Gramegna standing for Eurogroup post

Luxembourg’s finance minister, Pierre Gramegna (DP), put himself forward as a candidate for president of the Eurogroup, the forum for Eurozone finance ministers, after Portugal’s Mario Centeno said he would step aside. Among other issues, the next Eurogroup head will shepherd talks over a proposed €750bn European economic stimulus package. Gramegna will face Spain’s Nadia Calviño and Ireland’s Paschal Donohoe in the election, to be held among Eurozone finance ministers on 9 July. Sources: Euronews, Financial Times, Paperjam and Reuters.

Srel acquittals

Three Luxembourg security service agents were acquitted of illegal wiretapping charges on Thursday. The so-called “Srel affair” brought down Jean-Claude Juncker’s government in 2013. Prosecutors have 40 days to appeal the judgement. Sources: Paperjam and Politico.

Statec forecasts massive deficit

Luxembourg’s statistics agency said the covid-19 crisis would shave 6% off the country’s economy this year and send the public deficit to 5.9% of GDP. Statec expected 7% growth in 2021, with debt dropping to 2.8% of GDP. Source: Statec.

ITM inspections jumped in 2019

Luxembourg’s labour inspection agency said it conducted 5,682 onsite health and safety checks at employers last year (double the amount carried out in 2018) and issued 1,274 fines totalling €5.3m. Source: ITM press release.

ArcelorMittal outlines carbon neutrality costs

Europe’s biggest steelmaker, Luxembourg-based ArcelorMittal, said that the EU’s decarbonisation plans would cost it €45bn-€65bn and called for public investment to help pay for it. Sources: Euractiv, Financial Times and Seeking Alpha.

Knudson to head Maison Moderne

Geraldine Knudson was named the new CEO of Maison Moderne, the company that publishes Delano and Paperjam. Knudson is currently head of Munich’s tourism bureau and previously was city manager of Luxembourg City. She will take up the post in September. Source: Paperjam.

Fed acts after bank stress tests

The US Federal Reserve imposed limits on large American banks, restricting dividend payments and share buybacks, after stress tests found that minimum capital levels were depleted by the covid-19 crisis. Sources: BBC, CNBC, Financial Times and Seeking Alpha.

Wirecard files for insolvency

The German payments firm Wirecard filed for insolvency after an audit revealed that €1.9bn in cash was missing from its books. Sources: CNBC, Deutsche Welle, Financial Times and The Guardian.

Huawei UK facility OK’d

The Chinese telecom gear maker Huawei received local planning approval to build a £1bn research centre in Cambridge, despite objections from the US government and the fact the UK government is conducting a national security review of the vendor. Sources: Bloomberg, CNBC, CNN and Financial Times.

US senate wants Hong Kong sanctions

The US senate passed bills that would punish Chinese officials who undermine Hong Kong’s semiautonomous status. The draft legislation still needs to be approved by the House of Representatives and Donald Trump. Sources: CNN, Financial Times and South China Morning Post.

Danish PM postpones wedding again

Mette Frederiksen, Denmark’s prime minister, will delay her wedding for the third time in order to attend an EU summit on covid-19 in July. She previously postponed the ceremony because of last year’s Danish general elections. The new date has not been announced. Sources: AFP, BBC and Politico.

Agenda

Friday 26 June, 4:30pm-5:30pm: Chinalux’s “Practical techniques for self-management and well-being during these times of reduced social interaction” webinar. Sunday 28 June, 11am-12:30pm: Hub’Air hosts a webinar for people interested in taking a pilot training course. Monday 29 June, 7:30pm: British Ladies Club trivia night (via Zoom). Monday 29 June, 4:15pm: Luxembourg Private Equity and Venture Capital Association’s “Biotech and the race to a covid-19 vaccine” webinar. Wednesday 1 July, 5pm-6pm: Arendt and Paperjam Club’s new podcast series begins with ESG (responsible investing) criteria.

Here are 5 science & technology stories you have missed

Archeology: “Scientists at the University of Cambridge and Ghent University have used ground-penetrating radar to create a highly-detailed map of Falerii Novi, a Roman town that prospered from around 241 BC until 700 BCE and is now buried deep below the earth,” per Popular Science. Digital media: Disney+, a video streaming service challenging Netflix, will launch in Luxembourg on 15 September, per Reuters and Variety. Internet: Adult entertainment videos could carry a digital tag which would block children from viewing them on certain devices, instead of using age verification software, a tech firm told The Register. Privacy: Luxembourg’s and Ireland’s data protection watchdogs both need bigger budgets and staffs, and to initiate more joint investigations, in order to effectively enforce the EU’s GDPR privacy rules, according to a European Commission report, per Reuters and Techcrunch. Space exploration: Virgin Galactic has signed an agreement with Nasa to train private sector astronauts and take bookings for the International Space Station, per MIT Technology Review. 

Dixie Chicks drop Dixie

The American country music group “Dixie Chicks” have changed their name to “The Chicks” as racial inequality issues continue to dominant US public discourse. Dixie refers to the slave-owning era of the American South. Sources: BBC, CNN and Variety.

Liverpool win Premier League title

After a 30 year drought, Liverpool became Premier League champions after Manchester City lost to Chelsea 2-1. Sources: Associated Press, BBC, Deutsche Welle and The Guardian.

If you want to waste a minute

Here’s a video of a white racoon eating cherries out of a bowl on Twitter.

Today’s breakfast briefing was written by Aaron Grunwald