BANKING CRISIS - The head of the supervisory commission CSSF Claude Marx is expected in the Finance Committee of the Chamber this morning to give a speech and answer MPs’ questions on the recent turbulences in the banking sector. The Director-General of the regulatory body said in an interview with RTL that he did not expect a financial crisis in Luxembourg or in Europe. He added that Crédit Suisse, which received a loan of 50 billion Swiss francs from the Swiss central bank last night, has been in a difficult situation for a long time. Earlier in the day, a consortium of US private banks announced a $30 billion rescue package for the bank “First Republic”, while European stocks jumped on a European Central Bank’s interest rate decision that was called a “dovish hike.”
EMBEZZLEMENT TRIAL - The verdict has been cast in the trial of two former municipal officials, who embezzled around five million euros from Hesperange council over a period of 20 years. Two former municipal officials were charged with embezzlement, with one receiving a seven year prison sentence with a 3.5 year suspension, and the second receiving a five year sentence with three years suspended. A businessman who was accused of involvement in the case was sentenced to a year in prison with full suspension, as well as a fine of €15,000. The court also ordered the seizure of a number of properties, vehicles and other valuable items.
COVID FIGURES - Covid and flu cases remain high in Luxembourg. Last week, there was an 11% increase in coronavirus cases and Flu infections are up by 20,2%. Last week, 19 people were hospitalised with Covid, compared to 16 the week before. One person is currently in intensive care. The average age among patients is 65.
PETROL PRICE - The price of SP98 petrol is dropping for the second time this week. From today, a litre will cost €1.75. Earlier in the week, the price of unleaded SP98, 95 and Diesel also fell.
FRANCE PENSIONS - French President Emmanuel Macron’s government has rammed a controversial pension reform through parliament without a vote, sparking angry protests in Paris and other cities. The move to use a special constitutional power enabling the government to pass legislation without a vote, amounts to an admission that the government lacked a majority to hike the retirement age from 62 to 64. Around 6000 people gathered in front of the parliament to protest last night and riot police used tear gas and water cannon to clear protesters away. Police said over 120 people were arrested. There were also demonstrations in Marseilles, Rennes and Nantes and unions have called for another big protest next Thursday.
POLAND WARPLANES - Polish President Andrzej Duda has confirmed that Warsaw will deliver an initial batch of four MiG-29 fighter jets to Ukraine, in what will be the first such shipment by a NATO member. Ukraine has repeatedly asked its Western allies to send warplanes, but so far no Western countries have committed to giving jets to Kyiv. The White House said yesterday that this does not alter the US decision against sending its own fighter aircraft to Kyiv.
ST PATRICK’S DAY - It’s St. Patrick’s Day, Ireland’s National Day – a celebration for the Irish community all over the world, with spectacular parades in the cities of Dublin, New York, Montreal and Sydney. US President Biden will host Taoiseach Leo Varadkar at the White House. Many bars and restaurants also here in Luxembourg are holding Irish-themed parties.At the White House, Varadkar will then present Biden with the traditional shamrock -- a sprig of clover representing Ireland. Entertaining the revelers will be Irish pop star Niall Horan, a former member of mega boy band One Direction, now a singer-songwriter.
SURFING RECORD - Australian surfer Blake Johnston has shredded the world record for the longest surfing session, admitting he felt “pretty cooked” after catching waves for more than 30 hours. The 40-year-old former surfing pro broke down in tears after beating South African Josh Enslin’s previous record of 30 hours 11 minutes.Johnston’s attempt started in the early hours of Thursday morning, using large spotlights to illuminate the water as he caught the first of more than 500 waves.
FOOTBALL - Union Saint-Gilloise with Luxembourg’s Anthony Moris won 3-0 against Union Berlin yesterday. Arsenal lost in the penalty shootout against Sporting Lisbon. Betis Sevilla drew 0-1 in the short match against Manchester United. Freiburg has been eliminated by Juventus and Budapest lost 0-2 against Leverkusen.
It’s Friday and that means... well in this case a warm start your weekend. Friday will start off dry with a bit of cloud cover throughout the day, before a few rain drops sneak in early evening. Temperatures are significantly higher, with the morning starting off between 3 to 5°C, beautifully rising to around 12 - 15°C in the afternoon.
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