This week, 4 stories from Luxembourg that concern you, your finances and the future, as well as developments in Ukraine.
Last week we learned that Luxair remains in the red, as its CEO Gilles Feith expressed concerns over its financials.
This week, Francois Bausch, the Deputy PM, promised to ‘fight’ for Luxair, as the aviation industry faces major challenges and after trade unions sounded the alarm because of excessive workloads and the use of short-time work at Luxair (allowed due to the Covid-19 pandemic).
Who owns Luxair? The State owns over 70% of the company, directly and indirectly.
Trade union leaders expressed that they want to face the government with a united front; the representatives of OGBL, LCGB and CGFP met with PM Xavier Bettel and other members of the government on Thursday, but without talking indexation matters, which is likely to be a sticking point.
Earlier in the week: the LCGB’s Patrick Dury said his union will prioritise securing jobs and purchasing power with OGBL’s President Nora Back supporting that notion, but staying resolute on rejecting any further wage indexation postponements. She referenced low levels ofunemployment and a growing economy to support this stance.
In response, earlier in the week: François Bausch said employers should not be forced to pay out several indexations at once, but supports the index.
and unfavourable projections for the financial sector, were reported by STATEC.
In the 2nd quarter of 2022, new mortgage loans granted by Luxembourg banks fell by 18% over one year for fixed-rate contracts, while variable-rate contracts increased by 5.4%. Will house prices come down?
Inflation: Statec projects 6.6% for this year and 5.4% for 2023.
Related: the Euro, our single currency, hit a 20-year low.
according to Meteolux, whose preliminary assessment estimated cumulative summer precipitation at approximately 70% below the average of the last thirty years.
Talking to RTL, the deputy director of the Water Management Authority described the situation as unprecedented but ensured that Luxembourg’s drinking water reserves are unaffected.
Related: Half of China was hit by a drought in the worst heatwave on record and a ‘false autumn’ was triggered by another heatwave in the UK.
Ukraine marked 31 years since its independence from the Soviet Union, on the same day that six months of war elapsed.
A Russian missile hit a train station in eastern Ukraine, killing at least 25 people, according to Kyiv, while Russia claims it killed 200 soldiers.
Related: US President Joe Biden announced more funding for Ukraine, and a top EU diplomat warned that Putin is waiting for Europe to stop acting united.
In Graphs: Estonia and Latvia top the list of countries funding Ukraine, relative to their economies.
And in case you missed it:
On Tuesday, Giorgia Meloni launched her campaign to become Italy’s Prime Minister. Her far-right party ‘Brothers of Italy’ is hoping to put a woman in charge, for the first time in the country’s history, this September. To do this, she’s presenting herself as ‘a woman, a Christian mother’.
On Wednesday, Finland’s prime minister highlighted her work record and her right to a private life after criticism of her partying. Politicians around the world supported her, with MPs Djuna Bernard and Jessie Thill sharing this video on Instagram.
And at the Vatican, Pope Francis, who recently raised the possibility of retiring due to his declining health, will create 20 new cardinals on Saturday. Having done that, Francis will have chosen around 90 out of the 132 cardinals eligible to elect a new pope, precisely the number needed for any proposed name to pass.
Your Weekly Recap is published every Friday morning. Read earlier versions.
From debating whether to make period products free in Luxembourg to the discovery of new gas reserves off-Cyprus, a lot has happened this week; help us shape the future of this Weekly Recap:
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Christos Floros covers News and Politics for RTL Today @christosfloros
