Latest on Hong Kong
Campus siege: About 100 protestors remain barricaded inside Hong Kong Polytechnic University, which is surrounded by police. Officials want them to surrender. Several hundred protestors escaped or surrendered overnight. Sources: BBC, The Guardian, Hong Kong Free Press and South China Morning Post. Beijing warning: China’s top legislative body criticised Hong Kong’s top court for overturning a face mask ban, saying only Beijing can decide matters of constitutionality. Sources: Financial Times, Hong Kong Free Press, Reuters and South China Morning Post.
US changes position on Israeli settlements
In a major policy shift, the Trump administration said Israeli settlements in the West Bank are “not, per se, inconsistent with international law.” A top Palestinian negotiator called the move “another blow to international law, justice & peace”. Sources: Associated Press, BBC, France 24, Deutsche Welle, New York Times and Reuters.
European Commission ready for December
MEPs approved Hungary’s European Commission nominee, Oliver Varhelyi, for the enlargement portfolio, which means commission president-elect Ursula von der Leyen faces a final European Parliament vote and the full (EU27) commission could take office on 1 December. Sources: Deutsche Welle, EUobserver and Politico.
EU budget deal
European leaders have agreed on a €169bn EU budget for 2020. Sources: Deutsche Welle, EU Reporter and Reuters.
Russell Investments up for sale
Seattle-based Russell Investments, a fund firm with $293bn in assets under management, has been put on the market by TA Associates, a private equity outfit, according to the Financial Times.
Hahn Air blockchain experiment
The German carrier Hahn Air flew passengers using blockchain-powered tickets for the first time, on a flight between Düsseldorf and Luxembourg. Sources: Cointelegraph, Reuters and ZDnet.
Saudi Aramco stops international roadshow
The oil giant Saudi Aramco cancelled meetings with Asian, European and US investors in the face of growing scepticism and will now focus its IPO on domestic and Gulf region punters. Sources: Bloomberg, Financial Times and The Telegraph.
KPMG ending links with Prince Andrew non-profit
The audit and consulting firm KPMG and other sponsors are withdrawing support from Prince Andrew’s startup mentorship scheme following a BBC interview about his friendship with the convicted sex offender Jeffrey Epstein. Sources: BBC, CNBC and Sky News.
Softbank sets up Yahoo Japan and Line marriage
Yahoo Japan, the country’s biggest search engine, and Line, the country’s biggest messaging app, will merge in a $30bn deal. Sources: CNN, Financial Times and Techcrunch.
Ford takes on Tesla
The American mass market carmaker Ford introduced its first all-electric SUV, the Mustang Mach-E. Sources: Associated Press, CNBC and Jalopnik.
Agenda
Wednesday 20 November-Friday 22 November: European Microfinance Week 2019. Wednesday 20 November, 10am: Deadline for Delano’s “Dealing with Clair” theatre ticket drawing. Wednesday 20 November, 7pm: Free guided tour (in English) of the Mudam contemporary art museum. Tuesday 26 November, 6pm: Sacred Heart University holds an MBA information session. Thursday 28 November-Friday 29 November: Sustainable finance conference on “how capital markets can contribute to a sustainable low-carbon economy”.
Here are 5 business & finance stories you may have missed
Fintech: Paypal stopped providing payment services for performers on the adult entertainment site Pornhub, which is owned by Luxembourg-based Mindgeek, per Reuters and Vice. Fintech: Facebook launched a new online payments service, for the moment just in the US, called Facebook Pay, per the Verge. Fintech: Google will reportedly start an online bank in the US, per the Wall Street Journal. Growth industry: The BBC profiled French startups who are using technology to shake up the funeral service sector. Setting standards: The Financial Conduct Authority, a UK regulator, told employees in a memo to stop “defecating on the floor in toilet cubicles”, “stealing plants and charging cables from desks” and subjecting catering and security staff “to verbal abuse”, per Marketwatch.
Today’s breakfast briefing was written by Aaron Grunwald