruption insurance. The 37 billion euro insurer has to cover two months of lost revenue to a French restaurant. Chief Executive Thomas Buberl reckons the hit can be mitigated as fewer than 10% of Axa’s restaurant customers have similar contracts.
PAY GRADE. Notoriously analogue Hong Kong, where cash and paper-document stamping persist, is getting a digital lift amid the pandemic. HSBC’s PayMe just hit two million users, three years after the UK-based bank introduced its electronic wallet. It claims 70% of the market for settling purchases of everything from surgical masks to hand sanitiser, big drivers of late.
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