Fayot outlines economic priorities

Luxembourg’s economy minister, Franz Fayot (LSAP), presented a new economic roadmap for the country as it emerges from the coronavirus pandemic, which emphasises digitalisation, sustainability and competitiveness. Initial projects in under the “Ons Wirtschaft vu muer” (Our economy of tomorrow) banner include a Luxembourg platform for data exchange services, smart industrial and business zones, and a secure Luxembourg open cloud platform. Sources: Delano and Paperjam.

Cactus founder Paul Leesch has died

The Luxembourg entrepreneur Paul Leesch, who started the Cactus supermarket chain in 1967, died on Friday at the age of 91. Sources: Delano and Paperjam.

Greenpeace says green funds not green enough

The activist group Greenpeace said that sustainable investment funds in Luxembourg and Switzerland were not doing enough to channel capital into projects that meet environmental, social and governance standards. Sources: Delano and Paperjam.

ECA says EU agriculture funds not helping climate change

The European Court of Auditors said the €100bn from the EU’s common agricultural policy spent on climate action had failed to reduce greenhouse gas emissions in the farming sector. Sources: Euractiv, Reuters and RTE.

JPMorgan buys forestry investor

JPMorgan Asset Management bought Campbell Global, which has $5.3bn in timber and natural resources investments, for an undisclosed sum, as the financial giant expands in the carbon-offset market. Sources: Bloomberg and Seeking Alpha.

China continues cryptocurrency crackdown

The price of bitcoin dropped by 10% after Chinese regulators reportedly reminded financial institutions of Beijing’s ban on cryptocurrency trading. Earlier, authorities cut off power supplies to bitcoin mining operations. Sources: Bloomberg, CNBC, FT and Reuters.

Pictet names first female partner 

The Swiss private bank Pictet appointed Elif Aktug as a managing partner, making her the first woman on the firm’s top management committee in its 216-year history. Sources: Bloomberg, finews.com and Reuters.

Revolut losses doubled last year

Operating losses at the fintech darling Revolut roughly doubled in 2020, despite revenue growing by more than a third, due to increased administrative costs. Sources: Bloomberg, CNBC, The Guardian and Reuters.

Ex-Deutsche Bank trader sentenced in “spoofing” case

James Vorley, a former precious metals trader at Deutsche Bank, was sentenced to a year and a day in prison for manipulating gold and silver futures prices. Sources: Bloomberg, FT, Law360 and WSJ.

Germany regulator opens Apple competition probe 

The German antitrust authority said it would look into the possibility that Apple was abusing its market power in the “digital ecosystem around its iPhone”. Sources: AFP, BBC, FT and The Register.

EU watchdogs call for facial recognition ban

The European Data Protection Board and European Data Protection Supervisor said artificial intelligence systems should not be used for mass biometric identification and social scoring. Sources: Engadget, Politico and Reuters.

UK to begin Asia-Pacific trade talks

The British government said it would start negotiations to join the CPTPP free trade bloc, which includes Australia, Canada, Japan, Singapore and Vietnam. Sources: BBC, Bloomberg, Evening Standard and Reuters.

Löfven loses no-confidence vote

Sweden’s parliament for the first time passed a no-confidence motion against the sitting prime minister. Stefan Lofven has a week to resign or call a snap election. Sources: AFP, DW, NPR and Politico.

Western powers widen Belarus sanctions

EU foreign ministers meeting in Luxembourg added 86 Belarussian individuals and organisations to its sanctions list (which includes a travel ban and asset freezes) following the forced landing of a Ryanair flight last month. The UK, US and Canada introduced parallel measures. Sources: FT, The Guardian, New York Times and Reuters.

Great Barrier Reef “in danger” says UN body

Unesco said it would recommend declaring Australia’s Great Barrier Reef a world heritage site “in danger” (due to climate change) at a meeting next month. Canberra said it was “blindsided” and would oppose the move. Sources: ABC, BBC, The Guardian and Reuters.

Zero new covid cases in Luxembourg on Sunday

No one tested positive for the coronavirus in the grand duchy on 20 June. Source: Delano and health ministry.

Spielberg inks Netflix deal

Legendary filmmaker Steven Spielberg signed a multiyear production deal with Netflix. Sources: Bloomberg, CityAM, CNN and Yahoo Finance.

Denmark to face Wales

The Danes will take on the Welsh in the Euro 2020 last 16, after beating Russia 4-1. Sources: BBC, The Guardian and Independent.

American football player comes out

Carl Nassib of the Las Vegas Raiders came out as gay, the first active player in the NFL (the top American football league) to do so. Sources: AP, BBC, ESPN and NPR.

Coffee may cut chance of developing chronic liver disease

A study linked drinking coffee with a lower risk of liver disease. Sources: CNN, The Guardian and New Scientist.

Telecommuting tips

GQ has advice on how to fix bad work-from-home laptop posture. 

Today’s breakfast briefing was written by Aaron Grunwald