Global markets fall on covid-19 worries

Coronavirus fears sent US stocks down more than 4% (per CNBC and NPR) and European shares fell by 3.8% (per Bloomberg and Marketwatch) on Thursday, the biggest drops since the 2011. Asian shares declined by 2% or more (per the South China Morning Post) and fell further on Friday morning (per CNN). “Share prices were on track for the worst week since the global financial crisis in 2008,” according to Reuters. Globally, markets have shaved $3.6trn off the value of shares over the past 6 days (per the BBC). One investment strategist told the Financial Times: “We’re in panic mode.”

Coronavirus impacting rest of economy

Energy: Saudi Arabia wants the Opec+ group of energy exporting countries “to make a substantial cut in oil production” as the coronavirus outbreak has led to huge cut in demand, according to the Financial Times. Trade: China has issued a large number force majeure certificates, allowing exporters to break contracts with foreign buyers, per the Financial Times and South China Morning Post. E-commerce: Amazon said it removed more than 1m product listings that made misleading claims about the coronavirus and “tens of thousands” of offers where merchants were accused of price gouging, per CNBC and Reuters. Retail: Starbucks said it re-opened about 85% of its stores in China, saying “we are seeing the early signs of a recovery in the region,” per CNBC, Wall Street Journal and Yahoo Finance.

Virgin Galactic falls on downgrades

Shares in the space tourism company Virgin Galactic dropped by more than 20% after two banks, Credit Suisse and Morgan Stanley, downgraded the stock. Sources: CNBC, Investor’s Business Daily and Marketwatch.

Thyssenkrupp sells lifts unit to PE investors

The German industrial group Thyssenkrupp has sold its elevator business to a consortium led by Advent and Cinven, two private equity outfits, for €17.2bn. Sources: Financial Times, Reuters and Seeking Alpha.

Under siege from the SEC, Seagal pays bitcoin rival penalty 

Demonstrating that he is not above the law, the actor Steven Seagal paid the US Securities and Exchange Commission a $314,000 fine to settle charges that he allegedly promoted a cryptocurrency without disclosing that he was being paid for it. Seagal did not admit, nor did he dispute, the accusations, the SEC said. Sources: CNN, The Daily Beast and Financial Times.

Johnson gives EU 4 months for post-Brexit talks

The British PM Boris Johnson said he would walk away from trade talks with the EU if there were no progress within 4 months. Sources: Associated Press, BBC and Pensions & Investments.

Heathrow runway blocked

The UK Court of Appeal ruled in favour of climate activists and halted planned construction of a third runway at Heathrow airport. Sources: BBC, The Guardian and NPR.

UK to leave EU criminal extradition scheme

Britain will withdrawal from the European arrest warrant system. Sources: BBC, The Guardian and Reuters.

Canada to cut Harry & Meghan security

The Canadian government will stop paying to protect Prince Harry and Meghan “in the coming weeks”. Sources: AFP, BBC, CBC, The Guardian and Sky News.

Agenda

Friday 28 February-Sunday 1 March: Luxembourg’s multiculturalism is feted during the Migration Festival at Luxexpo. Saturday 29 February, 7pm: The British Ladies Club hosts its annual quiz night in Weimerskirch. Saturday 29 February-Sunday 1 March: Buergbrennen torch processions and bonfires in Bonnevoie, Cents and Beggen. Tuesday 3 March, 11:30am-7:45pm: Democrats Abroad Luxembourg is holding an overseas voting event at Victor Hugo Hall. Tuesday 17 March, 6:30pm: Delano Live event on online privacy (deadline to win free tickets: Thursday 12 March, 12noon).

Here are 5 science & technology stories you may have missed

Coronavirus: In an interview about covid-19, Harvard epidemiology professor Marc Lipsitch told The Atlantic magazine that “I think the likely outcome is that it will ultimately not be containable,” but most people will only be mildly ill or asymptomatic. Computing: The Pentagon introduced “ethical principles” for the use of AI-driven weapons (and other applications) by the US military, but critics called it “ethics-washing” per Deutsche Welle and The Register. Cryptocurrencies: Sweden’s central bank started a year-long test of a digital version of the krona, per MIT Technology Review. Automotive: Computer security researchers have “manipulated multiple Tesla cars into speeding up by 50 miles per hour,” which is about 80 kilometres per hour, per MIT Technology Review (also see The Register). Archaeology: Researchers using ground penetrating radar to scan King Tutankhamun’s tomb found evidence of a secret chamber which potentially could contain the never-located tomb of Queen Nefertiti, per Nature.

Un-bee-lievable

An animal control company in the US state of Virginia said it removed a beehive measuring 8 feet (around 2.4 metres) from an unoccupied apartment, according to the Associated Press. The firm was able to recover about 15-20 pounds (6.8kg-9kg) of honey.

Today’s breakfast briefing was written by Aaron Grunwald