Lux streamer continued, increased banking compliance costs, Guetta catalog sold – Delano
Pornhub’s parent Mindgeek sued for allegedly posting non-consensual videos
34 women have filed a civil lawsuit in California against the company that owns the Canadian adult video site Pornhub, alleging that Luxembourg-based Mindgeek is a “criminal enterprise”. The women claimed “that Pornhub and Mindgeek knowingly took advantage of videos depicting rape, child sexual exploitation, pornographic revenge, trafficking and other non-consensual sexual content.” Mindgeek told reporters that the accusations were “utterly absurd, utterly reckless and categorically false” and that “Pornhub has no tolerance for illegal content and is investigating any complaints or allegations made about content on our platforms.” None of the complaints have been heard or proven in court. Sources: BBC, Canadian press, SCS (video), CNN and Daily mail.
Luxembourg banks report rising regulatory costs
Consulting firm EY and Luxembourg Bankers Association said the cost of regulatory compliance for Luxembourg banks increased by 17% between 2017 and 2020, to reach € 548 million last year. Sources: Delano and Paper jam.
HSBC to announce the sale in France soon
HSBC is expected to officially announce the sale of its retail banking business in France to US private equity firm Cerberus Capital Management later today. HSBC is pivoting to Asia and to wealth management clients. Sources: Alliance News, Bloomberg, Reuters and Zack.
Fintech plans massive listing in London
Payments firm Wise has said it will go public in London via a direct listing that values the company between £ 5 billion and £ 9 billion (€ 5.8 billion – € 10.5 billion). Sources: Bloomberg, CNBC, FT and The Guardian.
British fintech bought by American banking giant
JPMorgan buys UK roboadvisory firm Nutmeg – which has around £ 3.5bn (€ 4.1bn) in assets under management and 140,000 customers – in deal that values the fintech startup to 700 million pounds sterling (818 million euros). Sources: CityAM, CNBC, FT and In search of the alpha.
UK food and drink exports to the EU fall by almost half in the first quarter
Guetta sells his music catalog for $ 100 million
EU Supreme Court says copyright trolls can make reasonable demands on ISPs
The European Court of Justice mentionned So-called “copyright trolls” can ask Internet service providers to help them pursue copyright infringement claims (in this case, for allegedly downloading pirated music) as long as their demands are “non-abusive, justified and proportionate”. Sources: Courthouse News Service and Reuters.
EU’s highest court quashes European patent authority in Cyrus case
The European Court of Justice has ruled that Miley Cyrus can patent “Smiley Miley” in the EU, rejecting the EU Intellectual Property Office’s claim that the expression made no sense. Sources: Reuters and Judgment of the ECJ.
Luxembourg’s economy more competitive
The Grand Duchy has gained three places, to 12th place, in the annual IMD World Competitiveness Ranking. Sources: Delano and Paper jam.
Ebay sells its Korean business
Obamacare confirmed by the highest American court
U.S. Supreme Court dismissed third lawsuit to overturn Barack Obama’s Affordable Care Act, which established a government-sponsored health insurance system that currently covers approximately 31 million Americans . Sources: BBC, CNN, FT and New York Times.
Juneteenth declared a new public holiday in the United States
US President Joe Biden signed a bill making Juneteenth – which marks the day, June 19, 1865, that the last African Americans were freed from slavery – a federal holiday. Sources: FT, NPR, Reuters and Washington post.
Questions about Curevac deliveries
Curevac said its covid-19 vaccine candidate was only 47% effective in trials, casting doubt on the delivery of some 320,000 doses to Luxembourg. Sources: Delano and Paper jam.
No deaths since June 1
No one in Luxembourg has died from covid-19 for more than two weeks. Sources: Delano and 100.7.
Swedish Prime Minister facing vote of confidence
California biology professor charged with insider trading
A Silicon Valley high school teacher and five others have been charged with allegedly “over $ 1 million in insider trading” on tech stocks. His lawyer did not respond to requests for media comment. Source: The register and Chronicle of San Francisco.
BMW tests hydrogen fuel cell cars
Osaka will jump Wimbledon
Man unknowingly buys water tower in Florida town
A small town in Florida accidentally sold its municipal water tower for $ 55,000. “We are human,” said Mark Kutney, city manager of Brooksville. “Sometimes we make a mistake.” Sources: PA, NPR and Tampa Bay Times.
Today’s Information Breakfast was written by Aaron Grunwald