Luxembourg is to get its first dedicated hydrogen refueling station within the next two years, but the government is pinning most of its hopes on wind and solar for cleaning up the energy sector.
Read More“Big Four” auditing firm PwC’s Luxembourg branch will accept cryptocurrency payments from clients starting next month. The move, announced Monday, is a response to client demand and demonstrates PwC Luxembourg’s belief in blockchain technology’s “medium to long-term” role in the economy, the firm said. PwC Luxembourg said it partnered with a local exchange to facilitate the payments. It did not identify the exchange or say which coins it will accept. Taking crypto may help PwC serve its blockchain clients, by providing day-to-day insight into “AML/KYC-enhanced due diligence… public/private keys… and risks of custodial solutions,” said the Luxembourg office’s director of blockchain and crypto-assets, Thomas Campione, in a statement. PwC has been working with cryptocurrencies since 2014. Four hundred of its 250,000 worldwide employees work on “crypto-topics,” supported by a 100-member technical team devoted to blockchain. The firm’s Hong Kong office …
Read MoreLendable, a London-based fintech lender, has started its first Luxembourg-based fund, according to trade press reports. Credit Suisse will provide up to £225m in financing for the fund, Financial News reported on 21 August. “The fund, aimed at professional investors, will primarily invest in consumer loans originated by Lendable” in the UK, wrote Altfi. Lendable hopes to lend £150m “by early next year” year and £350m by the end of 2020, Altfi reported. The fund is open to Mifid professional investors, Rory McHugh, Lendable’s chief capital officer, stated on his Linkedin page. Altfi said the minimum investment was £2m. According to the business information site Crunchbase, Lendable has raised £1bn in funding, including £200bn in its latest round, its fifth, which was led by Goldman Sachs Private Capital. Lendable was founded in 2014 as a peer-to-peer lending platform.
Read More"Everything is more expensive today, "prices have increased tenfold" - we've all heard statements along those lines, but is it true? According to data compiled by Statec spanning the years 2000-2019, prices have indeed gone up for a majority of products in the Grand Duchy. Naturally, the baskets of goods that Statec keeps an eye on includes far from everything available on the market. As is customary, they have focused on products that are commonly bought by households across the country, such as bread, milk, eggs, coffee, sugar, and so on. Bread is one of the products that have experienced a particularly noticeable price increase - from €1.1 in 2000, to €2.4 in 2019 (per 500g). The price of potatoes, meanwhile, has nearly tripled - from €3.6 to €9.1 for 5kg. Other products that have seen a significant price increase …
Read MoreMarkets are in the dark about one of the key monetary tools available to support the 19-nation economy. Mario Draghi's plans for a parting stimulus shot before he retires as European Central Bank president are laced with even more suspense than usual. While the ECB is widely expected to cut interest rates next month, the prospect of a renewed round of asset purchases is shrouded in uncertainty. Investors must judge how much quantitative easing the euro-zone economy needs, how much buying space the central bank has before it hits self-imposed limits – and whether policy makers will dare test Draghi's claim that he can bust through those restrictions if needed. That ambiguity means markets are in the dark about one of the key monetary tools available to support the 19-nation economy as it battles a slowdown wrought largely by external …
Read MoreTwo of the biggest space companies in the Grand Duchy have come together on a Safety at Sea project to help make the seas safer. Satellite companies Kleos Space and Spire Global will jointly create a service that will detect sea vessels operating illegally. The collaboration is expected to be live before the end of 2019 and will use data obtained by Kleos’ satellites to track vessels, whilst Spire will be able to produce images of them using its satellites. The companies will then be able to share the information with governments, maritime agencies and other bodies who need to detect illegal vessels. “The collaboration between Kleos and Spire will provide unprecedented detection of dark vessels,” Andy Bowyer, Kleos’ CEO, said. “The Safety at Sea collaboration will provide an effective tool for governments, maritime agencies and other organisations with an …
Read MoreIf you have just arrived in Luxembourg or if you intend to come into the country in the near future, one of your first steps will be to open a bank account. But which bank to choose? Is it possible to open a bank account before your arrival? Here are some tips that will help you deal with a range of financial challenges you might face.
Read MoreThe Association of the Luxembourg Fund Industry (ALFI) has four new executive committee members. Corinne Lamesch was appointed as the ALFI chairperson. She has 20 years of experience in the Luxembourg fund industry. She has been on the ALFI board since 2017 and co-chairs the Management Company Technical Committee. Michael Ferguson, appointed vice-chairman, is the EY Luxembourg Wealth & Asset Management practice leader and the EY EMEIA Wealth & Asset Management Audit Leader. He has an experience of more than 30 years in the investment fund industry in Luxembourg, Ireland, UK and the US. Maria Löwenbrück, appointed vice-chairwoman, has been working in the financial industry in Luxembourg for more than 25 years. She joined Union Investment in June 2000 and is currently managing director and board member of Union Investment Luxembourg S.A. Patrick Stampfli, ALFI treasurer, has over 30 years …
Read MoreDemand for office space is booming, with Luxembourg’s economy being driven forward largely by international companies’ need to hire staff. Rents are at record levels as demand outstrips supply. However, the delivery of space at the Cloche d’Or is keeping the market in check. Take-up in office space increased by 16% last year. Nearly a quarter of a million square meters was newly rented, the second highest amount on record. Vacancy rates (the percentage of empty rental property) have fallen substantially over the last couple of years, and are approaching record, pre-crisis levels. This is because national employment has been increasing by 3.3% per year on average over the last five years, being closer to 4% recently.
Read MoreWhen he launched his company IT MOVES IT in 2011, Pascal Wiscour-Conter did not realize that he would end up combining traditional consulting services with a revolutionary approach based on storytelling. Adapting narrative tools and strategies from movies and TV shows, he started to offer business development models that foster an immersive connection between a brand and its audience. The idea of Corporate Storytelling was born and creativity was both the premise and the key to his company’s success.
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