Highest daily number of infections reported in Luxembourg
The number of new covid-19 cases in the grand duchy hit a record number for the second day in a row. Out of 12,177 PCR tests performed on Luxembourg residents on Wednesday, 595 were positive. There were 416 positive tests on Tuesday. The previous record was 242, last Saturday. The government said on Thursday that there were 69 patients hospitalised with the coronavirus (up from 67 the previous day), including 8 in intensive care (up from 6). There were two deaths due to covid-19 on Wednesday, bringing the total in the grand duchy since the pandemic started to 12,333. Sources: Delano, Paperjam and Luxembourg health ministry.
Stricter self-quarantine rules
Luxembourg’s government said that starting today anyone who exhibits covid-19 symptoms or has had “high-risk contact” with someone who tested positive should self-isolate immediately pending their own test results. Source: Delano.
Belgian FM Wilmès in intensive care
Sophie Wilmès, Belgian’s foreign minister, is in intensive care with covid-19. She was admitted to hospital on Wednesday after testing positive at an EU summit last week. Wilmès, who was acting prime minister for 6 months earlier this year, was reported as being conscious and in “stable” condition. Sources: Deutsche Welle, Reuters and RTE.
France extends curfew zone
The French government will enlarge, starting today, the area covered by its overnight curfew, imposed to combat coronavirus transmission. Among the 38 departments added are Meurtre-et-Moselle (which includes Longwy and Nancy), but not Moselle (which includes Metz and Thionville). Coverage: AFP, BBC and France 24. Maps: BFM TV and The Local.
Remdesivir OKd as first covid-19 drug in US
The US Food and Drug Administration approved remdesivir, an antiviral medication, as a coronavirus treatment. Sources: CNBC, Financial Times and Reuters.
Trump and Biden clash over covid-19
The coronavirus pandemic dominated the final televised debate between Donald Trump and Joe Biden before next month’s US presidential elections. Biden argued Trump was “responsible” for the 220,000 coronavirus deaths in the US. Trump claimed that “we’re rounding the turn.” They also sparred over immigration policy, racism and their personal finances. Sources: CNBC, CNN, Financial Times, The Guardian and Reuters. Also see: Local Trump and Biden supports debate in Luxembourg.
Goldman pleads guilty in 1MDB case
The US investment bank Goldman Sachs agreed to pay $2.9bn to end an American-led probe into its part in the 1MDB corruption scandal. Goldman helped raise $6.5bn through bond sales for the Malaysian sovereign wealth fund, with an estimated $4.5bn pilfered by Malaysian insiders. Sources: BBC, CNBC, Financial Times and The Guardian.
Google data centre passes first Bissen hurdle
Bissen’s local council voted 10-1 to approve preliminary planning permission for Google to build a data centre in the commune, the first of several steps. Franz Fayot, the economy minister (LSAP), said the project would help position Luxembourg as a digital innovator. Sources: Paperjam and Le Quotidien. Background: Delano.
BGL BNP Paribas closing branches
The Luxembourg bank BGL BNP Paribas said it would close 7 of its 41 branches as clients shift to digital banking. Sources: L’Essentiel and Le Quotidien.
Brexit talks to finally restart
The EU and UK will resume stalled Brexit negotiations in London today. Sources: BBC, Financial Times and RTE.
Abortions further restricted in Poland
Poland’s top court disallowed abortions due to fetal defects, leaving the country with one of the strictest abortion laws in Europe. Sources: BBC, Deutsche Welle, The Guardian and RTE.
Wells Fargo could divest fund business
One of the largest banks in the US, Wells Fargo, is reportedly considering the sale of its asset management business (which has a branch office in Luxembourg). The bank declined to comment. Source: Reuters.
Coca-Cola sales slump slows
The beverage group Coca-Cola said revenue, hit by pandemic closures, declined during the third quarter, but at a slower rate than in the second quarter. Sources: Financial Times, Marketwatch and Seeking Alpha.
Gap could turn to franchise model
The American clothing retailer Gap said it could close down all of its company-owned stores in Europe and convert to purely a franchise model in the region. Sources: CNBC, Financial Times and The Guardian.
Hermés sales rebound
The French luxury group Hermès said revenue returned to growth during the third quarter. Sources: Bloomberg, Financial Times and Marketwatch.
Mattel revenue jumped 10%
The toymaker Mattel, known for its Barbie and Fischer-Price brands, said sales rose sharply during the pandemic. Sources: Bloomberg, Financial Times and Marketwatch.
Ferrari wins Testarossa case in Kirchberg
The European Court of Justice, overruled a German court and said the luxury carmaker Ferrari could keep its Testarossa trademark. Sources: Bloomberg and Courthouse News Service.
Agenda
Tuesday 27-Thursday 29 October, 11am-12:30pm: Luxembourg for Finance’s sustainable finance forum. Tuesday 27 October, 6:30pm: American chamber webinar on the impact of the Schrems II ruling on transatlantic data transfers. Wednesday 28 October, 12noon: Luxembourg MEP Christophe Hansen gives an update on Brexit talks during a Delano Live Chat.
Here are 5 science & technology stories you may have missed
Astronomy: Researchers observed a star 315m light years away being dragged into several thin slices and then sucked into a black hole, in a process called “spaghettification”, per Popular Science. Automotive: Five fully self-driving cars are hitting the streets of San Francisco, per Reuters. Infrastructure: Venice’s floodgate system, still under construction, successfully protected the city against flooding for the first time, per Smithsonian magazine. Public health: Time magazine called Sweden’s relatively loose, herd immunity-oriented approach to managing the coronavirus pandemic “a net failure in terms of death and suffering.” Space infrastructure: Nokia will build a 4G mobile network on the Moon as part of Nasa’s Artemis lunar mission, per The Register.
‘Hardy crewneck pullovers’, ‘velvety smooth cardigans’ and more
GQ features “21 big, bonkers sweaters to live in all autumn long” that you can buy online. (To save you the mental calculations: 66 degrees Fahrenheit is roughly 19 degrees Celsius.)
Don’t wash your jeans
The CEO of Levi Strauss said (in 2016) that you should only put your jeans in the laundry every 6 months or even longer, per the Independent.
Today’s breakfast briefing was written by Aaron Grunwald