Many economists want the government of Angela Merkel, the German chancellor, to introduce a stimulus package to jumpstart the country’s weakening economy and stave off a possible recession. So far Merkel has demurred, but last week said: “we will react according to the situation.” Library picture (April 2018): Shutterstock.com
Downing Street to stop EU migration on 1 November if no Brexit deal; Twitter and Facebook block Hong Kong “discord” accounts; and the details of this caper are grainy. Delano’s breakfast briefing for Tuesday.
Germany likely to enter recession
Germany’s central bank warned that Europe’s largest economy (and one of Luxembourg’s largest trading partners) could dip into recession during the third quarter, dragged down by slumps in German exports and industrial production. Germany’s economy shrank 0.1% in the three months to June and faces continued uncertainty around restructuring in the automotive sector, the US-China trade war and Brexit. Sources: Associated Press, Deutsche Welle, Financial Times and The Guardian.
Japan exports down
Japanese exports declined for the 8th consecutive month in July, reflecting economic softening in China and the rest of Asia. Sources: Financial Times, Marketwatch and Reuters.
Apple’s TV and film investments
Apple will reportedly spend at least $6bn to produce original shows and movies for its soon-to-launch Apple TV+ streaming video service, according to the Financial Times.
Amazon wins US tax appeal over Luxembourg transaction
A US appeals court ruled in favour of the e-commerce giant Amazon in its dispute over the tax treatment of the transfer of $1.5bn in intangible assets to a subsidiary in Luxembourg. Sources: Reuters and MNE Tax.
Major money manager to add social impact fund
Apollo Global Management is reportedly looking to raise at least $1bn to start a new impact investing fund, according to Bloomberg.
HK investor taking over Greene King in £4.6bn deal
CK Asset Holdings, a property investment firm owned by Hong Kong’s wealthiest man, acquired Greene King, a brewery which operates more than 2,700 pubs, restaurants and hotels in the UK. Sources: BBC, Financial Times and Sky News.
The British government said EU freedom of movement rules would end immediately on 31 October in case of a no-deal Brexit. Sources: BBC, Financial Times and The Guardian.
El Salvador: woman cleared in baby’s death
An appeals court in El Salvador, which has strict anti-abortion laws, acquitted a rape victim who was previously convicted of killing her stillborn child. Sources: BBC, Deutsche Welle and France 24.
6:45pm: Learn about the Toastmasters public speaking method at the Pitch Craft for Entrepreneurs demo meeting. 7pm: Free entry and free guided tour in English of the Mudam contemporary art museum. International affairs: Iran’s foreign minister meets with his Swedish counterpart in Stockholm to discuss tensions in the Gulf region.
Wednesday 21 August: 6th anniversary of the nerve gas attack in rebel-held suburbs of Damascus, Syria. Friday 23 August: St George’s International school students put on “The Jungle Book” and “High School Musical”.
Sardinia sand theft
A French couple face up to 6 years in prison after trying to smuggle 40kg of fine white sand off the Italian island of Sardinia. They told police they did not know it was illegal. Sources: BBC, The Guardian and The Telegraph.