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A defiant Viktor Orbán at the European Parliament in Strasbourg on Tuesday. Photo credit: European Union 2018 - Source : EP/ Daina Le Lardic 

JP Morgan plans Luxembourg move

The Financial Times reported on Tuesday that US bank JP Morgan has announced a restructuring that will see assets and client accounts transferred to JPMorgan Bank Luxembourg SA. The bank is to dissolve its JPMorgan International Bank Limited, which is based in London. The FT says the changes, which had been long planned, should be completed early next year.

Orbán challenges EP

Hungarian prime minister Viktor Orbán launched an attack on the European Parliament on Tuesday afternoon as it debated the country’s democracy and rule of law. The Hungarian leader sat through a barrage of criticism from MEPs including the reliably vociferous Guy Verhofstadt. Equally predictable was Nigel Farage’s praise of Orbán’s stance “in the face of such extreme bullying”. Reuters cites Orbán as replying that Hungary would not submit to blackmail and would continue to protect its borders. “If needed we will stand up to you,” he said.

Fossil fuel industry assets at risk

Thinktank Carbon Tracker has predicted that global demand for fossil fuels will peak in 2023, according to a report in The Guardian. Growth in demand for alternative energies could see the value of the fossil fuel industry’s $25tn worth of assets fall dramatically. The thinktank’s forecast of “systematic risk” for the markets echoes Bank of England governor Mark Carney’s assessment of markets facing a “huge hit” from the transition.

Confusion over Trump Ireland visit

The Irish government and the White House seem to be at odds over a planned visit to the country by president Donald Trump. On Tuesday the Irish government said the November trip, en route to France to mark 100 years since the end of WWI, had been cancelled. But in The Guardian, Trump’s press secretary Sarah Sanders said that the administration was “ still finalising whether Ireland will be a stop on that trip.”

Red Lions top Nations League group

Following Saturday’s 4-0 win over Moldova, Luxembourg's national football team continued its good form in the Nations League with a 3-0 win at San Marino on Tuesday. That puts the Red Lions on top of their Nations League group. Goals from New York City FC’s Maxime Chanot, top striker Aurélien Joachim and Dudelange’s rising star Danel Sinani sealed the victory. The win was described as “pretty frickin’ lit” by the New York Coty FC fansite Hudson River Blue, which has a video of Chanot’s goal.

Hamilius car park opens 27 September

Good news for drivers heading into the city centre with the announcement that the new car park at Royal Hamilius will open on 27 September. It will have capacity for 628 cars.

No deal could mean “paws” for pet passports

And finally, The Sun reports on the fact that British animals could have to wait for months to replace EU Pet Passports if the UK leaves with no deal. Calling it a “hard Rex-it”, the British tabloid says the warning comes in the latest no deal contingency plans and that “cats and dogs could be stranded on the continent unless Britain can negotiate a deal with the EU.”

Today's breakfast briefing was written by Duncan Roberts