Day: May 12, 2020

Allianz first-quarter net profit drops 29% as coronavirus outbreak dampens business

FRANKFURT (Reuters) – German insurer Allianz <ALVG.DE> on Tuesday posted a 29% fall in net profit in the first quarter from a year earlier as the coronavirus outbreak slows business.

The insurer had last month flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic.

Allianz is among a host of European insurers warning about their prospects as they face claims for business disruptions, canceled events and a lack of demand for car and travel insurance.

Net profit attributable to shareholders of 1.4 billion euros ($1.51

Report card of PSU bank credit in lockdown: Emergency credit soars; MSME, other cos get this much money

Finance Ministry highlighted that between March 20 and May 8, the PSU banks contacted 97% of borrowers who were eligible for emergency credit lines and working capital enhancements.

The Finance Ministry has informed that the PSU banks have sanctioned loans worth nearly Rs 6 lakh crore for over 46 lakh accounts for the MSME, retail, agriculture & corporate sectors between the beginning of March and May 8, 2020. FinMin added that a total financing worth Rs 1.18 lakh crore was also provided to NBFCs. In a tweet, Finance Minister Nirmala Sitharaman-led ministry also highlighted that between March 20 and May

Retailers’ online game plan in age of e-commerce; what happens to stores that don’t make money

Although discounts or end-of-season sales may not be on the cards for sometime, promotional offers and special pricing may be in the offing for consumers.

Retailers are looking to double down on e-commerce to drive sales since consumers are more likely to click their way to shopping from within the safe confines of their houses. Although discounts or end-of-season sales may not be on the cards for sometime, promotional offers and special pricing may be in the offing for consumers. Plans are also afoot to shut non-profitable stores and carry forward inventory as loss of over a month of business