Biden vows to cut US CO2 emissions in half
The US president, Joe Biden, pledged to reduce America’s carbon emissions by 50%-52% of 2005 levels before 2030. That is double the commitment Washington made under the Paris climate agreement (which Donald Trump rescinded). Biden made the pledge during a virtual Earth Day summit attended by 40 world leaders, where he warned that “time is short”. Biden stated: “This is the decade that we must make decisions to avoid the worst consequences of the climate crisis.” Sources: CNBC, DW, The Guardian, Marketwatch and NPR.
Musk outlines $100m carbon prize
The billionaire founder of SpaceX and Tesla, Elon Musk, presented details on the competition (that he announced in January) offering $100m in prize money for technologies that remove carbon dioxide from Earth’s atmosphere or oceans. Sources: AAP and Reuters.
Ikea to spend more solar & wind
The Swedish company that owns most Ikea stores, Ingka Group, said it would invest €4bn more in renewable energy (on top of €2.5bn that is has spent over the past decade). Sources: The Guardian and Reuters.
Biden set to raise taxes
Joe Biden is expected to announce tax rate increases for the wealthiest Americans. The top income rate would rise from 37% to 39.6% and capital gains rates would go up from 20% to 39.6%. The funds would pay for childcare and education. Sources: Bloomberg, CNBC, Financial Times and New York Times.
Irish government to resist Biden’s multinational tax plan
Paschal Donohoe, Ireland’s finance minister, said Dublin will oppose a US proposal to set global minimum corporate taxation rate at 21% (higher than Ireland’s attractive 12.5% rate). Sources: Financial Times, The Guardian, Irish Times and Reuters.
Dyson moves tax residency back to UK
The billionaire vacuum cleaner entrepreneur James Dyson, known for his support of Brexit, has reportedly moved his official residence from Singapore to Britain (although a Dyson spokesperson would not comment). He had made the shift from the UK to Singapore two years ago. Sources: Bloomberg, CityAM, Financial Times and Straits Times.
Russia orders troops back to bases
Moscow said it will move its military forces away from Crimea and its border with Ukraine, which could deescalate recent tensions with Nato. Sources: BBC, Bloomberg, DW, Financial Times and Reuters.
Stranded sailor finally leaves ship
Mohammed Aisha, who had been forced to remain aboard the MV Aman, a cargo ship stuck off the Egyptian coast since 2017, returned home to Syria. Sources: BBC and Maritime Executive. Background: The Guardian.
ECB to maintain pandemic support
The European Central Bank said it would continue its emergency bond buying programme, and could even pick up the pace in the coming months. Sources: Bloomberg, CNBC, DW and Financial Times.
EU preparing Astrazeneca case
The European Commission is reportedly planning to take legal action against Astrazeneca over covid-19 vaccine delivery delays. The commission has not official commented and the drugmaker said it “continues to hold regular discussions on supply with the commission and member states.” Sources: CityAM, CNBC, DW and The Guardian.
Pandemic percolates Nestle revenue
Home coffee consumption pushed Nestle’s first quarter sales growth up to 7.7%, compared with 4.3% during the first three months of 2020. Sources: Financial Times, The Guardian and Seeking Alpha.
Archegos drags down Credit Suisse results
Credit Suisse lost 757m Swiss franc (€686m) in the first quarter due to the collapse of the American hedge fund Archegos, which forced the bank to take a SFr4.4bn charge. It also had to write off $30m because of the collapse of Greensill, a failed supply chain finance outfit, and expects to take further charges this year. Credit Suisse posted a SFr1.2bn profit during the same period last year. Sources: Bloomberg, CNBC, Financial Times and The Guardian.
IPM hedge fund to fold
Stockholm-based IPM, one of the oldest computer-driven hedge funds, will shutter its doors and return cash to investors after its portfolio lost half its value during the pandemic. Sources: Bloomberg and Financial Times. More: Bloomberg.
Accounting rule change puts break on ‘blank cheque’ deals
The US Securities and Exchange Commission issued new accounting guidance that means, in the words of Anthony DeCandido, partner at RSM LLP, a tax and consulting firm, “Spac transactions have essentially come to a halt.” A Spac, sometimes called a blank cheque company, had been a simpler way for companies to go public than the traditional IPO. Sources: Accounting Today, CFO Dive, CNBC and Motley Fool.
Luxembourg property fund (and possibly Swedish heirs) in Berlin gentrification case
Berlin residents have protested against the eviction of a landmark bookshop, Kisch & Co, by a Luxembourg-based investment fund, which is allegedly owned by a wealthy Swedish family. Victoria Immo Properties V Sarl, located in Luxembourg City-Centre, bought the building in question for €35m in 2019. Campaigners said the investment vehicle is controlled by the Rausing family, heirs to the Tetra Pak fortune. But Sigrid Rausing has said: “I have no financial interest or ownership position in the building”. Sources: The Guardian and Der Tagesspiegel.
Luxembourg real estate demand shifts
Property prices in the grand duchy rose, unusually, more slowly in the Centre region than other areas in the 12 months to March 2021, according to figures published by a real estate listings site. Sources: Delano and Paperjam.
Pandemic worsens German learning
Homeschooling of students and pupils in Luxembourg resulted in a decline in German listening comprehension at Grade 3, while existing learning gaps across the years were exacerbated, according to research presented by the University of Luxembourg and Claude Meisch, the education minister (DP). Sources: Delano and Paperjam.
Latest Luxembourg covid-19 update
Out of 8,922 PCR tests conducted on 21 April, 209 Luxembourg residents were positive. That is a rate of 33.38 new cases per 100,000 inhabitants (compared to 34.34 on 14 April). The reproduction rate was 0.99, below the target threshold of 1.00 (compared to 1.22). There were 112 covid-19 patients in hospital (compared to 117), including 34 in intensive care (compared to 33). Two people died due to the coronavirus on Wednesday, bringing the national total to 790. A cumulative 170,038 vaccine doses have been administered, including 46,901 people who have received a second jab. Sources: Delano, health ministry and Paperjam.
Grand duke & duchess vaccinated
Luxembourg’s head of state and his wife received covid-19 jabs at the vaccination centre in Limpertsberg. Source: Cour Grand Ducale on Facebook & Twitter.
EU to issue AI rules
The European Commission outlined draft regulations this week on the use of artificial intelligence. The proposal would ban manipulative techniques and live mass surveillance, and place guidelines on using AI to process school, job and loan applications. EU governments and the European Parliament will now review the policy. Sources: BBC, DW, Politico and Wired.
Apple plans hijacked in ransomware attack
A cybercrime outfit called Revil has apparently stolen plans for upcoming Apple products from one of its suppliers, Quanta, and is demanding a $50m ransom. Sources: Bloomberg, The Guardian, The Verge and 9to5mac.
Chinese satellite with arm could snatch orbiting spacecraft, says Pentagon
The US military said the People’s Liberation Army launched a “satellite with a robotic arm” that could “be used in a future system for grappling other satellites.” Beijing said it was a communications satellite. Sources: Janes, Nikkei and The Register.
Here are 5 science & technology stories you may have missed
Animals: A study of 400 puppies found that certain dog breeds are genetically disposed to understanding human body language, per Science magazine. Artificial intelligence: IBM researchers in Israel have been developing Project Debater, a machine designed to win arguments and debates, which has been, per the New Yorker, partially successful. Cybersecurity: The Iphone belonging to a mass shooter in southern California, which Apple refused to unlock for the FBI in 2016, was ultimately cracked by an Australian outfit called Azimuth Security, per the Washington Post and Vice. R&D: Amazon will open a hair salon in London to trial new technologies for retailers, and to coiffe employees and eventually the general public, per CNBC. Space exploration: Nasa’s Ingenuity helicopter successfully took its maiden flight on Mars, per AFP.
Former Beatle makes octopus appeal
Ringo Starr has backed--via Facebook, Instagram and Twitter posts--a Greenpeace campaign to protect biodiversity in the world’s oceans. Starr’s messages say “the octopus’s garden is threatened,” a reference to the Beatles hit Octopus’s Garden, from their 1969 album Abbey Road.
Before you watch the Oscars...
How the Razzies, the anti-Oscars which highlight the ‘worst’ films, became a thing, according to the BBC.
Today’s breakfast briefing was written by Aaron Grunwald