AstraZeneca/Oxford vaccine cleared
Study found no link with blood clotting: The European Medicines Agency said the AstraZeneca/Oxford University covid-19 vaccine was safe and effective following a review of blood clot concerns. The benefits outweigh any potential risk, the EMA said. Thirteen countries, including Luxembourg, had suspended use of the jab pending the review. Sources: Delano, DW, NPR and Politico. Restarting use: Several European governments, including Luxembourg’s, said they would begin giving the AstraZeneca/Oxford jab again. Sources: BBC, CNBC, Financial Times and The Guardian.
Paris introduces new restrictions
The French prime minister said 16 départements would re-enter a partial lockdown starting this weekend and lasting 4 weeks. The areas impacted are mostly in the Paris region and in northern France (but none are the départements neighbouring Luxembourg). Schools will remain open and non-essential shops will be closed. Sources: Bloomberg, CNBC, France 24 and Reuters.
Latest Luxembourg covid-19 update
Out of 9,795 PCR tests conducted on 17 March, 266 Luxembourg residents were positive. That is a rate of 42.48 per 100,000 inhabitants (compared to 42.32 on 10 March). The reproduction rate was 1.13, above the target threshold of 1.00 (compared to 0.94). 120 covid-19 patients were in hospital (compared to 124), including 23 in intensive care (compared to 30). One person died due to the coronavirus, bringing the national total to 705. A cumulative 67,154 vaccine doses have been administered, including 16,934 people who have received 2 doses. Sources: Delano, health ministry and Paperjam.
No social security holiday for bars and restaurants
Luxembourg’s government said it would not exempt businesses in the hospitality sector and other industries hard hit by the pandemic from paying social security contributions. Sources: Delano and Paperjam.
Château de Birtrange sold
The Luxembourg Red Cross sold Birtrange Castle, bequeathed to the NGO in 2018, to private investors for at least €5.2m. Sources: Delano and Paperjam.
Luxembourg now behind Zurich and Frankfurt
Luxembourg placed lower (but still in the top 20) in the annual ranking of global financial centres published by the consultancy Z/Yen. Source: Delano.
London expects EU financial services deal this month
A senior British official said the UK and EU could conclude a post-Brexit agreement on the financial sector before the end of March. Sources: CityAM and Reuters.
Junior Goldman Sachs staff say they are “victims of workplace abuse”
A group of 13 first year Goldman Sachs investment banking analysts said they work an average of 95 hours per week, slept 5 hours a night and constantly faced “unrealistic deadlines”. Sources: CityAM, CNBC, Financial Times and The Guardian.
Blackrock to press human rights
The world’s largest asset manager, Blackrock, said it would pressure companies on human rights standards, in addition to environmental measures. Sources: Bloomberg and Washington Post.
Credit Suisse shaking up funds business
Credit Suisse is revamping its asset management business, including appointing Ulrich Körner as new CEO and suspending bonuses, after the collapse of the supply chain finance outfit Greensill. Four Credit Suisse funds, three domiciled in Luxembourg, had sunk $10bn into Greensill. Sources: Bloomberg, CityAM, CNBC and Financial Times.
China chip plant plans
SMIC, China’s largest semiconductor manufacturer, secured government funding to build a $2.35bn foundry, as the country aims to break its dependency on the US for several types of chips. Sources: Bloomberg, Caixing, CNBC and South China Morning Post.
Tense US-China talks in Alaska
Top Chinese and US officials have reportedly exchanged barbs during the first high level meeting between Beijing and Washington since Joe Biden took office. Sources: CNBC, DW, Financial Times and Straits Times.
Putin replies
The Russian president, Vladimir Putin, has responded to a comment by his US counterpart, Joe Biden, who said this week that Putin was a killer. Putin stated: “It takes one to know one.” Sources: BBC, Bloomberg, NPR and Reuters.
US says firms should stop working on Nord Stream project
Washington warned companies not to work on the Nord Stream 2 gas pipeline linking Germany and Russia, saying sanctions could be imposed. Sources: AFP, CNBC, DW and The Guardian.
Google outlines massive US investments
Google said it would spend $7bn building offices and data centres in the US this year, adding 10,000 jobs to its current 84,000 US workforce. Sources: Bloomberg, Financial Times, Yahoo Finance and 9to5Google.
Insta for U13s
Facebook is apparently working on a version of Instagram for children under the age of 13. Sources: Bloomberg, Buzzfeed News, Marketwatch and The Verge.
Youtube plans Tiktok rival
Google’s Youtube unit started Youtube Shorts in the US, to compete with the hit short-video app Tiktok. Sources: Cnet, Reuters, Techcrunch and The Verge.
Pandemic impacts Nike earnings
Nike reported lower than expected third quarter earnings, citing logistics problems in North America and store closures in Europe. Sources: Bloomberg, CNBC, Marketwatch and Reuters.
Lamborghini posts record profits
Despite the pandemic, 2020 was the most profitable year in sports car maker Lamborghini’s history. Sources: BBC, Bloomberg and CNBC.
Fidesz formally leaves EPP
Hungary’s ruling Fidesz party officially quit the European People’s Party, the EU umbrella for major centre-right parties including Germany’s CDU and Luxembourg’s CSV. Sources: AP, DW, Financial Times and Reuters.
Agenda
Saturday 20 March, 9am-6pm: University of Luxembourg’s online open house for prospective bachelor’s and master’s students. Tuesday 23 March, 8:15am: Delano breakfast talk on “ESG, which will have the biggest impact?” Tuesday 23 March, 9am-12:15pm: University of Luxembourg and EY’s “Sustainable Finance: Sounding good or doing good?” conference. Tuesday 23 March, 10am-5pm: LPEA’s 1st private equity and venture capital online job fair. Tuesday 23 March, 10:30am: Luxembourg for Finance’s “Focus on capital markets union” webcast. Tuesday 23 March, 7:30pm: British Ladies Club’s online bingo night. Wednesday 24 March, 6pm: British Chamber of Commerce’s “Post-Brexit, Continuing Pandemic” legal webinar. Wednesday 24 March, 7:30pm: The Network hosts a workshop on diversity and inclusion using the “Lego Serious Fun” method. Thursday 25 March, 10am: Chinalux webinar on the Belt and Road Initiative “in 2021 and beyond”. Thursday 25 March, 6:30pm: Paperjam Club 10x6 conference on finance in post-Brexit Luxembourg.
Here are 5 science & technology stories you may have missed
Animals: A small study found that “the paws of assistance dogs are cleaner than the shoe soles of their users,” per The Conversation. Astronomy: Researchers have detected a radio signal from 13bn light years away--from a quasar, not an alien--which is “the most distant source of strong radio emission known so far,” per Vice. Biology: The main difference between lager and ale beers are the yeasts used in brewing, and a forerunner of lager’s yeast strands apparently came from Latin America, per Popular Science (from January 2013). IT trends: Mark Zuckerberg, CEO of Facebook (which makes virtual reality kit), said that augmented reality would start to replace some business travel and commuting as employees will ‘teleport’ into meetings, per CNBC. Telecommunications: An EU report said the jamming of airliner GPS signals “not only causes navigational havoc but delays commercial airline flights too,” per The Register.
Today’s breakfast briefing was written by Aaron Grunwald