Israel and Hamas agree to ceasefire

A ceasefire took effect early Friday, ending 11 day of rocket fire between Israel and Hamas, the Palestinian militant group which controls the Gaza Strip. More than 240 people were reported killed in the conflict. The agreement was brokered by Egypt and the US. Washington pledged recovery aid to both sides. Sources: BBC, CNBC, DW, Financial Times, The Guardian and NPR.

Biden wants 15% minimum corporate tax rate

Washington has proposed, in international talks, that companies pay at least 15% in tax on their earnings globally. That is below the 21% rate the Biden administration proposed for US firms earlier. Sources: CNBC, Financial Times, Independent and Reuters.

Biden orders climate risk assessment

The Biden administered directed US agencies to assess and mitigate the risks faced by the financial system, investors and the government due to climate change. Ultimately financial institutions and companies may be required to step up disclosures. Sources: Financial Times, Independent, Marketwatch and NPR.

European Parliament freezes China trade deal

MEPs voted to put the recently inked EU-China trade deal on ice until Beijing lifts retaliatory sanctions on European lawmakers and institutions. Sources: DW, Financial Times, Reuters and South China Morning Post.

EU greenlights ‘digital green pass’

The European Parliament and EU member states agreed on a plan to issue digital covid-19 certificates that would permit summer travel across the bloc. Sources: DW, RTE and Washington Post.

WHO warns against Europe travel

The World Health Organization’s director for Europe said progress against the covid-19 pandemic was “fragile” and advised people not to travel internationally. Sources: Daily Mail, The Guardian and Marketwatch.

Latest Luxembourg covid-19 update

Out of 10,397 PCR tests conducted on 19 May, 67 Luxembourg residents were positive for covid-19. That is a rate 10.56 new cases per 100,000 inhabitants (compared to 3.62 on 13 May). The reproduction rate was 0.83, below the target threshold of 1.00 (compared to 0.93). There were 51 covid-19 patients in hospital (compared to 67), including 18 in intensive care (compared to 29). One person died on Wednesday due to the coronavirus, bringing the national total to 809. A cumulative 304,062 vaccine doses have been administered, including 100,497 people who have received all required jabs. Source: health ministry. More: Delano.

Luxembourg’s main health insurer takes first step to direct payments

The National Health Fund (CNS) signed an accord with two associations of Luxembourg doctors and dentists on an electronic billing system that ultimately should lead to automatic payment of medical expenses, replacing the current reimbursement system. Sources: Delano and Paperjam.

Aleba appoints new secretary general

Delphine Nicolay has been named secretary general of Aleba, the financial sector trade union, replacing Laurent Mertz, who stepped aside earlier this year. Sources: Delano and Paperjam.

Banks fined by EU for running bond cartel

UBS, Nomura and Unicredit were fined a collective €371m for colluding on euro government bond trading between 2007 and 2011. UBS said it has “taken appropriate action years ago” and would consider appealing the European Commission decision. Nomura said the fine “relates to historic behavior” against ex-employees and is considering an appeal. Unicredit “vigorously contests” the decision and said it would appeal to EU courts. Sources: AFP, Bloomberg, CNBC and Financial Times.

Pip breast implant ruling

A French appeals court ruled in favour of patients who received faulty breast implants made by the French firm Pip, and against the German product safety outfit Tüv Rheinland, which judges said was negligent. Lawyers for Tüv Rheinland said it disagreed with the decision (it can appeal the ruling). Sources: BBC, DW, The Guardian and Reuters.

Sarkozy trial starts

Proceedings began in the trial of the former French president Nicolas Sarkozy, for allegedly illegally funding his 2012 reelection campaign. Sarkozy denies any wrongdoing. Sources: BBC, DW, France 24 and The Guardian.

Trial of German army officer starts

Proceedings began in the trial of “Franco A”, a German soldier who reportedly posed as a Syrian refugee, for allegedly plotting terror attacks. The army lieutenant said he is not an extremist and denies the charges. Sources: BBC, DW, Euractiv and Reuters.

Apollo co-founder Josh Harris to step aside

Josh Harris, will leave his day-to-day role with Apollo Global Management, one of the world’s largest alternative investment managers, after the firm merges with its insurance affiliate Athene. Harris will remain on the board. Sources: Bloomberg, CNBC, Financial Times and New York Times.

Wework posts loss

The shared office space operator Wework said it lost $2.1bn and lost a quarter of its members in the first quarter. Sources: Bloomberg, Financial Times, Marketwatch and Reuters.

Oatly IPO values firm at $10bn

Shares in Oatly, the vegan food and drink firm, rose 18% during its first day of trading. The outfit raised $1.4bn in the listing. Sources: BBC, Bloomberg, CNBC and CNN.

Berlin-based neobroker valued at more than $5bn.

Trade Republic--the German firm that aims to be a European version of Robinhood, the American free trading app--raised $900m in a funding round that values the firm at $5.3bn. Sources: CNBC, Reuters, Sifted and Techcrunch.

Chinese billionaire unexpectedly dies

The Chinese property developer KE Holdings said its founder, Zuo Hui, died following an “unexpected worsening of illness,” which was not disclosed. He was aged 50 and reportedly had a net worth of $14.8bn. Sources: Bloomberg, Caixing, Forbes and South China Morning Post.

Reuters warned about introducing paywall

The London Stock Exchange has objected to plans by the Reuters news agency to introduce a paywall on its website later this year. The LSE said the plan was “not permitted” under a non-compete clause. Sources: Barron’s, CityAM, Marketwatch and Reuters.

Twitter restarts verification programme

Twitter said it would begin to issue blue verification badges to “notable” users again, after pausing the programme in 2017. Sources: AFP, CNBC and Reuters.

North Korean fashion faux pas

Kim Jong-un, North Korea’s leader, has banned skinny jeans and mullets, per GQ.  

Today’s breakfast briefing was written by Aaron Grunwald