The number of finance jobs shifting from Britain to the European Union due to Brexit is less than initially expected despite billions of euros in share trading moving to the bloc and London losing most of its access to EU capital markets, EY consultants said on Monday (20 December). After Britain voted in 2016 to exit the EU, analysts like Oliver Wyman estimated that up to 35,000 financial services jobs or more would leave Britain. Britain fully left the EU last December, ending the City of London’s unfettered access to…
Read MoreYear: 2021
Laboratory sues government over covid testing scheme
Bionext laboratories is taking the Luxembourg government to court over what is claims is unfair competition in the large-scale testing programme. The laboratory already threatened legal action in June when the government turned the large-scale testing (LST) programme into an on-demand service. It now said the government didn’t comply with rules on calls for tender, granting emergency authorisation to Laboratoires Réunis for the first LST phase and then making it mandatory for competitors to use the Fast Tracks Diagnostics test kit to be eligible. Only Laboratoires Réunis used compatible technology,…
Read More“Climate crisis and its consequences are happening here”
Youth For Climate Luxembourg is organising its next climate strike on Friday, 24 September. Zohra Barthelemy, who oversees the movement’s public relations and logistical support, speaks about the movement, its goals and how it is wary of being used by local politicians. Teodor Georgiev: Youth For Climate (YFC) Luxembourg has no president but only members. Why was a hierarchy not established? Zohra Barthelemy: We see ourselves as a movement and as something that’s really dynamic, and that is open. And we think that hierarchies are harmful to this. Hierarchies for…
Read MoreAuto Salon 2022 will go ahead after all
Belgium’s Auto Salon will go ahead as usual in January, according to sources close to the organisation. The planned dates are 14 to 23 January. The announcement comes after a week of uncertainty when the very existence of the Salon seemed to be in jeopardy. The 2022 edition is to be the first time back to normal after two years of pandemic restrictions. The problem was that some major car companies were doubtful they would attend, and some were sure they would not. In June, Volvo said it would not…
Read MoreEU work with OECD to cancel tax benefits for coal-powered plants and equipment manufacturers
EU collaborates with other OECD countries to propose ban on export credits for coal-fired power projects Organization for Economic Co-operation and Development (OECD) countries hold an extraordinary meeting today (15 September) and Thursday (16 September) to discuss a possible ban on export credits for international coal-fired power generation projects without measures compensation. Discussions will focus on a proposal presented by the EU and other countries (Canada, Republic of Korea, Norway, Switzerland, UK and US) earlier this month. The proposal supports the greening of the global economy and is an important…
Read MoreRecord-breaking streak continues for fund industry
The Luxembourg fund industry continued its pandemic recovery in July reaching a record €5.5trn in net assets under management, around €900m more than compared to February 2020, the last pre-pandemic month. Net assets in mutual funds dropped to €4.1trn in March 2020, the month that the World Health Organization declared the coronavirus crisis a global pandemic, from €4.6 trillion a month earlier. But it has been 16 months of steady growth since then, with funds first breaking the €5trn threshold in January this year and now reaching €5.5trn. Over the…
Read MoreArtel to strengthen position as a leading innovator
Artel Electronics LLC (Artel), Central Asia’s leading home appliance and electronics manufacturer and one of Uzbekistan’s largest companies, continues to strengthen its Research and Development (R&D) position to bring new, innovative products to its customers. Artel’s custom R&D centre in Tashkent is one of the most extensive manufacturing research facilities in Central Asia. The centre’s designers, engineers and technicians develop new technologies to advance the next generation of contemporary products for the modern home. The expansion of Artel’s R&D centre is at the heart of the company’s forward-looking strategy. In…
Read MoreStudying the secret lives of insects
It is not only humans who migrate to the grand duchy. Luxembourg’s Minett region is buzzing with expat insect species like the praying mantis, who thrive in this curious environment. Entomologist Raoul Gerend explains. Located in the heart of northern Europe, Luxembourg is not renowned for its good weather. And yet sub-Mediterranean insects are increasingly finding their way to the sun-soaked meadows and grassy hills of the country’s south. “A good example is the praying mantis,” says Raoul Gerend, a primary school teacher and passionate entomologist. “It was seen sporadically…
Read MoreLidl comes out with quite a modest step in making consuming less harmful for the environment
Lidl of Belgium has just switched to the use of more sustainable receipts. The retailer uses the motto: “Making groceries more ecological together.” After the primary and secondary packaging that received a sustainability certificate, it is up to Lidl checkout tickets to become environmentally responsible. The aim of the retail chain is to make shopping more ecological. The new checkout ticket, introduced gradually since April, is blue and made from ecological material certified by FSC, meaning it comes from forests that are managed sustainably. The ink of the checkout ticket…
Read MoreBelgian florists’ profits are in full bloom after a year of hardship and challenges
Belgium’s floriculture sector is thriving after demand for ornamental flowers and plants has risen sharply, which is welcome news after the difficulties faced during the beginning of the coronavirus crisis. The production value of the ornamental plant and tree nursery sector in Belgium amounts to approximately €600 million, according to the Flemish infocentre for agriculture and horticulture (VILT), with around 90% of that value realised in Flanders. The cultivation takes place on 6,500 hectares throughout the country and the sector employs some 3,600 people, including 1,000 seasonal workers. Wim and…
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