EconomyEditor's PickNewsAllianz CEO says there are a lot of zombie companies but households are resilient

2 years ago494 min
imageStock Markets1 hour ago (Oct 06, 2020 05:30AM ET)

(C) Reuters. Baete of Allianz SE attends the company’s annual news conference in Munich

LONDON (Reuters) – Allianz (DE:ALVG) CEO Oliver Baete said on Tuesday that a lot of “zombie companies” were surviving due to government support but that many private households were more resilient than some thought.

“We are camouflaging for now the underlying effects, we have a lot of zombie companies now that are just surviving because they are getting government money, we have a lot of jobs around furlough or part time that will be lost, certainly in 2021,” Baete told The Wall Street Journal CEO Council.

Baete said, though, that many households were more resilient and stronger than many thought.

Allianz CEO says there are a lot of zombie companies but households are resilient

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *