Greensill applies for administration in London
The troubled supply chain finance bank Greensill has formally filed for insolvency in the UK. Greensill was sent into crisis after its insurer refused to renew a $4.6bn contract and Credit Suisse froze access to $10bn in Luxembourg- and Liechtenstein-domiciled funds. The liquidity crisis has already put pressure on the steel group GFG Alliance, a key Greensill client. Apollo Global Management is reportedly in talks to buy Greensill assets. Sources: AFP, Bloomberg, CityAM, Financial Times and The Guardian.
Alternative fund firm Apollo to merge with insurance spinout
Apollo Global Management will merge with Athene Holding, a life insurer Apollo set up in 2009, creating a financial group valued at $29bn. Sources: Bloomberg, Financial Times, Marketwatch and Reuters.
Davy closing bond desk
Ireland’s largest broker, Davy, is shutting down its bond desk after the Irish treasury withdrew its mandate to sell government bonds. That followed a €4.1m Irish central bank fine for breaking market rules. Sources: Bloomberg, Financial Times, Irish Times and RTE.
PPC plans sustainable bond offer
Public Power Corporation aims to raise €500m when it sells Europe’s first high-yield sustainability-linked bonds this week. Sources: Bloomberg and Ekathimerini.
Sputnik to be made in Italy
Adienne Pharma & Biotech has reached a deal to produce the Russian covid-19 vaccine in Lombardy. Sources: Bloomberg, The Hill and Politico.
Grethen vaccinated ahead of schedule
Former DP cabinet minister Henri Grethen received a covid-19 vaccination in February, despite not being included in the first phase of the national inoculation drive. Grethen is board chair of Hospices Civils, which runs nursing homes, and Fondation Kräizbierg, which aids children with physical disabilities, Grethen and hospice management said he frequently was onsite to handle administrative matters, warranting the move. Board members of the Robert Schuman and CHDN hospital groups were also reportedly vaccinated early. Sources: 100,7, RTL and Wort.
Latest Luxembourg covid-19 update
Out of 658 PCR tests conducted on 7 March, 30 Luxembourg residents were positive. That is a rate of 4.79 per 100,000 inhabitants (compared to 8.31 on 28 February). There were 113 covid-19 patients in hospital (compared to 98), including 21 in intensive care (unchanged from the previous Sunday). The reproduction rate was 1.00, the target threshold (compared to 0.95). One person died due to the coronavirus, bringing the national total to 663. No vaccinations were administered; a cumulative 46,709 doses have been delivered, including 14,118 people who have received two doses.
Sacem waived fees
The music licensing outfit Sacem said it stopped collecting payments from bars, restaurants and other businesses forced to close down due to the pandemic. Sources: Delano and Paperjam.
New ArcelorMittal Europe CEO
Geert Van Poelvoorde was appointed head of the steelmaker ArcelorMittal’s European business, after Aditya Mittal was promoted to group CEO. Sources: Delano and Paperjam.
Kleos makes Spaceflight plans
The Luxembourg space data outfit Kleos has planned its third set of launches for December 2021. Sources: Delano and Paperjam.
Zoom founder shares $6bn of his company stock
Eric Yuan, CEO of Zoom Video Communications, transferred 18m shares, valued at roughly $6bn, to unspecified recipients last week. Zoom said the donations were “typical estate planning practices”. Sources: BBC, Bloomberg and Reuters.
EU regulator latest subject of cyber attack
The European Banking Authority was the latest target of an attempting hacking using a flaw in Microsoft’s email server system. The EBA said no data was stolen. Sources: AFP, BBC, Bloomberg and Reuters.
French teen lied about murdered teacher
A 13 year old girl admitted that she lied about how her history teacher, Samuel Paty, showed images of the Prophet Muhammad (to cover up her suspension from school). Paty was killed by an extremist after her complaints. Sources: BBC, The Guardian, RFI and Yahoo News.
Floyd trial delayed
The case against Derek Chauvin, an ex-police officer accused of killing George Floyd, was postponed for at least a day after prosecutors asked to add another charge. Chauvin has pled not guilty. Sources: Associated Press, BBC, DW and Reuters.
Lula convictions reversed
The former Brazilian president Luiz Inácio Lula da Silva was cleared of corruption charges by Brazil’s supreme court, meaning he is likely to challenge the incumbent Jair Bolsonaro in the 2022 presidential election. Sources: BBC, DW, The Guardian and RTE.
Equatorial Guinea death toll rises
Officials said at least 98 people were killed and 615 injured in Sunday’s blasts in Bata, Equatorial Guinea’s largest city. Sources: AFP, BBC, DW and Reuters.
Captain and head steward suspended after alleged onboard fight
The Chinese carrier Donghai Airlines suspended a pilot and male flight attendant after they had a physical altercation over a passenger’s use of the first class toilet. The pilot reportedly lost a tooth and the flight attendant suffered a broken arm. Source: Caixin, the Independent and South China Morning Post.
Record audience for royal interview
More than 17m Americans watch Oprah Winfrey’s interview with Prince Harry and Meghan Markle, the highest non-sport viewership in the US over the past year. Sources: Bloomberg, CNBC and Reuters.
Today’s Luxembourg City Film Festival pick
Delano recommends The Living Witnesses, a documentary that follows three survivors of the second world war as they meet three students in Luxembourg (who were born here, in the Ivory Coast and in Syria). It debuts at Kinepolis Kirchberg at 7:30pm.
Today’s breakfast briefing was written by Aaron Grunwald