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The European Commission wants an EU anti-money laundering supervisor. Valdis Dombrovskis, the European financial services commissioner, told the FT: “Sometimes . . . issues were falling between two national authorities and none of the national authorities were really taking charge.” Pictured: Valdis Dombrovskis speaks at a press conference in Brussels, 7 May 2020. Photo: European Commission 

Brussels plans anti-money laundering agency

The European Commission outlined plans to create an EU-level body to fight money laundering and other financial crime. New powers could be granted to the European Banking Authority or a new agency could be created. The paper said that currently rules were applied unevenly across the bloc and called for the authority to conduct onsite inspections. The commission wants the plan implemented within 12 months. Sources: Associated Press, Euractiv, Financial Times, Reuters and Wall Street Journal.

Covid-19 continues to push up US jobless claims

An additional 3.2m Americans applied for unemployment benefits last week, bringing the total to 33.5m jobseekers since mid-March. That is about 20% of the total US workforce. Sources: BBC, CNN, Financial Times, The Guardian and NPR.

US shares higher

Despite surging jobless claims, US stock markets rose on Thursday. Analysts said investors were optimistic about the post-covid-19 period. Sources: AFP, CNBC and Marketwatch.

BOE ‘scenario’: biggest UK economic hit since 1706

The Bank of England said the British economy could shrink by 14% this year and unemployment could double to 9%. The model predicted 15% growth in 2021. Sources: CNN, Financial Times, The Guardian, Reuters and RTE.

Lagarde: “We will continue to do whatever is needed”

Christine Lagarde, head of the European Central Bank, said she was “undeterred” by a ruling from Germany’s highest court to justify ECB purchases of EU government bonds. Sources: Financial Times, Reuters and RTE.

Banks blocked after Turkey fails to stem slide in its currency

Turkey banned three large international banks from trading in the lira, after its currency hit a record low against the US dollar. Sources: Bloomberg, Financial Times, Reuters and Wall Street Journal.

ArcelorMittal profits take hit

Luxembourg’s steel giant ArcelorMittal posted a $1.12bn first quarter net loss, suspended its dividend payment and warned that demand would be lower in the second quarter. Its shares rose following the announcement. Sources: Bloomberg, Economic Times, Reuters and Seeking Alpha.

Call for porn card freeze

Conservative campaign groups have called on credit card companies to block payments to adult entertainment sites to combat child abuse and sexual exploitation, per the BBC. Luxembourg-domiciled Pornhub called the group’s letter “factually wrong but also intentionally misleading.”

Uber rides down 80%

The ride-hailing giant Uber said it lost $2.9bn in the first quarter. However, business in its meal delivery unit grew by 50%. Sources: CNBC, DPA, Financial Times, Marketwatch and Seeking Alpha.

“Supreme court” for Facebook named

Facebook revealed the first 20 members of its new content appeal board. They include a former Danish prime minister, ex-editor-in-chief of The Guardian newspaper, a Nobel Peace Prize laureate and 8 law professors. Sources: CNBC, CNN, NPR, The Verge and Wired.

US prosecutors to withdraw Flynn case

The US Department of Justice has dropped charges against Michael Flynn, Donald Trump’s former national security advisor. Flynn pleaded guilty in 2017 to lying to the FBI about contacts with Russia’s ambassador to the US, but then withdrew his plea. Sources: BBC, CNN, Deutsche Welle, Financial Times and France 24.

Football to return in Germany behind closed doors

Germany’s Bundesliga will resume play on 16 May, but without fans in the stands. Sources: BBC, DPA, NPR and Politico.

Agenda

Friday 8 May, 11:30am-12:30pm: House of Startups Luxembourg’s “Covid-19: Wake-up call & opportunities for startups?” webinar. Monday 11 May, 5pm: LPEA webinar “for young professionals looking for a job in this country in private equity”. Friday 8 May, 9am-10am: Eurocontrol’s remote tower webinar. Friday 8 May, 2pm-4pm: Luxembourg Chamber of Commerce’s “How to set up my company in Luxembourg?” online workshop. Tuesday 12 May, 10:45am-12:15pm: Paperjam Club’s “Work permits for non-European recruitment” online workshop. Tuesday 12 May, 6pm-7:15pm: Ireland Luxembourg Chamber of Commerce’s “The weakest link: the supply chain” virtual conference. Wednesday 13 May, 5pm-6pm: The British Chamber of Commerce’s “What is the future of the world beyond covid-19” online networking event.

Here are 7 science & technology stories you may have missed

Animal behaviour: Otters play with pebbles when they are hungry, per The Guardian. Astronomy: Researchers may have found the nearest black hole to Earth, just 1,000 light years away, per the BBC and The Register. Biology: “Ants store long- and short-term memories on different sides of their brains,” per Science magazine. Chemistry: Goodyear made glowing tyres in the 1950s, per Cnet. Health: Unhealthy diets kill more people around the world than anything else, per Popular Science. Palaeontology: Spinosaurus was apparently the first dinosaur to swim, per Live Science and National Geographic. Physics: Researchers have modelled a prototype that would use air and electricity to create a plasma thruster that could replace jet airplane engines, per Ars Technica.

Young drivers

A 5 year old was stopped by the Utah Highway Patrol while driving his parents’ car on a motorway. He told police he was on his way to California to buy a Lamborghini. He had $3 in his pocket. Sources: BBC, CNN and Reuters.

Illicit Irish haircuts

The black market for hairdressers has “erupted” in Ireland, per RTE. Customers are reportedly offering four times the usual price for a coiffe. Irish salons are closed due to covid-19 until at least 20 July.

Global sausage comparison

Food Republic published (in May 2015) a handy guide to hot dog styles around the world (h/t Simon Kuestenmacher).

Today’s breakfast briefing was written by Aaron Grunwald