皆様、
今年も残すところあと一月となりました。これから年末までは駆け足で過ごされることと思います。
今年5月にギョーム皇太子を団長とする経済使節団とともに来日したジャノ・クレッケ経済通商大臣が来年 2月1日をもって離任し、同省の経済開発・産業・企業局エティエン
ヌ・シュナイダー局長が後任となることが決まりました。クレッケ大臣は2004年に経済通商大臣に就任し、 2009年の総選挙で再選出･留任を経て現在まで常に積極的な経済
通商政策を推し進めてきました。今回の任期中盤での離任は予定されていたもので、一身上の理由とのこと。シュナイダー局長はクレッケ大臣と考えも近く、政策の方向性は
維持される見込みです。
さて、当方の活動としましては 11月25日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分ほど簡単にお話しました。定員を超えるご参加を頂き、私からは人口、通信環境、購買力、人口内外国
人構成比などからモバイル技術サービスのテストマーケティングに、またＥビジネスを欧州全域に提供する場合に最適なルクセンブルクという切り口でお話しました。当日
のプレゼン資料（ＰＤＦ版）をウェブサイトに掲載しておりますので、ご関心のある方はご覧下さ
い。http://www.investinluxembourg.jp/sites/investinluxembourg.jp/files/MobileSolutionFair2011%28LUX%29.pdf
ルクセンブルクの新しい施設に関する情報です。ルクセンブルク南部の鉄鋼産業跡地にルクセンブルク大学の生体医薬棟が完成しました。ルクセンブルクならびに周辺地
域で最先端の設備を備えた同建物内の研究室には、第一号テナントとしてルクセンブルク・システム・バイオメディシン･センターが入居しました。同エリアには今後もルクセ
ンブルク大学の他の研究棟建設が予定されています。一方、ルクセンブルクの空港では、先月古いターミナルの取り壊しが始まりました。撤去後のスペースは滑走路の利便
性向上と新ターミナルビル建設用地として利用されます。新たに建設されるターミナルＢは2008年にオープンした現行のターミナルＡと 2013年前半に接続される予定です。
11月23日にファイナンシャル･タイムズが発行した欧州財務大臣ランキングで、なぜかルクセンブルクのジャン＝クロード・ユンカー首相（兼国庫大臣）が第 5位に選ばれまし
た。これは、7人のエコノミストに３つの項目で各蔵相を評価させ合計スコアを比較したものです。実はルクセンブルクの財務大臣はリュック･フリーデンですが、ユンカーは
ユーログループ議長という、いわばユーロの財務大臣といった存在なので選ばれたのでしょうか。ちなみに1位はスウェーデンのアンデルス・ボルグ財務大臣でした。
去る11月22日には在日ベルギールクセンブルク商工会議所（ＢＬＣＣＪ）のガラパーティーが開催されました。 200名近いベルギー･ルクセンブルク企業とその顧客、関係者ら
が正装で集い、食事、ライブ音楽、抽選会などを楽しみました。小国であっても日本に活気あるコミュニティーを持ち、日本企業・社会と積極的に関わっていることを心強く感
じます。
ルクセンブルクでもクリスマスマーケットが始まりました。来週は聖ニコラのお祝いです。現地にいらっしゃる方は是非のぞいて見てください。
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 October 2011, a number of events took place within and outside Luxembourg. Table 1 summarises the key developments of the month.
Table 1: Key Developments – October 2011
SEGMENT
Company news
国内企業関連ニュース
NEWS
·
·
ArcelorMittal Liège Decides to Close Liquid Steel Production Arm to Optimise Assets
アルセロール･ミタル リエージュ、資産の有効活用のため溶鋼の生産停止を決定
·
PEAMCoal Acquires Macarthur Coal
·
PEAMコール、マッカーサーコールを買収
·
Cargolux Expands Cargo Carrying Capacity with Two Boeing 747-8 Freighters
·
カーゴルックス、ボーイング747-8型フレイターズ2機で積載容量を拡大
·
SES Inks Capacity Agreement with Istanbul FM TV, Bridges TV
·
SES、イスタンブール FM TV、ブリッジズＴＶと容量契約を締結
·
SES, Constellation Networks Ink Deal to Provide Broadband Services
·
SES、コンステレーションネットワーク、ブロードバンドサービス供給協定
·
Paul Wurth Product Receives Several Orders for Steel Mills in India
·
ポール･ヴュルト、インドで製鉄のための製品を受注
·
Guardian Automotive Opens New Distribution Centre in Denver
·
ガーディアン・オートモーティブ、デンバーに流通センターを新しく開設
·
Guardian Presented DiamondGuard Durable Glass at IFMA
·
ガーディアン、IFAMにてダイアモンド･ガード耐久ガラスを発表
·
LuxSCD Commences Operations
·
ルクスSCD、営業を開始
National political
developments
国内政治関連ニュース
·
Ceratizit Introduces Innovative Miller Cutter at EMO 2011
·
セラティジット、EMO2011で革新的なミラーカッターを発表
·
Lindab Introduces New Insulated Gutter System
·
リンダブ、新絶縁性の樋システムを発表
·
BGL BNP Paribas Reveals New Private Banking Strategy
·
BGL BNP パリバ、新プライベートバンキング戦略を発表
·
RBC Dexia, Comgest Collaborate to Provide KIID Services
·
RBCデクシア、コムジェスト、KIIDサービス供給のため協力
·
Dexia Luxembourg Agrees to Nationalisation; Dexia BIL to be Bought by Qatari Royals
·
デクシアルクセンブルク、国有化に合意、デクシアBILカタール王族が買収
·
Jan De Nul Releases Details on Panama Canal Project
·
ヤンデヌル、パナマ運河プロジェクトの詳細を発表
·
Status of Luxembourg’s Double-Taxation Avoidance Treaties
·
ルクセンブルクの2重課税防止条約の状況
·
Luxembourg to Introduce New Fund Structure by 2012
·
2012年までに新ファンド・ストラクチャーを発表予定
·
European and international
political developments
欧州・国際政治関連ニュース
Frieden Leads Luxembourg Trade Mission to Asia
·
フリーデン財務相、経済ミッションを率いてアジアを訪問
·
Krecké Leads Luxembourg Trade Mission to China
·
クレッケ経済通商大臣、経済ミッションを率いて中国を訪問
·
Juncker Visits Berlin and Meets Merkel, Schröder
·
ユンカー首相ベルリンでメルケル首相、シュレーダー前首相と会談
·
EU Approves Tougher Budget Rules
·
EU、財政規律強化を承認
·
EC President Visits Bulgaria
·
欧州委員会委員長、ブルガリアを訪問
·
EBA Publishes 2010 Pillar 3 Reports to Provide Review of Bank’s Transparency
·
EBA2010年、銀行の透明性についての報告の主要な3本のレポートを出版
·
Eurozone Deal with Greek Debt Issue; Raises EFSF Limit
·
ユーロゾーン、ギリシャ債務問題に取り組む。EFSF規模拡大。
·
AAA Rating Confirmed for EFSF
·
EFSFの「AAA」を確認
Company News: In the steel sector, the Belgian arm of Luxembourg-based steelmaker ArcelorMittal decided to shut down its liquid steel production arm. The move will
result in cost savings of EUR 730,10 billion for the company. Further, PEAMCoal, a joint venture (JV) between Luxembourg-based steelmaker ArcelorMittal and US Energy
Company Peabody Energy, received all the pre-requisite approvals for taking over Macarthur Coal; the JV has acquired more than 50,01 percent stake in the coal
producer.
In the air cargo sector, Luxembourg-based airline Cargolux has added two new advanced freighters to its cargo airlines. The freighters have improved capacity and
efficiency. In the satellite services industry, Luxembourg-based satellite operator SES struck a deal with Turkish Media Company Istanbul FM TV, enabling channel
transmission in Turkey through standard direct-to-home (DTH) satellite boxes. Further, the satellite operator has signed a distribution agreement with US-based Bridges
TV to broadcast global and US news, sports and entertainment. In addition, US-based satellite Internet service and equipment provider Constellation Networks Corporation
(CNC) inked a deal with SES for enhancing its global Internet service footprint.
In the engineering products industry, Luxembourg-based engineering products company Paul Wurth has received several orders from Indian steelmakers for the engineering
and supply of its Bell Less Top ® charging systems. While in the glass manufacturing industry, Guardian Automotive–the automotive glass products manufacturer for USbased float and fabricated glass manufacturer Guardian Industries– has opened a distribution centre in Denver. Further, the glass manufacturer exhibited its new high
endurance glass product DiamondGuard at the IFMA World Workplace, which was held from 26 to 28 October in the US.
In the financial services industry, LuxSCD, a JV between Clearstream and Banque Centrale du Luxembourg, has started operations after its technical implementations
completed. Further, UK-based financial institution RBC Dexia has collaborated with French asset management company Comgest to provide key investor information
document (KIID) services. In another development, the board members of Belgian-based bank Dexia have given approval for nationalisation of the Belgian unit for a
consideration of EUR 4 billion. In yet another development, an investment group, comprising Qatari Royals, intends to acquire a major stake in Dexia’s Luxembourg branch
—Dexia's Banque Internationale Luxembourg (BIL). Further, French banking group BNP Paribas has revealed its new banking strategy under which the bank will appoint a
wealth advisor to cater to its clients’ overall needs. For this, the group has opened six new branches under the BGL BNP Paribas Wealth Management arm.
Luxembourg-based carbide developer Ceratizit launched a light-weight miller cutter at EMO 2011. The low weight of the cutter will eliminate the need to use lifting
equipment, reducing the operational costs. Luxembourg-based construction company Lindab Buildings (formerly Astron) has launched a weather-proof comprehensive
insulated glass system with extra resistance suitable for single skin, bridge and double skin roofs. Finally, Luxembourg-based dredging company Jan De Nul has commenced
flooding activities in the Panama Canal where new locks are being constructed.
National Political Developments: As on 27 October 2011, Luxembourg had 62 double-taxation avoidance treaties implemented with another 22 treaties in transition,
according to Deloitte. Further, Luxembourg will introduce a new fund structure by 2012 to expand its business regarding unregulated funds in the country. In another
development, Luxembourg’s Finance Minister Luc Frieden and a few delegates visited Singapore, Malaysia and China from 17 to 20 October 2011 to strengthen
Luxembourg Financial Centre (LFC) and improve political and economic ties with the three countries. Further, Luxembourg organised a trade mission to China from 17 to
21 October 2011. The mission, which was led by Luxembourg Economy and Foreign Trade Minister Jeannot Krecké, composed of 30 companies from various sectors to
promote investment and trade. In addition, Luxembourg Prime Minister and Eurogroup Head Jean-Claude Juncker visited Berlin on 6 October and met the German Federal
Chancellor Angela Merkel. The purpose of the visit was to discuss the preparation of the European Council and the head of states and governments of member countries
of the Eurozone meetings.
European and International Political Developments: The new tougher EU budget rules have received final approval from the financial ministers of the European Union
(EU) to prevent financial crisis in the future. The rules will be enforced from 1 January 2012. Further, the European Commission (EC) President Jose Manuel Barroso
attended the European People’s Party in Bulgaria. Later on 18 October, the European Banking Authority (EBA) published the follow-up review of banks’ transparency in its
2010 Pillar 3 reports. Further, European banks have agreed to bear a loss of 50 percent to deal with the Greek debt crisis. Finally, the EFSF has been raised to EUR 1
trillion and granted AAA rating by the US-based financial services company Standard and Poor’s’ (S&P).
Stock Market Index
Figure 1 illustrates the performance of the Luxembourg Stock Exchange Index over September–October 2011.
Figure 1: Luxembourg Stock Exchange Index (September–October 2011)
Source: Luxembourg Stock Exchange Website
Table 2 summarises the key deals signed by Luxembourg-based companies in October 2011.
Table 2: Key Deals October 2011
S. No.
Luxembourg-based Company
Foreign Company
Country
Deal Size
Type of Deal
Status
1.
PEAMCoal
Macarthur Coal
Australia
EUR 3,59 billion
Stake Acquisition
Completed
2.
SES
Istanbul FM TV
Istanbul
NA
Capacity agreement
Completed
Headlines
News – Luxembourg-based Companies
2.1 International Momentum
2.1.1 ArcelorMittal
2.1.9 BGL BNP Paribas
2.1.1.1 ArcelorMittal Liège Decides to Close Liquid Steel Production Arm to
Optimise Assets
2.1.1.2 PEAMCoal Acquires Macarthur Coal
2.1.9.1 BGL BNP Paribas Reveals New Private Banking Strategy
2.1.3 SES
2.1.11 Jan De Nul
2.1.3.1 SES Inks Capacity Agreement with Istanbul FM TV, Bridges TV
2.1.3.2 SES, Constellation Networks Ink Deal to Provide Broadband Services
2.1.11.1 Jan De Nul Releases Details on Panama Canal Project
2.1.4 Paul Wurth
News – National Political Developments
2.1.10 RBC Dexia
2.1.10.1 RBC Dexia, Comgest Collaborate to Provide KIID Services
2.1.10.2 Dexia Luxembourg Agrees to Nationalisation; Dexia BIL to be Bought by
2.1.2 Cargolux
2.1.2.1 Cargolux Expands Cargo Carrying Capacity with Two Boeing 747-8 Freighters Qatari Royals
2.1.4.1 Paul Wurth Product Receives Several Orders for Steel Mills in India
2.1.5 Guardian Industries
2.1.5.1 Guardian Automotive Opens New Distribution Centre in Denver
2.1.5.2 Guardian Presented DiamondGuard Durable Glass at IFMA
2.1.6 Clearstream
2.1.6.1 LuxSCD Commences Operations
2.1.7 Ceratizit
2.1.7.1 Ceratizit Introduces Innovative Miller Cutter at EMO 2011
2.1.8 Lindab Buildings (formerly Astron)
2.1.8.1 Lindab Introduces New Insulated Gutter System
3.1.1.1
3.1.1.2
3.1.1.3
3.1.1.4
3.1.1.5
Status of Luxembourg’s Double-Taxation Avoidance Treaties
Luxembourg to Introduce New Fund Structure by 2012
Frieden Leads Luxembourg Trade Mission to Asia
Krecké Leads Luxembourg Trade Mission to China
Juncker Visits Berlin and Meets Merkel, Schröder
EU News – European and International Political Developments
4.1.1.1 EU Approves Tougher Budget Rules
4.1.1.2 EC President Visits Bulgaria
4.1.1.3 EBA Publishes 2010 Pillar 3 Reports to Provide Review of Bank’s
Transparency
4.1.1.4 Eurozone Deal with Greek Debt Issue; Raises EFSF Limit
4.1.1.5 AAA Rating Confirmed for EFSF
News – Luxembourg-based Companies
2.1 International Momentum
2.1.1 ArcelorMittal
2.1.1.1 ArcelorMittal Liège Decides to Close Liquid Steel Production Arm to Optimise Assets
Luxembourg-based ArcelorMittal’s Belgian arm ArcelorMittal Liège has confirmed its intentions to shut down its liquid steel production arm to cope with the sluggish
demand in Europe. The steelmaker will close down two blast furnaces (BFs) to reduce output while ramping up low-cost productions to maintain its market share. With
the optimisation of its assets, the steel producer will be able to save EUR 730,10 million (USD 1 billion).
Source: Business Standard website, 15 October 2011
http://business-standard.com/india/news/arcelormittal-embarksasset-optimisation-aims-to-save-1-bn/452646/
Back to headlines
2.1.1.2 PEAMCoal Acquires Macarthur Coal
PEAMCoal, a joint venture (JV) between Luxembourg-based steelmaker ArcelorMittal and US Energy Company Peabody Energy, has received approval from the Ministry of
Commerce of the People's Republic of China (MOFCOM) to proceed with the outstanding shares of Macarthur Coal. The company has received all the pre-requisite
approvals and can now continue with the takeover deal. The company now has a relevant interest of about 59,85 percent in Macarthur’s shares, which meets the minimum
acceptance condition of 50,01 percent.. Further. PEAMCoal declared that if it attains a relevant interest in at least 90 percent of Macarthur’s shares by 11 November, it
will increase the offer price by EUR 18,45 (AUD 25) per share for all the shareholders.
Source: Company website, 13 and 23 October 2011
http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=486&tblng=1
http://www.arcelormittal.com/index.php?lang=en&page=49&tb0=488&tblng=1
Back to headlines
2.1.2 Cargolux
2.1.2.1 Cargolux Expands Cargo Carrying Capacity with Two Boeing 747-8 Freighters
Luxembourg-based cargo airline Cargolux has expanded its cargo carrying capacity with two Boeing 747-8 freighters. The company added the new freighters to its cargo
airlines on 12 and 13 October 2011. The new freighters are better and more advanced than its predecessor 747-400 cargo aircraft because of additional capacity, less fuel
consumption and carbon emissions, and a considerably lower noise output.
Source: Company website, 12 October 2011
http://www.cargolux.com/Press/PressReleases.php#
Back to headlines
2.1.3 SES
2.1.3.1 SES Inks Capacity Agreement with Istanbul FM TV, Bridges TV
Luxembourg-based satellite operator SES has inked a capacity deal with Turkish media company Istanbul FM TV on 31.5 degrees East. The Turkish company will use the
capacity to transmit two TV and two radio channels. With the SES satellite capacity, channel transmission can be done in Turkey through standard Direct-to-Home (DTH)
satellite boxes. Further, the satellite operator has signed a five-year distribution agreement with US-based Bridges TV to provide capacity on SES' Digital C ® cable
distribution platform. The channel will broadcast global and US news, sports and entertainment.
Source: Company website, 6 and 10 October 2011
http://en.ses.com/4233325/news/2011/8203594
http://en.ses.com/4233325/news/2011/8233259
Back to headlines
2.1.3.2 SES, Constellation Networks Ink Deal to Provide Broadband Services
US-based satellite Internet service and equipment provider Constellation Networks Corporation (CNC) has inked a deal with Luxembourg-based satellite operator SES to
enhance the global Internet service footprint. CNC has rented capacity on two SES satellites—NSS-10 and NSS-12—to provide Internet services in several locations,
including Africa, the Middle East, Australia, India, China and Europe.
Source: Company website, 11 October 2011
http://en.ses.com/4233325/news/2011/8235290
Back to headlines
2.1.4 Paul Wurth
2.1.4.1 Paul Wurth Product Receives Several Orders for Steel Mills in India
Luxembourg-based engineering products company Paul Wurth has received several orders for the engineering and supply of its Bell Less Top ® charging systems to be used
in steel mills. The company has received orders from Indian steelmakers such as JSW Steel, Essar Steel and SAIL. Paul Wurth will supply, install and commission the
charging systems in 2012.
Source: Steel Guru website, 4 October 2011
http://www.steelguru.com/indian_news/Paul_Wurth_wins_order_from_Indian_steel_firm_including_SAIL/228119.html
Back to headlines
2.1.5 Guardian Industries
2.1.5.1 Guardian Automotive Opens New Distribution Centre in Denver
On 11 October, US-based float and fabricated glass manufacturer Guardian Industries’ automotive glass products manufacturer Guardian Automotive opened a new
distribution centre in Denver, the US. The company chose this location because of higher demand and cost-effectiveness. The new branch will provide distribution
facilities for automotive, truck, bus and RV glasses throughout the country.
Source: Company website, 11 October 2011
http://www.guardian.com/AboutGuardian/Newsroom/News/gi_020760
Back to headlines
2.1.5.2 Guardian Presented DiamondGuard Durable Glass at IFMA
US-based float and fabricated glass manufacturer Guardian Industries showcased its new glass product—DiamondGuard—at the IFMA World Workplace, which was held
between 26 and 28 October in Phoenix, US. The event is an annual expo directed towards facility management and related professions. The DiamondGuard glass features
high endurance, scratch resistance and durability.
Source: Company website, 25 October 2011
http://www.guardian.com/AboutGuardian/Newsroom/News/gi_020830
Back to headlines
2.1.6 Clearstream
2.1.6.1 LuxSCD Commences Operations
LuxSCD, an equal joint venture (JV) between the Banque Centrale du Luxembourg (BCL) and Luxembourg-based international central securities depository (ICSD)
Clearstream, commenced operations after the technical implementation was completed in September 2011. LuxSCD provides central bank money settlement services as
well as issuance and custody services for a wide range of securities, including investment funds, to the financial sector in the country.
Source: Company website, 17 October 2011
http://www.clearstream.com/ci/dispatch/en/listcontent/ci_nav/news/30_Press/45_2011/Content_Files/2011/press_111017.htm?
headline=LuxCSD_starts_operations&location=home
Back to headlines
2.1.7 Ceratizit
2.1.7.1 Ceratizit Introduces Innovative Miller Cutter at EMO 2011
Luxembourg-based carbide developer Ceratizit introduced a light-weight miller cutter with a cartridge for crankshaft milling at EMO 2011—an international trade fair for
the machine tool industry. The new miller cutter weighs 15 kg, while the traditional equipment weighed 40 to 80 kg. This has eliminated the need for a lifting
equipment. The new miller cutter will lead to increased productivity and will minimise machine downtime, thereby reducing operational costs.
Source: Company website, 5 October 2011
http://www.ceratizit.com/9470_ENG_HTML.htm
Back to headlines
2.1.8 Lindab Buildings (formerly Astron)
2.1.8.1 Lindab Introduces New Insulated Gutter System
Luxembourg-based construction company Lindab Buildings (formerly Astron) has unveiled a new comprehensive insulated glass system with weather proofing and extra
resistance. The equipment has been developed for single skin, bridge and double skin roofs and is being used in several projects owing to its good performance and wide
availability.
Source: Company website, 13 October 2011
http://www.astron.biz/news/european-news/european-news-2011-10-1.html
Back to headlines
2.1.9 BGL BNP Paribas
2.1.9.1 BGL BNP Paribas Reveals New Private Banking Strategy
French banking group BNP Paribas has unveiled its new private banking strategy based on closeness, local presence and expertise. The bank has opened six new branches
each at Wiltz, Ettelbruck, Esch-sur-Alzette, Strassen, Luxembourg-Gare and Luxembourg-Ville under the BGL BNP Paribas Wealth Management arm. Under the new
scheme, the banking group will appoint a wealth advisor to cater to clients’ needs and wealth management needs, which will cover banking, project funding, asset
structuring and financial investments.
Source: ABBL website, 24 October 2011
http://www.abbl.lu/news-publications/news-archive/member-news/bgl-bnp-paribas-new-approach-private-banking-backed-branch-network
Back to headlines
2.1.10 RBC Dexia
2.1.10.1 RBC Dexia, Comgest Collaborate to Provide KIID Services
UK-based financial institution RBC Dexia Investor Services has joined hands with French asset management company Comgest to provide key investor information
document (KIID) services to the Comgest Growth Fund. Currently, RBC Dexia provides fund accounting, custody and financial reporting services to Comgest.
Source: Digital Journal website, 18 October 2011
http://www.digitaljournal.com/pr/456299
Back to headlines
2.1.10.2 Dexia Luxembourg Agrees to Nationalisation; Dexia BIL to be Bought by Qatari Royals
Belgian banking institution Dexia received approval from its board members on 20 October for the nationalisation of its Belgian unit for EUR 4 billion and has received
state guarantees from Belgium, Luxembourg and France, worth EUR 90 billion of interbank and bond funding for 10 years for Dexia and its Dexia Credit Local unit. The
bank also released details about its French public financing arm, of which 70 percent stake has been acquired by French public institutions. Further, Luxembourg’s
Finance Minister Luc Frieden announced that an investment group consisting of Qatari Royals was contemplating to buy Dexia’s Luxembourg branch – Dexia's Banque
Internationale Luxembourg (BIL). The group will acquire a major stake in the bank, while the Luxembourg government seeks to keep a minority stake not worth more than
EUR 150 million.
Sources: CFO world website, 07 October 2011; Business Week website and Luxembourg government website, 10 October 2011; Business Standard website, 11 October
2011; Money Control website, 20 October 2011
http://www.businessweek.com/news/2011-10-10/qatari-royals-to-buy-dexia-bil-luxembourg-s-frieden-says.html
http://business-standard.com/india/news/dexia-agrees-to-belgian-units-nationalisation/452150/
http://www.moneycontrol.com/news/wire-news/dexia-clears-way-for-full-dismantlement_602844.html
http://cfoworld.lu/index.php?option=com_content&task=view&id=3326&Itemid=80
Back to headlines
2.1.11 Jan De Nul
2.1.11.1 Jan De Nul Releases Details on Panama Canal Project
Luxembourg-based dredging company Jan De Nul has announced the start of flooding activities in the Panama Canal, where construction of new locks is going on. The
work is currently in the first phase and is expected to be completed by March 2012, i.e., 7,5 months ahead of schedule.
Source: Company website, 19 October 2011
http://www.jandenul.com/data/movies/Press/media/html/PR20111020/PR20111020_EN.html
Back to headlines
News – National Political Developments
3.1.1.1 Status of Luxembourg’s Double-Taxation Avoidance Treaties
According to a report published by Deloitte, Luxembourg had 62 double-taxation avoidance treaties enforced as of 27 October 2011 while another 22 treaties were in
transition.
Source: Deloitte website, 27 October 2011
http://www.deloitte.com/assets/Dcom-Luxembourg/Local%20Assets/Documents/Whitepapers/2011/lu_wp_luxdoubletaxtreaties_31102011.pdf
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3.1.1.2 Luxembourg to Introduce New Fund Structure by 2012
Formulation of a new plan to design a fund structure aimed at boosting business in unregulated funds in Luxembourg is in progress. The structure called ‘association en
commandité simple’ is expected to follow in the footsteps of a framework favoured by US and UK hedge fund managers. The new structure would be enacted by 2012
under an act that is currently being reviewed by the Finance Ministry of Luxembourg.
Source: HFM Week website, 12 October 2011
http://www.hfmweek.com/news/1698612/new-luxembourg-fund-structure-planned-for-2012.thtml
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3.1.1.3 Frieden Leads Luxembourg Trade Mission to Asia
Luxembourg Finance Minister Luc Frieden led a Luxembourg trade mission to Asia from 17 to 20 October 2011. The mission visited Singapore, Malaysia and China and
aimed at strengthening the Luxembourg financial place in markets experiencing strong market growth and to improve political and economic ties. In each country, Frieden
met political and economic leaders. In Singapore, he had meetings with the Deputy Prime Minister and Finances Minister of Singapore Tharman Shanmugaratnam and with
the general director of the Monetary Authority Singapore Ravi Menon. In Kuala Lumpur, Malaysia, Frieden opened on 19 October 2011 one of the most prestigious Islamic
finance annual event, the "Islamic Finance News Asia Forum". He also met the Malaysian Finances Minister Najib Razak and discussed the recent financial and economic
developments in the world.
Sources: Luxembourg government website, 16-20 October 2011; Tax-news website, 20 October 2011; CFO world website, 19 and 21 October 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/10-octobre/16-frieden/index.html
http://www.tax-news.com/news/Luxembourg_Gives_Boost_To_Financial_Centre_In_Asia____51988.html
http://cfoworld.lu/index.php?option=com_content&task=view&id=3389&Itemid=80
http://cfoworld.lu/index.php?option=com_content&task=view&id=3406&Itemid=80
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3.1.1.4 Krecké Leads Luxembourg Trade Mission to China
Luxembourg Economy and Foreign Trade Minister Jeannot Krecké led a Luxembourg trade mission to China from 17 to 21 October 2011, presided by the Luxembourg
Crown Prince. The mission composed of 30 companies coming from diverse sectors, such as the financial sector, logistics, ICT, automotive, or tourism among others. The
delegation visited Hong Kong, Shenzhen Chongqing and Shanghai. Next to the official visit, the Luxembourg Chamber of Commerce organised a business matching between
Chinese and Luxembourg companies.
Sources: Luxembourg government website, 17-21 October 2011; CFO world website, 18 October 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/10-octobre/17-krecke/index.html
http://cfoworld.lu/index.php?option=com_content&task=view&id=3379&Itemid=80
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3.1.1.5 Juncker Visits Berlin and Meets Merkel, Schröder
Luxembourg Prime Minister and Eurogroup Head Jean-Claude Juncker visited Berlin on 6 October and met the German Federal Chancellor Angela Merkel to discuss the
preparation of the European Council and the head of states and governments of member countries of the Eurozone meetings. As Eurogroup Head, Juncker participated in
the meeting of the governors of the European Central Bank (ECB), which happened in the Bundesbank buildings in Berlin. He presented there the analysis of the Eurogroup
on the economic and financial situation in the Eurozone. Juncker also met the former German Federal Chancellor Gerhard Schröder.
Source: Luxembourg government website, 6 October 2011
http://www.gouvernement.lu/salle_presse/actualite/2011/10-octobre/06-juncker/index.html
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EU News – European and International Political Developments
4.1.1.1 EU Approves Tougher Budget Rules
The European Union (EU) finance ministers have given a final approval to the tougher EU budget rules to prevent another sovereign debt crisis in the future. As per the
new rules, financial penalties will be imposed on Eurozone countries that break the EU debt limit of 60 percent and the deficit limit of 3 percent of GDP. The new rules
will also help in studying the economies of the 27-nation bloc and will be implemented latest by 1 January 2012.
Source: Reuters, 4 October 2011
http://www.reuters.com/article/2011/10/04/us-eu-budgetrules-idUSTRE7934JY20111004
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4.1.1.2 EC President Visits Bulgaria
Jose Manuel Barroso, the president of the European Commission (EC), visited Bulgaria for two days starting 13 October to attend the European People’s Party in Sofia.
Boyko Borisov, the prime minister of Bulgaria, met Manuel Barroso during his visit. The two top officials addressed a meeting at the Council of Ministers, where they
discussed about trade opportunities among other issues.
Sources: Focus-fen website, 12 October 2011; Balkans website, 14 October 2011
http://www.focus-fen.net/index.php?id=n261587
http://www.balkans.com/open-news.php?uniquenumber=123126
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4.1.1.3 EBA Publishes 2010 Pillar 3 Reports to Provide Review of Bank’s Transparency
The European Banking Authority (EBA) published the follow-up review of bank’s transparency in its 2010 Pillar 3 reports on 18 October. According to the analysis, banks
have made disclosures in an improved way and have conveyed their risk profiles in an exhaustive manner to market participants.
Source: CFO world website, 18 October 2011
http://www.cfoworld.lu/index.php?option=com_content&task=view&id=3384&Itemid=80
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4.1.1.4 Eurozone Deal with Greek Debt Issue; Raises EFSF Limit
During a meeting held on 26 and 27 October, European banks consented to a plan to deal with the Greek debt crisis. The banks have agreed to accept a loss of about 50
percent on their Greek sovereign bonds. Further, the Eurozone leaders decided to increase the European Financial Stability Facility (EFSF) fund from EUR 440 billion to
about EUR 1 trillion.
Source: Reuters, 27 October 2011
http://www.reuters.com/article/2011/10/27/eurozone-meetings-idUSL5E7LP2DH20111027
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4.1.1.5 AAA Rating Confirmed for EFSF
US-based financial services company Standard and Poor’s’ (S&P) has asserted AAA rating for the EFSF, subject to a few anomalies. According to S&P, the borrowing
capacity of the EFSF will be restricted by the guarantees of its AAA backers. Hence, the creditworthiness of the EFSF could be indirectly affected if the market confidence
in the Eurozone is not upgraded by the EFSF-funded financial support programmes.
Source: The Wall Street Journal, 28 October 2011
http://blogs.wsj.com/marketbeat/2011/10/28/the-super-efsf-gets-aaa-rating-affirmed-with-some-catches/
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Executive Summary

Luxembourg News / Nov 2014