Biden outlines $2trn infrastructure plan
Joe Biden proposed spending more than $2trn to upgrade US roads, water and broadband networks, build electric vehicle charging stations, and fund R&D and training schemes. The investments are meant to help create millions of “good-paying jobs” for Americans. The US president wants to pay for the plan by raising the corporate tax rate from 21% to 28%. The package faces opposition in congress and from business groups. Sources: BBC, CNBC, Financial Times, The Guardian, New York Times and NPR.
France to enter third (partial) shutdown
Emmanuel Macron, the French president, extended the limited lockdown (which had been in effect in 19 départements, mainly in the Paris region and northern France) to the entire country. Non-essential shops and schools will be closed, and travel more than 10km from home will be restricted. The rules start on Saturday and last four weeks. France is reaching its intensive care bed capacity. Sources: AFP, BBC, France 24, The Guardian and Reuters.
Chamber of Deputies to debate terrace reopening this afternoon
Luxembourg’s parliament will consider reauthorising outdoor seating areas at bars and restaurants during a session today at 2pm. Sources: Chamber of Deputies and Paperjam.
Companies claim jab was “robust” in teen trial
Biontech and Pfizer said their covid vaccine was 100% effective against the coronavirus in 12- to 15-year-olds. Sources: AFP, CNBC, DW and Financial Times.
EMA disputes German restrictions on Astrazeneca jab
The European Medicines Agency said there was “no evidence” to support the German government’s decision to limit use of the Astrazeneca/Oxford vaccine to people aged 60 and up. Sources: AP, DW, Irish Times and The Telegraph.
Latest Luxembourg covid-19 update
Out of 13,171 PCR tests conducted on 30 March, 387 Luxembourg residents were positive. That is a rate of 61.81 per 100,000 inhabitants (compared to 29.07 on 29 March and 56.38 on 23 March). The reproduction rate was 1.02, above the target threshold of 1.00 (unchanged from the previous day and compared to 1.06 the week before). There were 143 covid-19 patients in hospital (compared to 137 and 121), including 25 in intensive care, a patient transferred from France among them (compared to 25 without the French patient and 17 the week before). Three people died due to the coronavirus on Tuesday, bringing the national total to 746. A cumulative 92,574 vaccine doses have been administered, including 21,663 people who have received their second jab. Sources: Delano, health ministry and Paperjam.
Luxembourg bourse recognised for green bonds
The Luxembourg Stock Exchange has received an Environmental Finance Bond Award for the fifth year in a row. Sources: Delano and Paperjam.
Credit Suisse pushing for Liberty insolvency
Investors are seeking to wind up Liberty Steel (which owns a plant in Dudelange) in London insolvency court. Liberty’s holding company, GFG Alliance, has been struggling since the collapse of its main source of finance, Greensill Capital. Sources: BBC, Bloomberg, Financial Times and The Guardian.
Blackrock starts private equity secondary market fund
The world’s largest asset manager, Blackrock, has raised $3bn for its first (and the biggest ever) fund dedicated to buying secondhand private equity stakes. Sources: Private Equity News, Reuters, Seeking Alpha and Wall Street Journal.
Deliveroo IPO falls flat
Shares in the Amazon-backed takeaway app Deliveroo dropped by 26% in its first day of trading in London. Sources: Bloomberg, CNBC, Financial Times and The Guardian.
Musk joining Endeavor as it files for IPO
Endeavor Group, which runs the Ultimate Fighting Championship and Miss Universe beauty pageant, has filed for an IPO and said that Elon Musk, the founder of SpaceX and Tesla, would join its board of directors. Sources: Bloomberg, CNBC, Financial Times and Reuters.
IBM redundancy talks at impasse
Discussions between IBM and the LCGB trade union, on cutting about 10% of IBM’s workforce in Luxembourg, have broken down. Sources: Delano and Paperjam.
Bet365 boss best paid in Britain
Denise Coates, head of the gambling group Bet365, received a £421m (about €495m) pay package for the year to March 2020 (up from £277m in 2019), despite the company posting 8% lower revenue. Sources: BBC, CityAM, Financial Times and The Guardian.
Microsoft wins US military augmented reality contract
The US Army has ordered at least 120,000 augmented reality headsets from Microsoft, in a deal that could be worth up to $21.9bn. Sources: CNBC, DW, Financial Times and Reuters.
EU sues Poland over judicial independence
The European Commission is taking Warsaw to the European Court of Justice over a Polish law that Didier Reynders, the European justice commission, said “infringes upon the independence of the judiciary in Poland and is incompatible with the primacy of the law of the union”. The Polish government said the case “has no legal or factual justification”. Sources: DW, Euractiv, Politico and Reuters.
Navalny starts hunger strike
The jailed Russian opposition leader Alexei Navalny went on a hunger strike, until he receives medical care for back pain and numbness in his legs. The Russian prison service said he has “all the necessary medical assistance”. Sources: AFP, BBC, Financial Times and The Guardian.
Luxembourg breaks record temperature for March
The mercury reached 25.4°C in Clemency, 25.3°C in Obercorn, 25.2°C in Remerchen and 25.0°C in Remich yesterday, the first time temperatures were higher than 25.0°C during the month of March since Luxembourg weather records began in 1838. Source: agriculture ministry.
G Gordon Liddy
The operative behind the Watergate scandal, which led the resignation of Richard Nixon as US president in 1974, G Gordon Liddy, has died at the age of 90. Sources: Bloomberg, New York Times, NPR and Washington Post.
Young heroes save family in French fire
A group of youngsters saved a family in Nantes, in western France, who were trapped in their burning apartment, including their 6-month-old baby who was thrown to the young rescuers below. Sources: BBC, The Connexion and Daily Mail.
Today’s breakfast briefing was written by Aaron Grunwald