Luxembourg's banks hired more than 200 extra employees last year, according to data from the country's central bank. However, compared to the third quarter, the number of bank employees decreased by 65 people. The Banque centrale du Luxembourg (BCL) found banks employed in the Grand Duchy 26,317 people as of 31 December 2018. Of the total, 14,444 were men, and 11,873 women.
Read MoreThe Luxembourg government announced on 30 January the creation of an artificial intelligence (AI) laboratory with Nvidia, the first collaboration in Europe with the renowned American technology company. “Luxembourg is nurturing a pan-European innovation ecosystem,” prime minister Xavier Bettel (DP) said in the press release by the department of media, telecommunications and digital policy. He further called the cooperation “big news for our local innovators”. The collaboration, which has its origins in a 5 July 2018 MoU, will initially have a team of six people from the University of Luxembourg’s high-performance computing team, its Luxembourg Centre for Systems Biomedicine (LCSB), its Interdisciplinary Centre for Security, Reliability and Trust (SnT) and the Luxembourg Institute of Science and Technology (List). The founders of the AI lab--kickstarted by Digital Luxembourg--plan on eventually opening it up to the startup community and industry partners, given …
Read MoreAlipay, part of Alibaba group, has been granted with an electronic money license in Luxembourg. Alipay is China’s leading mobile and online payment solution, with more than one billion users globally. The launch of the new Luxembourg licensed entity, Alipay (Europe) Limited S.A., was officially announced by Luxembourg Minister of Finance Pierre Gramegna on 14 January during his visit in Hong Kong, in the presence of Chen Leiming, General Counsel of Ant Financial Services Group. Already present with a licensed entity in London, Alipay’s new PSD2 license in Luxembourg will allow the group to leverage the EU passport to serve its customers across Europe in the future and connect Chinese users with merchants in EU countries. Minister Gramegna comments: “Alipay’s presence is a welcome addition to Luxembourg’s financial ecosystem and will further consolidate its position as a leading European hub …
Read MoreThe biggest market for Luxembourg booze isn’t Luxembourg. It’s the United States, or more specifically, Wisconsin and Ohio. And the importer who started importing all sorts of Luxembourgish booze discovered this by accident. Kate Ansay, operations manager for Ansay International, got into the booze importing business by accident. The story starts with her grandfather, who grandfather started an insurance business for Luxembourgish farmers out of Port Washington, WI, and over time, the company evolved to also incorporate a real estate business for this rural area, about an hour north of Milwaukee, and he also worked with the Luxembourgish American Cultural Society in Belgium, WI, which runs a Luxembourg Fest every August in Belgium, WI. George Lentz, who is the ninth generation owner of Bofferding Brewery in Luxembourg, attended Miami University in Ohio, which has a sister school in Luxembourg. He’s …
Read MoreChicago-headquartered group will combine two existing offices in Altitude development south-west of Luxembourg City. US bank Northern Trust has agreed to take a substantial new office to the south of Luxembourg city, amid plans to move its European headquarters to the Grand Duchy. The Luxembourg Times can reveal the Chicago-headquartered banking group will combine its two existing offices in Luxembourg into a single location in the Altitude development in Leudelange. The move comes after Northern Trust acquired UBS' fund administration arm in the Grand Duchy in 2017 – almost doubling its headcount to around 300 employees. As part of its preparations for Britain's departure from the European Union, Northern Trust also decided to re-domicile its EU bank from London to Luxembourg. A spokeswoman for the bank confirmed the move to Leudelange would take place next year. "Luxembourg is at the …
Read MoreDietary consultation reimbursements, scholarships, sickness allowance, mini crèches, access to information, free vaccinations.
Read MoreProposed minimum wage increase for Luxembourg, unanimously approved in parliament. The increase of the minimum wage in Luxembourg that takes effect on 1 January next year was unanimously approved on Tuesday in parliament. What that means is a rise of 1.1%, corresponding to about €22 gross more per month. Thanks to this increase, the minimum wage for unskilled workers will rise to €2,071.07 per month and €2,485.29 for skilled workers. This is one of three measures announced by the government to increase the minimum wage progressively, with the goal of reaching a total of €100 net more, with retroactive effect to 1 January. One of these measures involves the creation of the so-called "tax credit", whereby the state and businesses will bear the costs of the remaining amount. However, SMEs will benefit from a tax relief of 1% to partially …
Read MoreThe Edward Steichen Association is committed to perpetuating the cultural legacy of Luxembourg American photographer Edward Steichen by supporting Daniel Wagener and Esther Hovers during their residency at New York’s ISCP.
Read MoreRSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub.
Read MoreFrench asset manager Lyxor, the fully-owned Asset Manager of Société Générale Group, is transferring 19 exchange traded funds with assets of €4.9bn to Luxembourg. Lyxor, Europe’s third-largest ETF provider, is moving €2bn of ETF assets this month, Ignites Europe reports. The transfer follows a first move of €2.9bn last October. The asset manager explains that the transfer is based on client demand. “The rationale has been very much client demand. Many of our investors across Europe tell us Luxembourg is a simple domicile for them to deal with,” says Adam Laird, head of ETF strategy for northern Europe at Lyxor. The French asset manager already redomiciled €1.3bn of ETF assets from France to Luxembourg two years ago. International asset managers such as MFS, T Rowe Price, Aberdeen standard, Columbia Threadneedle and M&G and many other asset managers are in the …
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