Luxembourg government officially introduces tighter rules
Cafés and restaurants (but not shops) will be shut down again, along with cinemas and gyms, to combat transmission of the coronavirus. The maximum number of visitors to private homes will be cut from 4 to 2. The 11pm to 6am curfew will be extended. “It’s not the time for social gatherings,” Paulette Lenert, the health minister, said on Monday. “Every contact carries a risk.” The new measures start on 26 November and last until 15 December. Source: Delano.
Hospitality sector reports full houses
Apparently anticipating the coming closures, people flocked to Luxembourg’s bars and restaurants in record numbers last weekend. Source: Paperjam.
Latest Luxembourg covid-19 update
Out of 1,870 PCR tests conducted on Sunday, 173 Luxembourg residents were positive for the coronavirus. That is a rate of 27.63 new cases per 100,000 inhabitants (compared to 96.15 on Saturday and 91.20 on Friday). The Rt effective reproduction rate was 1.00, the targeted threshold (the rates for Friday and Saturday were not released; it was 1.00 on Thursday and 1.03 on Wednesday). There were 242 patients in hospital (compared to 226 on Saturday and 224 on Friday), including 47 in intensive care (compared to 45 on Saturday and 41 on Friday). Seven people died due to covid-19, bringing the total in the grand duchy to 273. Source: Health ministry.
Trump agrees to transition
Donald Trump instructed his administration to cooperate with president-elect Joe Biden’s transition team. Trump said he would continue to challenge elections results. Sources: CNBC, Financial Times, NPR and New York Times.
Biden names nominees
President-elect Joe Biden announced several proposed cabinet members and agency chiefs (which will have to be approved by the US senate). Here are a few key nominations. Secretary of state (foreign minister): Antony Blinken, former deputy secretary of state and deputy national security adviser to Barack Obama, per DW, Politico and Straits Times. Treasury secretary: Janet Yellen, former Federal Reserve (central bank) chief, per CNBC, NPR and Wall Street Journal. Director of national intelligence: Avril Haines, former deputy head of the CIA, per CNBC, FT and NPR. Climate crisis envoy: John Kerry, former secretary of state and US senator, per the BBC, The Guardian and New York Times.
Public debt growing
Luxembourg’s court of auditors, reviewing the 2021 budget, warned that national debt could exceed the EU limit of 60% of GDP in the short- to medium- term unless the government reverses spending trends. Source: Paperjam.
Lux bosses blast minimum wage hike
The UEL business federation has criticised the government’s decision to raise the social minimum wage by 2.1% starting 1 January, saying it will cost employers €60m. Sources: Delano and Paperjam.
British vaccine shows strong results
Astrazeneca said the covid-19 vaccine it is developing with Oxford University was 90% effective when delivered in a certain method. Its vaccine candidate is far cheaper and easier to store and transport than the other two close to receiving emergency authorisation. The drugmaker said it would sell its version at cost to developing countries during the pandemic. Sources: AP, CNBC, DW and Financial Times.
Berlin could restrict end-of-year celebrations
German leaders are expected to introduce stricter covid restrictions on Wednesday, including a possible ban on New Year’s Eve fireworks. Sources: DW, The Guardian and The Local Germany.
Qantas to require vaccination
The boss of Australia’s national carrier, Qantas, said travellers will need to prove they’ve been vaccinated, once a covid-19 vaccine is available, before boarding international flights. Sources: ABC, BBC and Financial Times.
Apple executive accused of bribery
Apple’s global security chief was indicted for allegedly bribing police officers with Ipads in order to secure gun permits. His lawyer stated: “Tom Moyer is innocent of the charges filed against him. He did nothing wrong and has acted with the highest integrity throughout his career. We have no doubt he will be acquitted at trial.” Sources: CNBC, CNN, Marketwatch and Reuters.
Blackrock buys personalised portfolio firm
The world’s biggest asset manager, Blackrock, acquired Aperio Group, which creates custom indices for wealthy clients, for $1.05bn. Sources: Barron’s, Seeking Alpha and Wall Street Journal.
GM recall
US regulators forced GM to recall 7m vehicles worldwide over faulty airbags. Sources: CNN, Financial Times and Reuters.
Tesla target
Wedbush Securities rose its target share price for Tesla, which joined the S&P 500 index on Monday and closed at $521.85, to $1,000. Sources: Fortune, Marketwatch and Seeking Alpha.
China moon mission
The Chang’e-5 spacecraft launched earlier this morning, and if successful should return to the Earth with Moon rock samples in mid-December. Sources: BBC, Financial Times, The Guardian and Space.com.
Agenda
Tuesday 24 November, 10am-11am: Mancotech (fund management company technology) startup pitches. Wednesday 25 November, 9am-5pm: LPEA’s annual summit, “designed for and by private equity practitioners”. Wednesday 25 November, 6pm-7pm: Amcham’s “Fools gold, marketing guesswork & social trolling” webinar. Wednesday 25 November, 6pm-7pm: Indian chamber’s e-commerce event. Thursday 26 November, 1:30pm: Former British finance and foreign minister Philip Hammond will discuss covid-19 and Brexit during this British chamber talk. Thursday 26 November, 6pm-7:30pm: Paperjam Club conference on “smart factories” and “startup stories” prize ceremony (in French & English). Thursday 3 December, 7pm: British chamber’s online gin tasting.
Lemony fresh
Popular Science explains why you should buy citric acid for household cleaning and appliance maintenance.
Today’s breakfast briefing was written by Aaron Grunwald