Executive Summary

皆様、
ルクセンブルクニューズレター最新号をお届けします。
ギリシャ債務危機をめぐる欧州の動きから目が離せない状況が続いています。財政赤字のほとんどないルクセンブルクでは債務危機
波及は心配されませんが、欧州全体の景気減速が雇用や消費にじわりと影を落とし始めています。早期の問題解決が望まれます。
１０月から、欧州最大の貨物専門航空カーゴルックスが週3回のルクセンブルク・小松間の定期便に加え、ルクセンブルクから小松
を経由して北米に向う新ルートの運行を始めました。一方、ルクセンブルクでは最近同社の株主となったカタール航空がドーハから
北米やカナダに向う貨物便をルクセンブルクに寄航させる新ルートをスタートさせました。ルクセンブルク空港をハブとする国際航
空貨物のネットワークは益々充実する様相です。
カーゴルックス便の縁で交流のある石川県にご協力頂き、去る１０月２６日に「ルクセンブルクin丸の内２０１１：発見！石川の味
覚とルクセンブルクワイン」を開催しました。加賀料理とルクセンブルクワインの合わせ方を具体的に提案するイベントでしたが、
開催直前のプレス発表会では、ワインジャーナリストの皆様から「鴨とオーセロワの組み合わせは最高」、「クレマンのレベルが高
い」など参考になるコメントを多数頂きました。イベント本番では多くのお客様を迎え、山代温泉の「あらや滔々庵」の素晴らしい
お料理とルクセンブルクワインのマリアージュを楽しんで頂きました。サプライズの特別ゲスト（石川の漆器職人で篠笛奏者の八木
繁さん、能登の塩づくりをテーマにしたドキュメンタリー映画「ひとにぎりの塩」の石井かほり監督）の登場、抽選会もあり、あっ
という間の２時間でした。会場の収容人数の関係で予約開始後１週間で満席となってしまい、お問い合わせ頂いたのにご参加頂けな
かった方々、申し訳ありませんでした。来年も楽しいイベントを企画しますので、どうぞご期待下さい。
１０月２４日には日本オンラインゲーム協会主催のセミナーで欧州のオンラインゲーム市場とルクセンブルクの事業環境につきお話
させて頂きました。同協会会員限定のセミナーでしたが、３０名を超える参加があり皆さん熱心に具体的な質問をされていました。
海外市場開拓への意欲を感じ、今後ルクセンブルクとの縁が生まれることを期待しています。
今後の予定としては、１１月２５日（金）にモバイルコンピューティング推進コンソーシアム（MCPC）のイベント「モバイルソ
リューションフェア２０１１」のセミナーにて、オランダ、スウェーデンの大使館と合同で各国の事業環境について各１５分ほどお
話します。イギリス、韓国、カナダからは日本へのモバイル製品技術売り込みのために企業が来日してプレゼンテーションします。
ご興味ある方は是非ご来場ください。http://www.mcpc-jp.org/fair2011/
１１月にはベルギールクセンブルク商工会議所（BLCCJ）の大きなイベントが２つ開催されます。ひとつは１１月１７日のセミナー
「Delighting Customers in Japan」、もうひとつは２２日の「BLCCJガラパーティー“タンタンin東京”」です。詳しくは同会議所
のウェブサイトをご覧下さい。http://www.blccj.or.jp/ja/events
行事の多い季節となりました。皆様と顔をあわせる機会もあるかと存じますが、どうぞよろしくお願い致します。
ルクセンブルク貿易投資事務所
エグゼクティブ･ディレクター
松野百合子
Executive Summary
In September 2011, a number of events took place within and outside Luxembourg. Table 1 summarises the key developments in the month.
Table 1: Key Developments – September 2011
SEGMENT
Company news
国内企業関連ニュース
NEWS
·
ArcelorMittal Commissions Cold Formed Mill at Romanian Unit; Commences Iron-ore Production in Liberia
・アルセロールミタル、ルーマニア工場で冷間成形ミルを発注; リベリアで鉄鉱石製品の製造開始
· ArcelorMittal, Peabody Prolong Bid for Macarthur Coal
・アルセロール･ミタル、ﾋﾟーボディーマッカーサーコールの入札延長
· ArcelorMittal Celebrates Golden Jubilee in Luxembourg
・アルセロールミタル、ルクセンブルクで50周年を祝う
· ArcelorMittal to Commence Production at Saudi Arabia in 2012
・アルセロールミタル2012年サウジ・アラビアで生産開始
· Cargolux, Qatar Airways Complete Partnership Deal
・カーゴルックス、カタール航空、提携協定をまとめる
· SES Launches SES-2, QuetzSat-1 Satellite
・ SES、SES-2. QuetzSat-1衛星を始動
· SES Unveils New Company Logo and Brand Identity at IBC
・ SES、IBCで新会社のロゴとブランド・アイデンディティを発表
· SES, GSS Collaborate to Serve Russian Market
・ SES, GSS、ロシア市場に対応するため協力
· SES Inks Deal to Expand in African Market
・ SES、アフリカ市場の拡大の契約を締結
· GlassBuild America 2011 Felicitates Guardian Industries with "Best in Show" Title
・ガラスビルド・アメリカ2011、ガーディアン･インダストリーを"最優秀賞"に選ばれる
· Clearstream Collaborates with DTCC to Launch New Loan Services
・クリアストリーム、新ローンサービス開始のためDTCCと協力
·
CB Richard Ellis Investors, Tages Capital SGR Appoint RBC Dexia
・ CBリチャード･エリス・インベスターズ、ターゲス・キャピタルSGR RBCデクシアを任命
IEE Presents Innovative Solutions for Increased Automotive Safety, Comfort
・ IEE、自動車の安全と快適さ向上のため革新的ソリューションを紹介
· Jan De Nul Receives Contract to Construct Second Lock at Antwerp Port
・ヤンデヌル、アントワープ港の第二水門建設のを受注
· Cargolux Appoints Wildgen New Board Chairman; Pratt to Monitor Engine Performance
・カーゴルックス、ヴィルトゲン氏を新取締役会長に任命、プラット社エンジンの性能をモニター
·
National political
developments
国内政治関連ニュース
Luxembourg, Kuwait Boost Bilateral Ties
・ルクセンブルク、クウェート２カ国関係を強化
OECD Peer Review Acknowledges Luxembourg’s Efforts for Information Exchange
・ OECD査読でルクセンブルクの情報交換に対する努力を承認
· Luxembourg Amends SIF law to Facilitate AIFM Directive Era
・ルクセンブルクSIF規制をオルタナティブ投資ファンド運用者指令（AIFM）の促進のため改定
· Luxembourg, Spain Approve Magnified Powers of EFSF
・ルクセンブルク、スペイン、欧州金融安定基金（EFSF)の拡大を承認
· Juncker Visits Bulgaria, Turkey and Marseille
・ユンカー首相ブルガリア、トルコ、マルセイユを訪問
· Luxembourg Discloses Tax Credits Measures to Promote Energy Efficiency
・ルクセンブルクエネルギー効率促進のため税控除措置を開示
· Luxembourg Receives 'AAA' rating
・ルクセンブルク"AAA" の格付けを受ける
· Krecké and CAM to Launch New Website for "Luxembourg for Business - Proud to Promote Maritime Affairs"
・クレッケ大臣、CAM が"ルクセンブルクフォービジネス－"海事ビジネス促進のご案内" のウェブサイトを発表
· Krecké Attends Sotchi International Investment Forum and Monaco Yacht Show
・クレッケ大臣、ソッチ国際投資フォーラム、モナコ･ヨット･ショーに参加
European and international
political developments
EU・国際政治関連ニュース
·
·
·
EC Approves Financial Transaction Tax
・ EC、金融取引税を承認
· EC Fixes Due Date to Improve Bank Capital Rules
・ EC、銀行自己資金規制改正の期日を定める
· EU Finance Ministers Accept Governance Pact
・ EU蔵相政府協定を受入
· Piebalgs Visits South Africa
・ピエバルグス南アフリカを訪問
Company News: In the steel sector, ArcelorMittal Iasi, the Romanian subsidiary of Luxembourg-based steelmaker ArcelorMittal, has commissioned a cold formed mill with
a capacity of 120.000 million tonnes to reduce cost and increase efficiency in the region. In addition, the steel producer has started producing iron ore from mining
activities in Liberia. Along with US-based coal company Peabody Energy, the steelmaker has extended the deadline for Australian coal processing company Macarthur
Coal’s bid to 14 October 2011. Further, the steel maker celebrated its 100th year of steel making in Luxembourg. In another development, the company plans to start
production at its EUR 507,22 million steel mill in Jubail, Saudi Arabia, in early 2012.
In the air cargo sector, Qatar Airways’ deal to acquire a 35-percent stake in Luxembourg-based airline Cargolux was finalised on 9 September 2011.The company
appointed Albert Wildgen as its new Chairman of the Board, effective 16 September 2011. Further, Cargolux inked an agreement with US-based aerospace manufacturer
Pratt & Whitney Global Service Partners to monitor the health and performance of the engines of its aircrafts and provide engine monitoring services.
In the satellite services industry, Luxembourg-based satellite operator SES launched two satellites – SES-2 on 21 September 2011, and QuetzSat-1 on 29 September 2011.
Further, to represent the company globally, SES disclosed a new logo and brand identity at IBC in Amsterdam, the Netherlands. Also, the satellite operator has
collaborated with Russian satellite operator GSS to provide capacity to each other. In another development, it has inked deals in South Africa to promote its broadband
service ASTRA2connect.
In the glass manufacturing industry, Luxembourg-based float and fabric glass manufacturer Guardian was chosen as “Best in Show” at GlassBuild America 2011.
In the financial services industry, Luxembourg-based International Central Securities Depository Clearstream has signed a deal with Depository Trust & Clearing
Corporation (DTCC) to support bilateral loan and offer collateral management services. Further, UK-based financial institution RBC Dexia Investor Services has been chosen
by US-based real estate investment company CB Richard Ellis Investors (CBREI) to provide various services to CBREI’s funds of funds in Luxembourg and Ireland. Further,
the company has been selected by Italian investment management company Tages Capital SGR to provide services to Tages Capital's domestic fund of hedge fund range
and for its Luxembourg-based UCITS funds.
Luxembourg-based sensing specialist IEE showcased touch-sensitive smart input devices for vehicle interiors in Frankfurt, Germany. In another development, Belgian
Antwerp Port awarded a contract for the construction of a second lock worth EUR 272,81 million to a joint venture (JV) consisting of Jan De Nul, CEI-De Meyer, Betonac,
Herbosch-Kiere and Antwerpse Bouwwerken.
National Political Developments: On 5 September, a group of Kuwaiti delegates arrived in Luxembourg on a four-day official visit to boost trade relations. The delegates
visited the Luxembourg Financial Centre LFF and also discussed the country’s banking and financial sectors. Further, Luxembourg’s efforts to promote the exchange of
information regarding financing activities have been acknowledged by the OECD. In another development, the Luxembourg government has filed a draft legislation to
amend the SIF regime for alternative vehicles to meet the requirements of the EU AIFM Directive. Also, Luxembourg and Spain approved the proposal to amplify the
powers of EUR 440 billion European Financial Stability Facility (EFSF). Further, on 8 September, Luxembourg Prime Minister Jean-Claude Juncker visited Turkey to meet
Turkish Prime Minister Recep Tayyip Erdogan. Moreover, the Luxembourg government disclosed tax credit measures to promote energy efficiency. Further, Luxembourg
has been awarded an AAA rating by credit rating agency Fitch. Further, a new website — "Luxembourg for Business - Proud to promote Maritime Affairs" — has been
launched by Luxembourg Economy and Foreign Trade Minister Jeannot Krecké and the Commission for Maritime Affairs. In addition, Krecké attended the annual meeting of
the economic and trade world of Russian Federation, Sochi International Investment Forum and commercial maritime sector fair, Monaco Yacht Show.
European and International Political Developments: The EU has accepted a plan to impose a financial transaction tax of 0,1 percent on stocks and bonds and another of
0,01 percent on derivatives. Additionally, the EC has proposed a deadline of July 2012 to restructure the bank capital rules and regulation for credit rating companies for
the EU nations. In another development, on 16 September, the EU agreed on a set of reforms, known as six pack to strengthen economic governance across the EU. Also,
European Development Commissioner Andris Piebalgs visited South Africa over 13–16 September to promote cooperation between the EU and South Africa.
Stock Market Index
Figure 1 illustrates the performance of the Luxembourg Stock Exchange Index over August–September 2011.
Figure 1: Luxembourg Stock Exchange Index (August–September 2011)
Source: Luxembourg Stock Exchange Website
Table 2 summarises the key deals signed by Luxembourg-based companies in September 2011.
Table 2: Key Deals September 2011
S. No.
Luxembourg-based Company
Foreign Company
Country
Deal Size
Type of Deal
Status
1.
ArcelorMittal
Macarthur Coal
Australia
EUR 3,59 billion
Stake Acquisition
In process
2.
Cargolux
Qatar Airways
Qatar
NA
Capacity agreement
Completed
Headlines
News – Luxembourg-based Companies
2.1 International Momentum
2.1.8 Jan De Nul
2.1.8.1 Jan De Nul Receives Contract to Construct Second Lock at Antwerp Port
2.1.1 ArcelorMittal
2.1.1.1 ArcelorMittal Commissions Cold Formed Mill at Romanian Unit; Commences
Iron-ore Production in Liberia
2.1.1.2 ArcelorMittal, Peabody Prolong Bid for Macarthur Coal
2.1.1.3 ArcelorMittal Celebrates Golden Jubilee in Luxembourg
2.1.1.4 ArcelorMittal to Commence Production at Saudi Arabia in 2012
2.1.2 Cargolux
2.1.2.1 Cargolux, Qatar Airways Complete Partnership Deal
2.1.3 SES
2.1.3.1
2.1.3.2
2.1.3.3
2.1.3.4
SES Launches SES-2, QuetzSat-1 Satellite
SES Unveils New Company Logo and Brand Identity at IBC
SES, GSS Collaborate to Serve Russian Market
SES Inks Deal to Expand in African Market
2.1.4 Guardian Industries
2.1.4.1 GlassBuild America 2011 Felicitates Guardian Industries with "Best in Show"
Title
2.1.5 Clearstream
2.1.5.1 Clearstream Collaborates with DTCC to Launch New Loan Services
2.1.6 RBC Dexia
2.1.6.1 CB Richard Ellis Investors, Tages Capital SGR Appoint RBC Dexia
2.1.7 IEE
2.1.7.1 IEE Presents Innovative Solutions for Increased Automotive Safety, Comfort
2.2 Management changes
2.2.1 Cargolux
2.2.1.1 Cargolux Appoints Wildgen New Board Chairman; Pratt to Monitor Engine
Performance
News – National Political Developments
3.1.1.1 Luxembourg, Kuwait Boost Bilateral Ties
3.1.1.2 OECD Peer Review Acknowledges Luxembourg’s Efforts for Information
Exchange
3.1.1.3 Luxembourg Amends SIF law to Facilitate AIFM Directive Era
3.1.1.4 Luxembourg, Spain Approve Magnified Powers of EFSF
3.1.1.5 Juncker Visits Bulgaria, Turkey and Marseille
3.1.1.6 Luxembourg Discloses Tax Credits Measures to Promote Energy Efficiency
3.1.1.7 Luxembourg Receives 'AAA' rating
3.1.1.8 Krecké and CAM to Launch New Website for "Luxembourg for Business Proud to Promote Maritime Affairs"
3.1.1.9 Krecké Attends Sotchi International Investment Forum and Monaco Yacht
Show
EU News – European and International Political Developments
4.1.1.1
4.1.1.2
4.1.1.3
4.1.1.4
EC Approves Financial Transaction Tax
EC Fixes Due Date to Improve Bank Capital Rules
EU Finance Ministers Accept Governance Pact
Piebalgs Visits South Africa
News – Luxembourg-based Companies
2.1 International Momentum
2.1.1 ArcelorMittal
2.1.1.1 ArcelorMittal Commissions Cold Formed Mill at Romanian Unit; Commences Iron-ore Production in Liberia
Luxembourg-based steelmaker ArcelorMittal’s Romanian subsidiary ArcelorMittal Iasi has commissioned a cold formed mill to reduce cost and increase efficiency. The mill
will replace six older mills in the region. Furthermore, the mill is compliant with all EU regulations and has an annual capacity of 120.000 million tonnes. Further, the
steel producer has started production of iron ore from mining activities in Liberia.
Source: Company website, 19 and 27 September 2011
http://www.arcelormittal.com/index.php?lang=en&page=33&tb0=105
http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=484&tblng=1
Back to headlines
2.1.1.2 ArcelorMittal, Peabody Prolong Bid for Macarthur Coal
Luxembourg-based steel producer ArcelorMittal and the US-based coal miner Peabody Energy have pushed the deadline for Australian coal processing company Macarthur
Coal’s bid by 17 days to 14 October 2011. The companies are offering EUR 11,92 per share (AUD 16 per share) to Macarthur Coal’s shareholders, valuing it at EUR 3,59
billion (AUD 4,83 billion). The companies need an additional 16.07 percent stake to become a majority stakeholder in the Australian company.
Source: The Australian website, 19 September 2011
http://www.theaustralian.com.au/business/mining-energy/peabody-arcelor-extend-483bn-bid-for-macarthur-coal/story-e6frg9df-1226140888587
Back to headlines
2.1.1.3 ArcelorMittal Celebrates Golden Jubilee in Luxembourg
On 15 September, Luxembourg-based steel producer ArcelorMittal celebrated 100 years of steel making in Rockhal concert hall in Luxembourg. The occasion was attended
by Luxembourg’s Grand Duke and Duchess, Prime Minister Jean-Claude Juncker, ArcelorMittal CEO Laxmi Mittal and ArcelorMittal Luxembourg's President Michel Wurth. In
his speech, Juncker focused on the importance of steel industry for Luxembourg and showed his gratitude towards ArcelorMittal for making a significant contribution to
the country.
Source: Luxemburger Wort website, 15 September 2011
http://wort.lu/wort/web/en/luxembourg/articles/2011/09/161521/index.php
Back to headlines
2.1.1.4 ArcelorMittal to Commence Production at Saudi Arabia in 2012
Luxembourg-based steel producer ArcelorMittal plans to start output at its EUR 507,22-million (USD 700-million) steel mill in Saudi Arabia in the first half of 2012. The
mill—located in Jubail—has an annual capacity of 600.000 metric tonnes of pipes and will cater to the oil and petrochemical segment.
Source: Money Control website, 13 September 2011
http://www.moneycontrol.com/news/business/arcelormittals-saudi-unit-to-begin-production-next-year_585502.html
Back to headlines
2.1.2 Cargolux
2.1.2.1 Cargolux, Qatar Airways Complete Partnership Deal
The strategic partnership transaction between Luxembourg-based cargo airlines Cargolux and Qatar Airways closed on 9 September 2011 after the deal was approved by
government authorities. In June 2011, Qatar Airways had entered into a deal to acquire a 35-percent stake in the Luxembourg airline.
Source: Company website, 9 September 2011
http://www.cargolux.com/Press/PressReleases.php#
Back to headlines
2.1.3 SES
2.1.3.1 SES Launches SES-2, QuetzSat-1 Satellite
Luxembourg-based satellite operator SES has launched two new satellites to meet the growing demand. The first satellite, SES-2, was launched on 21 September 2011 at
87 degrees west, consisting of 24 C band transponders and 24 Ku-band transponders to provide capacity to North America and the Caribbean. The second satellite,
QuetzSat-1, was launched on 29 September 2011 at 77 degrees west, featuring 32 Ku-band transponders to cater to Mexico, the US and Central America.
Source: Company website, 22 and 29 September 2011
http://en.ses.com/4233325/news/2011/7885190
http://en.ses.com/4233325/news/2011/8147172
Back to headlines
2.1.3.2 SES Unveils New Company Logo and Brand Identity at IBC
Luxembourg-based satellite operator SES unveiled a new logo and brand identity at the international trade show International Broadcasting Convention (IBC), which was
held in Amsterdam, the Netherlands. The new logo and brand identity will be used to represent SES globally, thus creating a homogeneous corporate identity.
Source: Company website, 9 September 2011
http://en.ses.com/4233325/news/2011/7725000
Back to headlines
2.1.3.3 SES, GSS Collaborate to Serve Russian Market
Luxembourg-based satellite operator SES and Russian satellite operator Gazprom Space System (GSS) have entered into a multi-year agreement. Under the agreement,
SES will provide capacity to GSS for communication services on 16 Ku-band transponders on ASTRA 1F satellite at 55 degrees East position. Further, in 2012, GSS will
launch Yamal-402 satellite on 55 degrees East orbital position, which will then provide capacity to SES.
Source: Company website, 7 September 2011
http://en.ses.com/4233325/news/2011/7723222
Back to headlines
2.1.3.4 SES Inks Deal to Expand in African Market
Luxembourg-based satellite operator SES will provide its broadband service ASTRA2Connect in 20 countries in Central and Western Africa via Sea&Space Exploration’s spinoff SatADSL. In another development, SES signed an agreement to provide a transponder on SES-4 satellite and another transponder on ASTRA-4A to the US-based content
management and delivery company GlobeCast. The US-based company will use the capacity to launch two new satellite platforms. Further, SES inked a deal with French
Pay-TV operator CANAL+ Overseas to deliver CANAL+/CANALSAT pay TV channels in Africa through CANAL+ AFRIQUE. The French operator will utilise the capacity on the
SES-4 satellite at 338 degrees East orbital position, migrating from the NSS-7 satellite.
Sources: Market Watch website, 2 September 2011; Company website, 8 and 12 September 2011
http://www.marketwatch.com/story/ses-and-seaspace-reach-agreement-for-the-distribution-of-its-satellite-broadband-service-in-central-and-west-africa-2011-09-02
http://en.ses.com/4233325/news/2011/7723395
http://en.ses.com/4233325/news/2011/7771425
Back to headlines
2.1.4 Guardian Industries
2.1.4.1 GlassBuild America 2011 Felicitates Guardian Industries with "Best in Show" Title
US-based float and fabricated glass manufacturer Guardian Industries was voted “Best in Show” by all the glass and related attendees at GlassBuild America, which was
held from 12 to 14 September 2011 in Atlanta, the US. The expo had a gathering of about 6.300 participants and 400 companies from the North American glass, window
and door industries.
Source: Glass on Web website, 27 September, 2011
http://www.glassonweb.com/news/index/13972/
Back to headlines
2.1.5 Clearstream
2.1.5.1 Clearstream Collaborates with DTCC to Launch New Loan Services
Luxembourg-based international central securities depository (ICSD) Clearstream inked a deal with Depository Trust and Clearing Corporation (DTCC) to support bilateral
loans and offer collateral management services. Starting 2012, Clearstream will offer DTCC’s Loan/SERV Reconciliation Service that lets the agent banks and lenders to
view and reconcile syndicated loans on a daily basis. The duo will also work upon bilateral loan services that will be built on DTCC’s Loan/SERV service and collaborate it
with Clearstream’s collateral management platform.
Source: Company website, 15 September 2011
http://www.clearstream.com/ci/dispatch/en/listcontent/ci_nav/news/30_Press/45_2011/Content_Files/2011/press_110915.htm?
headline=DTCC_and_Clearstream_enter_strategic_partnership_for_loans_and_collateral_management_services
Back to headlines
2.1.6 RBC Dexia
2.1.6.1 CB Richard Ellis Investors, Tages Capital SGR Appoint RBC Dexia
UK-based financial institution RBC Dexia Investor Services has been chosen by the US-based real estate investment company CB Richard Ellis Investors (CBREI) to provide
custody, fund accounting, unit holder registry, foreign exchange and transfer agency services to CBREI’s funds of funds in Luxembourg and Ireland. Further, RBC Dexia has
also been appointed by Italian investment management company Tages Capital SGR for providing depository bank, fund administration and shareholder services to Tages
Capital's domestic fund of hedge fund range and for its Luxembourg-based UCITS funds. The appointment has allowed RBC to expand in Italy’s financial market and its
combined onshore and offshore offer.
Sources: Tech outstanding website, 9 September 2011; CNW website, 22 September, 2011
http://techoutsourcingandbpo.banking-business-review.com/news/rbc-dexia-selected-by-cb-richard-ellis-investors-to-provide-range-of-core-services-090911
http://www.newswire.ca/en/releases/archive/September2011/22/c5672.html
Back to headlines
2.1.7 IEE
2.1.7.1 IEE Presents Innovative Solutions for Increased Automotive Safety, Comfort
Luxembourg-based sensing specialist IEE presented innovative solutions for enhanced automotive safety and comfort at the 64 th International Motor Show (IAA) held from
15 to 25 September 2011 in Frankfurt, Germany. The company introduced touch-sensitive smart input devices for vehicles, which could be tested by visitors through
interactive displays.
Source: Company website, 7 September 2011
http://www.iee.lu/includes/content_jdm_framework/contenus/fichiers/el_2089_fichier_1/110831_IEEPressRelease_IAA_ENG_final.pdf
Back to headlines
2.1.8 Jan De Nul
2.1.8.1 Jan De Nul Receives Contract to Construct Second Lock at Antwerp Port
Belgian Antwerp Port has awarded a contract for the construction of a second lock to the joint venture (JV) of Jan De Nul, CEI-De Meyer, Betonac, Herbosch-Kiere and
Antwerpse Bouwwerken. The second lock, worth EUR 272,81 million, will help improve the flow of traffic in the region. Construction work on the lock will commence on
24 October 2011 and it is expected to be completed by 2016.
Source: Company website, 15 September 2011
http://www.jandenul.com/data/movies/Press/media/html/PR20110916/PR20110916_EN.html
Back to headlines
2.2 Management changes
2.2.1 Cargolux
2.2.1.1 Cargolux Appoints Wildgen New Board Chairman; Pratt to Monitor Engine Performance
Luxembourg-based Cargolux has appointed Albert Wildgen as the new Board Chairman of the company with effect from 16 September 2011. Wildgen will replace Marc
Hoffmann, who will now serve as a director. Wildgen is the President of the Administration of the Estate of His Royal Highness the Grand Duke of Luxembourg. Further,
Cargolux inked a deal with US-based aerospace manufacturer Pratt and Whitney Global Service Partners to monitor the health and performance of its aircraft’s engines.
Pratt and Whitney will provide the engine monitoring services through web-based Advanced Diagnostics and Engine Management (ADEM™) tools.
Sources: Company website, 16 September 2011; PR Newswire website, 27 September 2011
http://www.cargolux.com/Press/PressReleases.php#
http://www.prnewswire.com/news-releases/cargolux-airlines-selects-pratt--whitney-engine-management-program-130612608.html
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News – National Political Developments
3.1.1.1 Luxembourg, Kuwait Boost Bilateral Ties
A group of delegates from Kuwait arrived in Luxembourg on 5 September 2011 on a four-day visit in a bid to boost trade relations between the two countries. During the
visit, the delegates visited the Luxembourg Financial Centre – Luxembourg for Finance (LFF)–where they were received by the Centre head Fernand Grulms. Grulms told
the delegation about the functioning of the Luxembourg Financial Centre. The delegates also learnt about how the banking and financial sectors of the country operate.
Later, leaders of the two countries vowed to bolster trade and investment between the two nations.
Sources: CFO World website and Kuwait Times website, 7 September, 2011
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3197&Itemid=80
http://www.kuwaittimes.net/read_news.php?newsid=OTQ2NDQwMDU1MQ==
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3.1.1.2 OECD Peer Review Acknowledges Luxembourg’s Efforts for Information Exchange
Luxembourg’s adoption of techniques to implement effective exchange of information has been recognised by the peer review conducted by the organisation for economic
co-operation and development (OECD). The acknowledgement is a result of the efforts made by the country to address the issues such as financial transparency, antimoney laundering and terrorist financing in 2010 and 2011.
Source: CFO World website, 14 September, 2011
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3223&Itemid=80
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3.1.1.3 Luxembourg Amends SIF law to Facilitate AIFM Directive Era
The Luxembourg government has filed a draft legislation to amend the Specialist Investment Fund (SIF) regime for alternative vehicles, which was introduced in 2007.
Amendments will be made to meet the requirements of the European Union’s (EU) Directive on Alternative Investment Fund Managers that includes rules on delegation,
risk management and handling of actual or potential conflicts of interest. The amendments will be effective from July 2013.
Source: CFO world website, 9 September, 2011
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3204&Itemid=80
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3.1.1.4 Luxembourg, Spain Approve Magnified Powers of EFSF
Luxembourg and Spain have ratified the proposal to magnify the powers of the EUR 440-billion European Financial Stability Facility (EFSF). The plan, adopted by the
European leaders, has to be approved by all Euro-region nations—excluding Greece, Portugal and Ireland, who have already received emergency European Union (EU)
funds on 21 July 2011. The expanded power would enable the EFSF to take over bond-buying responsibilities from the European Central Bank (ECB) and also lend to
nations before they get into a condition of financial distress.
Source: Bloomberg, 15 September, 2011
http://www.businessweek.com/news/2011-09-15/spain-luxembourg-authorize-expanded-powers-for-efsf.html
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3.1.1.5 Juncker Visits Bulgaria, Turkey and Marseille
Luxembourg Prime Minister and Eurogroup Head Jean-Claude Juncker visited Bulgaria, Turkey and Marseille in France during an official visit from 7 to 9 September 2011.
In Bulgaria, Juncker met Bulgarian Prime Minister Boyko Borissov and Simeon Dyankov—Bulgaria’s Deputy Prime Minister and Minister of Finance—on 7 September. In
Turkey, Juncker met his Turkish counterpart Recep Tayyip Erdogan, where they spoke about the status of the adhesion negotiations of Turkey in the European Union (EU).
Juncker revealed his intentions to open an embassy in Turkey in October 2011 and work on the liberalisation of visa requirements between the two countries. In Marseille,
Juncker, in his capacity as the Eurogroup head, met finance ministers of the G7 and spoke about the economic and financial situation globally and in the Euro zone.
Sources: TRT website, 6 September 2011; Luxembourg government website, 6, 7 and 8 September 2011; CFO World website, 8 September 2011; World Bulletin website, 9
September, 2011
http://www.trtdari.com/trtworld/en/newsDetail.aspx?HaberKodu=f2012a5b-3adb-4aa2-8730-2dabc14a71ec
http://www.worldbulletin.net/?aType=haber&ArticleID=78657
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/06-juncker/index.html
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/07-juncker/index.html
http://cfoworld.lu/index.php?option=com_content&task=view&id=3200&Itemid=80
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/08-juncker/index.html
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3.1.1.6 Luxembourg Discloses Tax Credits Measures to Promote Energy Efficiency
Luxembourg Finance Minister Luc Frieden and Housing Minister Marco Schank unveiled several new measures to promote energy efficiency in properties in Luxembourg.
The Luxembourg government has renewed the existing tax credit provisions to be consistent with the government’s housing policy. The new provisions are expected to
increase employment opportunities in the Grand Duchy.
Sources: Tax-news website, 21 September, 2011; CFO World website, 22 September, 2011
http://www.tax-news.com/news/Luxembourg_Unveils_Energy_Efficiency_Tax_Credits____51563.html
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3258&Itemid=80
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3.1.1.7 Luxembourg Receives 'AAA' rating
Credit rating agency Fitch has confirmed Luxembourg's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'AAA' because of the country’s rising income,
low debt and a stable economy. In addition, Fitch has rated Luxembourg's country ceiling at 'AAA' and Short-term foreign currency IDR at 'F1+'.
Source: Reuters, 28 September, 2011
http://www.reuters.com/article/2011/09/28/idUSWLA630120110928
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3.1.1.8 Krecké and CAM to Launch New Website for "Luxembourg for Business - Proud to Promote Maritime Affairs"
Luxembourg Economy and Foreign Trade Minister Jeannot Krecké and the Commission for Maritime Affairs (Commissariat aux affaires maritimes, CAM) announced the
launch of the new website of the "Luxembourg for Business - Proud to Promote Maritime Affairs"—www.maritime.lu. The website contains information about the technical
strengths of Luxembourg’s maritime sector and aims to promote Luxembourg as an ideal platform for activities in this sector.
Source: Luxembourg government website, 27 September 2011
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/27-maritime/index.html
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3.1.1.9 Krecké Attends Sotchi International Investment Forum and Monaco Yacht Show
Luxembourg Economy and Foreign Trade Minister Jeannot Krecké participated in the 10th edition of the International Investment Forum in Sotchi, held from 15 to 18
September 2011. The Sotchi Forum is the annual meeting of the economic and trade world of the Russian Federation. In a separate news, Krecké visited the Monaco Yacht
Show, a key fair of the commercial maritime sector, on 23 and 24 September 2011.
Source: Luxembourg government website, 15 and 23 September 2011
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/15-krecke/index.html
http://www.gouvernement.lu/salle_presse/communiques/2011/09-septembre/23-krecke/index.html
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EU News – European and International Political Developments
4.1.1.1 EC Approves Financial Transaction Tax
The European Commission (EC) has accepted the plan to levy a financial transaction tax (FTT) of 0,1 percent on stocks and bond trades and 0,01 percent on derivatives.
The tax will be effective from January 2014 and will be applicable on all transactions of financial instruments between financial firms, subject to approval from
regulatory authorities.
Sources: Reuters and CFO World website, 28 September, 2011
http://in.reuters.com/article/2011/09/28/idINIndia-59599920110928
http://cfoworld.lu/index.php?option=com_content&task=view&id=3282&Itemid=80
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4.1.1.2 EC Fixes Due Date to Improve Bank Capital Rules
The European Commission (EC) plans to restructure the bank capital rules and regulations for credit-rating companies for the European Union (EU) nations and it has fixed
a July 2012 deadline for the plan. The final plan is expected to be executed by early 2013. The bank capital rules introduced by the Basel Committee on Banking
Supervision were proposed by EU’s financial services commissioner Michel Barnier in July 2011.
Source: Bloomberg, 16 September, 2011
http://www.bloomberg.com/news/2011-09-16/eu-sets-july-2012-deadline-for-bank-capital-rating-overhaul.html
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4.1.1.3 EU Finance Ministers Accept Governance Pact
To strengthen economic governance across the European Union (EU), the EU finance ministers agreed on a set of reforms, known as six-pack regulations, on 16 September
2011. The reforms include five regulations and one directive. The regulations aim to make the criteria that EU nations must meet, in terms of debt levels and deficits,
stringent, while imposing sanctions on countries that fail to comply with budget rules. The authorities also plan to establish an "economic dialogue" across the Byzantine
EU political structure to increase transparency in the decision-making process.
Source: CNN Money website, 16 September, 2011
http://money.cnn.com/2011/09/16/news/international/european_union_six_pack/
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4.1.1.4 Piebalgs Visits South Africa
European Development Commissioner Andris Piebalgs visited South Africa from 13 to 16 September 2011 to discuss the EU-South Africa development cooperation. During
the visit, Piebalgs, along with South Africa’s Minister of Health Aaron Motsoaledi, launched a EUR 126-million EU-funded Primary Health Care Sector Policy Support
Programme to help the South African people get access to better health services. On 15 September, Piebalgs attended the annual South Africa-EU Summit and—along with
EU President Van Rompuy, European Commission (EC) President Barroso and Commissioner De Gucht – where Piebalgs spoke about the future of South Africa-EU
cooperation to build trade relations with the country. The leaders also discussed strategic partnership for the promotion of peace and security, human rights, democracy,
the rule of law and sustainable development across African and European regions. Further, Piebalgs visited a school in South Africa alongwith EU President Barroso, before
heading back to the EU.
Sources: PR-US.Net website, September 2011; Live Trading News website, 12 September 2011; AllAfrica website and BuaNews website, 15, September 2011,
http://pr-usa.net/index.php?option=com_content&task=view&id=884201&Itemid=99999999
http://www.livetradingnews.com/europe-builds-trade-with-south-africa-54025.htm
http://allafrica.com/stories/201109161156.html
http://www.buanews.gov.za/news/11/11091610351001
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