Huawei gets 3 month deferment from US government
The Trump administration has given a temporary reprieve to Huawei, after last week banning US firms from selling to the Chinese telecoms gearmaker. Despite the 3 month extension, Huawei said it was “ready” for the restrictions. Reported by the Financial Times, Reuters and South China Morning Post. Separately, Donald Trump said at a political rally that his trade war with China had helped the US economy, according to Reuters.
Ryanair profits fall
Europe’s largest budget airline, Ryanair, said profits were down by roughly a third last year, due to falling fares and rising fuel costs, and warned it would be hurt by the delayed delivery of grounded Boeing 737 Max jets this year. Reported by the BBC, Guardian and Wall Street Journal.
Ford to lay off 10% of global workforce
The carmaker Ford will make 7,000 employees redundant as part of a cost-cutting drive, reported the Detroit Free-Press, Financial Times and Reuters.
CSSF to conduct delegation “site checks”
Luxembourg’s financial regulator, the CSSF, told the Financial Times it will be inspecting fund firms (“with the threat of sanctions”) to see if they are properly following the EU’s “delegation” rules, which allow some functions to be carried out in another country.
Gilets jaunes did not dampen French tourism
France had a record breaking number of tourists last year, 89.4m (up 3% from 2017), despite concerns about Yellow Vest protests, reported the AFP and RFI.
Life support restored for Lambert
A French appeals court ordered life support to be continued for Vincent Lambert, a quadriplegic in a vegetative state since 2008. Doctors had stopped providing food and water hours earlier, after several appeals had been exhausted. Lambert’s wife, six of his siblings and doctors want care removed; his parents and two siblings want it continued. Reported by the AFP, BBC and Reuters.
Austrian ministers resign after Kurz kicks out Kickl
Freedom Party (FPÖ) cabinet ministers have all resigned after Sebastian Kurz, the Austrian chancellor (of the Austrian People’s Party), asked the country’s president to sack Herbert Kickl as interior minister following allegations of illegal campaign contributions to the FPÖ. The ex-FPÖ vice chancellor said it was a “dirty campaign” against him. Reported by the BBC, Deutsche Welle and France 24.
Farage splattered by milkshake
Nigel Farage was hit by a milkshake while campaigning for European Parliament elections in Newcastle, reported the AFP and Huffington Post. Two other UK politicians have also had milkshakes thrown at them recently. In an entirely unrelated incident, the actor and former California governor Arnold Schwarzenegger was kicked in the back during an event in South Africa, but seemed unfazed afterwards, reported Buzzfeed News and the Guardian.
Indonesia: Jokowi gets second term
Joko Widodo has been re-elected as Indonesia’s president, reported Deutsche Welle, the Financial Times and New York Times.
Motion to honour Patton troops who confused Nazis
US senators have proposed awarding a congressional gold medal to members of the second world war’s “ghost army”, who fooled Nazi forces in France, Belgium, Luxembourg and Germany. Reported by American Military News and Associated Press.
Later today
6:30pm: Café des Langues, a club for beginning language learners to practice, meets at the Buvette. Earnings: Post Luxembourg and Adecoagro, the Brazilian agriculture firm listed in Luxembourg.
Looking ahead
Wednesday 22 May: Startalers hosts a workshop for women who want to build their own investment portfolio at 6:30pm. Thursday 23 May: Royal Bank of Canada releases financial results. Saturday 25-Sunday 26 May: Food For Your Senses Festival.
Profile of a prolific art pilferer
The French art thief who “robbed nearly 200 museums [and] amassed a collection of treasures worth more than $1.4 billion” told GQ how he did it, and how he got caught.
Today’s breakfast briefing was written by Aaron Grunwald