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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Corona Capital: Lufthansa, Axa, Hong Kong cashConcise views on the pandemic’s corporate and financial fallout: Berlin has finally taken its fair pound of flesh from Lufthansa; Axa’s French restaurant payout is unappetising news for insurers; the virus prods Hongkongers into the age of the digital wallet, to HSBC’s benefit.
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'Corona town': Cuban graffiti depicts anguish, urges courageA skeleton reaches up from the ground to clutch at a fantastical winged creature. A hunched figure wearing a face mask drags behind it an entangled mass of stricken faces and lanky limbs. A butterfly flutters out of the mouth of a body laid to rest.
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Corona Capital: Lufthansa, Axa, Hong Kong cashConcise views on the pandemic’s corporate and financial fallout: Berlin has finally taken its fair pound of flesh from Lufthansa; Axa’s French restaurant payout is unappetising news for insurers; the virus prods Hongkongers into the age of the digital wallet, to HSBC’s benefit.
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Taiwan's Tsai pledges support for people of Hong Kong after China proposes national security lawTaiwanese President Tsai Ing-wen said Sunday evening that the self-ruled democratic island 'stands with the people of Hong Kong' as she pledged 'necessary assistance' to Hong Kongers who need help.
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Hong Kong's leader says security laws will not affect city's rights and freedomsHong Kong leader Carrie Lam on Tuesday added to a raft of attempts by local and Beijing officials to provide reassurance that proposed national security laws would not trample on the city's rights and freedoms, amid widespread concerns.
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Hong Kong demand for VPNs surges on heels of China's plan for national security lawsDemand for virtual private networks in Hong Kong surged more than six-fold last Thursday as Beijing proposed tough new national security laws for the financial hub, reflecting concerns over internet privacy, according to a VPN provider.
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