EU to sanction Israel, ING confirms job cuts, and Tour de Luxembourg starts today

Luxembourg 

ISRAEL BONDS DEBATE – Luxembourg's financial supervisor, the CSSF has told lawmakers it could revoke its approval of Israeli government bonds on European markets if national or EU sanctions are imposed on Israel. MPs have declared the matter a foreign policy decision for the government. 

ING JOB CUTS – ING has confirmed that a total of 124 jobs will be cut in Luxembourg. The bank said it intends to sharpen its focus on Private Banking and Wholesale activities, targeting high-value private investments and large corporate clients. Business Banking – which covers services such as mortgage loans, savings accounts, and similar products – will be phased out progressively in the coming months.

COSTA VISIT – EU Council President António Costa is currently on a tour of EU capitals and is visiting Luxembourg today. He will be received by Prime Minister Luc Frieden this morning.

INDIAN SUMMER – Luxembourgers can rejoice as the good weather will make its return later this week with enticing temperatures. Starting on Thursday, the mercury will be rising above the 20°C mark. The true summer feeling will be felt on Friday and Saturday where temperatures are expected to hit a maximum of 25°C to 26°C.

World

ISRAEL SANCTIONS – The European Commission will present sanctions against Israel today, in a bid to pressure Benjamin Netanyahu's government to change course over the war in Gaza. Commission spokesperson Paula Pinho told reporters yesterday that commissioners will be sanctioning extremist government ministers and settlers, and suspending the trade-related part of the EU-Israel Association agreement.

TRUMP UK – President Trump has arrived in the UK and is set to meet King Charles in Windsor Castle today, as part of his first full day in an unprecedented second state visit. The red carpet is being rolled out, with carriage processions, military parades and a state banquet.

US INTEREST RATE – The US Federal Reserve is poised to make its first interest rate cut of 2025 today. Markets are widely expecting a 25-basis points reduction, spurred by a weakening employment market and rising inflation.

RIP ROBERT REDFORD – Cinema legend Robert Redford, a screen great both in front of and behind the camera whose career spanned six decades, died early on Tuesday morning at his home in Utah. He was 89. Redford made his breakthrough alongside Paul Newman as the affable outlaw in the hippy Western Butch Cassidy and the Sundance Kid in 1969.

SPAIN EUROVISION – Spain will boycott next year's Eurovision Song Contest if Israel takes part. While other European nations have threatened to pull out of the contest, Spain is the first of the so-called "big five" nations which provide the most funding for the event to do so. The European Broadcasting Union (EBU), the organiser of Eurovision, is set to decide whether Israel will take part in the 2026 edition at its general assembly in December.

Sport

CYCLING – The Tour de Luxembourg starts today, running until the 21 September. Starting at 2pm in the city, the first stage is expected to finish back in town, at around 6pm. The finish of the final stage of the cycling race on Sunday is scheduled between 2.30pm and 3.30pm in Limpertsberg. 10 Luxembourgish riders are at the start. You can see how they fare against strong competition live on RTL and RTL.lu.

FOOTBALL – Arsenal won 2-0 away to Athletic Bilbao as the league phase of this season's Champions League kicked off last night, while Real Madrid came from behind to beat Marseille 2-1.  Juventus and Borussia Dortmund drew 4 -4 while Tottenham Hotspur also won on the tournament's opening night 1-0 against Villareal. Tonight sees Paris Saint-Germain begin their defence of the Champions League as they host  Atalanta for their first game in Europe. Among other matches, Bayern Munich are playing Chelsea, Atletico Madrid take on Liverpool and Ajax are playing Inter.

ATHLETICS  – In highlights at the World Athletics Championships in Tokyo: Faith Kipyegon has proven herself the best middle-distance runner of all time, winning a fourth world 1,500m title. Hamish Kerr claimed New Zealand's second gold medal in two days when he won the men's high jump with a best of 2.36 metres. And 17-year-old sensation Gout Gout makes his world championships debut in the 200 metre heats in Tokyo today. There is speculation whether the exciting Australian teenage sprinter has the raw potential to fill the vacuum left by Usain Bolt.

Weather

We'll get off to a cloudy start today, with the skies clearing as we head into the afternoon. Some light rain showers might occur around midday, and wind gusts can reach up to 50 km/h. Temperatures are set to be mild, starting at 9-11°C in the morning and rising as high as 19°C in the afternoon.

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