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Emmanuel Macron, the French president, and Angela Merkel, the German chancellor, outlined a half-trillion euro, EU-wide coronavirus recovery package, 18 May 2020. “For the first time together, what we propose is to raise a common debt in the market,” Macron said. “Extraordinary circumstances call for extraordinary measures,” Merkel said. “Germany and France are standing up for Europe.” Image credit: Bundesregierung 

Macron and Merkel put forward EU recovery plan

The leaders of France and Germany proposed creating a €500bn European rescue fund. Under the plan outlined by Emmanuel Macron and Angela Merkel, the European Commission would sell bonds and distribute the funds as grants, not loans, to the EU countries and sectors hardest hit by the covid-19 crisis. The debt would be repaid out of the EU budget. Common debt represents a policy U-turn by the Germans. The plan needs to be approved by the other EU governments. Austria’s chancellor prefers loans, not grants. Sources: BBC, CNN, Financial Times, France 24, The Guardian, Marketwatch and NPR.

Moderna has positive vaccine results in small study

The biotech firm Moderna said its potential covid-19 vaccine produced the desired antibodies in all 45 subjects in an early stage trial. Sources: CNBC, Financial Times, Marketwatch, NPR and Seeking Alpha.

Trump taking unproven drug as covid-19 prophylactic

Donald Trump said he was taking hydroxychloroquine to prevent a coronavirus infection, even though there is no proof the anti-malaria drug is an effective treatment against covid-19. The US Food and Drug Administration has previously warned that taking hydroxychloroquine could potentially cause heart rhythm problems in covid-19 patients. Source: AFP, CNBC, Financial Times, Deutsche Welle and The Guardian.

Trump threatens to quit WHO

Donald Trump said the US would withdrawal from the World Health Organization unless it agrees to “commit to major substantive improvements within the next 30 days”. Sources: CNBC, CNN, Financial Times, Marketwatch and Reuters.

French schools closed following new coronavirus infections

Seven schools in France shut down again, having reopened a week earlier, after detecting 70 covid-19 cases. Sources: Associated Press, Daily Mail, Evening Standard, The Guardian and RFI.

Belgian hospital workers protest PM

Staff turned their backs on the Belgian prime minister, Sophie Wilmès, when she visited a Brussels hospital ito protest pay, working conditions and staffing plans. Sources: AFP, BBC, Brussels Times, The Guardian and Sky News.

US putting Huawei’s “survival” at stake, says chair

The Chinese tech giant Huawei said new American restrictions on selling it semiconductors and software were “arbitrary” and its business “inevitably be impacted”. Sources: BBC, CNBC, Financial Times, RTE and the Telegraph.

Uber makes further cuts

The ride-hailing and delivery firm Uber announced 3,000 layoffs (after making 3,700 staff redundant 2 weeks ago) and the closure of several offices. Sources: Bloomberg, CNN, Financial Times, NPR and The Verge.

Tiktok taps Disney+ exec as new chief

The social media app Tiktok hired Kevin Mayer, currently head of Disney’s streaming business, as its new CEO. Sources: CNBC, Financial Times, Hollywood Reporter, Los Angeles Times and Reuters.

Agenda

Tuesday 19 May, 1:30pm-2:30pm: Paperjam Club’s “Plan and organize social content to engage with your audience” online workshop. Tuesday 19 May, 2pm: The British Chamber of Commerce for Luxembourg hosts a webinar on covid-19 legal issues. Tuesday 19 May, 8:05pm: Ara City Radio’s pub quiz on Facebook. Wednesday 20 May, 10am: British Ladies Club hosts a virtual coffee catch-up session; email events@blc.com for the Zoom invite. Wednesday 20 May, 11:45am-1:30pm: House of Startup’s “10 steps to set up your startup in Luxembourg” workshop. Wednesday 20 May, 12pm-2pm: House of Entrepreneurship’s “Facebook & Instagram advertising in 2020” online workshop. Wednesday 20 May, 5pm: Luxembourg Private Equity and Venture Capital Association’s “10 years, 10 minutes” interview with Claude Marx of the CSSF “on how the Luxembourg regulator has been working since the covid-19 outbreak.” Wednesday 20 May, 7pm-9:30pm: The Network’s “Salary negotiations” online event.

Culinary culture

Germany’s food and drink trade group “said the coronavirus pandemic has exposed poor cooking skills among Germans,” per Deutsche Welle.

Special delivery

Two neighbours in Canada stayed connected while self-isolating by sending messages to each other carried by Bella, a cat, per the CBC.

Today’s breakfast briefing was written by Aaron Grunwald