Your Weekly Recap for 24-28 October.
- Luxembourg’s economic growth forecast was slashed.
- Proposals for Municipalities ahead of June’s elections.
- A Covid19 breakthrough made in Luxembourg.
- The ECB raised interest rates, again.
- Rishi Sunak became Britain’s first Indian-origin PM
1. Luxembourg’s economy is forecast to grow in 2022 and 2023, but less than predicted.
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Latest forecasts predict growth between 1 and 2% for both years.
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The proposed state budget for 2023, is based on GDP growth of 2.5% for 2022 and 2% for 2023.
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Consumer confidence is at its lowest level since surveys began.
Latest forecasts predict growth between 1 and 2% for both years.
The proposed state budget for 2023, is based on GDP growth of 2.5% for 2022 and 2% for 2023.
Consumer confidence is at its lowest level since surveys began.
However, the overall deficit for the 2021 budget is only €800 million, rather than the €2.4 billion stated in the budget.
Plus, here is all you need to know about financial aid from the government that emerged after the recent tripartite.
And Luxembourg continued to create new jobs, with 3,769 new positions filled in the last 3 months alone.
A press conference on October 24, 2022 with representatives of SYVICOL / © SYVICOL
2. Syvicol, the Union of Cities and Municipalities presented its proposals ahead of the Local Elections in June 2023.
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36 measures were proposed.
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They argue the ‘mobilisation tax’ that the government recently presented should benefit municipalities.
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Syvicol also wants to see financial support for social housing, currently at €1,500, doubled.
36 measures were proposed.
They argue the ‘mobilisation tax’ that the government recently presented should benefit municipalities.
Syvicol also wants to see financial support for social housing, currently at €1,500, doubled.
And, according to the union, a growing number of people are interested in running for local office without party affiliation. Syvicol thus proposed to change the limit for plurality block voting from 3,000 to 6,000 to allow more people in small municipalities to do just that.
Syvicol president Emile Eicher also proposed the creation of a ‘Chamber of Municipalities’.
The Predi-COVID Cohort study showed for the first time that vocal recordings of COVID-19 patients could be used to monitor related symptoms of the disease. / © Luxembourg Health Institute
3. Researchers in Luxembourg discovered how to use vocal biomarkers to monitor COVID-19
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The Luxembourg Institute of Health announced a new biomarker-based technology.
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A voice recording of people with Covid-19 can be used to monitor the progression of the disease’s symptoms.
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It could become a simple way for healthcare practitioners to provide at risk-patients with immediate help.
The Luxembourg Institute of Health announced a new biomarker-based technology.
A voice recording of people with Covid-19 can be used to monitor the progression of the disease’s symptoms.
It could become a simple way for healthcare practitioners to provide at risk-patients with immediate help.
The research project was led by Dr Guy Fagherazzi.
Related: 1 in 5 residents of the Fondation Pescatore, a retirement home in Luxembourg City, tested positive for Covid-19 recently.
More Luxembourg stories below ‘in case you missed it’.
President of the European Central Bank Christine Lagarde during a press conference on the eurozone monetary policy. / © Daniel ROLAND / AFP
4. The ECB raised its interest rates, again.
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The bank increased 3 key rates all by 75 basis points to 1.5%.
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President Lagarde confirmed the bank will raise interest rates further.
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Inflation in the Eurozone stood at 9.9%, compared to a year ago.
The bank increased 3 key rates all by 75 basis points to 1.5%.
President Lagarde confirmed the bank will raise interest rates further.
Inflation in the Eurozone stood at 9.9%, compared to a year ago.
This is the second consecutive hike of this magnitude. The move could prove painful for the Eurozone which is already feared to be on the brink of a recession. Prices across the continent for a basic loaf have never been higher.
Political Criticism: Italy’s new PM Giorgia Meloni had criticised potential rate increases earlier this week. Her remarks nearly echoed those of France’s president Emmanuel Macron, who had shared that he was worried about central banks “smashing demand” in their efforts to tackle inflation.
Interest rate hikes will stabilise economy in the medium term according to the Governor of Luxembourg’s Central Bank: Gaston Reinech.
Comment: The ECB was among the last to begin raising interest rates. Now it’s acting decisively to catch up.
Rishi Sunak (L) and Jeremy Hunt (R) during Sunak's first Prime Minister's Questions (PMQs). / © Jessica TAYLOR / AFP / UK PARLIAMENT
5. Rishi Sunak became Britain’s 3rd Prime Minister this year and the first person of colour to lead the United Kingdom.
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Sunak is a practising Hindu and at 42, Britain’s youngest leader since 1812
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The new PM retained Jeremy Hunt as Chancellor of the Exchequer
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Rishi Sunak brought back a ban on fracking in first PMQs, undoing the work of Liz Truss.
Sunak is a practising Hindu and at 42, Britain’s youngest leader since 1812
The new PM retained Jeremy Hunt as Chancellor of the Exchequer
Rishi Sunak brought back a ban on fracking in first PMQs, undoing the work of Liz Truss.
Rishi Sunak had lost out to Ms. Truss in the party leadership campaign over the summer by over 20,000 votes.
Labour Party Chair Anneliese Dodds said that he ‘doesn’t have a mandate’ to govern.
I asked: What now for British democracy after Sunak is made PM?
Climate Change
- Ahead of the upcoming Cop27 climate action summit the EU’s Environment Ministers met in Luxembourg to determine their shared negotiating position.
- The EU agreed on legislation to phase out new CO2-emitting vehicles by 2035.
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The Ministry for the Environment, Climate and Sustainable Development presented a new communication campaign that focuses on the promotion of protected Natura 2000 zones in Luxembourg.
The Ministry for the Environment, Climate and Sustainable Development presented a new communication campaign that focuses on the promotion of protected Natura 2000 zones in Luxembourg.
And in case you missed it
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Xavier Bettel met with Bill Gates in Luxembourg. Gates was here on a working visit to the European Investment Bank.
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The Prime Minister and the Minister for Tourism Lex Delles headed to Italy on Wednesday, with Bettel expected to meet the Pope on Saturday.
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ACL membership fees will rise significantly for the first time in 13 years in 2023. For coverage in Luxembourg, fees will rise from €49 to €69, and from €89 to €119 per year for European coverage.
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German Chancellor Olaf Scholz on Thursday rejected Turkish claims on the sovereignty of Greek islands, at the start of an official visit to Athens.
- Elon Musk took control of Twitter and fired its top executives.
Xavier Bettel met with Bill Gates in Luxembourg. Gates was here on a working visit to the European Investment Bank.
The Prime Minister and the Minister for Tourism Lex Delles headed to Italy on Wednesday, with Bettel expected to meet the Pope on Saturday.
ACL membership fees will rise significantly for the first time in 13 years in 2023. For coverage in Luxembourg, fees will rise from €49 to €69, and from €89 to €119 per year for European coverage.
German Chancellor Olaf Scholz on Thursday rejected Turkish claims on the sovereignty of Greek islands, at the start of an official visit to Athens.
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Christos Floros covers News and Politics for RTL Today @christosfloros